01-21
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RESOLUTION NO, 01-21
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 CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission ofthe City of Clearwater, Florida (the "Issuer") has
determined that the need exists to construct certain capital improvements to the City's
stormwater system together with engineering work regarding the stormwater facilities
(collectively, the "Project");
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. 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 construction of the Project.
Pending reimbursement, the Issuer expects to use funds on deposit in its stormwater utility
funds, general funds and other funds legally available 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 $23
million. This Resolution is intended to constitute a "declaration of official intent" within the
Resolution No, 01-21
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 of this Resolution, 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conflict herewith to the extent of such conflicts, are hereby superseded and repealed.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 5. EFFECTIVE DATE. This resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED this 15th day of November
,2001.
Approved as to form:
p!!!A.kin
City Attorney
Attest:
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idcynthi .Goudea~..
if CIty Clerk ' ".:-..__.... .
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Resolution 01-21
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