99-12
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> 'RE:SOLUTIONS
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RESOLUTION NO. 99~12
A RESOLUTION OF THE CITY OF CLEARWATERt FLORIDA
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS INCURRED WITH PROCEEDS OF FUTURE
T AX~EXEMPT FINANCING; PROVIDING CERTAIN OTHER
MA TIERS ~ CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
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WHEREAS, the City Commission of the City of Clearwater, Florida (the ltIssuertl) has
. determined that the need exists to construct certain capital improvements known as the "Gateway
to the Beach" project consisting of realigning of the roads to the entrance to Cleanvater Beach
and replacement of the' intersections with a round-a-bout with a central focal point such as a
fountain, together with related engineering work (collectively, the ltprojectlt);
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 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. DECLARA IION 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 construction of the Project. Pending reimbursement, the
Issuer expects to use funds on deposit in its general funds and other funds legally available,
including funds acquired with interim financing, to pay a portion of the cost of the Project. It is
not reasonably expected that the total amount of debt to be incurred by the Issuer to reimburse
itself for expenditures paid with respect to the Project will exceed $10,000,000. This Resolution
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is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2
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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 invalidt such illegality or invalidity shall not affect any
other provision of this Resolutiont but this Resolution shall be construed and enforced as if such
illegal or invalid provision 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.
SECTION S. EFFECTIVE DATE. This resolution shall take effect immediately upon its
adoption.
PASSED 'AND ADOPTED this' 21st day of Januarv
. 1999.
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Approved as to form:
1J. It A
Pamela K. Akin, City Attorney
Attest:
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