A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PASCO COUNTY, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT-TO-EXCEED $22,225,000 IN AGGREGATE PRINCIPAL AMOUNT OF PASCO COUNTY, FLORIDA, SECOND LOCAL OPTION FUEL TAX REFUNDING REVENUE BOND, SERIES 2020, FOR THE PURPOSE OF REFINANCING THE COUNTY'S OUTSTANDING STATE-FUNDED STATE INFRASTRUCTURE BANK LOAN AGREEMENT (STATE ROAD 56) AND PAYING THE COSTS OF ISSUANCE OF SUCH BOND; PLEDGING SECOND LOCAL OPTION FUEL TAX REVENUES TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BOND; MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE HOLDER OF SUCH BOND; AUTHORIZING CERTAIN OFFICIALS AND EMPLOYEES OF THE COUNTY TO TAKE ALL ACTIONS REQUIRED IN CONNECTION WITH THE SALE, ISSUANCE, AND DELIVERY OF SUCH BOND; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE

58:23Thank you. Yes, sir. Okay. Uh d R three is a time certain how we doing on time. We're way Okay, so let's k do we have time to move on to R four or is that going to take some time? Because we have twenty minutes before we have a time starting at eleven.

58:41I think you can try to get R four M five done at least.

58:45I'm sorry. R four and what? I'm sorry?

58:48R four and five are together.

58:50Where's R five in my belt carry?

58:53through.

58:57No, sir, it's it's Bob's doing both of those. Okay, I'm they're they're okay I'm dismissing the page.

59:07Okay, let's go ahead with R four. Do we need to read this off?

59:12Okay, I'll let you go ahead and read that for you real quick, Bob. Uh uh a resolution of the Board of County Commissioners of Pasco County, Florida authorizing the issuance of non to exceed twenty two million two hundred twenty five thousand aggregate provincial amount of Pasco County, Florida, sickle option fuel gas tax refunding Bond Series 2020 for the purpose of refinancing the County's outstanding state funded State Infrastructure Bank Loan Amendment, State Road 56, and paying the cost for the issuance of such bond, pledging second local option gas, tax revenues to secure payment of the principal of the interest on such bond, making certain covenants and agreements for the benefit of the holder of such bond, authorizing

59:43certain officials and employees of the county to take all actions required in connection with the sale, issuance, and delivery of such bond, provided certain other matters and connection. therewith and providing an effective date.

59:54Go ahead, sir. Thank you.

59:56Uh Bob Borg, Pasco County Budget Director. As you're aware, on January 2016, the board approved a $22.75 million loan from the State Infrastructure Bank to fund lanes three and four of uh State Road 56 from Meadow Point Boulevard to Highway 301. The county pledged. The revenues from the multimodal transportation fund and the second local option fuel tax as the pledged revenue. On June 30th of this year, the

1:00:26board adopted the ordinance 20-18, which reduced the TIFF from 33% to 30%. And during that discussion, we talked about the possibility of looking at the market to see if we could refinance this SIB loan. at a cheaper rate and at the same time uh remove F dot from the Uh decision matrix for the use of those funds. And so based on the current market conditions, we were able to refinance the loan with an interest rate of two point

1:00:56four seven percent versus the current rate of two point seven two percent. This yields a net present value savings of about four hundred thousand dollars to the county. Uh this action must be completed in two steps. The first is the master resolution, which the chair just read, and then the second is OMB twenty-0047, which is R5 on the agenda, and that is the actual series resolution approving the awarding of that uh Loan RFP to

1:01:27the most responsive

1:01:28bidder. Excellent. Thank you. Any well, obviously saving money is the positives. Any questions? Pretty easy one, right?

1:01:33Move approval.

1:01:34Have a motion. Second. Second. All in favor? Aye. Aye. All opposed. Same sign. Motion passes. Thank

1:01:38you.

1:01:39R five. A resolution of the Board of County Commissioners of the Pasco County Forest supplementing resolution number twenty-twenty. Adopt on the date hereof to fix certain details in connection with the instructions of it not to exceed 282 million two hundred twenty five thousand principal in Manipasco County, Florida. Second local option gas tax refunding for revenue bond series twenty twenty, providing for another covenant other covenants with respect to the bondholder, provide certain other matters in connection therewith, and providing for an effective date.

1:02:05Yes, sir. Thank you. As we said, the most responsive bidder to this was Truist Bank at uh interest rate of two point four seven percent. Uh Dwayne Draper, our bond counsel is here if there are any specific questions about the the loan documents themselves.

1:02:17Any questions? Question?

1:02:18Entertain