10-22RESOLUTION NO. 10-22
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 Council of the City of Clearwater, Florida (the "Issuer") has
determined that the need exists to construct certain capital improvements to the City's water and
sewer system together with engineering work regarding the water and sewer facilities, more
particularly describe on Exhibit A attached hereto (collectively, the "Project");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL 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 water and sewer 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 $24,000,000.00. This Resolution is intended to constitute
a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax
Regulations.
Resolution 10-22
SECTION 3. SEVERABILITY. If any one 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conflict herewith to the extent of such conflicts, are hereby superseded and repealed.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
5th day of October, 2010.
r
Frank V. Hibbard
Mayor
Approved s to form:
Pamela K. Akin
City Attorney
Attest:
Rosemarie Call
City Clerk
Ne..
(SEAL)
Resolution 10-22