2005-111 Reimburse Certain Golf Facility Renovation Project Costs*..
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RESOLUTION NO.111-2005
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, ESTABLISHING ITS INTENT TO REIMBURSE
CERTAIN PROJECT COSTS INCURRED WITH PROCEEDS OF FUTURE TAX-
EXEMPT FINANCING FOR THE RENOVATION AND RE-CONSTRUCTION OF
THE VILLAGE COUNTRY CLUB GOLF COURSE AND DRIVING RANGE (THE
"PROJECT'); PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; PROVIDING FOR CONFLICT, SEVERABILITY, AND AN
EFFECTIVE DATE.
WHEREAS, the Village Council of the Village of North Palm Beach, Florida (the
"Issuer"), has determined that the need exists to construct certain capital improvements
consisting of the renovation and re-construction of the Village Country Club Golf Course
and Driving Range ("Program").
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF NORTH PALM BEACH, FLORIDA, THAT:
Section 1. The foregoing "WHEREAS" clause is hereby ratified and confirmed as
being true and correct and is hereby made a specific part ofthis Resolution.
Section 2. This Resolution is adopted pursuant to the provisions of the Florida
Constitution; Chapter 166, Florida Statutes; and, other applicable provisions of law.
Section 3. The Issuer hereby expresses its intention to be reimbursed from proceeds of
a future tax-exempt financing for capital expenditures to be paid by the Issuer in connection
with the design and re-construction of the Village Country Club Golf Course and Driving
Range (the "Project"). This Resolution is intended to constitute a "declaration of official
intent" within the meaning of Section 1.150-2 of the Income Tax Regulations. No funds
from sources other than the reimbursement bank loans are, or are reasonably expected to be,
reserved, allocated on a long-term basis, or otherwise set aside by the Issuer for such
expenditures pursuant to its budget or financial policies.
Section 4. The expenditures to be reimbursed pursuant to this Resolution will be
incurred not earlier than the date sixty (60) days prior to the date of adoption hereof in
connection with payments made from the Village Country Club Enterprise fund for the
purpose of developing, constructing and erecting the Program, and as permitted in
Income Tax Regulation Section 1.150-2.
Section 5. All resolutions or parts of Resolutions in conflict herewith be and the same
are hereby repealed to the extent of such conflict.
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Section 6. If any clause, section, other part or application of this Resolution is held
• by any court of competent jurisdiction to be unconstitutional or invalid, in part or
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
Section 7. This Resolution shall become effective December 8, 2005.
PASSED AND ADOPTED THIS 8th DAY OF DECEMBER, 2005.
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VILLAGE CLERK
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