97-46RESOLJLTION NO. 97-46
A RESOLUTION OF THE CITY OF CLEARWATER,
�I.ORIDA ESTABLISHING ITS INTENT TO
ItEIIvIBURSE CERTAIN PROJECT COSTS INCURRED
WITI� PROCEEDS OF FUTURE TAX-EXEMFT
FINAI�TCING; FItOVIDE CERTAIN OTHER
�TTE3.tS IN CONNECTION T'I3EREWITH; AND
PROV�INC'i AN �FFECTIVE DATE.
WHEREAS, the City Comimission of the city of Clearwater, Florida (the
"Issue�") has determined that the need e�sts to acquire certain items of equipment
during the 1997-1998 fiscal year;
NOW, TF�ItEFORE, BE TT RESOLVED BY TF� CITY COMMISSION OF
Ti-� CITY O]F CLEARWATER, FLORIDA THAT:
SEC'I`ION 1. AU!'fIORITY. This resolution (hereinafter called the
"�nlution'� 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
in�ent�on to be reimbursed from procceds of a future tax-exempt financing for capital
expe�ditures to be paid by the Issuer in connection with the acquisition of equipment as set
forth in the Issuer's 1997-1998 fiscal year budget, as amended and supplemented from
time to time (the "Project'�. The Issuer intends on acquiring each item of equipment
constftuting a portion of the Project �vith funds then on deposit in the Issuer's bank
uccoemt, and within a reasonable time thereafter refinancing such purchases within lease
purchase financing with GE Capital Public Finance pursuant to a master lease purchase
agt�eement. 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
52,761,480. This resolution is inteaded to consGtute a"declaration of o�cial intent"
wi4hin the meaning of Section 1,150-2 of the Income Tax Regulations.
51ECTION 3. SEVERABILITY. 1f any one or more of the provisions of this
Re�aiutiorY shal! for any reason be held illegal or inr�alid, such illegality or invalidity shall
uo# affeci any cbnstrued and enforced as if such itlegal or invalid provisions had nat becn
Coniained therein.
SEL"fION 4. FtEP�ALLINC3 CI,AtJ5�. All resolutions ar rrtdcrs and parts tltcreaf
� tx�nflict i�rcw�th W the cictcnt nf sr�ch carflicts, arc ticrcby supers�dcd a�ui rcpealc�.
SECTION 5. EFFECTIVE DATE. This resolution shail take ef%ct
immediately upon its �doption this 7th day of Aueust , 1997.
�sE�)
I A
A,T'TEST:
�G. ���
�ria E. Goudeau, City Clerk
Approved as to form;
�
Pamela K. 'n, City Attorney
�
CdTY OF CLEARiNATER, FLORIDA
Rita Garvey, Mayor-Commissi er