Manatee County Commission issues $36 million in debt to fund capital improvement projects
MANATEE -- As a way to pay for capital improvement projects, Manatee County Commission authorized issuance of up to $36 million in debt Tuesday.
The general government debt, which would be a loan from Bank of America at a rate of 1.74 percent, would be used for nine projects, including Anna Maria Island beach nourishment, beach erosion control and the P-25 radio system. The debt would be repaid over 9 1/2 years.
This would add nearly $36 million to the county's $325.7 million in outstanding debt.
The commission also took a
step toward issuance of transportation debt by accepting a proposal for a line of credit loan by Bank of America, for up to $36 million. The transportation debt, which is part of $92.4 million that is anticipated, would be used for five projects related to the 44th Avenue East extension.
"We do need to move this forward," Commissioner Betsy Benac said. "It is such an important part of our transportation grid to have this major east-west road, which as we've said, there hasn't been a new major east-west road in this county. This has got to relieve State Road 70 and State Road 64 and University Parkway to some degree."
The transportation debt, which will be authorized to be issued at a future meeting, is expected to be paid for with impact fees, according to Jan Brewer, county financial management director. The remaining transportation debt will be issued later once additional money is actually needed, Brewer said.
"Every roadway that we can tackle that improves the overall grid system of the county is a major asset to the community," County Administrator Ed Hunzeker said.
While a lot of these projects don't seem like "fun projects," they are so necessary, Commissioner Robin DiSabatino said.
"These are bold steps," she said.
The commission also:
Appointed three members to the county Library Board of Trustees.
Brenda Booth was appointed as the Palmetto representative, Bradenton Councilman Patrick Roff is the Bradenton representative and Beverly Neville is the island communities representative. Commissioners discussed residency requirements for the island representative at length and elected to discuss it more at the next Council of Governments meeting.
Approved spending $800,000 to buy replacement cardiac monitors for Emergency Medical Services. A portion of the necessary funds, $200,000, would come from the board reserve for contingency fund. Bob Smith, county public safety director, said the increase in call volume has impacted the life expectancy of the units.
Honored the Manatee County Public Library System for four awards it recently won from the Florida Library Association, including Library of the Year and Kevin Beach being honored with the Lifetime Achievement Award.
Approved a Florida Department of Transportation construction agreement for sidewalks on 21st Street East from U.S. 41 to 12th Avenue East in Palmetto. The sidewalk was requested by the Manatee County School District. A Community Development Block Grant would fund the project.
Authorized the execution of the shared facilities agreement with Parrish Fire District for an additional ambulance to serve the Parrish area. The agreement will allow EMS to share space within the fire department.
Claire Aronson, Manatee County reporter, can be reached at 941-745-7024. Follow her on Twitter @Claire_Aronson.
This story was originally published March 22, 2016 at 11:03 PM with the headline "Manatee County Commission issues $36 million in debt to fund capital improvement projects ."