RESOLUTION 92-20495 .
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RESOLUTION NO. 92-20495
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, DECLARING THE OFFICIAL INTENT
OF THE CITY OF MIAMI BEACH TO REIMBURSE ITSELF FROM
THE PROCEEDS OF DEBT FOR CERTAIN EXPENSES TO BE
INCURRED PRIOR TO ISSUE OF DEBT WITH RESPECT TO THE
NORTH SHORE PUBLIC AREA IMPROVEMENTS PROJECT; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS
WHEREAS, in connection with the construction of certain local
improvements described on Exhibit A to this Resolution (the
"Project") by the City of Miami Beach, Florida (the "City") , the
City expects to incur expenses for which the City will advance
internal funds; and
WHEREAS, the City intends to reimburse itself for all or a
portion of such expenses from the proceeds of debt to be incurred
by the City.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. Declaration of Official Intent. The City
hereby declares its official intent to reimburse itself
from the proceeds of debt to be incurred by the City for
expenses incurred with respect to the Project subsequent
to the date of this Resolution. This Resolution is
intended as a declaration of official intent under
Treasury Regulation § 1. 103-18 . The debt to be issued,
from which the City will reimburse itself, is not
expected to exceed an aggregate principal amount of
$10, 000, 000.
Section 2 . Incidental Action. The officers of the City
are hereby authorized to take such actions as may be
necessary to carry out the purpose of this Resolution.
Section 4. Effective Date. This Resolution shall take
effect immediately upon its adoptio .
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PASSED and ADOPTED this 22nd s ay of April , 1992 .
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April 16, 1992 Date
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EXHIBIT "A"
NORTH SHORE PUBLIC AREA IMPROVEMENTS
PROJECT AREA
The Project area is to include the following streets:
• Collins Avenue - 63rd Street to 75th Street
• Ocean Terrace - 73rd Street to 75th Street
• 73rd Street - Collins Avenue to Ocean Terrace
• 74th Street - Collins Avenue to Ocean Terrace
• 75th Street - Collins Avenue to Ocean Terrace
• 71st Street - Rue Notre Dame to Ocean Terrace
• Normandy Drive - Rue Notre Dame to Bay Drive
• Rue Notre Dame - Normandy Drive to 71st Street
• Vichy Drive - Normandy Drive to 71st Street
Improvements along these street corridors is to include sidewalk,
landscaping, street furniture, lighting, and associated streetscape
improvements, and all traffic improvements related to the
streetscape and landscape improvements.
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
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OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
MMIMEMORANDUM - -
CO SSION NO.
DATE: April 22, 1992
TO: Mayor Seymour Gelber and
Members of the City Commission
FROM: •
Ro er M. Carlton 1j_
g
City Manager ..
SUBJECT: REIMBURSEMENT RESOLUTION ON THE
NORTH SHORE SPECIAL ASSESSMENT BONDS
In late March, the U. S. Treasury finally issued the
specific requirements that a municipality must undertake
to reimburse itself for current expenses for a project
to be financed in the future with bonds. The City has
previously adopted such a resolution with respect to the
North Shore Project and all costs incurred to this point
are eligible for such a reimbursement. However, with the
new regulations now issued, the City needs to adopt a new
resolution in conformance. This will insure that future
costs incurred on this project are eligible to be repaid
to the City from the proceeds of a future bond issue.
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission
adopt this resolution providing for reimbursement of
expenses incurred on the North Shore Project from a
future bond issue.
RMC:RJN:zg
AGENDA
ITEM
DATE
Ut LI.j11VAL
RFSOLUTION NO. 92-20495
Declaring the official intent of the City
of Miami Beach to reimburse itself from
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the proceeds of debt for certain expenses
to be incurred prior to issue of debt with • 411111111111111111111110
respect to the North Shore Public Area
Improvements Project; and authorizing
certain incidental actions.
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