HomeMy WebLinkAboutK-1 Bond ReimbursementCity af ~V~'idmi C'~. cxrc~ens
1515-200 NW 167~' Street
Miami Gardens, Florida 33169
Mayor Shirley Gihson
Vice Mayor Oscar Braynon II
Councilman Melvin L. Bratton
Councilman Aaron Campbell Jr.
Councilman Andre Williams
Councilwoman Sharon Pritchett
Councilwoman Barbara Watson
l~~MC~ L;~/I
To: Mayor and City Councii
From: Dr. Danny O. Crew
City Manager
Date: March 9, 2007
Re: Bond Reimbursement Resolution
As we discussed, in order to complete implementing the new police department, it is necessary
to commit to several significant capital expenditures. This will require a small equipment bond
issue similar to the bond issues we completed in 2005 and 2Q06.
The first step in issuing bonds is to adopt a"bond reimbursement resolution." This resolution
merely states that any expenditure made after the adoption of the resalution can be reimbursed
by the bonds whenever they are issued. In this case, that won't be until after October. This
resolution is required by the I.R.S. to allow us ta continue moving farward using whatever funds
we have budgeted. Then, upon issuance of the bonds, we can reimburse those funds, thus
capitalizing the expenditures and returning to the budget any funds advanced.
RECOMMENDATION: To adopt the bond reimbursement resolution.
x-l> ~saLUT1oN
BOND REIMBURSEMEI`
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA, INDICATING THE OFFICIAL INTENT 4F THE
CITY TO ISSUE TAX-EXEMPT B(~NDS IN THE AMOUNT OF THREE
MILLION ($3,OOO,Q00.0) DOLLARS T~ FINANCE THE GOST OF
EQUIPMENT ACQUISITIONS, AND TO USE A PORTION OF THE
PROCEEDS OF SUCH B4NDS TO REIMBURSE EXPENQITURES PAID
OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF;
PROVIDING FOR THE ADOPTION OF REPRESENTATIONS;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Councii of the City of Miami Gardens intends to issue tax-
exempt bonds (the "Bonds") for the purpose of financing the costs of equipment
acquisitions, (the "Project"), and
WHEREAS, a portion af the casts of the Praject may be paid before the Bonds are
issued in anticipation of the reimbursement of such expenditures from proceeds af the
Bonds, and
WHEREAS, Section 1.15Q-2 of the Federal income tax regulations requires the
Gity to o~cially declare its intent to use proceeds of the Bonds to reimburse expenditures
paid priar to issuance thereaf as a prerequisite to the proceeds being treated as used for
reimbursement purposes, and
WHEREAS, it is not anticipated that the bonds will be general obligation bonds,
NQW THEREFQRE, BE IT RES4LVED BY THE CITY C4UNCIL QF THE CITY
OF MIAMI GARDENS, FLURIDA, AS FOLLC)WS:
Section 1. ADOPTIUN QF REPRESENTATIONS: The foregoing Whereas
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Resolution No.
paragraphs are hereby ratified and confirmed as being true, and the same are hereby
made a specific part of this Resolution.
Section 2. EXPRESSION OF INTENT: The City Council intends to issue tax
exempt Bonds in the amount necessary to finance the costs of the Project. The
maximum principai amount of the Bonds expected to be issued far this Project is Three
Million ($3,000,000.00) Dollars. This Resolution is adopted solely for the purposes of
complying with the requirements of the Code of Federal Regulations, Title 26, §1.15q-2
and no Bands are being issued hereby.
Section 3. PUBLIC INSPECTION: This Resolution shall be made available
for public inspection at the main administrative office of the Gity ar at the customary
location of records of the City that are available to the general public no later than thirty
(30) days after the date hereof, and shall remain available on a reasonable basis until the
date af issue af the Bonds.
Section 4. EFFECTIVE DATE: This Resolution shall take effect immediately
upon its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL QF THE CITY 4F MIAMI
GARDENS AT ITS REGULAR MEETING HELD UN MARCH 14, 2007.
SHIR~EY GIBSC)N, MAYOR
ATTEST:
RONETTA TAYL4R, CMC, CITY CLERK
Prepared by: DANNY CREW, GITY MANAGER
Reviewed by: S4NJA K. DICKENS, City Attorney
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Resolution No.
SPONSORED BY: DANNY O. CREW CITY MANAGER
MOVED BY:
SECONDED BY:
VOTE:
Mayor Shirley Gibson (Yes) (No)
Vice-Mayor Oscar Braynon, il (Yes) (No)
Counciiman Melvin L. Bratton (Yes) (No)
Counciiman Aaron Campbeii (Yes) {No)
Councilman Andre' Williams (Yes) (No)
Councilwoman Sharon Pritchett (Yes) (No)
Councilwoman Barbara Watson (Yes) (No)
128065_1.DOC
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