HomeMy WebLinkAbout2012-141-1736 - 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: