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2012-141-1736 - Bond Reimbursement  1515  NW  167  Street, Building  5  Suite  200    Miami  Gardens, Florida  33169    City of Miami Gardens Agenda Cover Memo Council Meeting Date: Sept. 26, 2012 Item Type: (Enter X in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading:(Enter X in box) 1 st Reading 2 nd Reading X Public Hearing:(Enter X in box) Yes No Yes No Funding Source: Advertising Requirement:(Enter X in box) Yes No Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: X Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Dev Public Safety Quality of Education Qual. of Life & City Image Communication Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address)N/A X Sponsor Name Danny O. Crew, City Manager Department:City Manager City Manage r ’ s Office  Short  Title:  A RESOLUTION OF THE CITY OF CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA, INDICATI NG THE OFFICIAL INTE NT OF THE CITY TO ISSUE TAX-EXEMPT FINANCING IN TH E AMOUNT OF T HREE MILLION SEVEN HUNDRED THOUSAND ($3,700,000.00) DOLLARS TO FINANCE THE COST OF EQUIPMENT ACQUISITIONS , AND TO USE A PORT ION 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: The  Council  has  tentatively  approved  the  FY  2013  budget  at  the  September  12, 2012  Budget  Hearing  which  includes  the  issuance  of  tax ‐exempt  financing  for  the  replacement  of  police  vehicles, purchase  of  additional  vehicles  for  the  additional  10  police  officers, car  cameras  and  body  cameras  for  the  police  department, and  replacement  equipment  for  the  Parks  & Recreat ion  Department.    ITEM L-1) RESOLUTION Bond Reimbursement   1515  NW  167  Street, Building  5  Suite  200    Miami  Gardens, Florida  33169   The  Fleet  division  was  able  to  secure  a  quote  from  Garber  Chevrolet  Buick  Pontiac  GMC  Truck  Inc. to  honor  2012  pricing  for  2013  model  year  vehicles  for  orders  placed  prior  to  10/31/12  of  which  the  City  may  not  be  able  to  complete  the  financing  prior  to  the  delivery  of  the  vehicles. This  resolution  is  required  by  Section  1.150 ‐2  of  the  Federal  income  tax  regulations  that  will  allow  the  City  to  reimburse  the  City’s  fund  with  bond  proceeds  once  the  financing  is  completed.  Proposed  Action: Recommend  Council  approval  of  the  resolution.  Attachment: