1991-151 - Laserfiche WebLink

Home Browse Search

11 TBE 1991 PROJECT The sale of the Series 1991 Bonds will provide funds for the construction of a Regional Sludge Facility (the '1991 Project') for the County. The 1991 Project is needed to meet the County's immediate and future needs for the treatment and disposal of sludge (the solid or semi-solid residual by-product of the wastewater treatment plant proms). Abe (the liquids and solids removed from domestic septic tanks and portable toilet facilities). and prase (the material taken from commercial grease traps typically found at food processing facilities and restaurants). The County has determined that the most cost-effective and implementable treatment approach is one regioeal facility treating all three of these waste types. For a more complete description of the 1991 Project, see Appendix D attached hereto. The information under this caption and in Appendix D hes been furnished by Camp, Dresser & McKee Inc., the preparer of the Engineers' Report. The County makes no representation with respect to Camp, Dresser & McKee Inc. or the Engineers' Report attached se Appendix D. THE GRANT A grant (the 'Grant') from the Florida Department of Environmental Regulation ('FDER') and the Environmental Protection Agency CEPA') will be used to pay a portion of the costs relating to the 1991 Project. The final amount of the Grant is subject to review and approval by FDER and EPA. The County believes that the final amount of the grant will be approximately 81,200,000. TAX EXEMPTION Opinion of Bond Courted In the opinion of Rhoads & Sinon, Boca Raton, Florida, Bond Counsel, assuming continuing compliance by the County with certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amended (the 'Code•), to preserve the exclusion of interest on the Series 1991 Hoods from groes income for federal income tax purposes, interest on the Series 1991 Bonds is excluded from gross income for purposes of federal income taxation and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, under existing statutes, regulations and judicial decisions; although it should be noted that in the case of corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted current earnings for purposes of such alternative minimum tax. Bond Counsel expresses no other opinion with regard to federal income tax consequences arising with respect to the Series 1991 Bonds. The Series 1991 Bonds and the interest therefrom are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks, and savings associations. Non -Arbitrage Bonds The County will issue its certificate to the effect that on the basis of the facts, estimates and circumstances in existence on the date of delivery of the Series 1991 Bonds, it is not expected that proceeds of the Series 1991 Bonds will be used in a manner that would cause the Series 1991 Bonds to be 'arbitrage bonds.' Such certificate will be accompanied by an opinion of Bond Counsel, based upon the facts, estimates and circumstances set forth in said certificate, that the Series 1991 Bonds are not currently *arbitrage bonds,' under existing statutes, regulations and decisions. The County has also covenanted in the Resolution with the purchasers of the Series 1991 Bonds that it will make no use of the proceeds of the Series 1991 Bonds which will cause the Series 1991 Bonds to become 'arbitrage bonds,• and has further covecanted in the Resolution to comply with the requirements of Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder from time to time, during the term of the Series 1991 Bonds, if and to the extent applicable to maintain continuously the exclusion of interest on the Series 1991 Bonds. Officials of the County have executed a certificate concerning the use of the proceeds of the Series 1991 Bonds from gross income for Federal income tax purposes.