| | | | | | | |  | ITEM 5.
County Attorney - Consent |
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| | | | | | | | | DATE: | April 2, 2024
| | DEPARTMENT: | County Attorney
| | REQUESTER: | Andrea Fraser
| | TITLE: | Approve Reimbursement Resolution for Capital/Construction Fund |
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| | | | | | | | | I. | MOTION REQUESTED | | | Request the Board approve a reimbursement resolution allowing the Port Authority to reimburse certain projects that will be paid for out of the Port Authority’s RSW capital/construction fund and/or the Port Authority’s revolving credit facility (line of credit). Reimbursement will be made utilizing the issuance of future tax-exempt debt.
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| | | | | | | | | II. | ITEM SUMMARY | | | Allows for the reimbursement of certain Port Authority capital expenditures utilizing future tax-exempt debt. |
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| | | | | | | | | III. | BACKGROUND AND IMPLICATIONS OF ACTION |
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| | | | | | | | | | A) | Board Action and Other History | | | | The Lee County Port Authority has / will incur expenditures for a variety of projects as part of its capital improvement program. A list of such projects is provided in Exhibit A to the reimbursement resolution that is attached. The Port Authority seeks to reimburse certain costs within the capital improvement program utilizing proceeds from future tax-exempt debt.
The U.S. Department of Treasury has various regulations in regard to reimbursement of government costs through the issuance of tax-exempt debt. One such regulation requires the governmental entity to declare its intent to seek reimbursement for project expenditures for a future borrowing. This declaration allows an issuer to make capital expenditures for a project(s) while preparations are being made to secure financing. The attached resolution provided for Board approval serves as declaration of intent. |
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| | | | | | | | | | A) | Current year dollar amount of item:
| | | | B) | Is this item approved in the current budget? | Yes | | | C) | Is this a revenue or expense item? | Expense | | | D) | Is this Discretionary or Mandatory? | Discretionary | | | E) | Will this item impact future budgets?
If yes, please include reasons in III(D) above.
| No | | | F) | Fund:
Program:
Project:
Account Strings: | | | G) | Fund Type? | N/A | | | H) | Comments:
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| REVIEWERS: | | Department | Reviewer | Action | Date | | County Attorney | Jacob, Michael D. | Approved | 3/21/2024 - 10:49 AM | | Budget Services | Henkel, Anne | Approved | 3/21/2024 - 11:30 AM | | Budget Services | Winton, Peter | Approved | 3/21/2024 - 1:49 PM | | County Attorney | Fraser, Andrea | Approved | 3/21/2024 - 2:53 PM | | County Manager | Winton, Peter | Approved | 3/22/2024 - 8:51 AM |
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