2010, 2011, 2013 and 2014 Transportation Sales Tax Bonds
The original 2008 Plan for Using the New Collar County Transportation Empowerment Funds had a $100 million Bonding Component based
on a desired maximum yearly principal and interest payment of approximately $8.7 million. The 2008 Plan had an arbitrary split of the Bonding
Component of $50 million for the candidate State Challenge Bond projects and $50 million for the candidate County Challenge Bond projects. The
County Financial and Administrative Services Department is handling the bonding arrangements along with the county’s usual bond financial advisor and bond counsel. The bond program has evolved and is now proposed to be four issuances, two of which have already been made, pursuant to
county board authorization. The desired maximum yearly principal and interest payment of approximately $8.7 million has been retained. The 2010
bond issuance was for $31.4 million and the 2011 issuance was for $20.0 million. Approximately $30 million is targeted for the 2013 bond sale, and
approximately 27.8 million for the 2014 bond sale. The total of the bonds to be issued is approximately $9 million over the envisioned $100 million
due to: 1) favorable interest rates, 2) the federal interest rebates and 3) moving out of the 3rd and 4th bond issuances to 2013 and 2014 more sales
tax cash can be applied to the candidate County Challenge Bond projects.3
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• 2013 - 2018 Highway Improvement Program