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2009-227-1173 - Bond Reimbursement City of Miami Gardens Agenda Cover Memo Council Meeting Date: December 9, 2009 Item Type: (Enter X in box) Resolution Ordinance Other x Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading x Public Hearing: (Enter X in box) Yes No Yes No x Funding Source: n/a Advertising Requirement: (Enter X in box) Yes No x Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: x n/a Sponsor Name City Manager Department: City Manager Short Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA, INDICATING THE OFFICIAL INTENT OF THE CITY TO ISSUE TAXEXEMPT AND TAXABLE BONDS FOR VARIOUS MUNICIPAL PURPOSES AND TO USE A PORTION OF THE PROCEEDS OF SUCH BONDS TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF; PROVIDING FOR THE ADOPTION OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE. Staff Summary: As discussed at City Council’s workshop last month, in order to undertake the new City Hall project, it is necessary to commit to several significant capital expenditures. This will require a major bond issue for the costs of designing, building, equipping, etc. the new facility. 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 resolution can be reimbursed by the bonds whenever they are issued. In this case, that will not be until after October 2010. This resolution is required by the I.R.S. to allow the city to continue moving forward using whatever funds budgeted. Then, upon issuance of the bonds, the city can reimburse those funds, thus capitalizing the expenditures and returning to the budget any funds advanced. This resolution does not require that the City actually issue bonds. ITEM J-6) CONSENT AGENDA RESOLUTION Bond Reimbursement 1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 Proposed Action: RECOMMENDATION: To adopt the bond reimbursement resolution. Attachment: None