HomeMy WebLinkAbout16-117RESOLUTION NO. 16-117
A RESOLUTION OF ST. LUCIE COUNTY, FLORIDA WITH RESPECT TO
REIMBURSEMENT OF CERTAIN COSTS AND EXPENDITURES RELATING TO
PUBLIC IMPROVEMENTS IN AND FOR ST. LUCIE COUNTY, FLORIDA.
WHEREAS, St. Lucie County, Florida (the "County") will incur various costs and expenditures
relating to certain capital costs associated with County sports and other facilities; and
WHEREAS, the County 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 BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE
COUNTY, FLORIDA:
SECTION 1. It is the intent of the County to reimburse various costs and expenditures
relating to the acquisition of certain capital costs associated with improvements to County properties,
including its existing sports/stadium facility. The County reasonably anticipates that it will pay for such
costs and expenditures from general revenues of the County. 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 $55,000,000 aggregate principal amount. It is currently the intention of the
County to principally secure such tax-exempt debt by tourist development tax revenues of the County.
The expenditures to be reimbursed shall be consistent with the County's budgetary and financial policy
as being the type of expenditures which shall be paid on a long-term basis.
SECTION 2. The County shall comply with all applicable law in regard to the public
availability of records of official acts (i.e., adoption of this resolution) by public entities such as the
County including making this resolution available to public inspection.
SECTION 3. It is the intent of this resolution to meet the requirements of Treasury
Regulations Section 1.150-2 and to be a declaration of official intent under such Section.
SECTION 4. This resolution shall take effect immediately.
ADOPTED this c day of 2015.
ATTEST:
0r 0-J-1-
k of the Circuit Court and
--x fficio Clerk of the Board
of County Commissioners
ST. LUCIE COUNTY, FLORI A
Chairman, B)dar�of CountyiC� mmissioners