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RESOLUTION 92-20495 . e r I 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 . i/ PASSED and ADOPTED this 22nd s ay of April , 1992 . / ///x/ I / 1 , May• ATTEST: e0,,•("A-At a FORM APPROVED City Clerk LEG DEP1 ,,,___ PNB: lm By C:\resoluti\expenses.inc. 00 2--- April 16, 1992 Date • 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. • }1(•1 1 l T y y (' )' ` 1 1 , ' �' ) I ' .. I ,� r , r \() " 10 R ke:r;i CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139 • 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 ie..' 410 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. 41, _ . . . . r s . _ . 41111_ .. 0