Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2024-R-39.
PROPOSED RESOLUTION NO. 2024-R-39 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PROJECT COSTS INCURRED WITH PROCEEDS OF FUTURE TAX-EXEMPT FINANCINGS; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City has determined that the need exists to construct various capital improvements, including but not limited to, improvements to the water, sewer and drainage systems.
2. The City hereby expresses its intention to be reimbursed from proceeds of a future tax-exempt financing issued by the City or another entity for the costs of the Project to be paid by the City in connection with the Project. The total amount of debt to be incurred by the City to reimburse itself for expenditures paid with respect to the Project will not exceed $20,000,000. This Resolution is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations. No funds from sources other than the reimbursement bond issue are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the City for such expenditures pursuant to its budget or financial policies.
3. The expenditures to be reimbursed pursuant to this Resolution will be paid from the City’s Utility Fund as may be allowed for the purpose of acquiring and implementing the Project.
4. If any one or more of the provisions of this Resolution shall for any reason be held illegal or invalid, such illegality or invalidity shall not affect any other provision of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid provision had not been contained herein.
5. Request City Commission adopt Proposed Resolution No. 2024-R-39.
Financial Impac...
Click here for full text