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.
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 improvements (collectively, the "Series 2025 Parking Project"), described as follows to be owned and operated by the City:
1) Land $ 5.0M
2) Design $ 1.8M
3) Construction $18.0M
4) Other eligible related costs $ 1.2M
Total $26.0M
The City has determined that it intends to finance a portion of the cost of the Series 2025 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 2025 Parking Project were paid more than 60 days prior to the date of this 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 2025 Parking Project.
The City intends to use proceeds of the Tax-Exempt Revenue Bonds (the "Reimbursement Bonds") to reimburse the City's Parking Fund for capital expenditures of and/or for costs of issuance of the Tax-Exempt Revenue Bonds for the Series 2025 Parking Project, such Reimbursement Bonds to be issued, subject to such terms and conditions as the City shall approve by subsequent resolution, and to be payable solely from legally available Parking Fund Revenue sources. The City anticipates that the maximum ...
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