HomeMy Public PortalAbout19-29RESOLUTION NO. 19-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CRESTVIEW, FLORIDA ESTABLISHING ITS
INTENT TO REIMBURSE CERTAIN CAPITAL
EXPENDITURES INCURRED WITH PROCEEDS OF A
FUTURE TAX-EXEMPT FINANCING; PROVIDING
CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY AND AN EFFECTIVE
DATE.
WHEREAS: The City Council of City of Crestview, Florida (the "Issuer") has determined
that the need exists to incur debt to acquire, construct and erect certain capital improvements
within the Issuer, to be acquired, constructed and erected in accordance with plans on file at the
offices of the Issuer, as such plans may be modified from time to time, including acquisition of
certain a fire rescue vehicle and equipment related thereto expected to consist of an Enforcer
Ascendant 107' Aerial vehicle (the 'Project'); and
WHEREAS: It is expected that the costs of the Project will be reimbursed by and
financed with the proceeds of a future tax-exempt financing for capital expenditures.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CRESTVIEW,
FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution (hereinafter
called the 'Resolution") is adopted pursuant to the provisions of the Florida Constitution,
Chapter 166, Florida Statutes, the City Charter and other applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses its intention
to be reimbursed from proceeds of a future tax-exempt financing for capital expenditures to be
paid by the Issuer for the purpose of acquisition of the Project. Pending reimbursement, the
Issuer expects to use funds on deposit in its genera] fund and other funds legally available to
pay a portion of the cost of the Project. It is reasonably expected that the total amount of debt to
be incurred by the Issuer with respect to the Project will not exceed $1,200,000. This Resolution
is intended to constitute a "declaration of official intent' within the meaning of Section 1.150-2
of the Income Tax Regulations which were promulgated pursuant to the Internal Revenue Code
of 1956, as amended, with respect to the debt incurred, in one or more financings, to finance the
Project.
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SECTION 3. SEVERABILITY AND INVALID PROVISIONS. If any one or more of
the covenants, agreements or provisions herein contained shall be held contrary to the policy of
express law, though not expressly prohibited or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements or provisions shall be null and
void and shall be deemed separate from the remaining covenants, agreements or provisions of
this Resolution.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED THIS 23rd day of September, 2019.
(SEAL)
APPROVED:
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CITY COUNCIL
By:
Shannon Hayes, Mayor .' ro e