06-53
RESOLUTION NO. 06-53
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 capital improvements and expansions to
the City's Water and Sewer Utility System (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 $40,000,000. 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in conflict herewith to the extent of such conflicts, are hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption.
Resolution No. 06-53
PASSED AND ADOPTED this ')1-h day of ()"1-nh.,r
Approved as to form:
~t
Pamela K. Akin
City Attorney
,2006.
4~ t/ ~
Fra11k V. Hibbard
Mayor
Attest:
Resolution No. 06-53