HomeMy Public PortalAbout1999-70 Intent to issue Tax-exempt Bonds to finance land acquisition and construction of the ProjectRESOLUTION NO. 99-70
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 LAND ACQUISITION AND
CONSTRUCTION OF A FIRE STATION, POLICE STATION,
COMMUNITY CENTER AND VILLAGE ADMINISTRATIVE
OFFICES AND TO USE A PORTION OF THE PROCEEDS OF
SUCH BONDS TO REIMBURSE EXPENDITURES PAID OR
INCURRED PRIOR TO THE DATE OF ISSUANCE
THEREOF.
WHEREAS, the Village Council of the Village of Key Biscayne, Florida (the "Village")
intends to issue tax-exempt bonds (the "Bonds") or Notes (the "Notes") for the purpose of financing
the acquisition of land and construction of a fire station, police station, community center and
Village administrative offices located within the Village (the "Project"); and
WHEREAS, a portion of the cost of the Project may be paid before the Bonds or Notes are
issued in anticipation of the reimbursement of such expenditures from proceeds of the Bonds or
Notes; and
WHEREAS, Section 1.150-2(d) of the Federal income tax regulations require the Village to
officially declare its intent to use proceeds of such Bonds or Notes 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 THE
VILLIAGE OF KEY BISCAYNE, FLORIDA AS FOLLOWS:
Section 1. The Village Council intends to issue the Bonds or Notes in one or more series
in the maximum principal amount not exceeding $20,000,000 (including the Bonds authorized on
the date hereof in the amount of $10,000,000) to finance or reimburse expenditures made in
connection with the Project. The Bonds or Notes are expected to be paid from available non -ad
valorem revenues of the Village.
Section 2. This Resolution is adopted for purposes of complying with the requirements
of Section 1.150-2(d) of the Federal income tax regulations.
JDC/B.MISC/233284/13524.003
PASSED AND ADOPTED this 23rd day of July, 1999.
JOE I. RASCO, MAYOR
ATTEST:
lat46'261
CONCHITA H. ALVAREZ, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFIC
RICHARD JAY WEISS, VILLAGE ATTORNEY
JDC/B.MISC/233284/13524.003
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