HomeMy WebLinkAbout17-216RESOLUTION NO. 17-216
A RESOLUTION OF ST. LUCIE COUNTY, FLORIDA WITH RESPECT TO
REIMBURSEMENT OF CERTAIN COSTS AND EXPENDITURES RELATING
TO PUBLIC FACILITIES IN AND FOR ST. LUCIE COUNTY, FLORIDA.
WHEREAS, St. Lucie County, Florida (the "County") will incur various costs and expenditures
relating to certain costs associated with the County's acquisition of a "working waterfront" and
improvements located within the County; 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 the property described above. 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 $25,000,000 aggregate principal amount. It is currently the intention of the
County to principally secure such tax-exempt debt by a covenant to budget and appropriate non -ad
valorem 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 3rd day of October, 2017.
ATTEST:
ST. LUCIE COUNTY, FLORIDA
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Chairman, Board of County Commissioners
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the Ci cult Court and ex COUNTY ATTCI
io Clerk of the Board of County Commissioners