HomeMy Public PortalAboutResolution 2021-12 Intent to ReimburseRESOLUTION: 2021-12
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
certain utility plant, utility movement and realignment, and other improvements to the Issuer's utility system and certain
park and recreation acquisitions and improvements (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.
1. Authority for this Resolution. This Resolution (hereinafter called the "Resolution") is adopted pursuant to the provi
ida Constitution, Chapter 166, Florida Statutes, the City Charter and other applicable provisions of law.
2. Declaration of Intent. The Issuer hereby expresses its intention to be reimbursed from proceeds of a future tax-exemr
g for capital expenditures to be paid by the Issuer for the purpose of designing, installing, constructing, reconstructing and
ig the Project. Pending reimbursement, the Issuer expects to use funds on deposit in its general fund, utility fund
Inds legally available to pay a portion of the cost of the Project. It is reasonably expected that the total amount of
rred by the Issuer with respect to the Project will not exceed $20,000,000. This Resolution is intended to constitute a
Ltion of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations which were promulgated purs
nal Revenue Code of 1986, as amended, with respect to the debt incurred, in one or more financings, to finance the Project
3. Severability AND INVALID PROVISIONS. If any one or more of the covenants, agreements or provision;
;d shall be held contrary to the policy of express law, though not expressly prohibited or against public policy, or shall
whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed
remaining covenants, agreements or provisions of this Resolution.
4. Effective Date. This Resolution shall take effect immediately upon its adoption.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Crestview of Okaloosa County,
Florida that:
PASSED AND ADOPTED IN REGULAR SESSION THIS 11, OF .Ju n . , 2021
CITY OF CRESTVIEW, FLORIDA
A st:
Eli abeth M. Roy, City Cle k