Reso 2002-455 - Laserfiche WebLink

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WHEREAS, applicable regulations require the City to declare its official intent in connection with such expenditures prior to the issuance of the Bonds in order to allow the City to be reimbursed for such expenditures from a portion of the proceeds of the Bonds, when and if the Bonds are issued; and WHEREAS, it is intended by the City that this Resolution constitutes a declaration of official intent with respect to the reimbursement, from proceeds of the Bonds, of those certain capital expenditures incurred or to be incurred by the City for the Project prior to the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Incorporation of Recitals. The recitals set forth above are adopted by the City as the findings of the City and are incorporated herein. Section 2. Statements. The statements contained in this Resolution with respect to the reimbursement of the capital expenditures referred to in this Resolution are intended to be statements of official intent as required by, and in conformance with, the provisions of Section 1. 150-2(e) of the United States Department of the Treasury Regulations. Section 3. Expenditures for Reimbursement. The expenditures to be reimbursed pursuant to this Resolution have been and will be incurred after sixty (60) days before the date of this Resolution in connection with the Project. Section 4. Principal. The maximum estimated principal amount of Bonds expected to be issued for the Project is $18,000,000. Section 5. Limitation of Uses of Funds From Other Sources. With a portion of the proceeds of the Bonds, when and if issued, the City reasonably expects to reimburse itself for the expenditures contemplated under this Resolution subsequent to the date hereof, and no funds from sources other than the "reimbursement bond issue" (as such term has the meaning assigned to it under the Regulations) portion of the Bonds are, or are reasonably expected to be, reserved, allocated on a long term basis, or otherwise set aside by the City or Borrower pursuant to the City's budget or financial policies to pay for such expenditures. Section 6. Proceeds of Bond. Upon receipt of the proceeds of the Bonds (or within 30 days thereafter), the City will allocate in writing the amount of proceeds of the Bonds (i.e., the reimbursement bond issue) used to reimburse the prior capital expenditures incurred in connection with the Project (herein, the "Prior Expenditures"). Such allocation will be accomplished within the later of 18 months from the earliest date such Prior Expenditures were incurred or the date the Project is placed in service (but in no event later than 3 years after the Prior Expenditures were made). Section 7. Terms. The terms of this Resolution and the actions authorized hereby shall not constitute final approval of the Project or authorization for the City to issue the Bonds; such Page 2 of 3 Reimbursement Reso.Doc