title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA INDICATING THE OFFICIAL INTENT OF THE CITY TO ISSUE ITS TAX-EXEMPT WATER AND WASTEWATER REVENUE BONDS IN ONE OR MORE SERIES FROM TIME TO TIME, IF AUTHORIZED BY SUBSEQUENT PROCEEDINGS OF THE CITY, AND TO USE A PORTION OF THE PROCEEDS OF BONDS TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF, SUCH BONDS TO BE PAYABLE FROM THE NET REVENUES OF THE CITY’S COMBINED WATER, WASTEWATER AND REUSE UTILITY SYSTEM, AND TO BE USED TO FINANCE (INCLUDING THROUGH REIMBURSEMENT), THE COSTS OF ACQUIRING, CONSTRUCTING, AND EQUIPPING ALL OR A PORTION OF CERTAIN PUBLIC CAPITAL IMPROVEMENTS TO THE UTILITY SYSTEM THAT ARE INCLUDED IN THE CITY’S FIVE-YEAR CAPITAL IMPROVEMENT PLAN RELATING TO THE UTILITY SYSTEM, AS ADOPTED AND IN EFFECT FROM TIME TO TIME, AS MORE FULLY DESCRIBED HEREIN; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALING CLAUSES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Allison Feurtado/A. Randolph Brown)
summary
Summary Explanation/Background:
To use proceeds of tax-exempt bonds to reimburse the City for related eligible project costs incurred prior to bond issuance (other than certain preliminary expenditures, such as design, engineering, and land clearing), the City 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.
Origin of request for this action: Finance Department & Utilities Department
Fiscal impact and source of funding: N/A
pagebreak1
strategicplan_emblem_field
pagebr
strategicplan_description_field