2005-125 - Laserfiche WebLink

Home Browse Search

I� a 0 i rtv RESOLUTION NO. 2005- 125 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN CAPITAL COSTS INCURRED WITH PROCEEDS OF FUTURE TAX-EXEMPT FINANCING; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Indian River County, Florida (the "Issuer") has determined that the need exists to protect water resources and drinking water, environmentally significant land, historic sites, agricultural lands and lands for open spaces and/or wildlife habitat within Indian River County; WHEREAS, on June 22, 2004,the Issuer adopted Resolution No. 2004-062, calling for a bond referendum asking whether Indian River County should be authorized to acquire and preserve land to protect water resources, drinking water sources, environmentally significant lands, historic sites, agricultural lands, open spaces, and/or wildlife habitat, and issue bonds therefor, all as more specifically set forth in Resolution No. 2004-062 (the "2004 Referendum"); WHEREAS, on November 2, 2004, the Issuer conducted the 2004 Referendum, and the 2004 Referendum was approved by a majority of the voters voting thereon; WHEREAS, to assist in effectuating the purposes of the 2004 Referendum, the Issuer desires to provide for reimbursement as set forth herein. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA THAT: SECTION 1. AUTHORITY. This Resolution ("Resolution") is adopted pursuant to the provisions of the Florida Constitution, Chapter 125, Florida Statutes, as amended, and other applicable provisions of law. SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses its intention to be reimbursed from proceeds of a future tax-exempt financing for capital expenditures to be paid by the Issuer in connection with the acquisition of lands to protect water resources and drinking water, environmentally significant land, historic sites, agricultural lands and lands for open spaces and/or wildlife habit(collectively,the"Projects"). Pending reimbursement, the Issuer expects to use funds on deposit in the general fund or otherwise legally available to the Issuer to pay costs of acquisition of the Projects. It is not reasonably expected that the total amount of debt to be incurred by the Issuer to reimburse itself for expenditures paid with respect to the Project will exceed $50,000,000. This Resolution is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations.