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RESOLUTION NO. 00-19
A RESOLUTION PROVIDING FOR THE SALE OF NOT TO EXCEED $51
MILLION INFRASTRUCTURE SALES TAX REVENUE BONDS; APPROVING
THE SERIES 2000 PROJECT; PROVIDING THAT SUCH BONDS SHALL BE
ISSUED IN FULL BOOK ENTRY FORM; ESTABLISHING ITS INTENT TO
REIMBURSE CERTAIN PROJECT COSTS INCURRED WITH PROCEEDS OF
FUTURE TAX-EXEMPT FINANCING; AUTHORIZING THE VALIDATION OF
THE BONDS; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on May 6, 1999, the City Commission of the City of Clearwater, Florida (the
"City" or the "Issuer") enacted Ordinance No.6352-99 (the "Bond Ordinance") to provide for the
issuance of City's Infrastructure Sales Tax Revenue Bonds, Series [to be determined] in one or more
series from time to time payable from Sales Tax Revenues (as defined therein); and
WHEREAS, the City previously designated the initial project (the "Series 1999 Project"),
to be financed with the first series of bonds, the "Infrastructure Sales Tax Revenue Bonds, Series
1999" (the "Series 1999 Bonds"); and
WHEREAS, it is in the best interest of the City to designate a second project (the "Series
2000 Project"), the costs of which is to be financed, in part, with the proceeds of the "Infrastructure
Sales Tax Revenue Bonds, Series 2000," (the "Series 2000 Bonds"); and
WHEREAS, it is in the best interest ofthe City to provide for the public sale of not to exceed
$51 million of Series 2000 Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA, AS FOLLOWS:
SECTION 1. FINDINGS. The City Commission hereby finds and determines:
A. The City Commission has previously determined the necessity to replace the
Memorial Causeway Bridge (the "Bridge") in Resolution No. 96-38, adopted May 2, 1996,
the City's intent to replace the bridge within four to five years in Resolution No. 96-28,
adopted March 21, 1996 and entered into a Joint Participation Agreement with the Florida
Department of Transportation to construct the Bridge in Resolution No. 97-41, adopted on
June 19, 1997, each said decision being reached while receiving, public input, comments and
advice from professionals generally recognized to be experts in matters relating to bridge and
road design and traffic flow patterns and needs, as well as comments from the citizens ofthe
City in relation to the Bridge and/or the project now denoted as the Series 2000 Project.
B. The City and Pinellas County (the "County") have entered into an Interlocal
Agreement whereby the County is providing funding assistance in an amount not to exceed
$10,000,000 for completion of the Project.
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C. Based on the extensive information received by the members of the City
Commission through such public input and in reports of the professionals engaged by the
City, the City Commission hereby determines that the Series 2000 Project, as hereinafter
approved, is necessary for the continued health and safety of the citizens of the City and
visitors to the City and that the construction of the Series 2000 Project and the financing
thereof with proceeds of the Series 2000 Bonds is in furtherance of the public health and
safety of the citizens of the City of Clearwater.
SECTION 2. AUTHORIZATION OF BONDS, SERIES DESIGNATION. That portion
of the Infrastructure Sales Tax Revenue Bonds, Series [to be determined] authorized by the Bond
Ordinance being offered pursuant to this resolution is hereby designated as the not to exceed $51
million City of Clearwater, Florida, Infrastructure Sales Tax Revenue Bonds, Series 2000 (the
"Series 2000 Bonds"), which Series 2000 Bonds are hereby authorized to be issued. The proceeds
of the Series 2000 Bonds shall be used to pay (i) a portion of the costs of the 2000 Project (as
hereinafter identified), (ii) the costs of issuing the Series 2000 Bonds, (iii) the premium on theBond
Insurance Policy, if any and (iv) the premium for the debt service reserve fund surety bond or to
make a deposit to the Reserve Fund. The proceeds of the Series 2000 Bonds not required to pay the
amounts described in clauses (ii) through (iv) in the immediately preceding sentence shall be
deposited into the subaccount in the Construction Fund (created by the Bond Ordinance) for the
2000 Proj ect.
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SECTION 3. AUTHORIZATION OF SERIES 2000 PROJECT. The Series 2000
Project, consisting ofthose capital projects and improvements set forth on Exhibit A attached hereto,
the costs of which are to be paid, in part, with the proceeds of the Series 2000 Bonds, is hereby
approved by the City Commission ofthe Issuer. Such approval is consistent with the prior actions
of the Issuer, as set forth in Section 1, paragraph A above.
SECTION 4. BOOK ENTRY ONLY BONDS. It is in the best interest ofthe City and the
residents and inhabitants thereof that the Series 2000 Bonds be issued utilizing a pure book-entry
system of registration. In furtherance thereof, the City has previously executed and delivered a
Blanket Letter of Representations with the Depository Trust Company. For so long as the Series
2000 Bonds remain in such book entry only system of registration, in the event of a conflict between
the provisions of the Bond Ordinance and of the Blanket Letter of Representations, the terms and
provisions ofthe Blanket Letter of Representations shall prevail.
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SECTION 5. 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 Series 2000 Project. Pending
reimbursement, the Issuer expects to use funds on deposit in its general funds and other funds legally
available to pay a portion ofthe cost ofthe Series 2000 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 Series 2000 Project will exceed $51 million. This Resolution is intended to constitute
a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax
Regulations.
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. SECTION 6. VALIDATION AUTHORIZED. The City's Bond Counsel, in consultation
with the City Attorney, is hereby authorized and directed to file, on behalf ofthe City, a Complaint
in Validation ofthe Series 2000 Bonds, in accordance with the procedures set forth in Chapter 75,
Florida Statutes.
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SECTION 9. EFFECTIVE DATE. This resolution shall take effect immediately upon
adoption.
June
Passed arrd adopted this ~ day of May, 2000.
L.~;~
Briarr J. Aungst
Mayor-Commissioner
Approved as to form:
Attest:
/Ila~ Am
City Attorney
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EXHIBIT A
DESCRIPTION OF SERIES 2000 PROJECT
The Series 2000 Project shall consist of (i) acquisition by the City on behalf of, or acquisition
directly by the State of Florida Department of Transportation of right of ways and other related
interests in land, and (ii) the planning, construction and demolition associated with the resiting and
rebuilding of the Memorial Causeway East Bridge.
J: IBONDS\2000\3138\ResolutionsIRESO-2. WPD
April 24, 2000
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