R-1251-14 RESOLUTION NO. 1251-14
A RESOLUTION OF THE MIAMI SHORES VILLAGE
COUNCIL DECLARING THE OFFICIAL INTENT OF
MIAMI SHORES VILLAGE TO REIMBURSE
EXPENDITURES INCURRED WITH RESPECT TO
CERTAIN PROJECTS OR PROGRAMS WITH DEBT
PROCEEDS; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, to facilitate an efficient borrowing program, Miami Shores Village (the
"Issuer") has expended and intends to expend money on the Village's project to install low
pressure sewer lines and to upgrade existing water mains within the downtown business district
of the Issuer(the "Project") prior to the issuance of debt by the Village for such purposes; and
WHEREAS, the Village intends to reimburse such Project expenditures from the
proceeds of debt to be issued by the Village;
WHEREAS, the Village administration currently contemplates the creation of a
Municipal Service Benefit Unit covering the geographic area to be benefited by the upgraded
service facilitated by the Project and imposition of lawful and appropriate special assessments
upon the properties so benefited, which income stream is anticipated to serve as the source of
repayment of the debt issued by the Village in connection with the Project; and
WHEREAS, to comply with applicable provisions of the Internal Revenue Code of
1986, as amended, and Section 1.150-2 of the Income Tax Regulations, it is necessary, in order
to reimburse such Project expenditures with the proceeds of tax-exempt debt, that the Issuer
declare its official intent to make such reimbursement of expenditures;
NOW, THEREFORE, BE IT RESOLVED by the Miami Shores Village Council:
Section 1. That, as evidenced by this Resolution, the Village as Issuer intends to expend
money on the costs of the acquisition, administration, construction, and improvements of the
Project described above, prior to the issuance of bonds or other debt obligations to reimburse
such expenditures. With respect to such project, the Issuer reasonably expects to issue debt
obligations in the estimated maximum principal amount of One Hundred Sixty One Thousand,
Twenty Four Dollars and Fifty Seven Cents ($161,024.57).
Section 2. This Resolution shall take effect immediately upon its adoption by the Village
Council.
ADOPTED this 7th day of October , 2014.
99Herta Holly, Mayor
AT EST n
APPROVED AS TO FORM:
Barbara A. Estep, MMC
Village Clerk
Richard Sarafan, Village Atto ey
00384676-1