Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Declaring The City's Official Intent To Reimburse Itself For Capital Expenditures For Certain Municipal Improvements By Incurring Debt; Maximum Principal Amount Of Debt; Nature Of Project Costs; Authorizing Incidental Action; Repeal of Prior Inconsistent Resolutions; and Providing An Effective Date.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City expects to incur significant costs for the development, design, acquisition, construction, improvement, expansion, equipping, installation and/or furnishing of certain municipal Park facilities and surface parking lot improvements (collectively, the "Series 2026 Parks and Parking Project"), described as follows to be owned and operated by the City:
Land $ 5.25M
Design $ 0.20M
Construction $ 1.80M
Other eligible related costs $ 0.75M
Total $ 8.00M
The City has determined that it intends to finance a portion of the cost of the Series 2026 Parks and Parking Project with the proceeds of obligations the interest on which is excludable from gross income for federal income tax purposes (the "Tax-Exempt Revenue Bonds").
No costs of the Series 2026 Parks and Parking Project were paid more than 60 days prior to the date of the proposed Reimbursement Resolution, other than preliminary expenditures that do not include costs of land acquisition or site preparation or other costs of construction or acquisition of the Series 2026 Parks and Parking Project.
The City intends to use proceeds of the Tax-Exempt Revenue Bonds (the "Reimbursement Bonds") to reimburse the appropriate City Funds for monies advanced to pay for capital expenditures of and/or for costs of issuance of the Tax-Exempt Revenue Bonds for the Series 2026 Parks and Parking Project, such Reimbursement Bonds to be issued, subject to such terms and conditions as the City...
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