HomeMy Public PortalAbout1993-38 Indicating official intent of Village to issue tax exempt bondsRESOLUTION NO. 93-38
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 OF LAND AND
CONSTRUCTION OF RECREATIONAL 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; PROVIDING FOR
AN EFFECTIVE DATE.
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 of land and
construction of recreational facilities to be located within the
Village (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
WHEREAS, 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 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 to finance the costs of the Project is $11,500,000.
Section 3. This resolution shall take effect immediately upon
adoption.
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PASSED AND ADOPTED this 24th day of August , 1993.
VICE MAYOR CLIFFORD BR
ATTEST:
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
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