HomeMy WebLinkAboutR-03-45RESOLUTION NO. R-03-45
A RESOLUTION OF THE CITY OF SEBASTIAN, FLORIDA,
REGARDING INCURRENCE OF DEBT AND REIMBURSEMENT
OF CERTAIN COSTS RELATING TO CONSTRUCTION OF
CERTAIN CAPITAL IMPROVEMENTS INVOLVING
STORMWATER UTILITIES; PROVIDING FOR EFFECTIVE
DATE.
WHEREAS, the City of Sebastian, Florida (the "City") has incurred and will incur
various costs in relation to the construction of certain capital improvements involving the
Sebastian Stormwater Utility; and
WHEREAS, the City has determined it is in the 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 charges through the issuance of tax-exempt debt,
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF SEBASTIAN, as follows:
Section 1. It is the intent of the City to reimburse various costs and expenditures
relating to the construction of certain capital improvements involving the Sebastian Stormwater
Utility. The City has paid for, and/or reasonably anticipates that it will pay for, such costs and
expenditures from available moneys of the City. It is reasonably expected that, and it is hereby
authorized that, reimbursement of such costs and expenditures shall come from the issuance of
tax-exempt debt which is not expected to exceed $6,400,000 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 proceeds of the Sebastian Stormwater Utility Fee that was imposed by City Ordinance
O-01-16 on September 26, 2001. The expenditures to be reimbursed shall be consistent with the
City's budgetary and financial policy as being the type of expenditures that shall be paid on a
long-term basis.
Section 2. The City shall comply with all applicable laws 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.
Section 4. EFFECTIVE DATE. This Resolution shall take effect
immediately upon its adoption.
The foregoing Resolution was moved for adoption by Councilmember H i 1 21.
The motion was seconded by Councilmember c o n i g 1 i o and, upon being put to a
vote, the vote was as follows:
Mayor Walter Barnes
Vice Mayor Raymond Coniglio
Councilmember Joe Bar. czyk
Councilmember James Hill
Councilmember Nathan McCollum
aye
ate
aye
aye
aye
The Mayor thereupon declared this Resolution duly passed and adopted this 8th day of
October, 2003.
CITY OF SEBASTIAN, FLORIDA
ATTEST:
Sally A. MC, mC
City Clerk'
By:
Mayor Walter Barnes
Approved as to form and legality for
reliance by the City of Sebastian only:
Rich Stringer, City A~rney