Reso 2010-1538-1 - Laserfiche WebLink

Home Browse Search

- . TAX CERTIFICATE . The undersigned is the Mayor of the City of Sunny Isles Beach, Florida (the "City"), and hereby certifies the following with respect to the City's $15,000,000 Capital Improvement Revenue Bonds, Series 2010 (the "Bonds") being issued on the date hereof. The undersigned is the official charged with others with responsibility for issuing the Bonds. 1. General . . (a) The Bonds are being issued pursuant to Ordinance No. 2010-343 and Resolution No. 2010-1538, each adopted by the City Commission on March 18, 2010 (collectively the "Bond Ordinance"), and other applicable provisions of law. Capitalized terms used herein but not otherwise specifically defined have the same meanings as when used in the Bond Ordinance and the Loan Agreement, dated as of March 24, 2010 (the "Loan Agreement"), between the City and SunTrust Bank. . (b) This certification is made, in part, under 26 CFR Sec. 1. 148-2(b )(2) relating to "arbitrage bonds" as defined in Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). Terms used herein which are not capitalized or specifically defined have the same meanings as when used in 26 CFR Secs. 1.148-1 - 1.148-11. The undersigned has investigated the facts, estimates, and circumstances in existence on the date hereof. Such facts estimates, and circumstances, together with the expectations of the City as to future events, are set forth in summary form in this certificate. On the basis of such facts, estimates, and circumstances, it is not expected that the proceeds of the Bonds will be used in any manner that would cause the Bonds to be "arbitrage bonds" within the meaning of the Code and regulations. To the best of my knowledge and belief, such expectations are reasonable and there are no facts, estimates, or circumstances that would materially change them. . . (c) The Bonds are being issued for the purpose of financing a portion of the costs of development of City property for City parks, and financing architectural, engineering, environmental, legal and other planning costs related thereto (the "Project"), and paying costs of issuance of the Bonds. 2. Source and Use of Proceeds o (a) The proceeds received from the sale of the Bonds will be $15,000,000 (the "Sale Proceeds") representing $15,000,000 principal amount plus accrued interest of $0. . (b) $15,000 of the Sale Proceeds will be used within six months of the date hereof to pay costs of issuing the Bonds. . (c) The remainder of the Sale Proceeds will be used, together with other amounts derived from the investment thereof, to pay for costs of the Project. The City reasonably expects that all such amounts will be fully spent within three (3) years from the date hereof. {MI886561_2} .