RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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3. The Council hereby establishes the initial boundary of the Proposed District as shown on the Boundary Map on file with the Director of Finance of the County. 4. The County intends to issue the Special Tax Bonds, in an aggregate principal amount not to exceed a maximum of $22,000,000, exclusive of refunding bonds (if any), to finance all or a portion of the costs of the authorized Improvements and Incidental Expenses. 5. The Improvements proposed to be funded, in whole or in part, by proceeds of the Special Tax Bonds and/or the Special Taxes are set forth in Exhibit A. As set forth in Exhibit A, all of the Improvements to be funded will be owned by the County. Subject to compliance with all applicable County policies and requirements and to oversight and supervision by the County Department of Environmental Management, the Petitioner (or its authorized representative) shall be permitted to let and administer the contracts for the construction of the Improvements, and payments for the cost of such Improvements may be paid upon requisition from proceeds of the Special Tax Bonds and/or Special Taxes, all upon such terms as are set forth in a project development agreement to be entered into between the County and the Petitioner. 6. The Incidental Expenses proposed to be incurred and authorized to be paid, in whole or in part, from the proceeds of the Special Tax Bonds and/or the Special Taxes are set forth in Exhibit B. 7. Following establishment of the Proposed District, and except where funds are otherwise available, Special Taxes sufficient to pay for the costs of the Improvements and Incidental Expenses shall be annually levied within the Proposed District in accordance with the provisions of Article 5. The Rate and Method of Apportionment for the Special Taxes shall be as set forth in Exhibit C unless modified in accordance with Chapter 32 prior to establishment of the Proposed District. 8. The Original Deposit and Reimbursement Agreement and the proposed form of Amendment to Deposit and Reimbursement Agreement are attached as Exhibit D hereto. Such form of Amendment to Deposit and Reimbursement Agreement is hereby approved, and the appropriate County officials are hereby authorized to execute and deliver the same in substantially such form, with such changes as the County officials executing the same may approve. 9. Advances of funds or contributions of work in kind from any lawful source, specifically including but not limited to the County or the Petitioner, may be reimbursed from bond proceeds or from special tax revenue or both to the extent of the lesser of the value or cost of the contribution. This resolution is adopted in part for the purpose of establishing compliance with the requirements of Section 1.150-2 of the United States Treasury Regulations. 10. The Petition has been signed and filed by authorized representatives of the owners in fee simple of all of the land in the Proposed District and there are no lessees of such land who, by the express terms of any existing leases, are obligated to pay the Special Taxes. Accordingly, pursuant to Section 32-24, the Council determines that it is unnecessary to conduct a public hearing or give notice of public hearing prior to the adoption of an ordinance of formation for the Proposed District. 415903. 6 4