Manatee County Approves Debt Issuance and Improvement Bond for Over $70 Million

BRADENTON – At Tuesday's BOCC meeting, commissioners voted to approve a revenue improvement bond that will pay for the new P-25 radio system, court house modifications, public safety and jailhouse software renovation. Members also approved a transportation debt issuance line of credit that will finance the transportation obligations for new development.

Resolution R-16-042 authorizes the issuance of Manatee County Revenue Improvement Bonds. This 9 1/2 year debt obligation is locked in as a 1.77 percent fixed loan with Bank of America. The amount is not to exceed $35,250,000; there is some minor penalty for early pay-out.

Other General Fund projects that are targeted for the improvement bond include Anna Maria Island beach re-nourishment and a generator for the Child Protection Agency building.

The Transportation Debt Issuance is a $36,000,000 line of credit that is limited to new transportation needs. The debt will be serviced by the revenue collected from impact fees placed on new development.

There is a price tag nearing $100 million to complete a number of the 44th Avenue projects, 45th street thoroughfare and right-a-way and 9th Street East. Impact fees are proposed to be the revenue source, and the $36 million line of credit is the first of three issuances if needed.

The transportation debt issuance is also a Bank of America transaction, and the final maturity of the loan is March 23, 2018.

Both the Improvement Bond and the Transportation line of credit were approved unanimously by commissioners.