Closing expected early this month
Before the end of 2025, the “Sarasota County Office of Financial Management successfully priced a refunding of outstanding utility bonds to take advantage of favorable market conditions and lower interest rates,” county staff has announced.
The transaction will result in approximately $3.5 million in savings for utility rate payers over the life of the bonds, “helping the utility manage costs and keep rates more stable for customers,” a news release pointed out.
“The refunding of the outstanding Utility System Revenue Refunding Bonds, Series 2016B, was priced on Dec. 8, 2025,” the release said; it is expected to close early January this month.
“The proceeds from the refunding will be used exclusively to refinance existing debt,” the release added. “No new debt is being issued, and no tax increase is associated with the transaction,” the release noted.
“We are pleased to lock in long-term savings while maintaining our high credit ratings,” said Steve Booelho, deputy county administrator and chief financial management officer, in the release. “This refunding supports our commitment to fiscal responsibility and good stewardship of public resources,” he added in the release.
“The debt carries strong credit ratings of AA+ from S&P Global Ratings and AA+ from Fitch Ratings,” the release pointed out. “These high ratings reflect the county’s conservative financial management practices and stable debt service coverage levels.”
For a complete analysis of the county’s utility system revenue bond ratings, visit the official rating disclosures from Fitch, S&P Global or Moody’s, the release added.
For more information, call the Sarasota County Contact Center at 311 or 941-861-5000 or visit scgov.net.