Okaloosa County BOCC — May 20, 2014 — CAFR_13 — reading text

denominations of $5,000 maturity value due in annual installments of $215,000 to $940,000 from October 1, 2003 through October 1, 2030. The Bonds are subject to special mandatory redemption on October 1 of each year, commencing October 1, 2010, in inverse order of maturities and by lot within a maturity at the redemption price of par plus accrued interest to the redemption date plus applicable redemption premiums. Fourth Cent Tourist Development Tax monies are pledged for payment of these special obligation revenue bonds. Proceeds from the bonds were used to finance the costs of acquisition and construction of the Okaloosa County Conference Center. This issue is subject to federal arbitrage regulations. 155,000 Water and Sewer The following parity bonds are secured by a pledge of the net revenues from the operation of the water and sewer system. $650,000 Subordinated Revenue Bond, Series 1985, term bond due in semi-annual installments of $34,338 beginning July 1, 1985 through January 2, 2015; interest at 10.0 percent per annum. Proceeds from the bonds were used to finance constructing and acquiring additions, extensions and improvements to the County Water and Sewer System. 93,512 $31,170,000 Water and Sewer Revenue Bonds, Series 2004, due in annual installments of $300,000 to $3,680,000 through July 1, 2016; interest ranging from 1.017 percent to 3.61 percent per annum. Proceeds from the bond were used to refund Water and Sewer Revenue Refunding Bonds, Series 1993 and Water and Sewer Refunding Revenue Bonds, Series 1998 as well as constructing and acquiring additions, extensions and improvements to the County Water and Sewer System. This issue is subject to federal arbitrage regulations. 8,530,000 $65,150,000 Water and Sewer Revenue Bonds, Series 2006, beginning July 1, 2016, due in annual installments of $525,000 to $4,500,000 through July 1, 2036; interest ranging from 4.00 percent to 5.00 percent per annum. Proceeds from the bond were used to refund Water and Sewer Revenue Bonds, Series 1992 as well as construct the Arbennie Pritchett Water Reclamation Facility. This issue is subject to federal arbitrage regulations. 60,875,000 Total Business-type Revenue Bonds $ 87,513,512 The following loans from the State of Florida were obtained for construction of extensions and improvements to the County sewer system. Water and Sewer revenue net of operating costs and debt service are pledged for repayment of these loans. LOANS - STATE OF FLORIDA $1,458,000 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments of $46,776 including interest at 2.59% and 3.24% beginning December 30, 1994 through June 30, 2014. $ 91,698 66  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued Business-type Activities - Continued: LOANS - STATE OF FLORIDA - CONTINUED $729,744 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments including capitalized interest of $22,230 at 2.59% beginning October 10, 1995 through April 10, 2015. 86,112 $1,949,795 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments including capitalized interest of $74,622 at 3.28% and 2.63% beginning April 1, 1997 reducing to $58,007 beginning April 1, 2001 through October 1, 2016. 382,523 $1,768,312 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments including capitalized interest of $59,870 at 2.63% and 2.99% beginning September 15, 1999 reducing to $56,219 beginning September 15, 1999 through March 15, 2017. 372,958 $351,895 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments including capitalized interest of $23,204 at 3.18% beginning February 15, 2000 reducing to $11,073 beginning February 15, 2001 through August 15, 2019. 120,105 $8,168,888 State of Florida Department of Environmental Protection Revolving Loan Fund; semi-annual payments including capitalized interest of $291,598 at 2.71% and 3.00% beginning June 15, 2007 reducing to $263,938 beginning December 15, 2008 through December 15, 2023. 5,909,997 Total Loans - State of Florida 6,963,393 OTHER LOANS $2,000,000 Commercial Paper Loan from the Florida Local Government Finance Commission Pooled Commercial Paper Loan Program; interest and fee payments are made monthly beginning July 1, 2008; the entire principal balance of the loan is due on December 5, 2017. The loan finances construction at Northwest Florida Regional Airport and Bob Sikes Airport and is payable from net revenues of the Airport. $ 2,000,000 $819,000 State Infrastructure Bank Loan; annual principal and interest payments of $132,500 beginning October 1, 2012 through October 1, 2018; The loan finances the purchase of property to provide direct highway access for the Bob Sikes Airport in Crestview; the debt service on the loan is payable from net revenues of the Airport. 711,209 $3,000,000 State Infrastructure Bank Loan; annual principal and interest payments of $351,692 beginning October 1, 2012 through October 1, 2021; The loan finances the construction of infrastructure improvements at the Bob Sikes Airport in Crestview; The debt service on the loan is payable from the net revenues of the Airport. 2,492,112 $15,605,000 Water and Sewer Revenue Note, Series 2012, due in annual installments beginning July 1, 2014 of $50,000 to $1,685,000 through July 1, 2026; interest rate of 3.17%. Proceeds from the note will be used to fund several major projects on the five years Capital Improvement Plan and debt service reserves for the 2004 and 2006 Revenue Bonds. This issue is subject to federal arbitrage regulations. 15,365,000 Total Buisness-type Loans and Notes $ 27,531,714 67  Okaloosa County, Florida NOTES TO FINANCIAL STATEMENTS Fiscal Year Ended September 30, 2013 NOTE 10 – LONG-TERM DEBT – CONTINUED Primary Government – Continued The following is a summary of the changes in long-term debt of the Board of County Commissioners for the fiscal year ended September 30, 2013. Balance Due Balance Due October September Due Within 1. 2012 Increases Decreases 30, 2013 One Year Governmental Activities: Revenue Bonds Sales Tax Revenue Bonds, Series 2009 $ 26,305,000 $ - $ (580,000) $ 25,725,000 600,000 Series 2011 3,600,000 - (133,000) 3,467,000 138,000 Less deferred amounts For issuance discounts/premiums (751,802) - 70,005 (681,797) - Total Revenue Bonds 29,153,198 - (642,995) 28,510,203 738,000 Loans and Notes Private bank note - 5,000,000 - 5,000,000 591,000 Less deferred amounts For issuance discounts/premiums - (39,038) 12,431 (26,607) - - 4,960,962 12,431 4,973,393 591,000 Accrued compensated absences 5,584,262 509,336 (450,506) 5,643,092 3,312,560 Estimated claims payable 6,631,500 490,362 (1,968,050) 5,153,812 2,540,030 Other post employment benefits 4,198,954 605,188 (313,680) 4,490,462 - Total Governmental Activities $ 45,567,914 $ 6,565,848 $ (3,362,800) $ 48,770,962 $ 7,181,590 Business-type Activities: Revenue Bonds Airport Revenue Bonds, Series 2003 $ 9,130,000 $ - $ (285,000) $ 8,845,000 $ 300,000 Airport Taxable Revenue Bonds, Series 2007 9,280,000 - (265,000) 9,015,000 275,000 Fourth Cent Tourist Development Tax Revenue Bonds, Series 2000 1,685,000 - (1,530,000) 155,000 155,000 Subordinated Revenue Bonds, Series 1985 148,667 - (55,155) 93,512 60,809 Water and Sewer Revenue, Series 2004 11,925,000 - (3,395,000) 8,530,000 3,535,000 Water and Sewer Revenue, Series 2006 60,875,000 - - 60,875,000 - Less deferred amounts For issuance discounts/premiums (626,622) (94,180) 200,275 (520,527) - Total Revenue Bonds 92,417,045 (94,180) (5,329,880) 86,992,985 4,325,809 68  Okaloosa County, Florida NOTES TO FINANCIAL