HomeMy WebLinkAboutItem O3 03
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE Mayor James K.Scholl,District 3
The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2
Craig Cates,District 1
David Rice,District 4
Holly Merrill Raschein,District 5
Board of County Commissioners Meeting
February 19, 2025
Agenda Item Number: 03
2023-3640
BULK ITEM: No DEPARTMENT: Budget and Finance
TIME APPROXIMATE: STAFF CONTACT: Tina Boan
TBD
AGENDA ITEM WORDING: Recap and overview of the issuance of Monroe County's $45,805,000
Infrastructure Sales Surtax Revenue Bonds, Series 2025,presented by County Financial Advisor Sergio
Masvidal, covering key details of the bond issuance, financial implications, and strategic goals. TIME
APPROXIMATE 12:30 P.M.
ITEM BACKGROUND:
During the Fiscal Year 2025 budget process,the Board discussed a bond issuance to fund several capital
improvement projects. The Series 2025 Project generally consists of the following capital improvements: Sugarloaf
Fire Station, Rockland Key Fleet Garage Facility, Monroe County Sheriffs Office Generator Building, Conch Key
Road Elevation,Twin Lakes Road Elevation, Sands Subdivision Road Elevation, and Sugarloaf Boulevard Bridge
Replacement. Certain capital improvements should be acquired, constructed and equipped by the Issuer in order to
improve the health, safety and welfare of the Issuer's citizens, and more particularly described in the records,plans
and specifications on file with the Issuer, as the same may be amended or supplemented from time to time by the
Board in accordance with the provisions of the Resolution(the "Series 2025 Project"). The County will make semi-
annual repayments,payable on each April 1 st and October 1 st, commencing on April 1,2025.
PREVIOUS RELEVANT BOCC ACTION:
September 11, 2024-Approval of a resolution of the Board of County Commissioners with respect to
reimbursement of certain costs relating to various capital improvements within the County.
December 11, 2024-Approval of a resolution of the Board of County Commissioners of Monroe County,Florida
amending and supplementing resolution NO. 077-2003 adopted by the Board on February 19,2003: as amended
and supplemented, authorizing the acquisition, construction and equipping of various capital improvements within
the county; authorizing the issuance of not to exceed$60,000,000.00 in aggregate principal amount of Monroe
County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2025, in order to finance costs of such capital
improvements; making certain covenants and agreements in connection with the issuance of such series 2025 bonds,
authorizing the awarding of said series 2025 bonds pursuant to a public bid; delegating certain authority to the
county administrator for the award of the series 2025 bonds and the approval of the terms and details of said series
2025 bonds; authorizing the publication of an official notice of sale for the bonds or a summary thereof, appointing
the paying agent and registrar for said series 2025 bonds; authorizing the distribution of a preliminary official
statement and the execution and delivery of an official statement with respect thereto; establishing a book-entry
4157
system of registration for the series 2025 bonds; authorizing the execution and delivery of a continuing disclosure
certificate;providing certain amendments to resolution NO. 077-2003; and providing effective date.
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATION:
DOCUMENTATION:
FINANCIAL IMPACT:
4158
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