Manatee County Commission considers adding $127.5M in debt

MANATEE -- Manatee County could soon add more than $127.5 million to its debt to fund capital projects.

At Tuesday's work session, commissioners heard from county staff about possibly issuing $35.2 million in general government debt and $92.4 million in transportation debt.

The general government debt would pay for projects, including Anna Maria Island beach nourishment, beach erosion control and the P-25 radio system. The transportation debt, which would be repaid by road impact fees, would be for three transportation projects, including the 44th Avenue extension project.

The Manatee County Commission could approve a resolution at its Nov. 3 meeting to allow the financial adviser to seek the best issuance opportunity for the general government debt and transportation credit line.

Debt issuance for the utility system will come before the commission in fiscal year 2017. With the transportation debt, the county won't issue bonds until construction begins in fiscal 2017.

"No sense borrowing all that money and sitting on it," said Jan Brewer, Financial Management Department director.

In order to continue working on transportation projects, Ron Schulhofer, Public Works Department director, said they have to have money from bond proceeds.

"When you say yes, we borrow the money and move forward quicker," Schulhofer said.

Commissioner Vanessa Baugh thanked public works for trying to finish the 44th Avenue project as quickly as possible.

"Forty-Fourth Avenue is just so important with the growth we are seeing in the county," Baugh said. "You haven't had a lot of funding there for transportation and I know it's been tough. ... I'm sure the commission will do whatever we can to get you everything you need."

The commission also heard from Ed Bulleit, county financial adviser at MBS Capital Markets LLC. As of Sept. 30, the county has $347.59 million in long-term debt outstanding at a fixed rate, according to a presentation.

Bulleit said Manatee County's high credit rating compares "very, very well" with other counties.

"It is one of the lowest revenue debts in the state even when you look at large counties," he said.

Even with additional debt issuance, Bulleit assured commissioners county ratios would stay relatively the same.

"It should keep you right where you are from a rating perspective," Bulleit said. "Your county rating is as strong as it can get."

Commission Chairwoman Betsy Benac said they are lucky to continue to move forward.

"You put our county in a good position to continue to move forward to handle the growth we are going to continue to have and pay for it with impact fees," she said.

Claire Aronson, Manatee County reporter, can be reached at 941-745-7024. Follow her on Twitter@Claire_Aronson.

This story was originally published October 13, 2015 at 7:00 PM with the headline "Manatee County Commission considers adding $127.5M in debt ."