HomeMy WebLinkAboutDocumentation_Miscellaneous_Tab 5_3/14/1997 The Law Offices of POST OFFICE Box 3888(ZIP 33402-388
MOB 625 NORTH FLAGLER DRIVE,9TH FLO<,
WEST PALM BEACH,FLORIDA 33401-4(
FLANIGAN
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WILTON L.WHITE
WRITER'S DIRECT LINE:
PA• (561)822-0380 OF COUNSEL:
•WILLIAM J.PAYNE
February 25, 1997
Village of+equesta
Thomas G. Bradford *r % 6 'Yy] I
Village Manager
Village of Tequesta, Florida `' ``` r W Office
357 Tequesta Drive
P.O. Box 3273
Tequesta, FL 33469-0273
Dear Tom:
As you anddI discussed, enclosed please find a resolution that, if adopted, will preserve-the,
ability of the Village to reimburse itself for expenditures made prior to the bond issue from..,
proceeds of the bonds. As we also discussed, certain prior expenditures could be reimbursed
without the adoption of this resolution, but to be on the safe side, I recommend that the resolution
be adopted. The resolution does not obligate the Village to issue bonds or, if bonds are issued,
to reimburse itself. The resolution merely preserves the ability of the Village to reimburse itself
under the Internal Revenue Code.
Very truly yours,
/let/
Mark E. Raymond
MER/ash
cc: John C. Randolph
Clark Bennett
•
•
G:120241 2\2-25-97 Iv to Bradford.wpd
•
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
•' VILLAGE OF TEQUESTA, FLORIDA EXPRESSING. THE ,
COUNCIL'S DECLARATION OF INTENT TO REIMBURSE
ORIGINAL EXPENDITURES WITH PROCEEDS OF
CERTAIN TAX-EXEMPT OBLIGATIONS IN CONNECTION
WITH IMPROVEMENTS TO THE VILLAGE'S POTABLE
WATER UTILITY SYSTEM; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED by the Village Council of the Village of Tequesta, Florida;
Section 1. This Resolution is adopted for purposes of United States Treasury Regulation
Section 1.150-2.
Section 2. The Village of Tequesta, Florida (the "Village") intends to finance improvements
to the Village's potable water utility system. The maximum principal amount of debt expected to
be issued for the project is $9,000,000. The Village reasonably expects that it will reimburse
original expenditures made on the project with proceeds of the debt.
Section 3. This Resolution shall take effect immediately upon its adoption.
THE FOREGOING RESOLUTION was offered by Councilmember
who moved its adoption. The motion was seconded by Councilmember
and upon being put to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
•
The Mayor thereupon declared the Resolution duly passed and adopted this day of
, 1997.
Mayor of Tequesta
[SEAL]
ATTEST:
Village Clerk
c:\20241\2\Reimbursement Reso.wpd