1. Orange County Water and Wastewater Utility Bonds, Series 2016 Discussion Agenda March 15, 2016 Orange County

2. Background 2016 Bond Proceeds and Projects 2016 Resolutions Requested Actions Presentation Outline

3. 3  Total Population – 1,175,766  Visitors to Orlando – 62,000,000  Orange County Utilities Water Connections – 141,104 Wastewater Connections – 147,649  Service Area – 1,000 square miles Background

4. A team with financial consultants and staff from OCU, County Administration and the Comptroller has been monitoring CIP funding OCU is increasing their CIP spending –Serve growth and maintain the system Increased CIP spending has reduced cash reserves to levels necessitating borrowing Background

5. OCU has Subordinate State Revolving Fund Loans No OCU bonded debt Issuing 2016 Bonded Debt requires a new OCU bond program –New governing documents –New credit ratings Background

6. 2016 Bond Proceeds and Projects 2016 Resolutions Requested Actions Presentation Outline

7. Prior year and current OCU budgets approved projects and revenues 2016 Bonded debt discussed during budget work-session Board approved Utilities reimbursement resolution at December 2, 2014 meeting $70 million work complete on 2016 Bond projects 2016 Bond Proceeds & Projects

8. OCU Historical & Projected CIP

9. Resolution authorizes up to $95 million of 2016 Bonds Reimburse about $70 million already spent on the 2016 Bond Projects, and fund additional project expenses Reimbursed funds will then be spent on approved OCU projects and restoring reserve balances Reimbursement is an effective approach: –Avoids spending deadline issues –Adds clarity to borrowing amount (known costs) 2016 Bond Proceeds & Projects

10. Background 2016 Bond Proceeds and Projects 2016 Resolutions Requested Actions Presentation Outline

11. Master Resolution –Amends and restates former resolution – Sets forth flow of funds and reserve levels –Contains covenants impacting operations –Authorizes issuance of one or more series of bonds Master Resolution

12. 2016 Bond Resolution –Authorized by the Master Resolution –Sets parameters for competitive sale of the 2016 Bonds –Authorizes the Notice of Sale and offering documents 2016 Bond Resolution

13. Resolution authorizes the Mayor or County Administrator to award the 2016 Bonds to the firm with the lowest interest rate bid –Up to $95,000,000 of 2016 Bonds –Mature no later than October 1, 2037 (20 years) 2016 Bond Resolution

14. Background 2016 Bond Proceeds and Projects 2016 Resolutions Requested Actions Presentation Outline

15. Action #1 Approval and execution of Orange County, Florida Amended and Restated Water and Wastewater Utility Revenue Bond Resolution Action #2 Approval and execution of Resolution of the Orange County Board of County Commissioners regarding authorization for Water and Wastewater Utility Revenue Bonds, Series 2016 Requested Actions