84-KKKA RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA, RELATIVE
TO STATE POLICY CONCERNING THE ALLOCATION
OF INDUSTRIAL REVENUE BONDS.
WHEREAS, the Tax Reform Act of 1984 (the "Act") has been
passed by the United States Congress and signed by the President;
and
WHEREAS, the Act contains several provisions which
relate to Industrial Development Bonds ("IDBs") including an
annual ceiling on the volume of Florida IDBs equal to $150
multiplied by the population of Florida as determined by the
Bureau of the Census; and
WHEREAS, the Act provides that the Florida IDB alloca-
tion, in the absence of an alternate method established by the
Governor or by the legislature, is to be allocated 50% to the
State and its agencies and 50% to local issuers; and
WHEREAS, the City Council of the City of Boynton
Beach supports the adoption by the Governor and the Legislature
of an alternate method of allocating the IDB volume cap.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY.THE
CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. That the statewide volume cap should be
divided in a manner which allocates 75% of the volume cap locally
and reserves 25% to the State and its agencies.
Section 2. That the portion of the volume cap allocated
to local issuers should be based on county population, but admi-
nistered by the State Division of Bonds in a manner which would
allow any issuer within a county to issue IDBs on a first come
first served basis until the aggregate volume of IDBs issued by
all issuers within a county equals $112.50 (75% of $150)
multiplied by the number of residents of the county.
Section 3. That any issuer within a county should be
entitled to reserve a portion of the county allocation on a first
come first served basis for a period of 60 days in advance of the
issuance date of an IDB by filing a request for reservation with
the State Division of Bonds and receiving a confirmation of the
reservation.
Section 4. That if the IDB is not issued within the 60
day reservation period,.then the issuer should be entitled to
file one additional request with the Division for a 30 day
reservation of an allocation on a first come first served basis
determined as of the date the additional request is filed.
Sec___~tio__~n ~. That if a county exceeds its allocation
during any year prior to November 1, any issuer within the count~
may apply to the State for use and reservation of a portion of
the State's allocation.
Section 6. That starting on November 1 of each year,
all unreserved and unused bonding capacity for each county and
the State should be pooled and made available to all issuers
within the state on a first come first served basis, and issuers
should be able to reserve a portion of the pooled allocation for
no more than 30 days by filing a request for reservation with the
State Division of Bonds and receiving a confirmation of the
reservation.
Section 7. That IDB financing for public projects sub-
ject to the volume cap shall not exceed $10,000,000 per project,
unless there is an unreserved allocation at the end of the year.
PASSED AND ADOPTED this day of , 1984
CITY OF BOYNTON BEACH, FLORIDA
C~uncil
ATTEST:
City ~erk
(Corporate Seal)