HomeMy WebLinkAboutR-2024-072 Reimbursement of Capital Funds Expended for Capital ProjectsRESOLUTION NO.2024-D-7a
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, ESTABLISHING ITS INTENT TO REIMBURSE
CERTAIN CAPITAL EXPENDITURES INCURRED IN CONNECTION
WITH THE ACQUISITION, CONSTRUCTION, RENOVATION, AND
EQUIPPING OF CERTAIN CAPITAL PROJECTS BY THE CITY, AS MORE
FULLY DESCRIBED HEREIN, WITH PROCEEDS OF A FUTURE TAX-
EXEMPT FINANCING FROM THE FLORIDA MUNICIPAL LOAN
COUNCIL; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, participating governmental units have created the Florida Municipal Loan
Council (the "FMLC") pursuant to a certain Interlocal Agreement and pursuant to Chapter 163,
Part I, Florida Statutes, for the purpose of issuing its bonds to make loans to participating
governmental units for the financing or refinancing of qualified projects; and
WHEREAS, the City of Dania Beach, Florida (the "City") is a municipal corporation
duly created and existing pursuant to the Constitution and laws of the State of Florida; and
WHEREAS, the City has determined that it is necessary and desirable and in the best
interest of the inhabitants of the City to borrow money from the FMLC to finance the
acquisition, construction, and equipping of certain capital improvements to the stormwater utility
system of the City, all as more particularly described in the plans and specifications on file with
the City, as the same may be amended and supplemented from time to time by the City (the
"Project"); and
WHEREAS, it is expected that all or a portion of the costs of the Project will be
reimbursed by and financed with the proceeds of a debt obligation from the FMLC, in one or
more series, as either tax-exempt, taxable, or both, in an aggregate principal amount not to
exceed $30,000,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the above "Whereas" clauses are ratified and confirmed, and they are
made a part of and incorporated into this Resolution by this reference.
Section 2. That this resolution is adopted pursuant to the Constitution of the State of
Florida, Chapter 166, Florida Statutes, the Charter of the City of Dania Beach, Florida, and other
applicable provisions of law.
Section 3. That the City hereby expresses its intention to be reimbursed from
proceeds of a future tax-exempt financing for capital expenditures to be paid by the City for the
purpose of financing the costs of the Project. The City expects to use legally available funds to
pay for costs of the Project, including, but not limited to, capital expenditures, costs of design
and engineering, and other costs associated with the incurrence of debt. It is reasonably expected
that the total amount of debt to be incurred by the City with respect to the Project will not exceed
$30,000,000.00. This resolution is intended to constitute a "declaration of official intent' within
the meaning of Section 1.150-2 of the Income Tax Regulations, which were promulgated
pursuant to the Internal Revenue Code of 1986, as amended, with respect to the debt incurred, in
one or more financings, to finance the costs of the Project.
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 effective 10 days after passage.
PASSED AND ADOPTED on G L�U 2024.
Motion by i'�,►r)m SIG y)U s second by
FINAL VOTE ON ADOPTION: Unanimous
Yes No
Commissioner Joyce L. Davis
Commissioner Tamara James
Commissioner Marco Salvino
Vice Mayor Lori Lewellen
Mayor Archibald J. Ryan IV
SIGNATURE PAGE TO FOLLOW
2 RESOLUTION #2024- 0 la
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CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
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J. RYAN IV
RESOLUTION #2024-Al-j a