HomeMy WebLinkAboutCity of Tamarac Resolution R-2003-217Temp. Reso. # 10223 — September 9, 2003
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2003 - -;t-! %
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA ESTABLISHING ITS INTENT TO
REIMBURSE CERTAIN CAPITAL EXPENDITURES
INCURRED WITH PROCEEDS OF ONE OR MORE FUTURE
DEBT FINANCINGS; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Tamarac, Florida (the "Issuer") has
determined that the need exists to incur debt in order to finance capital improvements
consisting of the acquisition and construction of equipment for and infrastructure
improvements to the Issuer's water treatment plant and stormwater system (collectively, the
"Project").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: AUTHORITY. This resolution (the "Resolution") is adopted
pursuant to the provisions of the Constitution of the State of Florida, the municipal charter of
the Issuer, Chapter 166, Part II, Florida Statutes, and other applicable provisions of law.
SECTION 2: DECLARATION OF INTENT. The Issuer hereby expresses
its intention to be reimbursed from proceeds of one or more debt financings for capital
expenditures to be paid by the Issuer in connection with the Project. Pending
reimbursement from the proceeds of a debt financing, the Issuer expects to use funds on
deposit in the Issuer's Stormwater Utility Fund and Water and Wastewater Utility fund to pay
such costs, including but not limited to capital expenditures, costs of design
and engineering, and other costs associated with the incurrence of debt. It is reasonably
expected that the total amount of debt to be incurred by the Issuer with respect to the
Project will not exceed $10,000,000. This Resolution is intended to constitute a "declaration
Temp. Reso. # 10223 — September 9, 2003
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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.
SECTION 3: SEVERABILITY. If any one of more of the provisions of the
Resolution shall for any reason be held illegal or invalid, such illegality or invalidity shall not
affect any other provision contained therein.
SECTION 4: REPEALER. All resolutions or orders and parts thereof in conflict
herewith to the extent of such conflicts, are hereby superseded and repealed.
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upon its adoption.
This Resolution shall take effect immediately
PASSED, ADOPTED AND APPROVED this 24'" day of September, 2003.
MARION SWEN ON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
MITCHEILLS.r<R
CITY ATTORNEY
Joe Schreiber, Mayor
RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER
DIST 1: COMM. PORTNER
DIST 2: COMM. FLANSBAUM-TALABIS(
DIST 3: COMM. SULTANOF
DIST 4: VIM ROBERTS
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