Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 25, 2015
August 25, 2015 - Regular Meeting
Agenda Item #29

Reimbursement Resolution for Transportation Related Projects


Contact and/or Presenter Information
Jan Brewer, Director, Financial Management, x3726

Action Requested
Adoption of Resolution R-15-119 expressing the County's intent to issue debt obligations to finance all or a portion of certain Transportation projects.

Enabling/Regulating Authority
Internal Revenue Code of 1986, Section 1.150-2(e) of the Regulations

Background Discussion

The Proposed FY 2016-20 CIP anticipates debt issuance to support several transportation projects. A reimbursement resolution is needed to ensure that costs for those projects that are incurred prior to the actual issuance of the debt are eligible to be repaid from the bond proceeds. Resolution R-15-119 establishes the County's intent to reimburse certain capital expenditures with proceeds from tax exempt financing.  The Internal Revenue Code of 1986 and applicable "Regulations" require that governments issuing tax exempt debt formally express their intent to reimburse expenditures which occur prior to the closing of the financing, up to 60 days prior to the effective date of the reimbursement resolution.

The resolution includes the intent to reimburse certain past and future capital expenditures for capital projects relating to certain Transportation projects. 

The maximum principal amount of the Bonds is approximately $93,000,000.  The future Bonds will be secured by non-ad valorem revenues.

County Attorney Review
Not Reviewed (Utilizes exact document or procedure approved within the last 18 months)

Explanation of Other

Reviewing Attorney

Instructions to Board Records

Copies to:  Debbie.underwood@mymanatee.org; budget@mymanatee.org

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  R-15-119 Reimbursement Resolution Transportation Projects.pdf
Attachment:  R-15-119 Reimb Resolution Addendum 1.pdf