Res 82-94 RESOLUTION NO. 82-94
A RESOLUTION OF THE COMMISSION OF THE CITY OF DELRAY
BEACH, FLORIDA, DECLARING THE CITY OF DELRAY BEACH'S
OFFICIAL INTENT TO SEEK REIMBURSEMENT FOR CERTAIN CAPITAL
EXPENDITURES MADE AND TO BE MADE WITH RESPECT TO THE
DEMOLITION OF A CLUBHOUSE AND PRO-SHOP LOCATED ON THE CITY
OWNED GOLF COURSE AND THE DESIGN, ENGINEERING,
CONSTRUCTION, AND EQUIPPING OF A NEW CLUBHOUSE, PRO-SHOP
AND RELATED FACILITIES FROM THE PROCEEDS OF ITS NOT TO
EXCEED $8,500,000 UTILITY TAX REVENUE REFUNDING AND
IMPROVEMENT BONDS SERIES 1994 AND PROVIDING FOR EFFECTIVE
DATE ·
WHEREAS, the City Commission of the City of Delray Beach, Florida
adopted on March 22, 1994, Resolution No. 27-94 supplementing Resolution No.
98-91, as amended and supplemented, for the purpose of authorizing the
issuance of the second series bonds under such resolution of not to exceed
$8,500,000 (herein, the "Bonds"); and
WHEREAS, pursuant to the Bond Resolution, the City is authorized to
borrow up to $8,500,000 to refund all or a portion of the City's outstanding
· Utilities Tax Notes, Subordinate Series 1992 and Subordinate Series 1993, and
to finance all or a portion of the cost of acquiring, constructing and
equipping of a municipal golf course clubhouse and related facilities thereto
(collectively, the "Project"); and
WHEREAS, it is intended by the City that the interest on the Bonds
will be excludable from gross income for Federal income tax purposes; and
WHEREAS, the City has incurred or anticipates that it will incur
certain capital expenditures relating to the Project prior to the issuance of
the Bonds; and
WHEREAS, it was necessary for the City to incur within the last 60
days and the City will incur prior to the issuance of the Bonds certain
capital expenditures (herein, "Prior Expenditures") with respect to the
Project; and
'WHEREAS, such expenditures were paid out of Golf Course Fund monies
of the City; and
WHEREAS, the City incurred or will incur the Prior Expenditures with
the expectation of seeking reimbursement from the proceeds of the Bonds; and
WHEREAS, the City is now ready, willing and able to issue the Bonds;
and
Res. No. 82-94
WHEREAS, the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder, permit the reimbursement of prior incurred
capital expenditures from the proceeds of tax-exempt obligations if the
issuer, among other things, declares its official intent regarding such
reimbursement; and
WHEREAS, it is intended by the Commission that this Resolution
constitutes such official intent with respect to the reimbursement of the
Prior Expenditures from a portion of the proceeds of the Bonds; and
NOW, THEREFORE, be it resolved by the Commission of the City of
Delray Beach, Florida, as follows:
SECTION 1. The recitals set forth above are adopted by the
Commission as the findings of the City and are incorporated herein.
SECTION 2. This Resolution constitutes the "official intent"
with respect to the reimbursement of the Prior Expenditures from a portion of
the proceeds of the Bonds as required by, and in conformance with, the
provisions of Section 1.150-2(e) of the Regulations.
SECTION 3. The expenditures to be reimbursed pursuant to this
Resolution have been incurred within 60 days prior to the date hereof or will
be incurred after the date hereof in connection with the Project.
SECTION 4. The City will, upon receipt of the proceeds of the
Bonds, allocate in writing the amount of proceeds used to reimburse the Prior
Expenditures. Such allocation will be accomplished within the later of 18
months from the earliest date such Prior Expenditures were incurred or the
date the Project is placed in service, but in no event later than 3 years
after the first Prior Expenditure was incurred.
SECTION 5. EFFECTIVE DATE. This Resolution shall be effective
immediately upon its adoption.
PASSED and ADOPTED in regular session on this 18th day of October,
1994.
ATTEST:
- ~ City Cl~rk !
2 Res~ No. 82-94
MEMORANDUM
To: David T. ~y Manager.
From: Joseph M._~rector,._~ ~A. of Finance
Subject: Resolution No. 82-94; Reimbursement Resolution
Date: October 12, 1994
The above referenced resolution declares the City of Delray Beach's official
intent to seek reimbursement for expenditures made with respect to the
construction of the Golf Course Clubhouse by proceeds of the proposed 1994
Utility Tax Bond Issue. These expenses include but are not limited to
architectural fees, engineering, demolition, and construction costs. This
resolution is required by tax law.
CITY DF [IELAI:IY BEII£H
P~'"~;~?~CITY CLERK ~oo~~ . o~~,~o~,o~4~ . ~o~.~ooo
AIi. Ameic: C~
1993
CERTIFICATION
I, ALISON MacGREGOR HARTY, City Clerk of the City of
Delray Beach, Florida, do hereby certify that the attached
Resolution No. 82-94, declaring the City's official intent to
seek reimbursement from the proceeds of the 1994 Utility Tax Bond
Issue for expenditures made with respect to the construction of
the Golf Course Clubhouse, is a true and correct copy of the
original of said document which is an official record on file
with the City of Delray Beach, Florida. Resolution No. 82-94 was
passed and adopted by the City Commission of the City of Delray
Beach, Florida, in regular session on October 18, 1994.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Delray Beach, Florida, on this the
19th day of October, 1994.
Alison M~cGre~or~Harty '
City Clerk
City of Delray Beach, Florida
SEAL
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