HomeMy Public PortalAboutResolution 2021-25 Intent to ReimburseRESOLUTION: 2021-25
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 (i) certain
parking facilities and related building demolition, utility realignment, and
landscaping, (ii) an extension to the Foxwood sewer, and (iii) the Mainstreet
Project consisting of stormwater improvements, traffic improvements and
streetscaping (collectively, 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 designing,
installing, constructing, reconstructing and equipping the Project. Pending reimbursement, the Issuer expects to
use funds on deposit in its general fund, utility 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 $6,300,000. 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 1986, as amended, with respect to the debt incurred, in one or more
financings, to finance the Project.
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 13th day of September, 2021.
(SEAL) CITY COUNCIL
ATTEST:
By: - ?/
Mayor