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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (THE “AGENCY”) INDICATING THE OFFICIAL INTENT OF THE AGENCY TO ISSUE TAX-EXEMPT BONDS IN ONE OR MORE SERIES FROM TIME TO TIME PURSUANT TO RESOLUTION NO. 2022-20 ADOPTED BY THE AGENCY ON JUNE 28, 2022, IF AUTHORIZED BY SUBSEQUENT PROCEEDINGS OF THE AGENCY AND THE CITY OF POMPANO BEACH, FLORIDA, 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 USED, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS OF THE AGENCY, TO FINANCE (INCLUDING THROUGH REIMBURSEMENT) COSTS OF ACQUIRING, CONSTRUCTING AND EQUIPPING CERTAIN PUBLIC COMMUNITY REDEVELOPMENT IMPROVEMENTS, AS MORE FULLY DESCRIBED HEREIN AND SET FORTH IN THE AGENCY’S REDEVELOPMENT PLAN FOR THE NORTHWEST DISTRICT COMMUNITY REDEVELOPMENT AREA, AS ADOPTED AND IN EFFECT FROM TIME TO TIME; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALING CLAUSES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Suzette Sibble/Nguyen Tran)
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Summary Explanation/Background:
To use proceeds of tax-exempt bonds to reimburse the CRA for related eligible project costs incurred prior to bond issuance (other than certain preliminary expenditures, such as design, engineering, and land clearing), the CRA as the issuer, is required by Section 1.150-2 of the Federal income tax regulations to officially declare its intent to use such bond proceeds for reimbursement purposes. In the absence of the required official declaration, tax-exempt bond proceeds may not be used to reimburse eligible project costs (excluding preliminary costs) incurred more than 60 days prior to the bond issue.
The financing documents for the bond issue will be brought forward for CRA Board and City Commission approval at a future date. The NW 6th Avenue project is fully funded currently in the NW District's Finance Plan. It has been included to allow the CRA the flexibility to utilize the bond to reimburse the CRA for costs incurred for that project in order to provide additional cash to the CRA to allow for the completion of initiatives in the redevelopment plan relative to the downtown.
Origin of request for this action: Staff
Fiscal impact and source of funding: N/A
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