HomeMy WebLinkAboutR-2021-187 Intent to Issue Tax-Exempt Bonds or Notes and Reimbursement of Expenditures for Street Lighting Improvement Capital ProjectsRESOLUTION NO.2021-187
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, ESTABLISHING THE OFFICIAL INTENT OF THE CITY
TO ISSUE TAX-EXEMPT BONDS OR NOTES IN AN AMOUNT NOT
EXCEEDING ONE MILLION DOLLARS ($1,000,000.00), TO FINANCE THE
COSTS RELATING TO STREET LIGHTING IMPROVEMENT CAPITAL
PROJECTS, AND TO USE A PORTION OF THE PROCEEDS OF SUCH
BONDS OR NOTES TO REIMBURSE EXPENDITURES PAID OR INCURRED
PRIOR TO THE DATE OF ISSUANCE OF SUCH BONDS OR NOTES;
PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City Commission (the "Commission") of the City of Dania Beach,
Florida (the "City") has adopted a budget for fiscal year 2021-22 that includes funding for street
lightning improvements (the "Project") in the amount of One Million Dollars ($1,000,000.00); and
WHEREAS, the Commission intends to reimburse costs incurred for the Project with
proceeds of future tax-exempt financing:
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the foregoing "WHEREAS" clauses are ratified and confirmed as
being true and correct and are made a specific part of this Resolution.
Section 2. That the City expresses its intention to issue in a principal amount not
exceeding One Million Dollars ($1,000,000.00) of tax-exempt bonds or notes for the Project to be
paid by the City in part prior to the issuance of such tax-exempt bonds or notes. This Resolution
is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of
the Federal Income Tax Regulations.
Section 3. That the expenditures to be reimbursed pursuant to this Resolution will be
incurred not earlier than a date sixty (60) days prior to the date of adoption of this Resolution in
connection with payments made from available City funds with respect to the Project, and provided
that should any expenditures made within such sixty (60) day period, the City intends for such to
be reimbursed as permitted by Section 1.150-2 of the Federal Income Tax Regulations. This
Resolution is adopted solely for the purposes of complying with the requirements of the Code of
Federal Regulations, Title 26, § 1.150-2 and no bonds or notes are being issued.
Section 4. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 5. That this Resolution shall be in full force and take effect immediately upon
its passage and adoption.
PASSED AND ADOPTED on December 14, 2021.
ATTEST: e
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THOMAS SCHNEIDER, CMC TAMARA J
CITY CLERK MAYOR
APPROVED AS XO FORM AND CORRECTNESS:
THOMAS J.
CITY ATTC
2 RESOLUTION #2021-187