00-32
.
.
.
-
<.... {;.
RESOLUTION NO. 00-32
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA ESTABLISHING ITS INTENT TO
REIMBURSE CERTAIN PROJECT COSTS INCURRED
WITH PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDING FOR SEVERABILITY;
PROVIDING REPEAL OF CONFLICTING
RESOLUTIONS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City Commission of the city of Clearwater, Florida (the
"Issuer") has determined that the need exists to acquire certain items of equipment
during the 2000-2001, 2001-2002 and 2002-2003 fiscal years;
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 oflaw.
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 2000-2001, 2001-2002, and 2002-2003 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 Bank of America pursuant 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 $15,000,000. 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.
Resolution No. 00-32
~',. ' ....
.
.
,-,'
.
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thereof in conflict herewith to the extent of such conflicts, are hereby superseded and
repealed.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 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption this 7th day of September, 2000.
Approved as to form:
~ ~
( :~ {'
J# Hayman -
Assistant City Attorney
~--~
Brian Aungst
Mayor-Commissioner
Attest:
L~.
E. GoudeaiI
erk
2
Resolution No. 00-32