HomeMy WebLinkAboutResolution No. 860-25 Reimbursment ResolutionRESOLUTION NO. 860-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ZEPHYRHILLS, FLOMDA ESTABLISHING ITS
INTENT TO REIMBURSE CERTAIN EXPENDITURES
INCURRED WITH PROCEEDS OF A FUTURE TAX-
EXEMPT OR TAXABLE FINANCING OR FINANCINGS;
PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of Zephyrhills, Florida (the "City") has
determined that the need exists to incur debt in order to finance the costs of all or a portion of
various capital improvements including without limitation a public works facility project,
improvements to Zephyr Park and various other capital improvements, approved by the City, as
such plans may be modified from time to time (collectively, the "Project").
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ZEPHYRHILLS, FLORIDA:
SECTION 1. AUTHORITY. This Resolution is adopted pursuant to the provisions of
Section 1.150-2 of the Income Tax Regulations which were promulgated pursuant to the Internal
Revenue Code of 1986, as amended, Article VIII, Section 2 of the Constitution of the State of
Florida, Chapter 166, Florida Statutes, the Home Rule Charter of the City (the "City Charter"),
and other applicable provisions of law (collectively, the "Act").
SECTION 2. DECLARATION OF INTENT. The City hereby expresses its intent to be
reimbursed from proceeds of a future tax-exempt or taxable financing or financings for capital
expenditures to be paid by the City in connection with the Project. Pending reimbursement, the
City expects to use funds on deposit in the general fund or other appropriate fund or account to
pay costs associated with the Project. It is reasonably expected that the total amount of debt to be
incurred by the City with respect to the Project will not exceed $31,000,000. This Resolution is
intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of
the Income Tax Regulations which were promulgated pursuant to the Internal Revenue Code of
1986, as amended, with respect to the debt incurred, in one or more financings, to finance the
costs of all or a portion of the Project.
SECTION 3. SEVERABILITY. If any provision of this Resolution shall be held or
deemed to be or shall, in fact, be illegal, inoperative or unenforceable in any context, the same
shall not affect any other provision herein or render any other provision (or such provision in any
other context) invalid, inoperative or unenforceable to any extent whatever.
SECTION 4. EFFECTWE DATE. This Resolution shall take effect immediately upon
its adoption
of the
,&^^M~i<%£'""&^%r ^"'
Atte^>?
^^'Kic^rd^^noq.tl^City Clerk
'.'^ ^. '-, (.t.v.'LMy>'' -* ^
-/
^'.^
Charles E. Proctor, Council P esident
!"1...^?
.flfiflf*''/,'.'l"tv:'^''//^7V.< ^-'
The foregoing Resolution No. 860-25 was approved by me this 11th day of August, 2025.
s 5ntt^
Melonie 'ahr M.onson, Mayor
Approved as to legal fonn and legal content
or the sole reliance of the City ofZephyrhills
36954569vl
Matthew E. Maggard, C' Attorney