03-32
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RESOLUTION NO. 03-32
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
CONNECTIOIN THEREWITH; 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 2003-2004, 2004-2005, and 2005-2006 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 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 2003-2004, 2004-2005, and 2005-2006
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 Sun Trust Leasing Corporation pursuant to a master
lease purchase agreement. It is not reasonably expected that the total amount
of the Project will exceed $18,000,000. 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 resolution or orders and parts
therof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.
Resolution No 03-32
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SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption this 18th day of September 2003.
Brian J. Aungs
Mayor-Comm' sioner
Approved as to form:
paff~{in
City Attorney
Attest:
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Resolution No. 03-32