17-1448 Reimbursement of Certain Costs Relating to Acquisition and Installation of Equipment Within the CityRESOLUTION NO. 17-1448
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF LONGWOOD, FLORIDA REGARDING
REIMBURSEMENT OF CERTAIN COSTS RELATING TO
THE ACQUISITION AND INSTALLATION OF
EQUIPMENT TO BE 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 and installation of equipment within the
City including, but not limited to, computer tablets, vehicle anti -theft systems, patrol
vehicles, vehicle camera systems, information technology infrastructure, utility vehicles,
utility trailers and other related equipment needs for the City (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 bflax=
exempt debt; = -_
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
LONGWOOD, FLORIDA:
SECTION 1. It is the intent of the City to reimburse -various costs and
expenditures relating 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 and Stormwater Management 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 $1,500,000 aggregate
principal amount. It is currently the intention of the City to principally secure such tax-
exempt debt bya 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
Resolution No. 17-1448
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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.
DULY ADOPTED this 6th day of November, 2017.
CITY OF LONGWOOD, FLORIDA
J gep o, Mayor
ATTEST:
APPROVED AS TO FORM AND LEGALITY
FOR THE USE AND RELIANCE OF THE
CITY OF LONGWOOD, FLORIDA ONLY:
Resolution No. 17-1448
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