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Suwannee County hires municipal advisor to pursue bonding for wastewater plant
Summary
The board approved contracting Public Resources Advisory Group to act as municipal/financial advisor as the county explores issuing bonds to complete the wastewater treatment plant; staff said PRAG will analyze county revenue streams and the fee is $25,000 payable if bonds are received.
The Suwannee County Board voted to award and authorize the chairman to execute an agreement with Public Resources Advisory Group to provide planning, analysis and municipal-advisory services for the catalyst wastewater treatment plant project. County counsel explained that because counties cannot mortgage property like private entities, an advisor must identify lawful revenue streams that can secure a bond.
"There's no universe where we can get a bond where this work doesn't happen," Morrison told commissioners, and described the advisor's work as a detailed review of county books and revenue streams. Morrison said the agreement contemplates a $25,000 fee "payable when and if we receive the bond monies," and that the work is necessary to find permissible security and negotiate favorable terms with investors. The board approved the award 5-0.
Officials noted uncertainty about whether the North Florida Water Utility Authority will accept corresponding debt if the wastewater assets ultimately transfer; Morrison said that will affect how any bond is structured and that the county will incorporate that possibility when negotiating with investors. No bond was issued at the meeting; the vote authorizes the county to retain PRAG to pursue financing.
