06-08
RESOLUTION NO. 06-08
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 consisting of
those public infrastructure improvements and other capital improvements that are to be
completed by the Issuer, or the costs of which are to be reimbursed to a Developer
pursuant to a Development Agreement for the Developer's completion thereof,
consisting of, but not limited to, (i) parking garage access improvements, (ii)
reconstruction, relocation or realignment of public roadways and rights of way, including
the vacating of public rights of way, (iii) pedestrian walkways and related improvements
to South Gulf View and Beach Walk, and (iv) other capital improvements necessary to
implement the Beach by Design Plan as set forth in and approved by Ordinance No.
6917-01 (collectively, the "Project");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CLEARWATER, FLORIDA:
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 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
$14,000,000. 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 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.
Resolution No. 06-08
SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED this 2nd
Approved as to form:
p~a K. Akin
City Attorney
Page 2
day of February
,2006.
:;:fG..~~~
~k V. Hibbard
Mayor
Attest:
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flcynt . Go.u~ea~~ ~ ......... .
City lerk.. . .. . .
, . -
Resolution No. 06-08