Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 25, 2014
February 25, 2014 - Regular Meeting
Agenda Item #12

Capital Expenditure Reimbursement Resolution


Contact and/or Presenter Information

Jim Seuffert, Director, Financial Management Department
Ext. 3760

Action Requested
Adoption of Resolution R-14-020, expressing the County's intent to reimburse certain capital expenditures with future loan proceeds, including approximately $38,652,000 for Utility projects and $41,523,000 for Public Safety, Beach Renourishment, and other projects.

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

Background Discussion

This Resolution R-14-020 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 renovation of the Historic Courthouse, Beach Renourishment capital projects, FPL ESCO capital projects, a P-25 Radio System, and Utilities capital projects.

All cost figures used have been set at twenty percent above current estimates to allow for maximum flexibility.  All CIP projects listed are included in the Adopted FY14-18 CIP budget, with the exception of the P-25 Radio System, which was listed as a project of record in the FY14-18 CIP, and the repairs at the Lake Manatee Dam, which are deemed time-sensitive. 

The maximum principal amount of the Loan is $80,175,000.  The future loans will be secured by the County's Covenant to Budget & Appropriate (CBA), and by the revenues of the Manatee County Utility system.

County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other

Reviewing Attorney

Instructions to Board Records
Send executed copies of R-14-020 to FMD, Cassidy Rickrode (cassidy.rickrode@mymanatee.org).

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  R-14-020 Debt Resolution.pdf