HomeMy WebLinkAboutR-2009-103 Dania Beach Library Reimbursable RESOLUTION NO. 2009-103
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, EXPRESSING THE OFFICIAL INTENT OF THE CITY TO
FINANCE A PROJECT KNOWN AS THE DANIA BEACH LIBRARY PROJECT
BY INCURRING DEBT AND TO USE THE PROCEEDS FROM SUCH DEBT TO
REIMBURSE THE CITY FOR EXPENDITURES MADE PRIOR TO SUCH DEBT
BEING INCURRED; PROVIDING FOR PUBLIC AVAILABILITY FOR
INSPECTION OF THIS RESOLUTION; PROVIDING FOR CONFLICTS;
FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA:
Section 1. That this Resolution is adopted in order to declare the intent of City of Dania
Beach(the"Issuer")to reimburse to the City certain expenditures with the proceeds of a borrowing,
pursuant to Section 1.150-2, of the Code of Federal Regulations. This Resolution is not a
commitment, covenant or representation of the Issuer that the project described as the Dania Beach
Library Project or any portion of it will be undertaken.
Section 2. That it is the reasonable expectation and intent of the Issuer to reimburse the
expenditures described in Section 3 below by incurring debt in an amount not to exceed
$3,010,000.00, the interest upon which may or may not be excludable from gross income under
Section 103 of the Internal Revenue Code of 1954, as amended.
Section 3. That the Project for which reimbursement is intended is described as follows:
(a) The construction of a Broward County Library, adjacent to City Hall, located at 100
West Dania Beach Boulevard, Dania Beach, FL 33004.
(b) All planning, research, design, feasibility, surveys, soil testing and related services
provided in connection with the Project.
Section 4. Source of Funds.
(a) The Issuer reasonably expects to pay for the Project costs to be reimbursed from the
City General Fund.
(b) The Issuer reasonably expects to pay debt service on the reimbursement bonds from
the Capital Projects Fund.
Section 5. That this Resolution shall be made available for inspection at the office of the
Issuer at 100 W. Dania Beach Boulevard, Dania Beach, Florida 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.
Section 6. That this Resolution shall be in force and take effect immediately upon its
passage and adoption.
PASSED AND ADOPTED on May 26, 2009.
ANNE CASTRO
I Hits) MAYOR-COMMISSIONER
ATTEST: Qo —
LOUISE STILSON, CMC ,
CITY CLERK
APPROVED AS TOmr
D CORRECTNESS:
BY: (I-c
THO AS). A BR
CITY ATTORNEY
2 RESOLUTION#2009-103