HomeMy Public PortalAbout2020-17 Indicating the Village's official intent to issue tax-exempt bonds in an amount not to exceed $18,000,000 to finance theRESOLUTION NO. 2O2O.I7
A RESOLUTION OF TIIE VILLAGE COI.INCIL OF TIIE
VILLAGE OF KEY BISCAYNE, FLORTDA,, TNDTCATTNG
TIIE VILLAGE'S OFFICIAL INTENT TO ISST]E TAX-
E)(EMPT BOI\DS IN AI\ AMOTJNT NOT TO EXCEEI)
$18,000,000 To FINAI\CE TIm COSTS OF
IMPRO\MMENTS TO THE VILLAGE'S STORJ\{WATER
sYsTEnA Ai\tD TO USE A PORTION OF Tm PROCEEDS
OF SUCH BOI\DS TO REIMBTTRSE EXPEI\DITI]RES PAID
OR INCTJRRED PRIOR TO TIIE DATE OF ISSUAI\CE
TIIEREOF; AI\D PROVIDING FOR AI\ EFT'ECTI\IE DATE.
WIIEREAS, the Village Council of the Village of Key Biscayne, Florida (the 'Village")
has determined that it is in the best interest of the Village to make improvements to the Village's
stormwater system; and
WIIEREAS, the Village intends to issue tac-exempt bonds (the "Bonds') for the purpose of
financing the costs of making improvements to the Village's stormwater system (the'?roject"); and
WHEREAS, a portion of the costs of the Project may be paid before the Bonds are issued in
anticipation of the reimbrusement of such expenditures from proceeds of the Bonds; and
WHEREAS, Section 1.150-2 of the Federal income tax regulations requires *re Village to
officially declare its intent to use proceeds of the Bonds to reimbuse expenditnres paid prior to
issuance thereof as a prerequisite to ttre proceeds being treated as used for reimbursement purposes;
and
WHEREAS, the Village Coirncil finds that the adoption of this Resolution is in the best
interest and welfare of the residents of the Village.
NOW, TIIEREFORE' BE IT RESOL\|ED BY THE VILLAGE COIJNCIL OF TIIE
VILLAGE OF KEY BISCAYNE, FLORIDA:
Section 1. Recitals. That each of the above-stated recitals are hereby adopted,
confirmed, and incorporated herein.
Section 2. Expression of Intent. That the Village Council intends to issue tax-exempt
Bonds in the amount necessary to finance the costs of the Project. The maximum principal amount
of the Bonds expected to be issued for this Project is $ 18,000,000. This Resolution does not
commit the Village to issue the Bonds, but is adopted solely for the purposes of complying with the
requirements of the Code of Federal Regulations, Title 26, $1.150-2. No bonds are being issued
hereby. The issuance of the Bonds shall be subject to subsequent ordinance of the Village Council.
Section 3. Effective Date. That this Resolution shall be effective immediately upon
adoption.
PASSED AND ADOPTED this 9th day of March ,2020.
MICHAEL W. DAVEY, MAYOR
A H. ALVAREZ, MMC
INTERIM VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
WEISS SEROTA HELFMAN COLE & BIERMAN, P.L
VILLAGE ATTORNEY