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