HomeMy WebLinkAboutPacket 07-03-2007 Regular #7 C A
Meeting Type: Regular `*
MeetingDate: 07-03-07
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AGENDA
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CITY OF Heading Resolution
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Item 7
No.
AGENDA REPORT
CITY COUNCIL OF THE CITY OF CAPE CANAVERAL
SUBJECT: RESOLUTION NO. 2007-17, ESTABLISHING THE CITY'S INTENT TO
REIMBURSE CERTAIN PROJECT COSTS INCURRED WITH PROCEEDS OF
FUTURE TAX-EXEMPT FINANCING
DEPT/DIVISION: ADMINISTRATION/FINANCE
Requested Action:
City Council consider the adoption of Resolution No. 2007-17, establishing the City's intent to reimburse
certain project costs incurred with the proceeds of future tax-exempt financing, as recommended by the city
treasurer.
Summary Explanation&Background:
The City recently expended $1,825,000 of General Fund Reserves to purchase the Kabboord/Marder
properties. This resolution will allow the City to incorporate the land purchase costs as part of a future tax-
exempt financing of developing this site.
I recommend approval.
Exhibits Attached:
Resolution No. 2007-17
City Mana 's Offic• Department ADMINISTRATION/FINANCE
ocuments\admin\council\meeting\2007\07-03-07\2007-17.doc
4110 RESOLUTION NO. 2007-17
A RESOLUTION OF THE CITY OF CAPE CANAVERAL, BREVARD
COUNTY, FLORIDA, ESTABLISHING ITS INTENT TO REIMBURSE
CERTAIN PROJECT COSTS INCURRED WITH PROCEEDS OF
FUTURE TAX-EXEMPT FINANCING; PROVIDING CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of Cape Canaveral, Florida (the "Issuer")
has determined that the need exists to construct capital improvements consisting of
land purchase, police station, fire station and city hall (collectively, the "Project");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CAPE CANAVERAL, FLORIDA THAT:
SECTION 1. AUTHORITY. This Resolution (hereinafter called the "Resolution")
(lbw is adopted pursuant to the provisions of the Florida Constitution, Chapter 166, Florida
Statutes, and other applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses its
intention to be reimbursed from proceeds of a future tax-exempt financing for capital
expenditures to be paid by the Issuer in connection with the construction of the Project.
Pending reimbursement, the Issuer expects to use funds on deposit in its general funds
and other funds legally available to pay a portion of the cost of the Project. It is not
reasonably expected that the total amount of debt to be incurred by the Issuer to
reimburse itself for expenditures paid with respect to the Project will exceed
$7,000,000. This Resolution is intended to constitute a "declaration of official intent"
within the meaning of Section 1.150-2 of the Income Tax Regulations.
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SECTION 3. SEVERABILITY. If any one or more of the provisions of this
Resolution shall for any reason be held illegal or invalid, such illegality or invalidity shall
not affect any other provision of this Resolution, but this Resolution shall be construed
and enforced as if such illegal or invalid provision had not been contained therein.
SECTION 4. REPEALING CLAUSE. All resolutions or orders and parts thereof
in conflict herewith to the extent of such conflicts, are hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption.
ADOPTED BY the City Council of the City of cape Canaveral, Florida, this 3rd
day of July, 2007.
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Rocky Randels, Mayor
ATTEST:
Name For Against
Susan Stills, City Clerk Robert Hoog
Leo Nicholas
Buzz Petsos
Rocky Randels
Shannon Roberts
Approved as to Form:
Anthony A. Garganese, City Attorney