HomeMy WebLinkAboutCity of Tamarac Resolution R-2016-081Temp Reso. # 12827
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2016-�
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA ESTABLISHING ITS INTENT TO
REIMBURSE CERTAIN CAPITAL EXPENDITURES INCURRED IN
CONNECTION WITH THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF VARIOUS CAPITAL IMPROVEMENTS TO
THE CITY'S WATER AND WASTEWATER UTILITY SYSTEM
WITH PROCEEDS OF A FUTURE TAX-EXEMPT FINANCING;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC,
FLORIDA AS FOLLOWS:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of Article VIII, Section 2 of the Constitution of the State of Florida,
Chapter 166, Part II, Florida Statutes, the municipal charter of the City of Tamarac, Florida (the
"City") and other applicable provisions of law (collectively, the "Act").
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. The City Commission of the City has determined that the need exists to incur debt
in order to expend funds in the Water and Wastewater Utilities Fund and/or other legally
available funds in order to finance the acquisition, construction and equipping of various capital
improvements to the City's Water and Wastewater Utility System, all in accordance with plans on
file at the offices of the City, as such plans may be modified from time to time (the 'Project").
B. It is expected that the costs of the Project will be reimbursed by and financed with
the proceeds of tax-exempt debt to be issued by the City in the future.
SECTION 3. DECLARATION OF INTENT. The City hereby expresses its intention to be
reimbursed from proceeds of a future tax-exempt financing for certain capital expenditures to be
paid by the City in connection with the incurrence of debt for the purpose of financing all or a
portion of the Project. It is reasonably expected that the total amount of debt to be incurred by the
City with respect to the Project will not exceed $15,000,000. This Resolution is intended to
constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax
Regulations which were promulgated pursuant to the Internal Revenue Code of 1986, as
amended, with respect to the debt incurred, in one or more financings, to finance the Project.
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SECTION 4. SEVERABILITY. If any one or more of the covenants, agreements or
provisions of this Resolution should be held contrary to any express provision of law or contrary
to the policy of express law, though not expressly prohibited or against public policy, or shall for
any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be
null and void and shall be deemed separate from the remaining covenants, agreements or
provisions of this Resolution.
SECTION 5. REPEALER. This Resolution supersedes all prior actions of the City
inconsistent herewith. All resolutions or portions thereof in conflict with the provisions of this
Resolution are hereby repealed to the extent of any such conflict.
SECTION 6. EFFECTIVE DATE. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this i;�l day of 2016.
CITY OF TAMARAC, FLORIDA
(SEAL)
By:
Name: Harry Dressler
Title: Mayor
ATTEST:
By:
Name: Patricia A. Teu 1, CMC
Title: City Clerk RECORD OF COMMISSION VOTE:
MAYOR DRESSLER
DIST 1: COMM. BUSHNELL
DIST 2: COMM. GOMEZ
DIST 3: V/M. GLASSER
DIST 4: COMM. PLACKO
I HEREBY CERTIFY that I have approved this
Resolution as to form.
By:�v%�/ir'
Name:` amuel S. Goren
Title: City Attorney
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