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Resolution Regarding Reimbursement of Certain Costs Relating to Acquisition, Construction and Equipping of Various Capital Improvements
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BRIEF OVERVIEW
This reimbursement resolution allows for the County to reimburse various costs and expenditures relating to the acquisition, construction and equipping of the Project. The County has paid for, and/or reasonably anticipates that it will pay for, such costs and expenditures from moneys on deposit in its general fund, inmate revenue fund and various Municipal Service Benefit Unit (MSBU), Municipal Service Taxing Unit (MSTU) and impact fees funds. It is reasonably expected that reimbursement of such costs and expenditures shall come from the issuance of tax-exempt debt which currently is not expected to exceed $70,000,000 in aggregate principal amount. It is currently the intention of the County to principally secure such tax-exempt debt with a covenant to budget and appropriate legally available non-ad valorem revenues or by a pledge of and lien upon certain non-ad valorem 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.
FINANCIAL IMPACT
A matter of policy.
LEGAL NOTE
The Board has the authority to take action on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended the Board approve and authorize the Chairman’s signature on the attached resolution for the reimbursement of certain costs relating to acquisition, construction and equipping of various capital improvements within the County along with direction to move forward to secure such tax-exempt debt with a covenant to budget and appropriate.