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Home My WebLink AboutDocumentation_Regular_Tab 10A_6/12/1997 1' :5:: 74 Memorandum To: Village Council From: Thomas G. Bradford, Village Manager Date: June 4, 1997 Subject: Resolution Expressing the Village Councils . Declaration of Intent to Reimburse Original Expenditures with Bond Proceeds; Agenda Item As you know, the Finance & Administration Committee of the Village Council has recommended that we move forward with the architectural design of the public safety facilities at this time. The Gee & Jenson Architectural Services Contract is an item on your Agenda at your Meeting on June 12, 1997 . These architectural services expenses will be funded from the proposed Letter of Credit from Barnett Bank, also on your Agenda for approval on June 12, 1997 . In order for these architectural services and other up-front expenses to be reimbursed to the Village from the proceeds of the bonds anticipated to be issued, currently estimated to be Summer of 1998, the Village must adhere to United States Treasury Regulations Section 1 . 150-2 . These Regulations require the adoption of the Resolution that is attached hereto for your review and consideration. This Resolution follows the form and. recommendation of our Bond Counsel, Mark E. Raymond, Esq. It is recommended that the Village Council adopt Resolution 20-96/97 . TGB/krb Attachment council\060497.sam - The law Offices of Posr OFFICE Box 3888(ZIr 33402-3888) PIMA L.BARTON 11�(O 625 NORTH FLAct ER DRIVE,9TH FLOOR JOYn F. LAMIG S.JL. 11'1 JOMN F.FLANIGAN WEST PALM BEACH,FLORIDA 33401-4025 MYIA G FLANIGAN MARTIN V.KAT: 1�[�j, RONALD K.Kouns TELEPHONE(561)659-7500 rA V L A.K KATZ FACSIMILE(561)659-1789 ``LAN S.M LINDA R.MCCANn KOLINS Jon C.MorLt J Ontt On�cL!: Jon C.Mr Ls"Ja. ono TA LLA11AA! M L RAwpynO� *PALM Baikal GARDENS MIC•ALL J.SAI/AT LLLO,IV T.JOMA!A-S ,111 &SHEEHAN MARTA M.SuNtts-Mucous WILTON L.WRITL PA, WRITER'S DIRECT LINE: (56I)822-0380 or COUNSEL: •WILLIAM J.PAYNt February 25, 1997 Village of Tequesta Thomas G. Bradford FEB 2 `. 1997 Village Manager • Village of Tequesta, Florida b5!lag' ' _I'';:,' s Office 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. • Ve/ryy'truly yours, /%/" ,4 Mark E. Raymond MER/ash cc: John C. Randolph Clark Bennett • G:120241%212-25-171d 1,Iz U ud.rpd RESOLUTION NO. 20-96/97 A RESOLUTION OF THE VILLAGE COUNCIL 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 AND CONSTRUCTION OF VARIOUS VILLAGE PUBLIC BUILDINGS; PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: 11 I Section 1. This Resolution is adopted for purposes of United States Treasury Regulations Section 1 . 150-2 . Section 2. The Village of Tequesta, Florida, (the "Village" ) intends to finance i over�,e.��rlts to _ _#.171d. construction of public buildings he prifi iE paT/ amount of debt expected to be issued .for the Project is $7 million. The Village reasonably expects that it will k reimburse original expenditures made on the Project with proceeds of the debt. II Section 3. This Resolution shall take effect immediately upon its adoption. j. THE FOREGOING RESOLUTION WAS OFFERED by Councilmember , who moved its adoption. The motion was seconded by li Councilmember , and upon being put to a vote, the vote was as follows : FOR ADOPTION AGAINST ADOPTION • li i The Mayor thereupon declared the Resolution duly passed and adopted this 12th day of June, A.D. , 1997 . . MAYOR OF TEQUESTA I li !II Elizabeth A,. Schauer Ij ATTEST: I I � •1 Joann .Manganiello 1 Village Clerk wp60\res\20-97 it I 1 ii 2 i 11 II it I, II li is li i it i; it ii I � it II i I I 11 `I I , I;