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15-1390 Reimbursement of Certain Costs Relating to the Acquisition, Construction & Renovation of Capital Improvement Projects within the CityRESOLUTION NO. 15-1390 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LONGWOOD, FLORIDA REGARDING REIMBURSEMENT OF CERTAIN COSTS RELATING TO THE ACQUISITION, CONSTRUCTION AND RENOVATION OF VARIOUS CAPITAL IMPROVEMENT PROJECTS LOCATED WITHIN THE CITY AS DESCRIBED HEREIN; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Longwood, Florida (the "City") has incurred and/or will incur various costs in relation to the acquisition, construction and renovation of various capital improvement projects within the City including street improvements, road resurfacing, stormwater improvements, sidewalk enhancements, park improvements and public water, wastewater and irrigation water facilities and other related capital improvements (the "Capital Improvement Plan"); and WHEREAS, the City has determined it is in its best interest to reimburse such costs from proceeds of tax-exempt debt; and WHEREAS, the United States Department of Treasury has issued various regulations in regard to reimbursement of governmental costs through the issuance of tax- exempt debt; BE IT RESOLVED BY THE CITY CONMUSSION OF THE CITY OF LONGWOOD, FLORIDA: SECTION 1. It is the intent of the City to reimburse various costs and expenditures relaxing to its Capital Improvement Plan. The City has paid for, and/or reasonably anticipates that it will pay for, such costs and expenditures from moneys on deposit in the City's General Fund, Public Utilities Funds/Accounts, Public Facilities Improvement Fund, Capital Projects Fund, Stormwater Management Fund and Building Fund. It is reasonably expected that reimbursement of such costs and expenditures shall come from the issuance of tax-exempt debt which is not expected to exceed $37,830,000 aggregate principal amount. It is currently the intention of the City to principally secure such tax-exempt debt by a pledge of and lien upon one or more sources of revenue including sales tax, gas tax, non ad -valorem special assessments, stormwater fees, utility fees and other user fees received by the City. The expenditures to be reimbursed shall be consistent with the City's budgetary and financial policy as being the type of expenditures which shall be paid on a long-term basis. SECTION 2. The City shall comply with all applicable law in regard to the public availability of records of official acts by public entities such as the City, including making this Resolution available for public inspection. SECTION 3. It is the intent of the City that the purpose of this Resolution is to meet the requirements of Treasury Regulations Section 1.150-2 and to be a declaration of official intent under such Section. SECTION 4. This Resolution shall take effect immediately upon its adoption. 44 DULY ADOPTED this day of b�l— , 2015. ATTEST: CITY OF LONGWOOD, FLORIDA Joseph Durso, Mayor APPROVED AS TO FORM AND LEGALITY FOR THE USE AND RELIANCE OF THE CITY OF LONGWOOD, FLORIDA ONLY: 2