TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: December 4, 2024
Title
APPROVE A RESOLUTION INDICATING THE OFFICIAL INTENT OF THE CITY TO ISSUE TAX-EXEMPT BONDS OR NOTES IN THE AMOUNT OF UP TO $60,000,000.00 TO FINANCE THE COSTS OF IMPROVEMENTS TO THE WATER AND WASTEWATER SYSTEM AND TO USE A PORTION OF THE PROCEEDS OF SUCH BONDS OR NOTES TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF; AND PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: The City Commission of the City of Margate, Florida (the “City”) has determined that it is necessary and in the best interest of the City to make improvements to the City’s Water and Wastewater System, as described in Exhibit “A” attached to the resolution and made a part hereof (the “Project”). The City intends to issue tax-exempt bonds or notes (the “Bonds”) for the purpose of financing the costs of the Project.
RECOMMENDATION: Approve
FISCAL IMPACT: Projects are to be funded by the issuance of tax-exempt bonds or notes. A portion of the cost of the project may be paid from internal funds before the Bonds are issued in anticipation of the reimbursement of such expenditures from the proceeds of the Bonds.
CONTACT PERSON: Ismael Diaz, Finance Director