99-36
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RESOLUTIONS
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RESOLUTION NO. 99-36
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA EST ABLISHlNG ITS INTENT TO
REIMBURSE CERT AIN PROJECT COSTS INCURRED
WITH PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDE CERTAIN OTHER
MATTERS IN CONNECTlON THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the city of Clearwater, Florida (the
uIssuer") has detenl1ined that the need exists to acquire certain items of equipment
during the 1999-2000 fiscal year;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF CLEAR WATER, FLORIDA THAT:
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SECTION 1. AUTHORITY. This resolution (hereinafter called the
uResolutionU) 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 finuncing for capital
expenditures to be paid by the Issuer in connection with the acquisition of equipment as
set forth in the Issuer's 1999-2000 fiscal year budget, as amended and supplemented
from time to time (the "Project"). The lssuer 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 GE Capital Public Finance pursuent to a master lease
purchase agreement. '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 $5,026.000. 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 construed and enforced as if such illegal or invalid provisions had
not been contained therein. '
SECTION 4. REPEALING CLAUSE. An resolutions or orders and parts
thereof conflict herewith to the extent of such conflicts) are hereby superseded and
@ repealed.
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SECTION 5. EFFECTIVE DATE. This resolution shall take effect
, i,mmediately upon its adoption this 2nd day of September, 1999.
':,' (SEAL)
, ATTEST:
Approved as to fonn:
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~el. \{; Akin, City At?omey .
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CITY OF CLEAR WATER, FLORIDA
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Brian Aungst, rvliYorMCommissioner
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