HomeMy WebLinkAboutDocumentation_Regular_Tab 12G_4/10/1997 RESOLUTION NO. 14 - 96/97
COUNCIL Dr
A RESOLUTIONOF THE VILLAGE COU C OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, EXPRESSING THE VILLAGE 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. .
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
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
;i potable water utility system. The maximum principal amount •
!i 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
•
'i The Mayor thereupon declared the Resolution duly passed and
6 adopted this 10th day of April, A.D. , 1997 .
MAYOR OF TEQUESTA
Elizabeth A. Schauer
Ii ATTEST:
ii
11;
•
Joann Manganiello • •
Village Clerk
!' wp60\res\14-97
The Law Offices of POST OFFICE Box 3888(ZIP 33402-3888) PETER L.BRETON
M0 625 NORTH FLAGLER DRIVE,9TH FLOOR JOHN F.FLANIGAN
,JR.
1�1 JoH�F.
T }AA{I*vT A I*�TI WEST PALM BEACH,FLORIDA 33401-4025 RA GENDEL.
FLA \IGA1\ MARTIN KATZ
LPL RONALD K.KOLINS
TELEPHONE(561)659-7500 PALL A.KR ASKER
KATZ FACSIN11LE(561)659-1789 ELLEN S.MA LAMAY
LINDA R.MicCANN
KOLINS OTHER OFFICES: JON C.MMOYLE
TALLAHASSEE JON C.E.
RAY ,JR.
�O*V7j,'�, MARK E.RAYMOND
l\L STUART MICHAEL J.SABATELLO,IV
. •PALM BEACH GARDENS THOMAS A.SHEEHAN,III
&SFEEEHANMARTA M.SUAREZ-MU RIAS
WRITER'S DIRECT LINE: WILTON L.WHITE
PA. (561)822-0380 OF COUNSEL:
•WILLIAM J.PAYNE
February 25, 1997
Village o l-equesta
Thomas G. Bradford `
Village Manager '
IZ
Village of Tequesta, Florida . F
- OrA�ce J
357 Tequesta Drive
P.O. Box 3273
Tequesta, FL 33469-0273
Dear Tom: •
As you and I 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,
rns
Mark E. Raymond
MER/ash
cc: John C. Randolph •
Clark Bennett
•
G:12024112\2-25-97 Ur to Bndford.wpd