R-1065-03 RESOLUTION NO. 1065-03
A RESOLUTION OF THE MIAMI SHORES VILLAGE
COUNCIL OF MIAMI SHORES,FLORIDA WITH
RESPECT TO REIMBURSEMENT OF CERTAIN COSTS
AND EXPENDITURES RELATING TO THE ACQUISITION
AND CONSTRUCTION OF CERTAIN EDUCATIONAL
FACILITIES (CHARTER SCHOOL)TO BE LOCATED
WITHIN THE VILLAGE.
WHEREAS,the Village Council of Miami Shores,Florida(the"Village")will incur
various costs and expenditures relating to the construction and acquisition of certain educational
facilities (charter school)to be located within the Village; and
WHEREAS,the Village 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 MIAMI SHORES VILLAGE
COUNCIL,that:
SECTION 1. It is the intent of the Village to reimburse various costs and expenditures
relating to the construction and acquisition of certain educational facilities (charter school)to be
located within the Village, as more particularly described in Exhibit A attached hereto, all of
which costs and expenditures represent capital expenditures. 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$5,000,000 aggregate principal amount. It is currently the
intention of the Village to principally secure such tax-exempt debt by ad valorem taxes. The
expenditures to be reimbursed shall be consistent with the Village's budgetary and financial
policy as being the type of expenditures which shall be paid on a long-term basis.
SECTION 2. The Village 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 Village 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 20th day of MM 2003 .
j
im Mc y,Mayor
ATTEST:
G C
Barbara A. Estep, CMC
Village Clerk
APPROVED AS TO FORM:
9 °
Richard Sarafan,
Village Attorney
EXHIBIT A
COSTS TO BE REIMBURSED
Expenses incurred in connection with the planning, acquisition, construction and
equipping of a charter school facility on property in the vicinity of Northwest 5h
Avenue and 112 'Terrace. Such costs may include,but not be limited to the
following:
a) All pro-rated costs associated with the April 8,2003 bond referendum, a
bill which originates from the Miami-Dade County Elections Supervisor.
b) Pro-rated administrative and executive salaries directly allocated to the
costs of designing,developing, and administering the election ballot
competitive bidding process,and related questions;
C) Pro-rated costs of advertising the proposed bond proposal including the
costs to design,print,copy and distribute the notifications
d) All future architectural,engineering, accounting, legal, and other
professional costs required to issue bonds, design, develop and actualize
the construction of the charter school.
e) Other costs which may be incurred as a direct result of the general
obligation bond,charter school project or other functions necessary to fund
the project.