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HomeMy Public PortalAboutRES 94/07RESOLUTION NO. 94 -7 A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF GULF STREAM; EXPRESSING THE MUNICIPALITY'S OFFICIAL INTENT TO FINANCE THE ACQUISITION, CONSTRUCTION, AND EQUIPPING OF A WATER LINE CROSSING THE INTRACOASTAL WATERWAY THROUGH THE INCURRENCE OF DEBT AND TO UTILIZE THE PROCEEDS FROM SUCH DEBT TO REIMBURSE THE MUNICIPALITY FOR EXPENDITURES MADE PRIOR TO THE INCURRENCE OF SUCH DEBT; PROVIDING FOR PUBLIC AVAILABILITY OF THIS RESOLUTION; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, AS FOLLOWS: SECTION 1. PURPOSE. This Resolution is adopted in order to declare the intent of the Town of Gulf Stream (the "Issuer ") to reimburse certain expenditures with the proceeds of a borrowing, pursuant to Section 1.150 -2, Code of Federal Regulations. This Resolution is not a commitment, convenant, or representation of the Issuer that the Project described herein or any portion thereof will in fact be undertaken. SECTION 2. OFFICIAL INTENT. It is the reasonable intent of the Issuer to reimburse the expenditure Section 3 below (the "Project ") by incurring debt to exceed $260,000.00, the interest on which may excludable from gross income under Section 103 of Revenue Code of 1954, as amended. expectation and described in in an amount not or may not be the Internal SECTION 3. PROJECT DESCRIPTION. The Project for which reimbusement is intended is described as follows: (a) A water line crossing the Intracoastal Waterway. (b) All planning, research, design, feasibility, survey, soil testing, and related services provided in connection with the above. SECTION 4. SOURCE OF FUNDS. (a) The Issuer reasonably expects to pay for the Project costs to be reimbursed from the General Fund. (b) The Issuer reasonably expects to pay debt service on the reimbursement bonds from the Water Fund. SECTION 5. PUBLIC AVAILABILITY OF OFFICIAL INTENT. This resolution shall be made available for inspection at the office of the Issuer at 100 Sea Road, Gulf Stream, Florida during the Issuer's normal business hours on every business day of the period beginning on the date of adoption of this Resolution and ending on, and including, the date of issuance of the reimbursement bonds, unless a longer period of inspection is required by applicable public records laws of the State of Florida. SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED THIS %d�'' day of .� 1994. � , J 0 ,oy s� � .._s •s.:4 • a 1` 4 • T N CL K -J �COQMMISSIONER COMMISSIONER CaJIMISSIONER A ,fir SSIONER u