HomeMy WebLinkAbout15-252k.
RESOLUTION NO. 15-252
A RESOLUTION OF ST. LUCIE COUNTY, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
CAPITAL EXPENDITURES INCURRED WITH
PROCEEDS OF A FUTURE TAX-EXEMPT FINANCING;
PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida (the
"County") has determined that the need exists to incur debt in order to finance capital
improvements including the acquisition, security and electrical system upgrades at the County
jail (the "Project").
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA:
SECTION 1. AUTHORITY. This resolution (the "Resolution") is adopted pursuant to
the provisions of the Constitution of the State of Florida, Chapter 125, Florida Statutes, and other
applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The County hereby expresses its
intention to be reimbursed from proceeds of a future tax-exempt financing for capital
expenditures to be paid by the County prior to the incurrence of debt for the purpose of
designing, permitting, acquiring and equipping the Project. Pending reimbursement, the County
expects to use funds on deposit in its emergency reserves fund and other legally available funds
to pay a portion of the costs related to the Project. It is reasonably expected that the total amount
of debt to be incurred by the County with respect to the Project will not exceed $4,000,000. This
Resolution is intended to constitute a "declaration of official intent" within the meaning of
Section 1.150-2 of the Income Tax Regulations which were promulgated to the Internal Revenue
Code of 1986, as amended, with respect to the debt incurred, in one or more financings, to
finance the Project.
SECTION 3. SEVERABILITY. If any one or more of the provisions of the Resolution
shall for any reason be held illegal or invalid, such illegality or invalidity shall not affect any
other provision contained therein.
SECTION 4. REPEALER. All resolutions or orders and parts thereof in conflict
herewith are, to the extent of such conflicts, hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
DULY PASSED AND ADOPTED this 15th day of December, 2015, at a regular meeting
of the Board of County Commissioners of St. Lucie County, Florida.
ATTEST -
BOARD OF COUNTY COMMISSIONERS
APPROVED AS TO FORM AND