HomeMy WebLinkAboutR-00-64
RESOLUTION NO. R-OO-64
A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA
REGARDING REIMBURSEMENT OF CERTAIN COSTS
RELATING TO THE ACQUlSmON AND CONSTRUCTION OF
CERTAIN CAFITAL IMPROVEMENTS RELATING TO THE
CITY'S GOLF COURSE FACILITIES; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Sebastian, Florida (the "City") has incurred and/or will incur various
costs in relation to the acquisition and construction of certain capital improvements relating to the City's
Golf Course Facilities; and
WHEREAS, the City has determined it is in its best interest to reimburse such costs from
proceeds of tax-exempt debt; and
WHEREAS, the United States Department of Treasury has issued various regulations in regard
to reimbursement of governmental costs through the issuance of tax-exempt debt;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, FLORIDA, that:
. SECTION 1. It is the intent of the City to reimburse various costs and expenditures relating to
the acquisition and construction of certain capital improvements relating to the City's Golf Course
Facilities. The City has paid for, and/or reasonably anticipates that it will pay Jor, such costs and
expenditures from moneys on deposit in the "Golf Course Capital Projects Fund" of the City. It is
reasonably expected that reimbursement of such costs and expenditures shall come from the issuance of
tax-exempt debt which is not expected to exceed $5,000,000 aggregate principal amount. It is currently
the intention of the City to principally secure such tax-exempt debt by a pledge of and lien upon revenues
of the Citis Golf Course Facilities. The expenditures to be reimbursed shall be consistent with the City's
budgetary and financial policy as being the type of expenditures which shall be paid on a long-term basis.
SECTION 2. The City shall comply with all applicable law in regard to the public availability
.' of records of official acts by public entities such as the City, including making this Resolution available
for public inspection.
SECTION 3. It is the intent of the City that the purpose of this Resolution is to meet the
requirements of Treasury Regulations Section 1.150-2 and to be a declaration of official intent under such
Section.
The foregoing Resolution
Motion was seconded by Council Member
as follows:
SECTION 4. This Resolution shall take effect immediately upon its adoption.
or adoption by Council Member &c~
and, upon being put to a vote, the v~~
Mayor Walter Bames
Vice-Mayor Ben A. Bishop
Councilmember Joe Barczyk
Councilmember James Hill
Councilmember Edward J. Majcher, Jr.
~e
~-
14..
(c - day of December,
The Mayor thereupon declared this Resolution duly passed and adopted this
2000.
CITY OF SEBASTIAN, FLORIDA
By: W (ior~ 'Aft AM
Walter ames, Mayor
ATTEST:
c.---
Approved as to Form and Legality for
Reliance by the City of Sebastian Only:
By:~S0~
ch Smn~, Citr A - ~