Okaloosa County BOCC — February 4, 2014 — Reimbursement Resolution — reading text

Resolution No. 14-__ A RESOLUTION OF OKALOOSA COUNTY, FLORIDA WITH RESPECT TO REIMBURSEMENT OF CERTAIN COSTS AND EXPENDITURES RELATING TO PUBLIC IMPROVEMENTS IN AND FOR OKALOOSA COUNTY, FLORIDA. WHEREAS, Okaloosa County, Florida (the "County") will incur various costs and expenditures relating to certain capital costs associated with improvements to County properties, including the southside annex; and WHEREAS, the County has determined it is in its best interest to reimburse such costs from proceeds of tax-exempt debt; and WHEREAS, the United States Department of Treasury has issued various regulations in regard to reimbursement of governmental costs through the issuance of tax-exempt debt; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: SECTION 1. It is the intent of the County to reimburse various costs and expenditures relating to the acquisition of certain capital costs associated with improvements to County properties, including the southside annex. The County reasonably anticipates that it will pay for such costs and expenditures from general revenues of the County. It is reasonably expected that reimbursement of such costs and expenditures shall come from the issuance of tax-exempt debt which is not expected to exceed $12,000,000 aggregate principal amount. It is currently the intention of the County to principally secure such tax-exempt debt by half-cent sales tax revenues of the County. The expenditures to be reimbursed shall be consistent with the County's budgetary and financial policy as being the type of expenditures which shall be paid on a long- term basis. SECTION 2. The County shall comply with all applicable law in regard to the public availability of records of official acts (i.e., adoption of this resolution) by public entities such as the County including making this resolution available to public inspection. SECTION 3. 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 4. This resolution shall take effect immediately.  ADOPTED this 4th day of February, 2014. BOARD OF COMMISSIONERS OKALOOSA COUNTY, FLORIDA ________________________________ Charles K. Windes, Jr., Chairman ATTEST: _______________________________ Don W. Howard Clerk of Circuit Court