Finance Committee Minutes 08/11/2020 Final
COLLIER COUNTY
FINANCE COMMITTEE MEETING
MINUTES
August 11, 2020, 1:00 P.M.
Board members in attendance: Mark Isackson, Corporate Financial Operations OMB; Crystal Kinzel, Clerk
of the Circuit Court and Comptroller; Joe Bellone, Director of Operations Support-Public Utilities; Gene
Shue-Growth Management Operations Support Director.
Other attendees: Derek Johnssen-Clerk of Courts Finance Director; Jeff Klatzkow-County Attorney; Laura
Zautcke - Senior Budget Analyst OMB; Ed Finn - Senior Budget Analyst OMB; Jim Gibson.
Present by phone: Sergio Masvidal from the PFM Group; Steve Miller from Nabors, Giblin & Nickerson;
Duane Draper from Bryant Miller Olive Law, Miller; Alecia Ingram from Bryant Miller Olive Law ; Amy
Patterson - Director, Capital Project Planning, Impact Fees and Program Management Division.
1. Call to Order: Mark Isackson called the meeting to order at 1:00 p.m.
2. Approval of Agenda: Meeting noticed August 4, 2020. Mark Isackson made motion to approve the
agenda, second by Joe Bellone. Unanimously approved.
3. Approval of Minutes from June 19, 2019 meeting: With edits offered by Derek Johnssen, the minutes
were approved unanimously after motion and seconded by Mark Isackson and Crystal Kinzel.
4. Review and Discussion of Cover Memo on Financing New and Replacement Capital Infrastructure:
Mark Isackson reviewed the cover memo indicating that the proposed financing plan has three
scenarios;
a. Base case (scenario one) includes the purchase of two strategic properties – $10M for purchase
of the Hussey property which the Board has already approved and $15M for acquiring the Camp
Keais property, plus paying off the existing $10M commercial paper (CP) variable rate loan used
to purchase the sports complex property. Structure to include a duration of no longer than 25
years with a taxable component of $25M for the property acquisition and a tax-exempt
component for paying off the CP loan.
b. Base case plus tax exempt financing for stormwater and parks (scenario two) - $30 million is
recommended to initiate necessary improvements to the storm-water system and $20 million is
suggested to replace current pump systems at County pool facilities including the sun and fun
water park. Financing is structured as tax exempt with a duration of no longer than 20 years for
stormwater and 10 years for the park’s aquatics pump replacement.
c. Scenario three includes a and b above plus a $30M taxable component for stormwater
infrastructure, parks, general facility improvements taking advantage of the current low interest
rate environment and allowing flexibility to direct funding as needed without spend down
constraints imposed as part of tax-exempt financing.
Final
5. Special Obligation Revenue Bonds, Series 2020A and Taxable Series 2020B:
Financing package as recommended totals $115M, the components of which are $60M tax exempt and
$55M taxable. After discussion by Committee members including the County’s financial advisor, bond
counsel and disclosure counsel, strong sentiment existed for eliminating the $30M taxable component
for infrastructure improvements as part of scenario 3 and restructuring the financing to tax exempt in
order to achieve the lowest cost of financing provided that projects can be identified and completed
within tax exempt spend down window. Mark Isackson suggested that further consideration be given to
a revised financing structure that would include $90M in tax exempt financing for all infrastructure
improvements recommended plus the CP take out and $25M in taxable for the property acquisition. The
committee would reconvene in a few weeks prior to the Board of County Commissioners September
22nd meeting to discuss the matter further and make a final recommendation.
6. Other Business: Committee members heard a report from Duane Draper covering Continuing
Disclosure Training.
7. Public Comment: No Public Comment
8. Adjourn: Meeting adjourned at 1:55 p.m.