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Supervisors hear options for financing beach-renourishment match; staff to prepare RFP and resolution of intent
Summary
County officials discussed using a five-year negotiable note or GOMESA-backed bonds to fund a Corps of Engineers match for beach renourishment. Advisors will draft an RFP, and the board asked for a resolution of intent and timetable for bids.
During a detailed presentation on county financing options, municipal advisors and county leaders discussed two routes to fund the county’s required match for Corps of Engineers beach-replenishment work: a five-year negotiable note solicited via bank RFPs, or a GOMESA-pledged revenue bond structure.
A municipal-advisory representative described an alternative to publicly underwritten GOMESA revenue bonds: "that would be a 5 year negotiable note," saying an RFP to banks could yield comparable rates with substantially lower issuance costs. The advisor said the RFP process would be relatively quick — roughly 60 days from advertising — and would allow the county to prepay without penalty depending on bid terms.
Board members discussed trade-offs. A supervisor noted the GOMESA revenue-bond structure offers more flexibility for early payoff and would not create a general obligation against county taxes if GOMESA revenues did not materialize in a given year, while a general-obligation or bank-placed note would obligate the county to levy taxes if needed. In the discussion a board member summarized the project purpose: "This is putting sand back on the beaches," referencing Corps of Engineers beach replenishment matching funds.
The board did not take a final vote to issue debt at the meeting. Instead, supervisors directed staff to draft a resolution of intent, engage bond counsel and county counsel as needed, and authorize the municipal advisor to prepare an RFP for bank bids. The board discussed scheduling a resolution and potential special meeting; supervisors indicated they expected to review bids and return to the board by the April 1 agenda.
