| | | | | | | | | TOWN OF DAVIE
TOWN COUNCIL AGENDA REPORT | | | |
| | | | | | | | | | To: | Mayor and Councilmembers | | From: | William W. Ackerman, Budget & Finance Director | | Prepared By: | William W. Ackerman, Budget & Finance Director - Budget Finance | | Subject: | Resolution | | Affected District: | Town Wide | | Item Request: | Schedule for Council Meeting | | Title of Agenda Item: | REIMBURSEMENT - A RESOLUTION OF THE TOWN OF DAVIE, FLORIDA, DECLARING THE TOWN’S OFFICIAL INTENT TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES BY INCURRING DEBT; STATING THE MAXIMUM PRINCIPAL AMOUNT OF DEBT AND THE NATURE OF PROJECT COSTS; AUTHORIZING INCIDENTAL ACTION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. | | Executive Summary: | The Town intends to design, build, furnish and equip a new Judy Paul Farm Park at the Governor Leroy Collins Grounds over the next few years in which funding will come from a variety of funding sources, including proceeds from a future bond issuance. Prior to expending any funds on this project, this resolution is necessary to document the Town's intention to reimburse ourselves through a future bond issuance the cost of the anticipated new Judy Paul Farm Park at the Governor Leroy Collins Grounds (building and improvements). The project is currently estimated to cost over $45 million, with funding coming from bond proceeds, grants, impact fees, contributions and reserves. | | Key Points: | • This authorizes staff to initiate the bond issuance process for the new Judy Paul Farm Park at the Governor Leroy Collins Grounds.
• This will allow the Town to reimburse itself for any expenses funded by reserves that are incurred by the Town prior to the bond issuance.
• Federal income tax regulations require the Town to officially declare its intent to use proceeds of the Bonds to reimburse expenditures paid with Reserves prior to issuance thereof as a prerequisite to the proceeds being treated as used for reimbursement purposes
• The resolution is adopted for the purpose of complying with the requirements of the Federal income tax regulations.
| | Previous Actions: | | | Concurrences: | The Town Administrator’s Office, the Budget and Finance Department and Town’s bond counsel concur with the recommendation to approve this resolution.
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| | | | | | | | | | Fiscal Impact: | | | Has request been budgeted? | N/A | | If yes expected cost: | | | Account name and number: | | | If no, amount needed: | | | Account name funds will be appropriated from | | | Additional Comments | This resolution will allow the Town to reimburse ourselves for expenditures related to the Judy Paul Farm Park at the Governor Leroy Collins Grounds (building and improvements). |
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| | | | | | | | | | Recommendation: | Motion to approve |
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Strategic Goals This Item Supports:
Respecting and promoting Diverse and Sustainable Community and Neighborhood Value with consideration of our historic roots, Creating an Environment that is Conducive to Innovation, Creativity, and Collaboration
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