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<br />RESOLUTION NO. 2002- ~ <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, DECLARING <br />THE CITY'S OFFICIAL INTENT TO SEEK <br />REIMBURSEMENT FOR CERTAIN CAPITAL <br />EXPENDITURES MADE AND TO BE MADE BY THE CITY <br />WITH RESPECT TO THE ACQUISITION, <br />CONSTRUCTION EQUIPPING AND INST ALLA TION OF A <br />NEW CITY HALL AND RELATED CAPITAL PROJECTS <br />TO BE LOCATED IN THE CITY FROM THE PROCEEDS <br />OF REVENUE BONDS ANTICIPATED TO BE ISSUED BY <br />THE CITY; PROVIDING FOR SEVERABILITY AND <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, pursuant to the provisions of the Florida Constitution, Parts I and IT of <br />Chapter 166, Florida Statutes, as amended and supplemented, the City Charter of the City of <br />Sunny Isles Beach, Florida, as amended and supplemented, and other applicable provisions of <br />law (the "Act"), the City has authority and intends to issue revenue bonds (the "Bonds") to <br />finance all or a portion of the costs of acquiring, constructing, equipping and installing a new city <br />hall and related capital projects to be located in the City (collectively, the "Project"); and <br /> <br />WHEREAS, the City hereby determines to adopt this Resolution as a declaration of <br />official intent by the City to issue the Bonds in one or more series to finance and refinance all or <br />a portion of the costs of the Project pursuant to the limitations and conditions set forth in this <br />Resolution and in subsequent resolutions of the City; and <br /> <br />WHEREAS, it is intended by the City that the interest on the Bonds will be excludable <br />from gross income for federal income tax purposes; and <br /> <br />WHEREAS, the City adopts this Resolution with the understanding that the action taken <br />and authorized by this Resolution does not constitute final approval of the Project or of the <br />Bonds and is not an absolute commitment by the City to issue the Bonds and that approval of the <br />Project will be effected in accordance with applicable law and regulations and that financial <br />terms, security for the repayment of the Bonds, restrictions on transferability, if applicable, and <br />other matters will be determined and/or approved by subsequent proceeding of the City <br />Commission of the City; and <br /> <br />WHEREAS, the City anticipates that it will incur certain capital expenditures relating to <br />the Projects prior to the issuance of the Bonds by the City; and <br /> <br />WHEREAS, such expenditures will be paid from funds of the City legally available for <br />such purpose; and <br /> <br />Page lof3 <br /> <br />Reimbursement Reso.Doc <br />