Legislation Details

File #: 25-505    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/12/2025 In control: County Administrator
On agenda: 4/8/2025 Final action: 4/8/2025
Title: Approval and execution of Resolution 2025-B-04 of the Orange County Board of County Commissioners Regarding the Issuance of Tourist Development Tax Refunding Revenue Bonds, Series 2025. (Fiscal and Business Services Division)
Attachments: 1. 2025 TDT Refunding Revenue Bonds Overview, 2. Resolution - Orange County TDT 2025, 3. Escrow Deposit Agreement - Orange County TDT 2025, 4. 16th Supplemental Indenture - Orange County TDT 2025, 5. NOS - Orange County 2025 Refunding TDT, 6. POS_Orange County TDT 2025, 7. 2025-04-08 County Administrator Consent Item-05, 8. Resolution 2025-B-04

Interoffice Memorandum

 

DATE: March 19, 2025

 

TO: Mayor Jerry L. Demings and County Commissioners

 

THROUGH: N/A

 

FROM: Stephanie Taub, Manager

 

CONTACT: Stephanie Taub

 

PHONE: 407-836-5915

 

DIVISION: Fiscal and Business Services Division

 

ACTION REQUESTED:

title

Approval and execution of Resolution 2025-B-04 of the Orange County Board of County Commissioners Regarding the Issuance of Tourist Development Tax Refunding Revenue Bonds, Series 2025. (Fiscal and Business Services Division)

body


PROJECT:
N/A

 

PURPOSE: Outstanding County debt can sometimes be refunded to create savings on future annual debt service costs.  The County has such an opportunity to reduce the cost of future Tourist Development Tax (TDT) debt service by refunding all the existing Tourist Development Tax Refunding Revenue Bonds, Series 2015 (the “2015 TDT Bonds”). The County is preparing this refunding transaction with the minimum savings target of 4% of the refunded 2015 TDT Bond par amount which is currently $69,185,000. Based on current market conditions, the refunding is expected to result in net present value savings of approximately $3.6 million through 2031. The proposed resolution provides the authority to use the lower-cost proceeds of the 2025 TDT Bonds to refund the 2015 TDT Bonds to achieve this debt service savings. Additional information regarding the transaction is included.

 

BUDGET: N/A