Board Approves Bond Sale
At its meeting on October 29, 2019, the Board adopted Resolution 2020-02 authorizing the sale of the District’s Series 2019 Bonds in the amount of $24,000,000. The sale is scheduled for November 13th. Under supervision of the Board, the financing team is now putting the documents in final form. The Board continued its meeting to November 4th at 10:00 a.m. in the Card Room to allow the Board to ratify certain actions taken to complete the final documents for the bond sale. The official notice of sale will be published on November 4th.
Competitive Sale of the Series 2019 Bonds
The bonds will be sold competitively in a public auction process. The bonds will be sold using the Parity/BidCOMP competitive bidding system, which is the industry standard for competitive sales. The bonds will be sold on an all-or-nothing basis. While we had hoped to offer the bonds in smaller increments, the District’s financial and legal experts advised against this because:
(a) while $24,000,000 is a lot of money, it is a relatively small issue size for competitive bid bonds;
(b) investors must take the same time to review a large issue as they do for a small issue like ours;
so (c) allowing smaller increments to be sold would cause many investors not to bid on our bonds.
The bonds may be available in the resale market depending upon which institution purchases the bonds. The District will announce the winning bidder and the rates as soon as the bids are reviewed following the closing of the sale window at noon on November 14, 2019. The award will be based upon “lowest true interest cost”.
Collection of the $1,000 Special Assessment for Operations and Maintenance
The RD has collected $1,167,599 from 1,190 (99%) residents, of which 148 (12%) have utilized the installment method of payment. Only 11 residents have failed to pay their assessments. District counsel has sent certified letters to those eleven homeowners at the Manatee County address of record. The District will commence collection action shortly on those homeowners who do not respond with payment, plus late fees.
Closing Celebration Scheduled for December 4th at 4:00 PM
The Board plans to celebrate the closing on the purchase of the Club and recreational facilities on December 4th following the workshop in the Lakeside Room. Please hold this date pending the closing.
Continued Meeting November 4 10:00 AM Card Room
Workshop December 4 4:00 PM Lakeside Room
Regular Meeting December 13 1:00 PM Lakeside Room