07-20
RESOLUTION NO. 07-20
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA, ESTABLISHING THE CITY'S INTENT TO
REIMBURSE CERTAIN PROJECT COSTS
INCURRED WITH PROCEEDS OF FUTURE TAX-
EXEMPT FINANCING; PROVIDE CERTAIN OTHER
MATTERS IN CONNECTIOIN 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 acquire certain items of
equipment during the 2007-2008 fiscal year;
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 acquisition of
equipment as set forth in the Issuer's 2007-2008 fiscal year budget, as amended
and supplemented from time to time (the "Project"). The Issuer intends on
acquiring each item of equipment constituting a portion of the Project with funds
then on deposit in the Issuer's bank account, and within a reasonable time
thereafter refinancing such purchases within lease purchase financing with Sun
Trust Leasing Corporation pursuant to a master lease purchase agreement. It is
not reasonably expected that the total amount of the Project will exceed
$7,000,000. 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 herein and the remaining provisions
shall be construed and enforced as if such illegal or invalid provisions had not
been contained therein.
SECTION 4. REPEALING CLAUSE. All resolution 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thereof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.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 14th day of
Al1gl1~j- ,2007.
=t..-A? j/ /~
r:mnk V. Hibbard
Mayor
Approved as to form:
~ K. Akin
City Attorney
Attest:
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