2002-016RESOLUTION NO. 2002-16
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA REGARDING
REIMBURSEMENT OF CERTAIN COSTS RELATING TO
THE ACQUISITION, CONSTRUCTION AND EQUIPPING
OF VARIOUS CAPITAL IMPROVEMENTS WITHIN THE
CITY; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Aventura, Florida (the "City") has incurred and/or will
incur various costs in relation to the acquisition, construction and equipping of
various capital improvements within the City; 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
of tax-exempt debt;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF AVENTURA, FLORIDA:
SECTION 1. It is the intent of the City to reimburse various costs and
expenditures relating to the acquisition, construction and equipping of various capital
improvements within the City as generally described in Exhibit A hereto. The City
has paid for, and/or reasonably anticipates that it will pay for, such costs and
expenditures from moneys on deposit in the general fund and stormwater utility fund
of the City. 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 $15,000,000 aggregate principal amount. It is currently the intention of
the City to principally secure such tax-exempt debt by a covenant to budget and
appropriate legally available non-ad valorem revenues of the City. The expenditures
to be reimbursed shall be consistent with 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.
Resolution No. 2002-16
Page 2
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.
adoption.
This Resolution shall take effect immediately upon its
The foregoing Resolution was offered by Commissioner Eo~ers-Lil)erl:
who moved its adoption. The motion was seconded by Commissioner cohen
and upon being put to a vote, the vote was as follows:
Commissioner Arthur Berger
Commissioner Jay R. Beskin
Commissioner Ken Cohen
Commissioner Manny Grossman
Commissioner Harry Holzberg
Vice Mayor Patricia Rogers-Libert
Mayor Jeffrey M. Perlow
yes
yes
'yes
}'es
yes
~Fes
PASSED AND ADOPTED THIS 5th~
MAYOR
JJEFFREY M. PERLOW,
'r'EF~FfSA MO, L37¢ CLER~,A, CIVIC
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
CITY ATTORNEY
Resolution No. 2002-__
Page 3
EXHIBIT A
CAPITAL IMPROVEMENTS
Acquisition, construction and equipping of an approximately 44,000 square
foot K-5 charter elementary school, including acquisition of the site thereon.
Completion of the construction and equipping of an approximately 25,000
square foot Community/Recreation center.
Acquisition, construction and equipping of various stormwater utility
improvements within Biscayne Lake Gardens area and N.E. 188th Street.