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Agenda 06/16/2016 Item # 7 - General Debt Service General Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service Debt Service Organizational Chart Total Full-Time Equivalents(FTE)= 0.00 General Governmental Debt Total Full-Time Equivalents(FTE)= 0.00 Fiscal Year 2017 1 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service History of Bond refundings-starting in Fiscal Year 2010: On June 22, 2010,the Board approved the issuance of the Collier County Special Obligation Revenue Bonds,Series 2010 in order to refinance all twelve(12)of the County's outstanding Commercial Paper Loans. Assuming that the balance due on December 2012 would be rolled into a new commercial paper loan and the variable interest plus administrative fee rate is 5%,the refunding generated a net present value savings of 6.34%,or$3,796,567. The refinancing allowed the County to take advantage of historically low fixed interest rates,eliminated variable interest rate exposure and the$47 million lump sum loan payment due in December 2012. The Commercial Paper program served the County well over the years with the previous letter of credit provider. Based on the Debt Service Reserve Requirement within the Bond documents and the dramatic deteriorating of the bond insurer's credit ratings,the County was obligated to allocate certain moneys to fund the parity Reserve Account by March 31, 2009. On March 24, 2009,agenda item 16(F)7 and again on September 29,2009,agenda item 16(F)5,the Board of County Commissioners approved to allocate undesignated fund balances of the Collier County Water/Sewer District Capital and Solid Waste Landfill Closure accounts in the total amount of$19,570,800. These moneys were placed into Sales Tax Bond Reserve Fund 217 to satisfy the funding up of the parity Reserve Account. On October 26,2010,the Board approved the refunding of the Capital Improvement Revenue Bonds,Series 2002. The refunding generated a net present value savings of 5.41%,or$1,362,315 over the remaining bond life(11 years). The refunding also released approximately$3.8 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new refunding Bonds known as Special Obligation Refunding Revenue Bonds,Series 2010B, were issued without any reserve or reserve insurance policy and are budgeted in fund 298. These refunding bonds are secured through a general covenant to budget and appropriate of legally available non ad valorem revenues. On October 25,2011,the Board approved the partial refunding of the Capital Improvement Revenue Bonds,Series 2003 and Series 2005. The partial refunding generated a net present value savings of 5.05%,or$4,846,269. The refunding also released approximately$5.3 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds,Series 2011,were issued without any reserve or reserve insurance policy and are budgeted in fund 298,and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. On March 12, 2013,the Board approved to refund all remaining outstanding Capital Improvement Revenue Bonds,Series 2003 and Series 2005. The partial refunding generated a net present value savings of 2.96%,or$2,064,642. The refunding also released the balance of cash(approximately$10.4 million)from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds,Series 2013,were issued without any reserve or reserve insurance policy,and are budgeted in fund 298,and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. The Special Obligation Refunding Revenue Bonds,Series 2010B,Series 2011,and Series 2013,eliminated onerous debt service surety requirements,allowing the release of all borrowed utility and solid waste enterprise funds. On January 24, 2012,the Board approved the prepayment of the 2007 State Infrastructure Bank Loan. The prepayment generated an interest savings$59,983. On April 10,2012,the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds,Series 2003. The partial refunding generated a net present value savings of 9.21%,or$3,811,782. The refunding also will release approximately$2.8 million of cash in June 2013 from existing debt service reserves currently restricted pursuant to the bond covenants. The new Gas Tax Refunding Revenue Bonds,Series 2012,were issued without any reserve or reserve insurance policy. On May 13, 2014,the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds,Series 2005. The partial refunding generated a net present value savings of 11.38%,or$9,731,581. The new Gas Tax Refunding Revenue Bonds,Series 2014,were issued without any reserve or reserve insurance policy. Fiscal Year 2017 2 Debt Service Collier County Government Fiscal Year 2017 Recommended Budget Debt Service History of General Governmental Debt Restructuring,Portfolio Interest Savings and Debt Service Reserve Fund(DSRF)Loan Return to Utilities Since FY 2010 NPV% Amount Interest NPV Dollar Returned to Estimated Security for the Par Amount Final Savings over Savings over Utilities from Annual NPV Date Debt Issuance Purpose Bonds Restructured Maturity Issuance Life Issuance Life DSRF Dollar Savings Refinance FLGFC Special Obligation Outstanding Variable CBA-All legally Revenue Bonds Series Rate Commercial Paper Available Non Ad July 2010 2010 using Fixed Term Bonds Valorem Revenue $59,895,000 2034 6.34% $3,796,567 $0 $180,788.90 Refund all of the County's Outstanding Special Obligation CIP Sales Tax Backed CBA-All legally Refunding Revenue Bonds Revenue Bonds Series Available Non Ad Nov 2010 Series 2010B 2002 Valorem Revenue $24,620,000 2021 5.41% $1,362,315 $3,853,476 $170,289.38 Refund a portion of the County's Outstanding Special Obligation Series 2003 and 2005 CBA-All legally Refunding Revenue CIP Sales Tax Backed Available Non Ad Jan 2012 Bonds,Series 2011 Revenue Bonds Valorem Revenue $92,295,000 2030 5.05% $4,846,269 $5,315,794 $312,693.76 Pre-paid the 2007 State Infrastructure Bank(SIB) Loan in the Amount of Jan 2012 $6,482,400 $59,983 Refund a portion of the Gas Tax Refunding County's Outstanding Revenue Bonds,Series Series 2003 Gas Tax Apr 2012 2011 Backed Revenue Bonds Gas Taxes $38,680,000 2023 9.21% $3,811,782 0 Refunds all Remaining Special Obligation Outstanding Series 2003 CBA-All legally Refunding Revenue and 2005 CIP Sales Tax Available Non Ad Apr 2013 Bonds,Series 2013 Backed Revenue Bonds Valorem Revenue $73,805,000 2035 2.96% $2,064,642 $10,401,508 $93,847.36 Gas Tax Refunding Refunds all Remaining Revenue Bonds Series Outstanding Series 2005 May 2014 2014 Gas Tax Revenue Bonds Gas Taxes $89,780,000 2025 11.38% $9,731,581 $0 $884,689.00 Totals $379,075,000 $25,673,139 $19,570,778 $1,642,308 Debt Service Reserve Fund Requirement eliminated through debt restructuring and all loaned funds from Public Utilities returned. Fiscal Year 2017 3 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Division Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Operating Expense - 12,000 - 12,000 - 12,000 0.0% Arbitrage Services 21,264 25,500 24,200 25,500 - 25,500 0.0% Debt Service 71 33,800 31,400 32,500 - 32,500 (3.8%) Debt Service-Principal 19,414,518 20,161,500 20,161,500 20,898,300 - 20,898,300 3.7% Debt Service-Interest Expense 13,535,237 12,671,300 12,655,300 11,894,200 - 11,894,200 (6.1%) Total Net Budget 32,971,090 32,904,100 32,872,400 32,862,500 - 32,862,500 (0.1)% Trans to Property Appraiser 4,097 6,200 4,500 6,200 - 6,200 0.0% Trans to Tax Collector 11,213 15,700 15,000 17,000 - 17,000 8.3% Trans to 001 General Fund 950 1,400 500 1,000 - 1,000 (28.6%) Trans to 132 Pine Ridge 305,100 13,100 13,100 - - - (100.0%) Trans to 138 Naples Prod Pk - 650,000 650,000 - - - (100.0%) Trans to 174 Consry Collier Maint 91,025 85,100 65,800 5,000 - 5,000 (94.1%) Trans to 298 Sp Ob Bd'10 3,221 - - .. - - na Reserves for Contingencies - 84,000 - 74,500 - 74,500 (11.3%) Reserves for Debt Service - 1,833,300 - 2,717,500 - 2,717,500 48.2% Reserves for Future Debt Service - 1,522,800 - 1,192,600 - 1,192,600 (21.7%) Reserves for Cash Flow - 1,627,100 - 1,676,100 - 1,676,100 3.0% Total Budget 33,386,696 38,742,800 33,621,300 38,552,400 - 38,552,400 (0.5%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Appropriations by Department Actual Adopted Forecast Current Expanded Recom'd Change General Governmental Debt 32,971,090 32,904,100 32,872,400 32,862,500 - 32,862,500 (0.1%) Total Net Budget 32,971,090 32,904,100 32,872,400 32,862,500 - 32,862,500 (0.1%) General Governmental Debt 415,606 5,838,700 748,900 5,689,900 - 5,689,900 (2.5%) Total Transfers and Reserves 415,606 5,838,700 748,900 5,689,900 - 5,689,900 (2.5%) Total Budget 33,386,696 38,742,800 33,621,300 38,552,400 - 38,552,400 (0.5%) Fiscal Year 2017 4 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Department Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Ad Valorem Taxes 482,075 499,200 479,300 540,700 - 540,700 8.3% Delinquent Ad Valorem Taxes 12,638 1,500 500 6,000 - 6,000 300.0% Gas Taxes - - - 1,800,000 - 1,800,000 na Miscellaneous Revenues 125,000 - - - - - na Interest/Misc 92,108 17,300 19,200 17,300 - 17,300 0.0% Trans frm Property Appraiser 474 - - - - - na Trans frm Tax Collector 4,354 - - - - - na Trans fm 001 Gen Fund 3,079,600 3,077,500 3,077,500 3,073,000 - 3,073,000 (0.1%) Trans fm 101 Transp Op Fd 1,205,500 1,206,600 1,206,600 1,207,100 - 1,207,100 0.0% Trans fm 159 Forest Lake Fd 114,200 100,000 100,000 - - - (100.0%) Trans fm 187 Bayshore Redev Fd 905,700 858,500 858,500 832,800 - 832,800 (3.0%) Trans fm 215 Debt Service 1,232 - - - - - na Trans fm 217 Debt Sery 1,989 - - - - - na Trans fm 306 Pk&Rec Cap 321,100 320,000 320,000 320,700 - 320,700 0.2% Trans fm 313 Gas Tax Cap Fd 13,141,600 13,142,900 13,142,900 12,150,000 - 12,150,000 (7.6%) Trans fm 345 Pk&Rec Cap 150,000 150,000 150,000 150,000 - 150,000 0.0% Trans frn 346 Pks Unincorp Cap Fd 2,779,900 2,785,700 2,785,700 2,789,300 - 2,789,300 0.1% Trans frn 350 EMS Cap Fd 447,700 448,000 448,000 448,000 - 448,000 0.0% Trans fm 355 Library Cap Fd 1,161,000 1,159,300 1,159,300 1,160,300 - 1,160,300 0.1% Trans fm 381 Correctional Cap Fd 1,887,100 1,877,400 1,877,400 1,865,500 - 1,865,500 (0.6%) Trans fm 385 Law Enforc Cap Fd 2,656,600 1,872,700 1,872,700 1,873,000 - 1,873,000 0.0% Trans fm 390 Gen Gov Fac Cap Fd 4,382,700 5,169,400 5,169,400 5,169,500 - 5,169,500 0.0% Carry Forward 6,657,100 6,082,500 6,221,600 5,267,300 - 5,267,300 (13.4%) Less 5%Required By Law - (25,700) - (118,100) - (118,100) 359.5% Total Funding 39,609,668 38,742,800 38,888,600 38,552,400 - 38,552,400 (0.5%) Fiscal Year 2017 5 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Series 2003/2012 and 2005/2014 Gas Tax Revenue Bonds (212) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 13,888,800 13,888,800 - Current Level of Service Budget - 13,888,800 13,888,800 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Arbitrage Services 5,848 7,000 7,000 7,000 7,000 0.0% Debt Service (325) 10,000 10,000 10,000 - 10,000 0.0% Debt Service-Principal 9,440,000 9,900,000 9,900,000 10,195,000 - 10,195,000 3.0% Debt Service-Interest Expense 3,697,146 3,242,000 3,242,000 2,939,200 - 2,939,200 (9.3%) Net Operating Budget 13,142,668 13,159,000 13,159,000 13,151,200 - 13,151,200 (0.1%) Reserves for Debt Service - - - 737,600 - 737,600 na Total Budget 13,142,668 13,159,000 13,159,000 13,888,800 - 13,888,800 5.5% FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Gas Taxes - - - 1,800,000 - 1,800,000 na Interest/Misc 14,530 100 1,000 2,000 - 2,000 1,900.0% Trans fm 313 Gas Tax Cap Fd 13,141,600 13,142,900 13,142,900 12,150,000 - 12,150,000 (7.6%) Carry Forward 28,500 16,000 42,000 26,900 - 26,900 68.1% Less 5%Required By Law - - - (90,100) - (90,100) na Total Funding 13,184,630 13,159,000 13,185,900 13,888,800 - 13,888,800 5.5% Notes: Purpose: Gas Tax Refunding Revenue Bonds,Series 2003 Principal Outstanding as of September 30, 2016: $0 Final Maturity:June 1,2013 Interest Rate:3.70%-5.25% Revenue Pledged: 5-cent,6-cent,7th cent,and 9th cent Gas Tax Purpose: Gas Tax Revenue Bonds, Series 2005 Principal Outstanding as of September 30,2016: $0 Final Maturity:June 1,2015 Interest Rate: 3.00%-5.00% Revenue Pledged: 5-cent,6-cent, 7th cent,9th cent,and Constitutional Gas Tax Purpose: Gas Tax Refunding Revenue Bonds,Series 2012 Principal Outstanding as of September 30, 2016: $23,025,000 Final Maturity:June 1,2023 Interest Rate: 3.00%-5.00% Revenue Pledged: 5-cent,6-cent,7th cent,9th cent, and Constitutional Gas Tax Purpose: Gas Tax Refunding Revenue Bonds,Series 2014 Principal Outstanding as of September 30, 2016: $81,515,000 Final Maturity:June 1,2025 Interest Rate:2.33% Revenue Pledged: 5-cent,6-cent, 7th cent,9th cent,and Constitutional Gas Tax Fiscal Year 2017 6 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Series 2003/2012 and 2005/2014 Gas Tax Revenue Bonds (212) On April 10,2012,the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds,Series 2003. The partial refunding generated a net present value savings of 9.21%,or$3,811,782. The refunding also will release approximately$2.8 million of cash in June 2013 from existing debt service reserves currently restricted pursuant to the bond covenants. The new Gas Tax Refunding Revenue Bonds, Series 2012,were issued without any reserve or reserve insurance policy. On May 13,2014,the Board approved the partial refunding of the Gas Tax Refunding Revenue Bonds, Series 2005. The partial refunding generated a net present value savings of 11.38%, or$9,731,581. The new Gas Tax Refunding Revenue Bonds, Series 2014,were issued without any reserve or reserve insurance policy. Fiscal Year 2017 7 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt 1994 and 2003 Capital Improvement Revenue Refunding Bd (215) FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 298 Sp Ob Bd'10 1,232 - - - - - na Total Budget 1,232 - - - - - na FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 6 - - - - - na Carry Forward 1,200 - - - - - na Total Funding 1,206 - - - - - na Notes: Purpose: Construct the Jail Expansion/Parking Garage and the Development Services Building Expansion/Parking Garage and refund prior debt. (The Development Services Building Expansion/Parking Garage portion of the debt was defeased on September 21,2007) Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be October 1,2033 Interest Rate(on remaining bonds):4.75% Next Principal payment was to be October 1,2030 Revenue Pledged: Local Government Half Cent Sales Tax Reserve Fund 217 was established to fund the parity reserve account for all the Special Obligation Bonds affected. On October 25, 2011,the Board approved the partial refunding of the Capital Improvement Revenue Bonds,Series 2003 and Series 2005. The partial refunding generated a net present value savings of 5.05%,or$4,846,269. The refunding also released approximately$5.3 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds,Series 2011,were issued without any reserve or reserve insurance policy, and are budgeted in fund 298,and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. On March 12,2013,the Board approved to refund all remaining outstanding Capital Improvement Revenue Bonds, Series 2003 and Series 2005. The partial refunding generated a net present value savings of 2.96%, or$2,064,642. The refunding also released the balance of cash (approximately$10.4 million)from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds, Series 2013,were issued without any reserve or reserve insurance policy,and are budgeted in fund 298, and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. Fiscal Year 2017 8 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt 2005 Capital Improvement Revenue Refunding Bonds (216) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 298 Sp Ob Bd'10 1,989 - - - - - na Total Budget 1,989 - - - - - na FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 11 - - - - - na Carry Forward 1,900 - - - - - na Total Funding 1,911 - - - - na Notes: Purpose: Construct North Regional Park, Fleet Facility, Courthouse Annex, Parking Garage, Emergency Service Center,and refinance Commercial Paper debt. Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be October 1, 2035 Interest Rate:4.375%-4.625% Next Principal payment was to be October 1, 2025 Revenue Pledged: Local Government Half Cent Sales Tax Reserve Fund 217 was established to fund the parity reserve account for all the Special Obligation Bonds affected. On October 25, 2011,the Board approved the partial refunding of the Capital Improvement Revenue Bonds, Series 2003 and Series 2005. The partial refunding generated a net present value savings of 5.05%,or$4,846,269. The refunding also released approximately$5.3 million of cash from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds, Series 2011,were issued without any reserve or reserve insurance policy, and are budgeted in fund 298,and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. On March 12, 2013,the Board approved to refund all remaining outstanding Capital Improvement Revenue Bonds,Series 2003 and Series 2005. The partial refunding generated a net present value savings of 2.96%,or$2,064,642. The refunding also released the balance of cash (approximately$10.4 million)from existing debt service reserves currently restricted pursuant to the bond covenants. The new Special Obligation Refunding Revenue Bonds,Series 2013,were issued without any reserve or reserve insurance policy,and are budgeted in fund 298, and were issued under a general covenant to budget and appropriate using all legally available non ad valorem revenues. Fiscal Year 2017 9 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Caribbean Gardens General Obligation Debt Service (220) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Reserves,Transfers,and Interest - 1,000 1,000 - Current Level of Service Budget - 1,000 1,000 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 001 General Fund 950 1,400 500 1,000 - 1,000 (28.6%) Total Budget 950 1,400 500 1,000 - 1,000 (28.6%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Ad Valorem Taxes 6 - - - - - na Delinquent Ad Valorem Taxes 944 1,500 500 1,000 - 1,000 (33.3%) Interest/Misc - - - - - na Carry Forward 1,500 - - - - - na Less 5%Required By Law - (100) - - - - (100.0%) Total Funding 2,449 1,400 500 1,000 - 1,000 (28.6%) Notes: Purpose: Purchase Caribbean Gardens Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be October 1, 2015 Revenue Pledged was Ad Valorem Taxes On November 2,2004,Collier County voters approved a referendum authorizing the acquisition of certain land, including the land currently used as Caribbean Gardens,for the purpose of ensuring the continued operation of the Caribbean Gardens Zoo, by issuing bonds payable from ad valorem taxes not to exceed 0.15 mills for a period of 10 years. On July 26,2005,the Board approved a Resolution authorizing a loan from the Commercial Paper Program in an amount not to exceed$40 million. With our aggressive management of prepaying down principal over 4 years,the loan was paid off in July 2009 and the taxpayers in Collier County were no longer levied 0.15 mills. Fiscal Year 2017 10 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Naples Park Drainage Debt Service (226) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 12,000 - 12,000 Reserves,Transfers,and Interest - - 12,000 -12,000 Current Level of Service Budget - 12,000 12,000 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Operating Expense - 12,000 - 12,000 12,000 0.0% Net Operating Budget - 12,000 - 12,000 - 12,000 0.0% Total Budget - 12,000 - 12,000 - 12,000 0.0% FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 85 100 100 100 - 100 0.0% Carry Forward 11,800 11,900 11,800 11,900 - 11,900 0.0% Total Funding 11,885 12,000 11,900 12,000 - 12,000 0.0% Notes: Purpose: Naples Park Drainage Improvements. Principal Outstanding as of September 30,2016:$0 Final Maturity was to be September 1,2012 Interest Rate:6.45% Revenue Pledged was Naples Park Assessment On January 25, 2011,the Board approved the prepayment of the Naples Park Area Stormwater Improvement Assessment Bond, Series 1997. Sufficient assessment proceeds had accumulated in the debt service fund to allow an extraordinary redemption of principal which paid off the bonds. The savings realized from paying off the bonds 7 months early was$6,556. On June 22, 2010 the Board approved a work order under Project 69081 for the construction of sidewalk and stormwater drainage improvements along 111th Avenue North and 8th Street North in Naples Park. The work order funding,was provided by the Gas Tax Capital Project Fund 313. The cost of the stormwater drainage component of this project was$120,090.30. The remaining Naples Park Area Stormwater Improvement Assessment proceeds may be utilized to reimburse the Gas Tax Capital Project Fund 313 for the stormwater drainage component of Project 69081. Accordingly, in FY 2012$100,000 was transferred to the Gas Tax Capital Project Fund 313 with the balance of $20,100 transferred in FY 2013. Fiscal Year 2017 11 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Pine Ridge/Naples Production Park Debt(232) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Reserves,Transfers,and Interest - 198,100 198,100 - Current Level of Service Budget - 198,100 198,100 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 132 Pine Ridge 305,100 13,100 13,100 - - - (100.0%) Trans to 138 Naples Prod Pk - 650,000 650,000 - - - (100.0%) Reserves for Debt Service - 193,200 - 198,100 - 198,100 2.5% Total Budget 305,100 856,300 663,100 198,100 - 198,100 (76.9%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 7,325 4,000 4,000 2,000 - 2,000 (50.0%) Carry Forward 1,153,100 852,500 855,300 196,200 - 196,200 (77.0%) Less 5%Required By Law - (200) - (100) - (100) (50.0%) Total Funding 1,160,425 856,300 859,300 198,100 - 198,100 (76.9%) Notes: Purpose: Pine Ridge Industrial Park and Naples Production Park Improvements. Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be October 1, 2013 Revenue Pledged was Assessments Last Fiscal Year to Bill Assessments:2013 The two industrial park MSTUs'were created in the early 1980's to fund capital improvements that benefited the park owners. These improvements were funded by debt and were paid back by a special assessment. On April 14,2009,the Board of County Commissioners approved agenda item 16(B) 12 to move the residual money remaining into the Pine Ridge Industrial Park Capital Fund 132($3,393,900)and Naples Production Park Capital Improvement Fund 138($2,776,900). The capital improvements proposed were to construct and repair intersections, roads, and drainage. Since FY 2009 additional transfers have been made as follows: Pine Ridge Ind Pk Fd 132 Naples Prod Pk Fd 138 FY 2010 $436,000 $356,700 FY 2011 $748,100 $613,200 FY 2014 $700,000 $ 0 FY 2015 $305,000 $ 0 FY 2016 $13,100 $650,000 Total $2,202,200 $1,619,900 The Reserves stated above are for Naples Production Park MST&BU. Fiscal Year 2017 12 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Euclid & Lakeland Ave Assessment(253) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Reserves,Transfers,and Interest - 90,700 90,700 - Current Level of Service Budget - 90,700 90,700 - FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Reserves for Debt Service - 90,100 - 90,700 - 90,700 0.7% Total Budget - 90,100 - 90,700 - 90,700 0.7% FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 644 500 500 500 - 500 0.0% Carry Forward 89,100 89,600 89,700 90,200 - 90,200 0.7% Total Funding 89,744 90,100 90,200 90,700 - 90,700 0.7% Notes: Purpose:Water, Sewer, Drainage Improvements in assessment area. Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be October 1, 1995 Revenue Pledged was Assessments Fiscal Year 2017 13 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Forest Lakes Roadway Limited General Obligation Bonds (259) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 1,281,700 1,281,700 - Current Level of Service Budget - 1,281,700 1,281,700 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Arbitrage Services 2,569 3,500 2,600 3,500 - 3,500 0.0% Debt Service 371 - 400 500 - 500 na Debt Service-Principal 410,000 425,000 425,000 440,000 - 440,000 3.5% Debt Service-Interest Expense 147,475 130,800 130,800 113,500 - 113,500 (13.2%) Net Operating Budget 560,415 559,300 558,800 557,500 - 557,500 (0.3%) Trans to Property Appraiser 3,374 4,700 3,500 4,700 - 4,700 0.0% Trans to Tax Collector 9,284 12,800 12,800 14,100 - 14,100 10.2% Reserves for Debt Service - 750,000 - 650,000 - 650,000 (13.3%) Reserves for Cash Flow - 55,600 - 55,400 - 55,400 (0.4%) Total Budget 573,073 1,382,400 575,100 1,281,700 - 1,281,700 (7.3%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Ad Valorem Taxes 391,756 428,600 411,500 473,400 - 473,400 10.5% Delinquent Ad Valorem Taxes 716 - - - - - na Interest/Misc 7,011 2,000 4,000 2,000 - 2,000 0.0% Trans frm Property Appraiser 407 - - - - - na Trans frm Tax Collector 3,605 - - - - - na Trans fm 159 Forest Lake Fd 114,200 100,000 100,000 - - - (100.0%) Carry Forward 944,900 873,200 889,600 830,000 - 830,000 (4.9%) Less 5%Required By Law - (21,400) - (23,700) - (23,700) 10.7% Total Funding 1,462,595 1,382,400 1,405,100 1,281,700 - 1,281,700 (7.3%) Notes: Purpose: Forest Lakes Roadway Capital Improvements. Principal Outstanding as of September 30, 2016: $2,930,000 Final Maturity:January 1,2022 Interest Rate:3.75%-4.25% Revenue Pledged:Ad Valorem Taxes Forest Lakes MSTU Limited General Obligation Bonds approved by district referendum in November 2006,totaling up to$6,250,000,were sold in October 2007. Net proceeds booked to the project fund(159)totaled$6,100,000. Debt service on the bonds will average$552,600 annually over the remaining five(5)year amortization(FY 2018-FY 2022).Currently,the MSTU is authorized by referendum to levy up to$4.0000 per $1,000 of taxable value in order to pay debt service.Two separate levies, one for operating and one for debt exist.While the district's tax base has decreased 6.0%since FY 2010,the market has stabilized with four(4)consecutive years where taxable value has increased including FY 2017. For FY 2017, this funds total reserve position amounts to$705,400 which represents 1.28 times average debt service.At a minimum, 1.25 times average debt service should be maintained in reserve.Although not required by the enabling bond ordinance,this reserve position off-sets the fact that applying the total authorized maximum millage rate(4.0000 mills)to current taxable value only marginally covers debt service.The reserve allows for a greater operating millage rate and Fiscal Year 2017 14 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Forest Lakes Roadway Limited General Obligation Bonds (259) also protects against any unexpected decrease in taxable value. Taxable value for FY 2017(2016 tax year)is$165,825,827 representing a 8.59%increase. At this taxable value level, a debt service levy of $2.8548 is required.Without an adequate budgeted debt service reserve,the levy necessary to cover debt service only would total$3.3378, leaving an insufficient marginal millage($.6622)to cover about$150K annually for operations and maintenance. Fiscal Year 2017 15 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Radio Road East MSTU Limited General Obligation Bond (266) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 160,300 171,200 -10,900 Reserves,Transfers,and Interest - 10,900 - 10,900 Current Level of Service Budget - 171,200 171,200 - FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Arbitrage Services 2,569 3,000 2,600 3,000 - 3,000 0.0% Debt Service - 2,800 - 1,000 - 1,000 (64.3%) Debt Service-Principal 50,662 52,500 52,500 54,300 - 54,300 3.4% Debt Service-Interest Expense 14,417 12,700 12,700 10,900 - 10,900 (14.2%) Net Operating Budget 67,649 71,000 67,800 69,200 - 69,200 (2.5%) Trans to Property Appraiser 723 1,500 1,000 1,500 - 1,500 0.0% Trans to Tax Collector 1,929 2,900 2,200 2,900 - 2,900 0.0% Reserves for Debt Service - - - 91,100 - 91,100 na Reserves for Future Debt Service - 91,100 - - - - (100.0%) Reserves for Cash Flow - 6,500 - 6,500 - 6,500 0.0% Total Budget 70,301 173,000 71,000 171,200 - 171,200 (1.0%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Ad Valorem Taxes 90,421 70,600 67,700 67,300 - 67,300 (4.7%) Interest/Misc 866 - 500 - - - na Trans frm Property Appraiser 67 - - - - - na Trans frm Tax Collector 749 - - - - - na Carry Forward 88,300 105,900 110,100 107,300 - 107,300 1.3% Less 5%Required By Law - (3,500) - (3,400) - (3,400) (2.9%) Total Funding 180,403 173,000 178,300 171,200 - 171,200 (1.0%) Notes: Purpose:Acquisition,construction, and equipping of various landscaping and irrigation improvements in the Radio Road East MSTU. Principal Outstanding as of September 30,2016: $339,079 Final Maturity:June 01,2022 Interest Rate:3.44%fixed rate with a maturity no longer than 10 years Revenue Pledged:Voter approved Ad Valorem Taxes Referendum held January 31, 2012 On January 31, 2012, a bond referendum election was held and the issuance of up to$649,000 of limited general obligation bonds payable from ad valorem taxes levied on all taxable property within the MSTU, not to exceed.5 mills,was approved by a majority of the qualified electors within the MSTU.The proceeds were used to construct landscape and irrigation improvements within the district.The financing will mature on 6/1/2022. Fiscal Year 2017 16 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Radio Road East MSTU Limited General Obligation Bond (266) For FY 2017(2016 tax year),taxable value totals$448,823,934 an increase of 7.4%over last year.This taxable value number requires a debt service levy of$.1500.Average debt service over the remaining five(5)year debt schedule is$61,800. Funds held in debt service reserve total $97,600 or 1.5 times coverage.The maximum authorized millage is$.5000 by referendum and the remaining marginal millage rate after satisfying debt service funds maintenance of the landscape treatment constructed. Fiscal Year 2017 17 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Series 2005a Limited General Obligation Bond (272) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 5,000 5,000 - Current Level of Service Budget - 5,000 5,000 - FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 174 Consry Collier Maint 54,000 84,900 65,800 5,000 - 5,000 (94.1%) Total Budget 54,000 84,900 65,800 5,000 - 5,000 (94.1%) FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Ad Valorem Taxes (108) - 100 - - - na Delinquent Ad Valorem Taxes 10,978 - - 5,000 - 5,000 na Interest/Misc 575 300 200 300 - 300 0.0% Carry Forward 108,000 84,600 65,500 - - - (100.0%) Less 5%Required By Law - - - (300) - (300) na Total Funding 119,445 84,900 65,800 5,000 - 5,000 (94.1%) Notes: Purpose: Fund acquisition of environmentally sensitive land. Debt service for Conservation Collier. Principal Outstanding as of September 30,2016: $0 Final Maturity:January 1,2013 Interest Rate:3.00%-5.00% Revenue Pledged:Voter approved Ad Valorem Taxes Current FY 2017: Current activity is limited to returning residual funds to the Conservation Collier Maintenance fund. Fiscal Year 2017 18 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Series 2008 Limited General Obligation Bond (273) FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Trans to 174 Consry Collier Maint 37,025 200 - - - - (100.0%) Total Budget 37,025 200 - - - - (100.0%) FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 116 200 - - - - (100.0%) Carry Forward 36,900 - - - - - na Total Funding 37,016 200 - - - - (100.0%) Notes: Purpose: Fund acquisition of approximately 2,511 acres of environmentally sensitive real property located in the Lake Trafford Area,commonly known as Pepper Ranch,for Conservation Collier. Principal Outstanding as of September 30, 2016: $0 Final Maturity was to be January 1, 2013 Interest Rate:4.14% Revenue Pledged was Voter approved Ad Valorem Taxes On April 12,2011,the Board approved the prepayment of the Collier County Limited General Obligation Bond,Series 2008. The bonds were payable from a levy of up to 0.25 mills. Sufficient unused monies have accumulated in the Conservation Collier acquisition fund 172 to allow for the prepayment of bonds in the amount of$7.1 million,which includes a 3%premium for early prepayment, plus accrued interest. The gross savings realized was$131,725. Fiscal Year 2017 19 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt CRA Taxable Note (Fifth Third Bank), Series 2013 (287) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 1,769,500 1,769,500 - Current Level of Service Budget - 1,769,500 1,769,500 - FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Debt Service 25 1,000 1,000 1,000 - 1,000 0.0% Debt Service-Principal 628,856 504,000 504,000 504,000 - 504,000 0.0% Debt Service-Interest Expense 250,631 266,000 250,000 240,000 - 240,000 (9.8%) Net Operating Budget 879,512 771,000 755,000 745,000 - 745,000 (3.4%) Reserves for Contingencies - 84,000 - 74,500 - 74,500 (11.3%) Reserves for Debt Service - 800,000 - 950,000 - 950,000 18.8% Total Budget 879,512 1,655,000 755,000 1,769,500 - 1,769,500 6.9% FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Miscellaneous Revenues 125,000 - - - - - na Interest/Misc 3,302 3,800 2,400 2,400 - 2,400 (36.8%) Trans fm 187 Bayshore Redev Fd 905,700 858,500 858,500 832,800 - 832,800 (3.0%) Carry Forward 674,000 792,900 828,500 934,400 - 934,400 17.8% Less 5%Required By Law - (200) - (100) - (100) (50.0%) Total Funding 1,708,002 1,655,000 1,689,400 1,769,500 - 1,769,500 6.9% Notes: Purpose: Bayshore/Gateway Triangle Community Redevelopment Agency(CRA)and acquisition and capital improvements. Principal Outstanding as of September 30, 2016: $5,505,721 Final Balloon Maturity: $4,665,961,June 1, 2018 Interest Rate: Monthly variable interest rate of 30-day LIBOR plus 3.75% Pledged:All available non-ad valorem revenues of the Bayshore Gateway Community Redevelopment Agency On May 14, 2013, agenda item 14.8.1.,the Board approved the Fifth Third Bank Loan Agreement restructuring the note. The Series 2013 Taxable Note accomplished several important objectives including; •Extending the re-payment deadline past September 1,2014 at the same interest rate factor while allowing the CRA time to pursue re-development initiatives under improving economic conditions. •Postpone the need to liquidate CRA owned property at a substantial loss and allow the property to be sold within an improving market environment and in reasonable conformance with existing approved re-development plans. •Use existing debt service reserve cash to pay down the current term loan,thereby mitigating interest costs,and re-establish a lower debt service reserve. •Maintain monthly principal and interest payments and establishes a level of budgetary and financial flexibility within the CRA. Forecast FY 2016: Any additional prepayment of principal from CRA land sale proceeds would be in addition to the forecast principal reduction shown above. Current FY 2017: Principal outstanding at September 30,2016 is$5,505,721. In accordance with terms of the loan agreement, reserves for debt service Fiscal Year 2017 20 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt CRA Taxable Note (Fifth Third Bank), Series 2013 (287) are increased. Fiscal Year 2017 21 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) FY 2017 FY 2017 FY 2017 FY 2017 Program Summary Total FTE Budget Revenues Net Cost Debt Service - 32,000 - 32,000 Reserves,Transfers,and Interest - 2,806,800 2,838,800 -32,000 Principal and Interest Payments,Series 2010 Bonds - 4,049,000 4,049,000 2010 Special Obligation Revenue Bonds,due in annual installments through July 1,2034; interest at 3.00%to 4.50%and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax,state revenue sharing, communications services tax and charges and services generated by governmental activities. Principal and Interest Payments,Series 2010B Bonds - 2,717,800 2,717,800 2010B Special Obligation Revenue Bonds,due in annual installments through October 1,2021; interest at 3.00%to 5.00%and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Principal and Interest Payments,Series 2011 Bonds - 8,681,800 8,681,800 2011 Special Obligation Revenue Bonds,due in annual installments through October 1,2029; interest at 2.50%to 5.00%and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax,state revenue sharing, communications services tax and charges and services generated by governmental activities. Principal and Interest Payments,Series 2013 Bonds - 2,847,000 2,847,000 2013 Special Obligation Revenue Bonds,due in annual installments through October 1,2035; interest at 3.50%to 4.00%and collateralized by pledge on legally available non-ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax, state revenue sharing, communications services tax and charges and services generated by governmental activities. Current Level of Service Budget - 21,134,400 21,134,400 Fiscal Year 2017 22 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) FY2015 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 Program Budgetary Cost Summary Actual Adopted Forecast Current Expanded Recom'd Change Arbitrage Services 10,278 12,000 12,000 12,000 - 12,000 0.0% Debt Service - 20,000 20,000 20,000 - 20,000 0.0% Debt Service-Principal 8,885,000 9,280,000 9,280,000 9,705,000 - 9,705,000 4.6% Debt Service-Interest Expense 9,425,569 9,019,800 9,019,800 8,590,600 - 8,590,600 (4.8%) Net Operating Budget 18,320,846 18,331,800 18,331,800 18,327,600 - 18,327,600 0.0% Reserves for Future Debt Service - 1,431,700 - 1,192,600 - 1,192,600 (16.7%) Reserves for Cash Flow - 1,565,000 - 1,614,200 - 1,614,200 3.1% Total Budget 18,320,846 21,328,500 18,331,800 21,134,400 - 21,134,400 (0.9%) FY 2015 FY 2016 FY 2016 FY 2017 FY 2017 FY 2017 FY 2017 Program Funding Sources Actual Adopted Forecast Current Expanded Recom'd Change Interest/Misc 57,637 6,300 6,500 8,000 - 8,000 27.0% Trans fm 001 Gen Fund 3,079,600 3,077,500 3,077,500 3,073,000 - 3,073,000 (0.1%) Trans fm 101 Transp Op Fd 1,205,500 1,206,600 1,206,600 1,207,100 - 1,207,100 0.0% Trans frn 215 Debt Service 1,232 - - - - - na Trans fm 217 Debt Sery 1,989 - - - - - na Trans fm 306 Pk&Rec Cap 321,100 320,000 320,000 320,700 - 320,700 0.2% Trans fm 345 Pk&Rec Cap 150,000 150,000 150,000 150,000 - 150,000 0.0% Trans fm 346 Pks Unincorp Cap Fd 2,779,900 2,785,700 2,785,700 2,789,300 - 2,789,300 0.1% Trans fm 350 EMS Cap Fd 447,700 448,000 448,000 448,000 - 448,000 0.0% Trans fm 355 Library Cap Fd 1,161,000 1,159,300 1,159,300 1,160,300 - 1,160,300 0.1% Trans fm 381 Correctional Cap Fd 1,887,100 1,877,400 1,877,400 1,865,500 - 1,865,500 (0.6%) Trans frn 385 Law Enforc Cap Fd 2,656,600 1,872,700 1,872,700 1,873,000 - 1,873,000 0.0% Trans fm 390 Gen Gov Fac Cap Fd 4,382,700 5,169,400 5,169,400 5,169,500 - 5,169,500 0.0% Carry Forward 3,517,900 3,255,900 3,329,100 3,070,400 - 3,070,400 (5.7%) Less 5%Required By Law - (300) - (400) - (400) 33.3% Total Funding 21,649,958 21,328,500 21,402,200 21,134,400 - 21,134,400 (0.9%) Notes: Special Obligation Refunding Revenue Bonds, Series 2010: Purpose: Refunding Commercial Paper. Major capital projects funded with the commercial paper loans were Golden Gate Library Expansion, South Regional Library, Fleet Expansion(BCC), Sheriff Fleet Building,Courthouse Annex, Emergency Service Center, Sheriff Special Operations Center, EMS station land purchase(Old US41 location)***, EMS ambulances, and 800 MHz Upgrade and Radio Locater System. Principal Outstanding as of September 30, 2016: $49,365,000 Final Maturity:July 1,2034 Interest Rate: 3.00%to 4.50% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues ***On September 28, 2007,the Board closed on a Commercial Paper Loan A-40-1 in the amount of$880,000. The Loan proceeds were used on the purchase of land and the balance was to go to preconstruction activity for EMS station 411. Shortly after the land purchase,the economy and growth slowed down. The Board reprioritized their capital program to focus on maintenance projects and EMS station 411 was never built. In FY 2015,the Board started constructing EMS Station 73. The balance of the commercial paper loan proceeds were used on this project. Fiscal Year 2017 23 Debt Service Collier County Government Fiscal Year 2017 Recom'd Budget Debt Service General Governmental Debt Special Obligation Bonds, Series 2010, 2010B, 2011 and 2013 (298) Special Obligation Refunding Revenue Bonds,Series 2010B: Purpose: Refunding 2002 Capital Improvement Bond. Major capital projects funded with the 2002 Capital Improvement Bond include Sheriffs Administration Building, Domestic Animal Services Center Building, Sheriffs Building on Horseshoe Drive, Immokalee Jail renovation,Goodland Boat Launch Land,Lely Barefoot Beach Land, North Naples Satellite Government Offices Building, North Naples Regional Library,Voting Machines(amortized over 10 years), and EMS Helicopter(amortized over 10 years). Principal Outstanding as of September 30,2016: $14,330,000 Final Maturity: October 1,2021 Interest Rate: 3.00%-5.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Special Obligation Refunding Revenue Bonds, Series 2011: Purpose: Partial refunding 2003 and 2005 Capital Improvement Bond. Major capital projects funded with the 2003 Capital Improvement Bond include Jail Expansion/Parking Garage and the Development Services Building Expansion/Parking Garage and refund prior debt. (The Development Services Building Expansion/Parking Garage portion of the debt was defeased on September 21,2007) Major capital projects funded with the 2005 Capital Improvement Bond include North Regional Park, Fleet Facility,Courthouse Annex, Parking Garage, Emergency Service Center, refinance Commercial Paper debt(Transportation Building on Horseshoe Drive and Stormwater(retention) property)and partial refund of the Capital Improvement Revenue Refunding Bonds, Series 1994. Principal Outstanding as of September 30, 2016: $70,300,000 Final Maturity:October 1,2029 Interest Rate:2.50%-5.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Special Obligation Refunding Revenue Bonds, Series 2013: Purpose: Refunding all remaining outstanding 2003 and 2005 Capital Improvement Bond. Major capital projects funded with the 2003 Capital Improvement Bond include Jail Expansion/Parking Garage and the Development Services Building Expansion/Parking Garage and refund prior debt. (The Development Services Building Expansion/Parking Garage portion of the debt was defeased on September 21, 2007) Major capital projects funded with the 2005 Capital Improvement Bond include North Regional Park, Fleet Facility,Courthouse Annex,Parking Garage, Emergency Service Center, refinance Commercial Paper debt(Transportation Building on Horseshoe Drive and Stormwater(retention) property)and partial refund of the Capital Improvement Revenue Refunding Bonds, Series 1994. Principal Outstanding as of September 30, 2016: $73,805,000 Final Maturity:October 1,2035 Interest Rate: 3.50%-4.00% Revenue Pledged: Covenant to budget and appropriate non-ad valorem revenues Fiscal Year 2017 24 Debt Service