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RESOLUTION NO. 2025- <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA WITH RESPECT TO REIMBURSEMENT OF <br />CERTAIN COSTS AND EXPENDITURES RELATING TO <br />CAPITAL IMPROVEMENTS IN AND FOR INDIAN RIVER <br />COUNTY, FLORIDA. <br />WHEREAS, the Board of County Commissioners of Indian River County, Florida (the <br />"County") will incur various costs and expenditures relating to certain capital costs associated with <br />improvements relating to recreational facilities within the County; and <br />WHEREAS, the County has determined it is in its best interest to reimburse a portion of <br />such costs from proceeds of tax-exempt debt; and <br />WHEREAS, the United States Department of Treasury has issued various regulations in <br />regard to reimbursement of governmental costs through the issuance of tax-exempt debt; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. It is the intent of the County to reimburse various costs and expenditures <br />relating to the acquisition of certain capital costs associated with improvements within the County. <br />The County reasonably anticipates that it will pay for such costs and expenditures from amounts <br />in the County's golf course fund. It is reasonably expected that reimbursement of such costs and <br />expenditures shall come from the issuance of tax-exempt debt which is not expected to exceed <br />$13,000,000 in aggregate principal amount. It is currently the intention of the County to principally <br />secure such tax-exempt debt by a covenant to budget and appropriate non -ad valorem revenues of <br />the County. The expenditures to be reimbursed shall be consistent with the County's budgetary and <br />financial policy as being the type of expenditures which shall be paid on a long-term basis. <br />SECTION 2. The County shall comply with all applicable law in regard to the public <br />availability of records of official acts (i.e., adoption of this resolution) by public entities such as <br />the County, including making this resolution available to public inspection. <br />SECTION 3. It is the intent of this resolution to meet the requirements of Treasury <br />Regulations Section 1.150-2 and to be a declaration of official intent under such Section. <br />SECTION 4. This resolution shall take effect immediately. <br />32 <br />