Court Approves Bond Validation Clearing the Way for Bond Sale
Judge Nicholas validated the District’s ability to sell bonds. The Judge ruled that: (a) the District was properly formed by Manatee County; (b) the District followed all of the proper procedures; and (c) the Bonds were being issued for a lawful public purpose – to acquire the recreational facilities. State law allows for a 30-day appeal period. This decision clears the way for the District’s bond sale.
Plan for the Bond Sale
The District is planning to sell approximately $24,000,000 of Series 2019 Bonds in a competitive sale (in essence a public auction) sometime between the end of October and mid-November depending upon two main factors: (1) the timing of obtaining a bond rating and/or bond insurance so that the Bond issue can achieve the highest possible rating and the lowest possible interest rate and (2) financial market conditions. District staff and the financial team are completing the preparation of bond financing documents, including the offering statement for the Bonds and the credit packages that will be submitted to the rating agencies and to bond insurance companies. We plan to invite the rating agencies and bond insurers to visit University Park to facilitate their due diligence. The District is optimistic about the pending sale given the attractiveness of the community; the strong credit quality of its homeowners; and the highly professional operations of the club and recreational facilities of University Park.
$1,000 Special Assessment for O&M
The District has collected $1,096,377 from 1,159 residents, of which 145 chose to pay in installments. This leaves 41 residents in arrears. The District sent reminder notices to all those who have not paid their assessments. In addition, the District and Board Members have reached out to residents who have not paid their assessment. If you have not already made your payment, please do so. The Board has decided that payments received by September 9, 2019 will be deemed as timely.
Certified letters have been sent to those who have not paid their assessment. The Board will allow late payments until September 30, 2019. A late fee of $50 must be included in all late payments. Please include your University Park address on the check so we can correctly credit the parcels that have paid their assessment. Please make your check payable to: University Park Recreation District. Send your check to:
University Park Recreation District
12051 Corporate Blvd
Orlando, FL 32817
If you have any questions, please call District Staff at 407.723.5900 or email:
Alan Mishlove at mishlovea@pfm.com
If you have not yet paid your assessment, please take this opportunity to do so. Failure to pay an assessment will force the District to take collection actions.
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