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.
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