TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: A Resolution of the City Commission of the City of North Port, Florida, Regarding the Reimbursement of Certain Costs Relating to the Acquisition, Construction, Rehabilitation, Replacement, and Equipping of Certain Capital Improvements for the City’s Price Boulevard Road Widening Project; Providing for Incorporation of Recitals; Providing a Declaration of Intent; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Approve Resolution No. 2023-R-50 as presented.
Background Information
The City has or will incur various costs in relation to the acquisition, construction, rehabilitation, replacement, and equipping of certain capital improvements for the Price Boulevard Road Widening Project, Phase One. Capital Improvement Project No. R15PW1 will be funded by the following funding sources:
Ø City’s Surtax Capital Projects Fund
Ø Road and Drainage Fund
Ø City’s Transportation Impact Fee Fund
It has been determined that it is in the best interest of the City of North Port to reimburse such costs from proceeds of tax-exempt debt. The United States Department of Treasury has issued various regulations regarding the reimbursement of governmental costs through the issuance of tax-exempt debt. It is the intent of this Resolution No. 2023-R-50 to meet the requirements of Treasury Regulations Section 1.150-2.
Resolution No. 2023-R-50 has been reviewed by the City Attorney and is legally correct as to form.
Strategic Plan
Good Governance
Financial Impact
Expected not to exceed $80,000,000.00.
Procurement
Not applicable.
Attachments:
1. Resolution
Prepared by: Tiffany Fowler, Accountant III
Department Director: Kimberly Williams, Finance Director