City of Coral Gables

File #: 18-7096    Version: Name:
Type: Resolution Status: Adopted
File created: 2/16/2018 In control: City Commission
On agenda: 2/27/2018 Final action: 2/27/2018
Enactment date: 2/27/2018 Enactment #: 2018-76
Title: A Resolution of the City of Coral Gables, Florida establishing its intent to reimburse certain project costs incurred with proceeds of future tax-exempt financings; providing for certain other matters in connection therewith; and providing for an effective date.
Attachments: 1. Signed Resolution 2018-76, 2. Agenda item-SSGFC Loan-Intent (01330784), 3. Reimbursement Resolution - Construction of a Public Safety Building (01199891-7), 4. Verbatim Transcript - CCMtg February 27 2018 - Agenda Item J-1 - Reso to establish intent to reimburse

Title

A Resolution of the City of Coral Gables, Florida establishing its intent to reimburse certain project costs incurred with proceeds of future tax-exempt financings; providing for certain other matters in connection therewith; and providing for an effective date.

 

Body

The City is considering obtaining new tax exempt financing through the Sunshine State Governmental Financing Commission for the purpose of financing a public safety building.  Pursuant to Section 1.150-2 of the Internal Revenue Regulations, the City must establish it intent to reimburse itself for expenditures it incurs prior to the issuance of the tax-exempt financing.  The Resolution will establish the “intent” and allow the City to reimburse itself for expenditures which occurred after a period commencing 60 days prior to the adoption of the Resolution. 

                     

City staff is working with Mr. Jay Glover, PFM Financial Advisors LLC, to determine the financing structure best suited to the City’s needs.  It is our intention that the loan will be repaid over a period not to exceed 30 years using a covenant to budget and appropriate from legally available non-ad valorem revenues as the pledged loan security.  We anticipate completing this financing in early May 2018.