15-04RESOLUTION NO. 15 -04
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 including, but not
limited to, the projects set forth on Exhibit "A" 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 $20,000,000. 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 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thereof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.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.
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Resolution No. 15 -04
PASSED AND ADOPTED this PASSED day of March 2015.
A.• proved as to form:
P. ela . Akin
City Attorney
— GtP.4.9ritnCrc t�I�US
George N. Cretekos
Mayor
Attest:
zQ ivcaAct Ott-
Rosemarie CaII
City Clerk
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Resolution No. 15 -04
CITY OF CLEARWATER
Water & Sewer Utility Fund - 421
Projects for 2016 Revenue Bond Reimbursement Resolution 15 -04
Projects to Improve or Expand the Project Fiscal Years
Water & Sewer Utility System Number 2015 & 2016
Public Works Complex 92XXX 350,000
WWTP UV Disinfection 96204 2,500,000
Biosolids Treatment 96611 5,740,470
Sanitary Sewer Extensions 96630 2,517,870
Facilities Upgrade & Improvement 96654 2,400,000
Water Supply and Treatment 96740 900,000
Groundwater Replenishment Facility 96773 1,500,000
Automated Meter Reading 96774 3,000,000
Additional Treatment RO #3 967XX 1,000,000
$19,908,340
Exhibit A