HomeMy WebLinkAbout727-16 Reimbursement RESOLUTION NO. 727- 16
A RESOLUTION OF THE CITY COUNCIL OF THE CITY.
OF ZEPHYRHILLS, FLORIDA ESTABLISHING ITS
INTENT TO REIMBURSE CERTAIN CAPITAL.
EXPENDITURES INCURRED IN CONNECTION WITH - -
CONSTRUCTION AND/OR RECONSTRUCTION AND
EQUIPPING OF CITY HALL WITH PROCEEDS OF A
FUTURE TAX-EXEMPT FINANCING; PROVIDING
CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED by the City Council of the City of Zephyrhills, Florida, that:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopt d
pursuant to the provisions of Article VIII, Section 2 of the Constitution of the State of Flori a,
Chapter 159, Part I, Florida Statutes, Chapter 166, Part II, Florida Statutes, the municipal charter
of the City of Zephyrhills, Florida and other applicable provisions of law (collectively, t e
"Act").
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. The City Council of the City of Zephyrhills, Florida(the "Issuer") has determin d
that the need exists to incur debt to expend funds in the general fund or other appropriate fund r
account in order to construct and/or reconstruct and equipping a new City Hall in accordan e
with plans on file at the offices of the Issuer, as such plans may be modified from time to ti e
(the "Project").
B. It is expected that the costs of the Project will be reimbursed by and financed wi h
the borrowing proceeds by the Issuer in the future.
SECTION 3. DECLARATION OF INTENT. The Issuer hereby expresses is
intention to be reimbursed from proceeds of a future tax-exempt financing for capi al
expenditures to be paid by the Issuer for the purpose of acquiring the Project. The Issuer expects
to use funds on deposit in the general fund or other appropriate fund or account to pay co is
associated with the Project. It is reasonably expected that the total amount of debt to be incurr d
by the Issuer with respect to the Project will not exceed $7,500,000. This Resolution is intend d
to constitute a "declaration of official intent" within the meaning of Section 1.150-2 oft e
Income Tax Regulations which were promulgated pursuant to the Internal Revenue Code f
1986, as amended, with respect to the debt incurred, in one or more financings, to finance t e
Project.
SECTION 4. SEVERABILITY. If any one or more of the covenants, agreements r
provisions of this Resolution should be held contrary to any express provision of law or contra
to the policy of express law, though not expressly prohibited or against public policy, or shall f r
any reason whatsoever be held invalid, then such covenants, agreements or provisions shall e
null and void and shall be deemed separate from the remaining covenants, agreements o r
provisions of this Resolution.
SECTION 5. REPEALING CLAUSE. All resolutions or portions thereof in confli t
with the provisions of this Resolution are hereby repealed to the extent of any such conflict.
SECTION 6. EFFECTIVE DATE. This Resolution shall become effective
immediately upon its adoption.
NOW, THEREFORE, BE IT PASSED by the City Council of the City of Zephyrhills,
Florida, sitting in regular session this 28th day of November, 2016.
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Lori_L: Hillman, City Clerk enneth V. Compton, Council resident
Gene 'tfield, May
Approved as to legal form and sufficiency
for the sole e ofsit�yefr1ity o�hills
Matthew E. Mag City Attorney
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