HomeMy WebLinkAboutResolution 708 Purchase of Land
RESOLUTION NO. 708
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA,
DECLARING ITS INTENT TO INCUR DEBT IN THE MAXIMUM
PRINCIPAL AMOUNT OF $400,000 AS TEMPORARY FINANCING
FOR THE PURCHASE OF LAND FOR THE CITY PROVIDING FOR
THE INTENT TO REIMBURSE FROM THE PROCEEDS OF THE SALE
OF BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Winter Springs, Florida, a municipality of
the State of Florida (the "Issuer") has the authority pursuant to Chapter
166, Part II, Florida Statutes, and other applicable provisions of law to
enter into transactions to finance the purchase of certain property for
capital projects;
WHEREAS, the Issuer is considering entering into a purchase agree-
ment or similar agreement (the "Agreement") to pay the costs of the
acquisition, by the Issuer of certain land to be developed for municipal
purposes (the "Project");
WHEREAS, the Issuer expects to expend certain of its funds on costs
of the Project prior to the sale of Bonds to fund the Project. The Issuer
reasonably expects to seek reimbursement for such costs (the "Reimbursement
Expenditures") from proceeds derived from the sale of Bonds;
WHEREAS, the Issuer has not budgeted, allocated or otherwise set
aside any funds to pay the Reimbursement Expenditures;
WHEREAS, it is expected that the Bonds will be sold and the proceeds
delivered within one (1) year of the first incurrence of a Reimbursement Ex-
penditure; and
WHEREAS, the Issuer desires to indicate its intent to enter into the
Agreement in the maximum principal amount of $400,000 with permanent financing
for the costs of the Project to come from the subsequent sale of Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS:
SECTION 1. The Issuer intends to enter into the Agreement in the
maximum principal amount of $400,000 to acquire certain property and to re-
imburse itself from the proceeds of certain Bonds to be subsequently sold by
the City. This declaration is intended to be a declaration of official intent
under, and to meet the requirements of, Treasury Regulations Sl.103-l8, as
amended.
SECTION 2. All prior resolutions of the Issuer inconsistent with the
provisions of this resolution are hereby modified, supplemented and amended to
conform with the provisions herein contained and except as otherwise modified,
supplemented and amended hereby shall remain in full force and effect.
SECTION 3. This resolution shall take effect immediately upon its
adoption.
ATTEST:
Proposed, Presented and Passed this 10th day of May, 1993
CITY OF WINTER SPRINGS, FLORIDA
PHILIP A. KULBES, MAYOR
ATTEST:
Mary T. Norton
CITY CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
CITY ATTORNEY