title
INDUSTRIAL DEVELOPMENT BONDS - GOODWILL INDUSTRIES OF NORTH FLORIDA, INC. (B)
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF GAINESVILLE, FLORIDA TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $4,800,000 FOR THE PURPOSE OF REFUNDING THE JACKSONVILLE ECONOMIC DEVELOPMENT COMMISSION'S OUTSTANDING VARIABLE/FIXED RATE DEMAND REVENUE BONDS (GOODWILL INDUSTRIES OF NORTH FLORIDA, INC. PROJECT) SERIES 2003 AND LOANING FUNDS TO GOODWILL INDUSTRIES OF NORTH FLORIDA, INC. OR ITS SUCCESSORS OR ASSIGNS FOR THE FINANCING AND REFINANCING OF THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SOCIAL SERVICE CENTER FACILITIES IN GAINESVILLE, FLORIDA, JACKSONVILLE, FLORIDA AND FLAGLER COUNTY, FLORIDA; AUTHORIZING THE EXECUTION OF A MEMORANDUM OF AGREEMENT PERTAINING TO THE ISSUANCE OF SUCH BONDS; AUTHORIZING THE EXECUTION OF INTERLOCAL AGREEMENTS WITH THE CITY OF JACKSONVILLE, FLORIDA AND FLAGLER COUNTY, FLORIDA; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO.
recommendation
The City Commission adopt the proposed Resolution.
explanation
This Resolution provides preliminary approval of the issuance of Industrial Development Revenue Bonds (Goodwill Industries of North Florida, Inc. Project) (the "2010 Bonds"), in a principal amount not exceeding $4,800,000, for the purpose of making a loan of funds to Goodwill Industries of North Florida, Inc. (the "Borrower") in order to refinance certain obligations of the Borrower and thereby currently refund the Jacksonville Economic Development Commission Variable/Fixed Rate Demand Revenue Bonds (Goodwill Industries of North Florida, Inc. Projects) Series 2003, and to finance improvements to social service centers of the Borrower in Gainesville and in Duval County, Florida. The 2010 Bonds shall not constitute a debt, liability of obligation of the City of Gainesville, Florida or the State of Florida or any political subdivision thereof, but shall be payable solely from the ...
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