08-23
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RESOLUTION NO. 08-23
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA, ESTABLISHING THE CITY'S INTENT TO
REIMBURSE CERTAIN PROJECT COSTS
INCURRED WITH PROCEEDS OF FUTURE TAX-
EXEMPT FINANCING; PROVIDE CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Clearwater, Florida (the
"Issuer") has determined that the need exists to acquire certain items of
equipment during the 2008-2009,2009-2010,2010-2011,2011-2012, and 2012-
2013 fiscal years.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF CLEARWATER, FLORIDA THAT:
SECTION 1. AUTHORITY. This Resolution (hereinafter called the
"Resolution") is adopted pursuant to the provisions of the Florida Constitution,
Chapter 166, Florida Statutes, and other applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses
its intention to be reimbursed from proceeds of a future tax-exempt financing for
capital expenditures to be paid by the Issuer in connection with the acquisition of
equipment as set forth in the Issuer's 2008-2009, 2009-2010, 2010-2011, 2011-
2012, and 2012-2013 fiscal year budgets, as amended and supplemented from
time to time (the "Project"). The Issuer intends on acquiring each item of
equipment constituting a portion of the Project with funds then on deposit in the
Issuer's bank account and within a reasonable time thereafter refinancing such
purchases within lease purchase financing with The Bancorp Bank/dba/Mears
Motor Leasing pursuant to a master lease purchase agreement. It is not
reasonably expected that the total amount of the Project will exceed
$30,000,000. This Resolution is intended to constitute a "declaration of official
intent" within the meaning of Section 1.150-2 of the Income Tax Regulations.
SECTION 3. SEVERABILITY. If anyone or more of the provisions of this
Resolution shall for any reason be held illegal or invalid, such illegality or
invalidity shall not affect any other provision herein and the remaining provisions
shall be construed and enforced as if such illegal or invalid provisions had not
been contained therein.
SECTION 4. REPEALING CLAUSE. All resolutions or orders and parts
thereof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.
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Resolution No. 08-23
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SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED this 18th day of September
,2008.
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'Frink V. Hibbard
Mayor
Approved as to form:
Mkin
City Attorney
Attest:
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Resolution No. 08-23