HomeMy Public PortalAbout1993-06 Indicating official intent to issue tax-exempt bondsRESOLUTION NO. 93-6
A RESOLUTION OF THE VILLAGE OF KEY
BISCAYNE, FLORIDA; INDICATING THE
OFFICIAL INTENT OF THE VILLAGE COUNCIL TO
ISSUE TAX-EXEMPT BONDS TO FINANCE THE
COST OF ACQUISITION, CONSTRUCTION, AND
INSTALLATION OF STORMWATER DRAINAGE
FACILITIES AND TO USE A PORTION OF THE
PROCEEDS OF SUCH BONDS TO REIMBURSE
EXPENDITURES PAID OR INCURRED PRIOR TO
THE DATE OF ISSUANCE THEREOF.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE,
FLORIDA, AS FOLLOWS:
WHEREAS, the Village Council of the Village of Key Biscayne,
Florida (the "Village") intends to issue tax-exempt bonds (the
"Bonds") for the purpose of financing the acquisition, construction
and installation of stormwater drainage facilities to located
within the Village (the "Project"); and
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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
WHEREAS, section 1.103-18 of the Federal income tax
regulations require the Village to officially declare its intent to
use proceeds of such Bonds to reimburse expenditures paid prior to
issuance thereof as a prerequisite to the proceeds being treated as
used for reimbursement purposes;
NOW THEREFORE BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY
BISCAYNE AS FOLLOWS:
Section 1. The Village Council intends to issue the Bonds in
the amount necessary to finance the costs of the project.
Section 2. The maximum principal amount of the Bonds expected
to be issued for reimbursement purposes is $3,000,000.
Section 3. This Resolution is adopted for purposes of
complying with the requirements of section 1.103-18 of the Federal
income tax regulations.
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RESOLUTION NO. 93-6
PASSED AND ADOPTED BY A 6-0 VOTE OF THE VILLAGE COUNCIL
THIS 23rd DAY OF February , 1993.
MAYOR FAEL CONTE
ATTEST:
VILLPf6E CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VI & AGE ATTORNEY
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