HomeMy WebLinkAboutR-2003-253 Frost Park Reimburse Capital Fund RESOLUTION NO. 2003-253
A RESOLUTION OF THE CITY OF DANIA BEACH; EXPRESSING THE
MUNICIPALITY'S OFFICIAL INTENT TO FINANCE THE
CONSTRUCTION AND EQUIPPING OF THE FROST PARK
RECREATION CENTER THROUGH THE INCURRENCE OF DEBT AND
TO UTILIZE THE PROCEEDS FROM SUCH DEBT TO REIMBURSE
THE MUNICIPALITY FOR EXPENDITURES MADE PRIOR TO THE
INCURRENCE OF SUCH DEBT; PROVIDING FOR PUBLIC
AVAILABILITY OF THIS RESOLUTION; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH AS
FOLLOWS:
SECTION 1. PURPOSE. This Resolution is adopted in order to declare the intent
of the City of Dania Beach (the "Issuer") to reimburse certain expenditures with the
proceeds of a borrowing, pursuant to Section 1.150-2, Code of Federal Regulations. This
Resolution is not a commitment, covenant or representation of the Issuer that the Project
described herein or any portion thereof will in fact be undertaken.
SECTION 2. OFFICIAL INTENT. It is the reasonable expectation and intent of the
Issuer to reimburse the expenditure described in Section 3 below (the "Project") by
incurring debt in an amount not to exceed $822,500, the interest on which may or may not
be excludable from gross income under Section 103 of the Internal Revenue Code of 1954,
as amended.
SECTION 3. PROJECT DESCRIPTION. The Project for which reimbursement is
intended is described as follows:
(a) Frost Park Recreation Center
(b) All planning, research, design, feasibility, survey, soil testing and related services
provided in connection with the above.
SECTION 4. SOURCE OF FUNDS.
(a) The Issuer reasonably expects to pay for the Project costs to be reimbursed from
the General Fund Surplus Fund.
(b) The Issuer reasonably expects to pay debt service on the reimbursement bonds
from either annual appropriation of the budget or through a non ad-valorem source of
revenue.
1 RESOLUTION NO. 2003-253
SECTION 5. PUBLIC AVAILABILITY OF OFFICIAL INTENT. This Resolution shall be
made available for inspection at the office of the Issuer at 100 Dania Beach Boulevard,
Dania Beach, FL 33004 during the Issuer's normal business hours on every business day
of the period beginning on the date of adoption of this Resolution and ending on, and
including, the date of issuance of the reimbursement bonds, unless a longer period of
inspection is required by applicable public records laws of the State of Florida.
PASSED and ADOPTED this 12t" day of November 2003.
OB ANTOW
MAYOR — UVOMMISSIONER
ATTEST: ROLL CALL:
COMMISSIONER CHUNN - YES
COMMISSIONER FLURY - YES
CHARLENE JOB NSON COMMISSIONER MIKES - YES
CITY CLERK VICE-MAYOR MCELYEA - YES
MAYOR ANTON - YES
APPROVED AS_TQ FORM AND CORRECTNESS:
BY: �\
T OM SLSBRO
CITY ATTORNEY
• 2 RESOLUTION NO. 2003-253
_ Agenda Request Form
City of Dania Beach
Agenda item:
Date of Commission meeting: 11/12/2003
Description of Agenda Item: Reimburse City's Funds for expenses prior to the issuance of debt
Commission action being requested:
Adopt Resolution or Ordinance ® Expenditure ❑ Award BID/ RFP ❑
Presentation ❑ General approval of item ❑ Continued from meeting
Other{Please explain) "
�
Summary explanation and background
Commission will approve the contract with Coastal Construction for the construction of the Frost Park
Recreation Center at the 11/12/2003. This project is funded through the issuance of debt. However,
tdebt issuance is projected to incur in January 2004. This resolution will allow the City to utilize City's
surplus fund to pay for the expenses and to reimburse the fund when the debt issuance is completed.
"'At h"ed ezhibits and additionallbackupmatenals (Pleasejst)
Staff Memo
Resolution
For purchasing requests ONLY
Department: Amount:
Fund: General: ❑ Water: ❑ Sewer: ❑ Stormwater: ❑ Grants: ❑ Capital: ❑
Account Name: Account Number:
Submitted by: pvarney Date: 11/7/2003
Department Director: Date:
Admin. Services Director: Date:
• Finance Director.' pvarney Date: 11/7/2003
City Manager: Ivan Pato Date: 11/7/2003
CITY OF DANIA BEACH
• K DEPARTMENT OF FINANCE
MEMORANDUM
TO: Ivan Pato, City Manager Memo: DF-04-06
FROM: Patricia Varney, Director of Finance
DATE: November 7, 2003
SUBJECT: Reimbursable Resolution
Purpose
A resolution authorizing the City's to utilize City's surplus fund to pay for the Frost Park capital
project expenses with the intent to reimburse the surplus fund from the proceeds of the debt
issuance to be incurred in January 2004.
Background
The City Commission approved in the FY 2004 Budget to fund the construction of the Frost Park
Recreation Center in the amount not to exceed $822,500 through the issuance of debt. A
• request is submitted to the Commission for approval at 11/12/2003 meeting to engage Coastal
Construction for the above project. Expenses will incur prior to the debt issuance which is
projected to be completed in January 2004. This resolution will allow the City to utilize its
current surplus fund to pay for the expenses with the intent that when the debt is issued, the
proceeds will reimburse the City for expenditures made prior to the incurrence of the debt.
•