Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Relating To A Debt Financing To Fund Certain Capital Improvement Projects Contained In The Fiscal Year 2024 Capital Improvement Program; Authorizing A Declaration Of Official Intent Under U.S. Treasury Regulations With Respect To Reimbursements From The Proceeds Of The Debt Financing For Temporary Advances Made For Payment Prior To Issuance, And Related Matters.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Resolution.
Explanation:
This Resolution seeks authorization to secure funds through debt financing to facilitate the commencement of certain capital improvement projects adopted and approved in the FY 2024 Capital Improvement Plan.
Fiscal Impact:
The City may begin incurring expenditures related to the approved capital projects prior to the debt financing. To allow reimbursement for those expenditures from the future debt proceeds, the City must comply with IRS regulations and declare that it is the City’s official intent. Included in this declaration are projects from the FY 2024 adopted CIP totaling $6,500,000.
The projects included in the FY 2024 Adopted Capital Improvement Plan and planned to be debt financed are listed below:
• Police Vehicles - $4,500,000
• General Fleet Vehicles - $2,000,000
Recommended for inclusion on the agenda by:
Laurette Jean, Director of Budget & Performance Management
Adam Reichbach, Assistant City Manager for Finance and Administration