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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, INDICATING THE OFFICIAL INTENT OF THE CITY, SUBJECT TO SUBSEQUENT PROCEEDINGS, TO CAUSE TO BE ISSUED TAX-EXEMPT CERTIFICATES OF PARTICIPATION EVIDENCING UNDIVIDED PROPORTIONATE INTERESTS OF THE OWNERS THEREOF IN BASIC RENT PAYMENTS TO BE MADE BY THE CITY, AS LESSEE, PURSUANT TO A LEASE-PURCHASE AGREEMENT WITH THE POMPANO BEACH FINANCE CORPORATION, AS LESSOR, TO FINANCE CERTAIN COSTS OF ACQUISITION, CONSTRUCTION, EQUIPPING AND INSTALLATION OF A MUNICIPAL CHARTER SCHOOL WITHIN THE CITY, INCLUDING ACQUISITION OF THE SITE ON WHICH THE SCHOOL WILL BE LOCATED AND VARIOUS RELATED PUBLIC IMPROVEMENTS, AND TO CAUSE A PORTION OF THE PROCEEDS OF SUCH CERTIFICATES OF PARTICIPATION TO BE APPLIED TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF; 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:
The Broward County School Board approved the City’s Charter School Application to open and operate a Municipal Charter School that serves grades Kindergarten through 8th grade. Staff is in the process of developing a finance plan for the Charter School as site assessment activities are ongoing.
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 expenditures incurred prior to the proposed issuance of Certificates of Participation for the municipal charter school. Any financing documents will be subject to City Commission approval at a future date.
Origin of request for this action: Finance
Fiscal impact and source of funding: N/A
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