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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA INDICATING THE OFFICIAL INTENT OF THE CITY TO ISSUE THE FOLLOWING DESCRIBED TAX-EXEMPT BONDS, IF AUTHORIZED BY A BOND REFERENDUM TO BE HEREINAFTER PROVIDED FOR AND OTHER SUBSEQUENT PROCEEDINGS OF THE CITY COMMISSION OF THE CITY, AND TO USE A PORTION OF THE PROCEEDS OF SUCH BONDS TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF, SUCH BONDS TO BE PAYABLE FROM THE FULL FAITH AND CREDIT AND UNLIMITED AD VALOREM TAXING POWER OF THE CITY: (1) NOT TO EXCEED $46,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF POMPANO BEACH, FLORIDA GENERAL OBLIGATION BONDS FOR THE PRINCIPAL PURPOSE OF FINANCING OR REIMBURSING, ALL OR IN PART, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS, THE COST OF ACQUIRING, CONSTRUCTING, EQUIPPING, RENOVATING, REPLACING AND IMPROVING CERTAIN PUBLIC SAFETY PROJECTS, (2) $56,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF POMPANO BEACH, FLORIDA GENERAL OBLIGATION BONDS FOR THE PRINCIPAL PURPOSE OF FINANCING OR REIMBURSING, ALL OR IN PART, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS, THE COST OF ACQUIRING, CONSTRUCTING, EQUIPPING, RENOVATING, REPLACING AND IMPROVING CERTAIN PARKS, RECREATION AND LEISURE PROJECTS, AND (3) $77,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF POMPANO BEACH, FLORIDA GENERAL OBLIGATION BONDS FOR THE PRINCIPAL PURPOSE OF FINANCING OR REIMBURSING, ALL OR IN PART, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS, THE COST OF ACQUIRING, CONSTRUCTING, EQUIPPING, RENOVATING, REPLACING AND IMPROVING STREETS, SIDEWALKS, BRIDGES AND STREETSCAPING PROJECTS, IN EACH CASE, AS MORE FULLY DESCRIBED HEREIN; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALING CLAUSES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Andrew Jean-Pierre)
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Summary Explanation/Background:
This agenda item is requesting the approval of a Reimbursement Resolution and is necessary per Internal Revenue Service (IRS) regulations to allow the City to get reimbursed for project expenditures incurred prior to the proposed issuance of General Obligation Bonds (GO Bonds). IRS regulations allows for reimbursement from bond proceeds of project expenditures incurred 60 days prior to the adoption of a Reimbursement Resolution by the City Commission. As the City Commission may recall, it is the City’s intention to seek reimbursement from the proposed GO Bond proceeds for costs incurred prior, for the Pier replacement and Elks Property Acquisition Projects. The Pier replacement project has already started to incur expenditures, hence the importance of getting this Reimbursement Resolution in place now.
It should be noted that the passage of this Reimbursement Resolution by the City Commission does not authorize a GO Bond Referendum, nor does it authorize the issuance of GO Bonds. It is staff’s objective to bring forth a separate Bond Referendum resolution for the City Commission’s consideration in the fall of 2017, at which point there will be detailed discussion of that proposition. Assuming the City Commission approves the passage of the GO Bond Referendum in the fall of 2017, then such referendum would take place in March 2018, whereby Pompano Beach voters will be asked to approve the issuance of proposed GO Bonds.
Origin of request for this action: Finance
Fiscal impact and source of funding: N/A
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