Subject:
Title
Resolution authorizing a loan in a principal amount of not-to-exceed $17 million from the Florida Local Government Finance Commission ("Florida Local") pursuant to its Pooled Commercial Paper Loan Program (the "Loan Program") to finance capital projects and land purchases under the County's Environmental Endangered Lands Program
End
Fiscal Impact:
The loan shall be repaid from the designated Environmental Endangered Lands debt millage and will be secured by a covenant of the County to budget and appropriate sufficient non-ad valorem revenues in accordance with the terms of the Loan Agreement. It is estimated that the repayment of this loan will not exceed $1.4 million annually.
Dept/Office:
Central Services/Parks and Recreation
Requested Action:
Recommendation
It is requested that the Board of County Commissioners approve:
1. The Resolution authorizing the borrowing of an amount not-to-exceed $17 million in principal from Florida Local pursuant to the terms of the County's existing Loan Agreement with Florida Local and JPMorgan Chase Bank, N.A.; and
2. Authorize the Chair to execute the Resolution and the various closing documents with respect to the issuance of the loan: and
3. Authorize the County Manager to approve all necessary budget amendments to appropriate funds to capital projects and land purchases under the County's Environmental Endangered Lands Program.
End
Summary Explanation and Background:
In 2024, the Board of County Commissioners (the Board) approved a $3 million bank loan with a 4.5% interest rate for initial land acquisition, with a specific focus on lands that directly benefit the Indian River Lagoon and the St. Johns River. Currently, approximately $2.9 million of the $3 million bank loan has been encumbered for the purchase of land that meets the Board's criteria to purchase under the County's Environmentally Endangered Lands program. Additional properties estimated at $6.8 million are currently in the negotiation/...
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