Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Board approves moving forward on combined financing for tax‑collector facility, Bracken renovation and public works
Summary
Commissioners authorized staff to proceed with a combined financing plan that would fund roughly $48 million in capital projects and could include refunding $13 million of outstanding sales tax bonds to achieve debt‑service economies of scale.
Okaloosa County commissioners voted unanimously to authorize staff to move forward with a plan to finance three capital projects — a new tax collector facility, Bracken Building renovation and a relocated public‑works facility — with an anticipated combined financing of roughly $57.5 million when refunding is included.
Joel Bridal of Hilltop Securities presented a preliminary structure that combines new‑money debt for approximately $48 million of capital projects with potential refunding of about $13 million of outstanding sales‑tax revenue bonds. Bridal estimated an all‑in true interest cost around 4.4% based on March 25 market levels and said refunding the 2014 sales‑tax bonds could produce net present value savings estimated at about $600,000 (roughly 5.1% of the refunded par), depending on market conditions.
Why it matters: staff said combining new financing and refunding offers economies of scale and could allow the county to use legally available non ad‑valorem revenues to secure the bonds, including excess fees from the tax collector portion of the project. Commissioners noted the interagency cooperation and said the plan will help fund needed county facilities.
Next steps: staff will return in June with financing documents and parameters, pursue credit‑rating and go to market as conditions allow; any final documents will come back for board approval before sale.
