Escambia County has no outstanding General Obligation Debt pledged against its Ad Valorem Taxes.  All outstanding bond issues are pledged against specific non-ad valorem revenues restricted to the repayment of debt service for specific bond issues.  There is no locally or state-imposed limit on the issuance of debt by the Board of County Commissioners pledged against non-ad valorem revenues.

Debt Service Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest. Debt Service funds are also used to report resources of legally mandated and financial resources that are being accumulated for principal and interest maturing in the future. The County has the following Debt in the Debt Service Fund:

The Sales Tax Refunding Revenue Note, Series 2012 in the aggregate amount of $48,040,000 was issued on August 1, 2012.  The Note has a fixed interest rate of 2.820% and a maturity date of October 1, 2032.  The proceeds of the 2012 Note refunded on a current basis the balance of the Sales Tax Revenue Refunding Bonds Series 2002.  The Bond is secured by certain pledged revenues consisting primarily of amounts received by the County as proceeds of the local Government Half-Cent Sales Tax.

The Capital Improvement Revenue Note, Series 2014 was satisfied in 2021.   It was in the amount of $8,500,000, was issued on September 30, 2014, and had a maturity date of October 1, 2021.  The proceeds of this note, in addition to matching funds approved by the State of Florida, were used to re-nourish 8.2 miles of Pensacola Beach located on Santa Rosa Island. 

The Sales Tax Revenue Bond, Series 2017 for a par amount of $78,060,000 and a net premium of $10,682,424 was issued on June 22, 2017.  The bonds have coupon rates ranging from 2% to 5%, with the yield ranging from .93% to 3.69% and a maturity date of October 1, 2047. The proceeds of this bond are reported in the 2017 Capital Projects fund and are being used for the construction of the new Jail Facility.  The bond is secured by certain pledged revenues consisting of amounts received by the County as proceeds of the Local Government Half-Cent Sales Tax. As of September 30, 2019.

The Capital Improvement Refunding Revenue Bond, Series 2018 for a par amount of $41,545,000 and a net premium of $5,318,882 was issued on November 28, 2018.  The bonds have an average coupon rate of 5%, with a true interest cost of 2.978988% and a maturity date of October 1, 2031. The Bonds are secured by a covenant to budget and appropriate from legally available Non-Ad Valorem revenues and will use the same source of pledged revenue as the refunded issues. The proceeds of this bond are reported in the debt service fund and used to current refund the following three issues:

• The Sales Tax Refunding Revenue Bond, Series 2011 which was issued in the aggregate amount of $29,535,000 on October 21, 2011. The proceeds of this bond were used to advance refund a portion of the Sales Tax Revenue Refunding Bonds Series 2002. The 2002 series had refunded the 1993 series.  The Bond was secured by certain pledged revenues consisting primarily of amounts received by the County as proceeds of the Local Government Half-Cent Sales Tax.

• The Capital Improvement Refunding Revenue Bond, Series 2011 which was issued in the aggregate amount of $19,345,000 on December 9, 2011. The proceeds of this 2011 Bond were used to advance refund all of the outstanding Capital Improvement Revenue Bonds Series 2002.  The Bond was secured by a covenant to budget and appropriate from available Non-Ad Valorem revenues.

• The Capital Improvement Revenue Note, Series 2013 which was issued in the aggregate amount of $12,000,000 on November 14, 2013. The proceeds of this note reimbursed the LOST fund for acquisition and construction of certain transportation and drainage related capital improvements of the County.  The Note was secured by a covenant to budget and appropriate from legally available Non-Ad Valorem revenues.

The Tourist Development Tax Revenue Note, Series 2025 in the aggregate amount of $25,100,000 was issued on June 25, 2025.  The Note has a fixed interest rate of 4.76% and a maturity date of October 1, 2039. The proceeds of the 2025 Note are reported in the Series 2025 TDT Note Capital Projects fund (312) and are being used for the construction and equipping of improvements to the County’s John R. Jones outdoor arena, consisting of the installation of artificial turf and improvement of concession areas, restroom facilities, parking and other related facilities.  The Note is secured by certain pledged revenues consisting primarily of amounts received by the County as proceeds of the local Government Tourist Development Tax.

DEBT SERVICE SCHEDULES

ESCAMIA COUNTY, FLORIDA, SALES TAX REFUNDING REVENUE NOTE, SERIES 2012

PURPOSE: In the aggregate amount of $48,040,000 was issued on August 1, 2012. The Note has a fixed interest rate of 2.48% and a maturity date of October 1, 2032. The proceeds of the 2012 Note refunded on a current basis the balance of the Sales Tax Revenue Refunding Bonds Series 2002. The proceeds of the 2022 Note refunded on a current basis the balance of the Sales Tax Revenue Refunding Bonds Series 2002. The Bond is secured by certain pledged revenues consisting primarily of amounts received by the County as proceeds of the local Government Half-Cent Sales Tax.

SECURITY: The issuer shall in each fiscal year maintain an amount of Non-Ad Valorem revenue less the allocable portion of cost of essential services for each fiscal year that equals or exceeded 1.2 times the maximum annual debt service on all outstanding debt and furnish a Compliance Certificate to the Holder of the 2012 Note establishing compliance.

DEBT COVERAGE: Half-Cent Sales Tax revenue from the State.

RATINGS:

• Moody's - Aa3
• Standard & Poor's - AA
• Insurer - None

Cost Center: 110237

Fund: 203.104964

ESCAMIA COUNTY, FLORIDA, CAPITAL IMPROVEMENT REFUNDING REVENUE BONDS, SERIES 2018, $41,545,000

PURPOSE: The proceeds of this bond were used to current refund the following three issues, due to the change in the corporate interest rate. The bond was issued for a par amount of $41,545,000 and, a net premium of $5,318,882 on November 28, 2018. The bonds have an average coupon rate 5%, with a true interest cost of 2.978988% and a maturity date of October 1, 2031.

SECURITY: The Bonds are secured by a covenant to budget and appropriate from legally available Non-Ad Valorem revenues, and will use the same source of pledged revenue as the refunded issues:

• Capital Improvement Revenue Note, Series 2013: Pledged Revenues: Non-Ad Valorem Revenues budgeted, appropriated and deposited in the Debt Service Fund, and any other moneys deposited in the Debt Service fund. Revenues are received per interlocal agreement.
• Capital Improvement Refunding Revenue Bond, Series 2011 Pledged Revenues: Non-Ad Valorem Revenues budgeted, appropriated and deposited in the Debt Service Fund. Available Non-Ad Valorem Revenues, continues to use Net Toll Revenues and Lease Revenues.
• Sales Tax Refunding Revenue Bond, Series 2011Pledged Revenues: Half Cent Sales Tax

DEBT COVERAGE: The total amount of Non-Ad Valorem Revenues received in the immediately preceding Fiscal Year less the Allocable Portion of the Cost of Essential Services for the prior Fiscal Year are at least 1.20 times the Maximum Annual Debt Service requirement on all Debt of the Issuer secured in any part by a lien upon or covenant to budget and appropriate from Non-Ad Valorem Revenue.

RATINGS:

• Moody's - Aa2
• Standard & Poor's - AA
• Insurer - None

Cost Center: 110260

Fund: 203.104815

ESCAMBIA COUNTY, FLORIDA, SALES TAX REVENUE BONDS, SERIES 2017, $78,060,000

PURPOSE: To provide funds to 1) finance the development and construction of a new County Jail Facility and other improvements and, 2) finance the cost of associated with the issuance of the Series 2017 Bonds and, 3) pay a portion of the costs of issuance of the 2017 bonds, including the costs of financial guaranty insurance and a reserve account insurance policy.

SECURITY: The Bonds are limited and special obligations of the County payable solely from receipts received from the proceeds of the local government half-cent sales tax as defined and described in and distributed to the County by the State, under Part VI, Chapter 218, Florida Statutes.

DEBT COVERAGE: The debt coverage test using the Local Government Half-Cent Sales Tax Revenues for Additional Parity Bonds equals 1.35 times the Maximum Bond Service Requirement for all debt.

RATINGS:

• Moody's - Aa3
• Standard & Poor's - AA
• Insurer - None

Cost Center: 110242

Fund: 203.104968

ESCAMBIA COUNTY, FLORIDA, TOURIST DEVELOPMENT TAX REVENUE NOTE, SERIES 2025, $25,080,800

PURPOSE: In the aggregate amount of $25,100,000 was issued on June 25, 2025.  The Note has a fixed interest rate of 4.76% and a maturity date of October 1, 2039. The proceeds of the 2025 Note are reported in the Series 2025 TDT Note Capital Projects fund (312) and are being used for the construction and equipping of improvements to the County’s John R. Jones outdoor arena, consisting of the installation of artificial turf and improvement of concession areas, restroom facilities, parking and other related facilities.  The Note is secured by certain pledged revenues consisting primarily of amounts received by the County as proceeds of the local Government Tourist Development Tax.

SECURITY: The Note is a limited and special obligation of the County payable solely from receipts received from the proceeds of the local government tourist development tax as defined and described in Chapter 125.0104, Florida Statutes.

DEBT COVERAGE: Local Government Tourist Development Tax (up to 5 cents).

RATINGS:

• N/A - Bank Loan

Cost Center: 110248

Fund: 203.104969