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Resolution Regarding Reimbursement of Certain Costs Relating to Acquisition of Vehicles and Equipment for Fleet Replacement Program
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BRIEF OVERVIEW
The purchase of vehicles and equipment associated with the County’s Fleet Replacement Program have been paid from the Fleet Replacement Fund. From time to time, this program will be financed through tax-exempt debt.
This reimbursement resolution allows for the County to reimburse the Fleet Replacement Fund for expenses incurred before issuance of said debt and needs to be in place before delivery of the trucks. The US Treasury established this method to allow governments to reimburse themselves for costs associated with a replacement before issuance of tax-exempt debt. The amount of tax-exempt debt for the items on this resolution is not expected to exceed $5,200,000.
FINANCIAL IMPACT
The financial impact will be based on the future terms of the tax-exempt debt.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapters 125 and 129, 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 related to acquisition of vehicles for the Fleet Replacement Program.