07-28
RESOLUTION NO. 07-28
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA SUPPLEMENTING RESOLUTION NO. 06-
53, ESTABLISHING ITS INTENT TO REIMBURSE
CERTAIN ADDITIONAL 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, which capital expenditures include those which were subject to
Resolution No. 06-53, as well as additional anticipated capital expenditures.
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 $66,000,000. 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thereof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.
Resolution No. 07-28
.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED this 1st
day of November I 2007.
-~.,..e t/ ~
~k V. Hibbard ~
Mayor
Kl as to form:
Pamela K. Akin
City Attorney
. Attest:
~ef
City lerk
)J1:>> - -OD n.
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Resolution No. 07-28