Fort Walton Beach Resolution — 2013 -08 Reimbursement--rec center — reading text

RESOLUTION 2013 - 8 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA WITH RESPECT TO REIMBURSEMENT OF CERTAIN COSTS RELATING TO THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS TO THE CONSOLIDATED RECREATION COMPLEX; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA THAT: SECTION 1. FINDINGS It is hereby found and determined that: A) The City of Fort Walton Beach, Florida ( the " City") has incurred various costs and is expected to incur additional costs in connection with the acquisition, construction and equipping of certain capital improvements to a consolidated Recreation Complex ( the Recreation Complex "); B) The City has determined it may be in its best interest to reimburse such costs from the proceeds of long -term tax- exempt debt; and C) The United States Department of Treasury has issued various regulations in regard to reimbursement of governmental costs through the issuance of tax -exempt debt. SECTION 2. PURPOSE It is the intent of the City to reimburse various costs and expenditures relating to the acquisition and construction of certain capital improvements to the Recreation Complex including, but not limited to, ( a) the demolition of the existing Fred B. Hedrick Recreation Center building and construction and equipping of a new recreation center building and ( b) certain site improvements, which me expected to include the build -out of adult baseball /softball fields, multi -purpose fields, youth baseball /softball fields, parking areas, restrooms and storm water management improvements, anrong other items. The City has paid for, and reasonably anticipates that it will continue to pay for, costs and expenditures related to the Recreation Complex from moneys on deposit in the general fund of the City until such time as such costs are financed on a long -term basis. It is reasonably expected that reimbursement of such costs and expenditures will come from the issuance of tax -exempt debt which is not expected to exceed 8, 000, 000 aggregate principal amount. It is currently the intention of the City to principally secure such tax -exempt debt by a pledge of and lien upon legally available non -ad valorem revenues of the City. The expenditures to be reimbursed are expected to be consistent with the City' s budgetary and financial policy as being the type of expenditures which would be paid on a long -term basis. SECTION 3. APPLICABLE LAW The City shall comply with all applicable laws in regard to the public availability of records of official acts ( i. e., adoption of this Resolution) by public entities such as the City, including making this Resolution available to public inspection.  RESOLUTION 2013 -8 SECTION 4. COMPLIANCE It is the intent of this Resolution to meet the requirements of Treasury Regulations Section 1. 150 -2 and to be a declaration of official intent under such Section. SECTION 5. SEVERABILITY In the event that any portion or section of this Resolution is determined to be invalid, illegal or unconstitutional by a court of competent jurisdiction, such decision shall in no manner affect the remaining portions or sections of this Resolution shall remain in full force and effect. SECTION 6. EFFECTIVE DATE rhis Resolution shall become effective immediately upon approval by the City Council. A/ e Mike Anderson, Mayor Arte t: Approved for form, legal yffiei ' i " ayw ykes, Jr., y Attorney, Helen Spencer, uy Clerk Additions are underlined; o _ _--- n. !