Recent and Anticipated Issuances

Fiscal Year 2022 Operating and Capital Budget

Recent Issuances and Refundings

Sales Tax Refunding and Improvement Revenue Bonds, Series 2020

On October 1, 2020, the City issued the Sales Tax Refunding and Improvement Revenue Bonds, Series 2020 in the amount of $18,640,000 to finance the costs of various capital improvement projects within the City and refund all of the outstanding Sales Tax Refunding and Improvement Revenue Bonds, Series 2010. The City will realize a present value savings of approximately $3.0 million through FY2026.


Sales Tax Refunding and Improvement Revenue Bonds, Series 2020 will be repaid solely from the proceeds allocated and distributed to the City pursuant to the Community Investment Interlocal Agreement from the levy and collection of the local option discretionary infrastructure sales taxes. Principal payments began on October 1, 2021 and are due on each October 1st, thereafter through the final maturity date of October 1, 2026.

Anticipated Issuances

Non-Ad Valorem Revenue Note, Series 2021


The City anticipates issuing the Non-Ad Valorem Revenue Note, Series 2021 as a fixed rate, tax-exempt 8-year term loan for approximately $43,000,000 to finance improvements to the Tampa Convention Center. This note shall be repaid solely from a covenant to budget and appropriate non-ad valorem revenues (CB&A). However, while the City is using its CB&A pledge to secure the note, the City intends to use the Downtown CRA tax increment financing revenues and the tourist development tax revenues received from Hillsborough County to pay a substantial portion of the debt service on the note.

The Tampa Downtown Community Redevelopment Area (CRA) is a separate legal body whose board is composed of the members of the Tampa City Council. The City of Tampa will enter into an interlocal agreement with the Downtown CRA to document the Downtown CRA’s pledge to provide tax increment financing revenues to the City in support of this financing. The City will also enter into a separate interlocal agreement with Hillsborough County to document Hillsborough County’s pledge to provide Tourist Development Tax Revenues to the City in support of this financing.

Non-Ad Valorem Revenue Bonds, Series 2021


The City anticipates issuing the Non-Ad Valorem Revenue Bonds, Series 2021 in order to finance various capital improvement projects and refinance the Non-Ad Valorem Note (LOC), Series 2016. The Series 2021 Bonds will be used to finance the construction of the Hanna Avenue Government Center and the Hanna Avenue Maintenance Facility. The City’s current estimate of project proceeds is $106,000,000.


The Non-Ad Valorem Note (LOC), Series 2016 outstanding amount of $25,030,000 is due September 2021; however, the lender has offered to extend the maturity date to March 1, 2022. The City intends to refinance the note with a longer term, fixed rate indebtedness. The City anticipates refinancing the outstanding amount with the Non-Ad Valorem Revenue Bonds, Series 2021.


The City will require total bond proceeds of approximately $131,000,000. 


Future Non-Ad Valorem Revenue Bonds


The City anticipates issuing additional debt secured by non-ad valorem revenues over the next several years. The future debt will be used to construct a new public safety administration facility, fire and police training center, and a new fleet facility for the Fire Department. Estimated amount of future bond proceeds is approximately $147,000,000.


Stormwater Special Assessment Revenue Bonds, Series 2021


The City anticipates issuing the special assessment revenue bonds (central and lower basin stormwater improvements), Series 2021 in order to finance and/ or reimburse the costs of capital improvements projects within the Central and Lower Basin Improvement Area of the City in the estimated amount of approximately $44,500,000.


On September 21, 2020, City Council approved Resolution 2020-598 allowing the reimbursement of various costs relating to the acquisition and construction of certain stormwater capital improvements within the Central and Lower Basin Improvement Area of the City.


The Series 2021 bonds will be issued in parity with the outstanding series 2018 bonds and secured solely from the stormwater improvement assessment revenues.


Additionally, the City anticipates issuing debt in FY2023 and FY2026 in the amount of $77,000,000 to fund the stormwater capital improvement program. Based on the Financial Feasibility Study prepared by the City’s financial advisor, the projected stormwater improvement assessment revenues should be sufficient to pay the estimated annual debt service of the Series 2018 and Series 2021 Bonds, and to support the anticipated issuance of approximately $77,000,000 in additional parity bonds.


The City is seeking a review from a Second Party Opinion firm to designate these as Green Bonds. The City is still working with the firm to obtain the designation. 


Water and Wastewater Systems Revenue Bonds, Series 2021


The City anticipates issuing the Water and Wastewater System Revenue Bonds, Series 2021 to finance and/or reimburse the costs of certain projects contained in the City’s Capital Improvement Program. The Series 2021 bonds shall be repaid solely from the Water and Wastewater rate revenues and will be issued on a parity with all outstanding Water and Wastewater bonds.

On September 5, 2019, City Council approved Resolution 2019-694 and Resolution 2019-695 to secure the funding necessary to implement the 20-year Water and Wastewater Master Plans as well as operate and maintain the City’s Water and Wastewater systems and infrastructure. These resolutions implemented a schedule of collection/consumption rates, with annual rate increases through FY2040, and base charges applicable to all customer classes, with annual increases through FY2034.


On November 21, 2019, City Council approved Resolution 2019-945 allowing the reimbursement of various costs relating to the acquisition, construction and equipping of a portion of the City's current capital improvement programs for its Water and Wastewater Utility Systems.


The City anticipates seeking a review from a Second Party Opinion firm to designate these as Green Bonds.