9357-20ORDINANCE NO. 9357-20
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA; RATIFYING THE ADOPTION OF RESOLUTION
NO. 19-34; AUTHORIZING THE ISSUANCE OF BONDS TO
FINANCE A PORTION OF THE COSTS OF THE IMAGINE
CLEARWATER PROJECT IN ACCORDANCE WITH THE
CITY CODE OF ORDINANCES; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Clearwater (the "Issuer") deems it necessary, desirable and
in the best interests of the Issuer and its citizens and to serve a paramount public purpose
that the Imagine Clearwater Project (the "Project") be completed; and
WHEREAS, the Project shall be financed and/or reimbursed with the proceeds of
debt instruments, together with certain other legally available funds of the Issuer; and
WHEREAS, that in order to preserve and promote the gainful employment and
tourism and to enhance the economic prosperity and public welfare of the inhabitants of
the Issuer, it is necessary and desirable that the Project be completed; and
WHEREAS, the Issuer has adopted Resolution No. 19-34 on November 21, 2019
(the "Bond Resolution") authorizing the issuance of debt instruments (the "Series 2020
Bonds"), and in accordance with the Issuer's Code of Ordinances, Chapter 2, Article VI,
Section 2.522, the Issuer wants to ratify the adoption of the Bond Resolution and approve
the issuance of such debt instruments in accordance with the Issuer's Code of
Ordinances; and
WHEREAS, the estimated Non -Ad Valorem Revenues, after satisfying funding
requirements for obligations having an express lien on or pledge thereof and after
satisfying any funding requirements for essential governmental services of the Issuer
which are not funded by ad valorem taxation, will be sufficient to pay the principal of and
interest on the Series 2020 Bonds, as the same become due, and to make all other
payments provided for in the Bond Resolution; and
WHEREAS, the principal of and interest on the Series 2020 Bonds and all other
payments provided for in the Bond Resolution will be paid solely from the Pledged Funds;
and the ad valorem taxing power of the Issuer will never be necessary to pay the principal
of and interest on the Series 2020 Bonds and, except as otherwise provided in the Bond
Resolution, the Series 2020 Bonds shall not constitute a lien upon any property of the
Issuer; and
WHEREAS, the Issuer intends on adopting a Supplemental Resolution to provide
for the manner of sale and terms of the Series 2020 Bonds, including the approval of the
Purchase Contract, the designation of the Underwriter and the distribution of an offering
document in connection with the sale of the Series 2020 Bonds by the Underwriter, and
Ordinance No. 9357-20
the designation of the Paying Agent and Registrar, after it has completed the validation
of the Series 2020 Bonds authorized in Section 8.08 of the Bond Resolution; now
therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLEARWATER,
FLORIDA:
Section 1. The adoption of the Bond Resolution is hereby ratified and confirmed
and the issuance of the debt instruments identified as the Series 2020 Bonds is hereby
approved, subject to and in conformity with the provisions set forth in the Bond Resolution
as the same may be modified or supplemented prior to the issuance of the Series 2020
Bonds as contemplated by the Bond Resolution.
Section 2. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING JAN 1:6 2019
FEB 0.6 2020
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Mayor
George N. Cretekos
Approved as to form: Attest:
2
Rosemarie Call
City Clerk
Ordinance No. 9357-20