2006-034 Reimbursement of Project Costs, N. SubstationRESOLUTION 2006-34
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
DESIGN AND CONSTRUCTION OF THE VILLAGE NORTH SUB-STATION (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 design
and construction of the North Sub-station of the Village of North Palm Beach ("Program").
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA:
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 construction of the North Sub-station of the Village of North Palm Beach ("Program"). 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 Capital Projects Fund for the purpose of developing, design,
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hereby repealed to the extent of such conflict.
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 take effect immediately upon its adoption.
PASSED AND ADOPTED BY THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, THIS 25th DAY OF MAY. 2006.
(Village Seat)
ATTEST:
Village Clerk