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Gulf County approves up to $19 million gas-tax refunding notes; commissioners ask for post-sale project tracking
Summary
The Board of County Commissioners authorized up to $19 million in gas-tax revenue refunding notes to finance transportation improvements and refund prior gas-tax bonds; commissioners asked staff to track which roads and projects were funded and requested before/after documentation.
Gulf County commissioners on Aug. 26 voted to authorize issuance of up to $19 million in gas-tax revenue and refunding notes to finance transportation improvements and to refund the county's 2015 gas-tax revenue bonds. The resolution authorizes sale of the notes, execution of a loan agreement and pledges county-levied gas taxes to secure payment. Jeremy Needfeldt, managing director with financial adviser PFM, told the board the county had run a competitive sale process and planned to “finalize the transaction and close on Thursday of this week.”
The vote approv…
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