HomeMy Public PortalAbout2019-20 Indicating the Village's official intent to issue Tax-Exempt BondsRESOLUTION NO. 2OI9.2O
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, F'LORIDAO INDICATING
THE VILLAGE'S OFFICIAL INTENT TO ISSUE TAX-
EXEMPT BONDS, SUBJECT TO APPROVAL BY
REFERENDUM IF REQUIRED BY THE VILLAGE
CHARTER OR FLORIDA LAW, IN AN AMOUNT NOT TO
EXCEED $50,000,000 TO FTNANCE THE COSTS OF
RELOCATING EXISTING OVERHEAD UTILITY
INFRASTRUCTURE (ELECTRIC, TELEPHONE, AND
CABLE) TO AN UNDERGROUND LOCATION,
INCLUDING ALL RELATED COSTS SUCH AS ROADWAY
AND STORM\ryATER IMPROVEMENTS, WATER MAIN
REPLACEMENTSO AND LANDSCAPING UPGRADES, AND
TO USE A PORTION OF THE PROCEEDS OF SUCH
BONDS TO REIMBURSE EXPENDITURES PAID OR
INCURRED PRIOR TO THE DATE OF ISSUANCE
THEREOF; AND PROVIDING FOR AN EFFA,CTIVE DATE.
WHEREAS, 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 relocate existing overhead utility
infrastructure in the Village (i.e., electric, telephone, and cable) to an underground location; and
\ilHEREAS, the Village intends to issue tax-exempt bonds (the "Bonds"), subject to
approval by referendum if required by the Village Charter or Florida law, for the purpose of
financing the costs of relocating the existing overhead utility infrastructure (i.e., electric, telephone,
and cable) to an underground location, including all related costs such as roadway and stormwater
improvements, water main replacements, and landscaping upgrades (the "Project"); and
WHEREAS, a portion of the costs of the Project may be paid before the Bonds are issued
in anticipation of the reimbursement of such expenditures from proceeds of the Bonds; and
\üHEREAS, Section 1.150-2 of the Federal income tax regulations requires the Village to
officially declare its intent to use proceeds of the Bonds to reimburse expenditures paid prior to
issuance thereof as a prerequisite to the proceeds being treated as used for reimbursement pu{poses;
and
WHEREAS, the Village Council finds that the adoption of this Resolution is in the best
interest and welfare of the residents of the Village.
NOW THEREF'ORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
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 $50,000,000. 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, ç1150-2. No bonds are being issued
hereby. The issuance of the Bonds shall be subject to all requirements of the Village Charter and .
Florida law, including, as applicable, approval of the imposition of a special assessment for the
Project by referendum, approval of the Bonds by referendum, and approval of the Bonds by
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 April,20lg.
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MICHAEL W. DAVEY, MAYO
A
MEDINA, CMC
GE CLERK
E RNE
RM AND LEGAL S
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