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HomeMy WebLinkAboutResolution_24-20_8/13/2020RESOLUTION 24-20 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA EXPRESSING ITS INTENT TO ISSUE TAX- EXEMPT DEBT TO ACQUIRE, DESIGN, PERMIT AND CONSTRUCT (1) A COMMUNITY CENTER AND ASSOCIATED RECREATIONAL FACILITIES, (II) STORMWATER DRAINAGE IMPROVEMENTS, AND (III) ROAD AND STREET IMPROVEMENTS; EXPRESSING THE INTENT FOR PURPOSES OF COMPLIANCE WITH UNITED STATES TREASURY REGULATION SECTION 1.150-(2)(E) TO REIMBURSE WITH THE PROCEEDS OF SUCH TAX-EXEMPT FINANCING, EXPENDITURES MADE WITH RESPECT TO THE ACQUISITION, DESIGN, PERMITTING AND CONSTRUCTION OF SUCH PROJECTS; PROVIDING FOR THE ISSUANCE BY THE VILLAGE OF NOTES, BONDS OR OTHER OBLIGATIONS IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $7,000,000 TO PAY THE COST OF SUCH PROJECTS; AND PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.. WHEREAS, Village of Tequesta, Florida (the "Village") is initiating the process to undertake the acquisition, design, permit and construction of a community center and associated recreational facilities, stormwater drainage improvements and road and street improvements (the "Projects") in accordance with Chapter 166, Florida Statutes and other applicable law (the "Act"); and WHEREAS, the Village intends to finance the costs of such Projects with the proceeds of its revenue bonds, notes or other obligations to be issued in the future in one or more series the interest on which is intended to be excludable from gross income for federal income tax purposes (the "Tax Exempt Financing"); and WHEREAS, the Village expects to initially pay certain costs of the Projects with funds other than proceeds of the Tax Exempt Financing (the "Advanced Funds") and to reimburse itself for such expenditures with proceeds from the Tax Exempt Financing. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, THAT: SECTION 1. AUTHORITY. This Resolution is adopted pursuant to the Act, Section 1.150-(2)(e) of the United States treasury regulations and other applicable provisions of law. SECTION 2. FINDINGS. The members of the Village Council hereby find, determine and declare as follows: A. The Village is authorized under law, including, without limitation, the Act, to issue the Tax Exempt Financing for the valid public purpose of paying the cost of the Projects. B. It is necessary, desirable, convenient and in the interest of the Village that the Projects be designed, permitted, constructed and financed as contemplated in this Resolution. C. The Village intends to finance certain of the costs of the design, permitting, construction and installation of the Projects with the proceeds of its Tax Exempt Financing to be issued in the future. D. The Village expects to pay certain costs of the Projects with Advanced Funds before the issuance of the Tax Exempt Financing. SECTION 3. EXPRESSION OF INTENT. The Village reasonably expects to use the proceeds of the Tax Exempt Financing to reimburse itself for expenditures described herein made with the Advanced Funds. This Resolution is a declaration of the official intent of the Village in that regard, within the contemplation of Section 1.150-(2)(e) of the Income Tax Regulations promulgated by the United States Department of the Treasury. SECTION 4. MAXIMUM AMOUNT OF DEBT. The maximum principal amount of the Tax Exempt Financing reasonably expected to be issued to finance the cost of the Project is $7,000,000. SECTION 5. FURTHER ACTION. The officers and employees of the Village are hereby authorized as are its legal and financial consultants, to do all acts and things required of them by this Resolution, including but not limited to engaging underwriters or lenders, and financial advisor(s), for the Tax Exempt Financing for the full, punctual and complete performance of all the terms, covenants and agreements contained herein or necessary or convenient to the issuance of the Tax Exempt Financing as provided herein. SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. Han RESOLUTION Date 24-20 8/13/2020 Motion Council Member Frank D'Ambra Second Council Member Laurie Brandon FOR AGAINST ABSENT CONFLICT Mayor Abigail Brennan ❑x ❑ ❑ ❑ Vice -Mayor Kyle Stone ❑x ❑ ❑ ❑ Council Member Laurie Brandon ❑x ❑ ❑ ❑ Council Member Frank D'Ambra ❑x ❑ ❑ ❑ Council Member Bruce Prince ❑x ❑ ❑ ❑ The Mayor thereupon declared the Resolution duly passed and adopted. MAYOR OF TEQUESTA: ATTEST: Lori McWilliams, MMC Village Clerk ,O�PO9,9T F SEAL Un, u5