HomeMy WebLinkAboutReso 2002-455
RESOLUTION NO. 2002- ~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, DECLARING
THE CITY'S OFFICIAL INTENT TO SEEK
REIMBURSEMENT FOR CERTAIN CAPITAL
EXPENDITURES MADE AND TO BE MADE BY THE CITY
WITH RESPECT TO THE ACQUISITION,
CONSTRUCTION EQUIPPING AND INST ALLA TION OF A
NEW CITY HALL AND RELATED CAPITAL PROJECTS
TO BE LOCATED IN THE CITY FROM THE PROCEEDS
OF REVENUE BONDS ANTICIPATED TO BE ISSUED BY
THE CITY; PROVIDING FOR SEVERABILITY AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, pursuant to the provisions of the Florida Constitution, Parts I and IT of
Chapter 166, Florida Statutes, as amended and supplemented, the City Charter of the City of
Sunny Isles Beach, Florida, as amended and supplemented, and other applicable provisions of
law (the "Act"), the City has authority and intends to issue revenue bonds (the "Bonds") to
finance all or a portion of the costs of acquiring, constructing, equipping and installing a new city
hall and related capital projects to be located in the City (collectively, the "Project"); and
WHEREAS, the City hereby determines to adopt this Resolution as a declaration of
official intent by the City to issue the Bonds in one or more series to finance and refinance all or
a portion of the costs of the Project pursuant to the limitations and conditions set forth in this
Resolution and in subsequent resolutions of the City; and
WHEREAS, it is intended by the City that the interest on the Bonds will be excludable
from gross income for federal income tax purposes; and
WHEREAS, the City adopts this Resolution with the understanding that the action taken
and authorized by this Resolution does not constitute final approval of the Project or of the
Bonds and is not an absolute commitment by the City to issue the Bonds and that approval of the
Project will be effected in accordance with applicable law and regulations and that financial
terms, security for the repayment of the Bonds, restrictions on transferability, if applicable, and
other matters will be determined and/or approved by subsequent proceeding of the City
Commission of the City; and
WHEREAS, the City anticipates that it will incur certain capital expenditures relating to
the Projects prior to the issuance of the Bonds by the City; and
WHEREAS, such expenditures will be paid from funds of the City legally available for
such purpose; and
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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
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approval and authorization shall be considered by the City by subsequent proceedings and by
other appropriate regulatory bodies as required by applicable law and regulations.
Section 8.
Effective Date. This Resolution shall become effective upon adoption.
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"Richard Btown-Morllla, City Clerk
APPROVED AS TO FORM
AND GAL SUFFICIENCY:
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Vote: S-b
Mayor Samson
Vice Mayor Iglesias
Commissioner Edelcup
Commissioner Goodman
Commissioner Kauffman
VCYes)
V(Y es)
V (Yes)
~Yes)
--4L(Y es)
_(No)
_(No)
_(No)
_(No)
_(No)
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