99-28
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.. RESOLUTIONS
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BM&O DRAFT #2
04/16/99
#2990
RESOLUTION NO. 99-28
A RESOLUTION PROVIDING FOR THE SALE OF NOT TO EXCEED
$12,000,000 INFRASTRUCTURE SALES TAX REVENUE BONDS;
APPROVING THE SERIES 1999 PROJECT; AUTHORIZING THE PUBLIC
SALE OF THE BONDS; DIRECTING PUBLICA nON OF THE SUMMARY
,NOTICE OF SALE RELATING TO SUCH BONDS; PROVIDING FOR THE
OPENING OF BIDS RELATING TO THE SALE OF THE BONDS; PROVIDING
THAT SUCH BONDS SHALL BE ISSUED IN FULL BOOK ENTRY FORM;
AUTHO~ZING THE VALIDATION OF THE BONDS; PROVIDING CERTAIN
OTHER MA TIERS IN CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on May 6, 1999, the City Commission of the City of Clearwater, Florida (the
"Citytl or the ltIssucr") enacted Ordinance No.6352-99 (the "Bond Ordinance") to provide for the
issuance of City's Infrastructure Sales Tax Revenue Bonds, Series [to be detennined], in one or more
series from time to time payable from Sales Tax Revenues (as defined therein); and
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WHEREAS, it is in the best interest of the City to designate the initial project (the "Series
1999 Project"), the costs of which is be financed with the proceeds of the "Infrastructure Sales Tax
Revenue Bonds, Series 1999," (the "Series 1999 Bonds"); and
WHEREAS, it is in the best interest of the City to provide for the public sale of not to exceed
$12,000,000 of Series 1999 Bonds;
NOW, THEREFORE, BE IT RESOLVED BY TI-IE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA, as follows:
SECTION 1. FINDINGS. The City Commission hereby finds and dctermines:
A. The City Commission has received through one or more public hearings input,
comments and advice from professionals generally recognized to be experts in matters
relating to road design and traffic flow patterns and needs, as well as comments from the
citizens of the City in relation to the Series 1999 Project.
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B. Based on the extensive infol1nation received by the members of the City
Commission through such public hearings mld in reports of the profcssionals engaged by the
City, the City Commission hereby determines that thc Series 1999 Project, as hereinafter
approved, is necessary for the continued health and safety of the citizens of the City and the
visitors to the City and that the construction of the Series 1999 Project and the financing
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thereof with proceeds of the Series 1999 Bonds is in furtherance of the public health and
safety of the citizens of the City of Clearwater.
SECI'ION 2. AUTHORIZATION OF BONDS, SERIES DESIGNATION. That portion
of the Infrastructure Sales Tax Revenue Bonds, Series [to be determined] authorized by the Bond
Ordinance being offered pursuant to this resolution is hereby designated as the not to exceed
$12,000,000 City of Clearwater, Florida, Infrastructure Sales Tax Revenue Bonds, Series 1999 (the
"Series 1999 Bonds"), which Series 1999 Bonds are hereby authorized to be issued. The proceeds
of the Series 1999 Bonds shall be used to pay (i) n portion of the costs of the 1999 Project (as
hereinafter identified), (ii) the costs of issuing the Series 1999 Bonds, (Hi) the premium on the Bond
Insurance Policy and (iv) the premium for the debt service reserve fund surety bond or to make a
deposit to the Reserve Fund. The proceeds of the Series 1999 Bonds not required to pay the wnounts
described in clauses (ii) through (iv) in the immediately preceding sentence shall be deposited into
the subaccount in the Construction Fund (created by the Bond Ordinance) for the 1999 Project.
SECTION 3. AUTHORIZATION OF SERIES 1999 PROJECT. The Series 1999
Project, consisting or those capital projects and improvements set forth on Exhibit A attached hereto,
the costs of which is to be paid with the proceeds orthe Series 1999 Bonds, is hereby approved by
the City Commission of the Issuer. Such approval is consistent with the prior actions of the Issuer.
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SECTION 4. PUBLIC SALE. There is hereby authorized to be sold pursuant to a public
sale not to exceed $12,000,000 City of Clearwater, Florida, Infrastructure Sales Tax Revenue Bonds,
Series 1999, in accordance with the parameters to be determined by subsequent resolution'ofthe City
Commission of the Issuer adopted prior to the sale of the Series 1999 Bonds.
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SECTION 5. SALE OF SERIES 1999 BONDS. The Financial Services Administrator
is hereby directed to publish the Summary Notice of Sale of the Bonds in a newspaper regularly
distributed in the City of Clearwater and in The Bond Buver, such publications to be on such date
as shall be deemed by the Financial Services Director to be in the best interest ofthe Issuer and such
publications to be not less than ten (10) calendar days prior to the dute of sale; and to publish such
Notice in such other newspapers on such dates as may be deemed appropriate by the Financial
Services Director.
Proposals for purchase of the Series 1999 Bonds will be received at the office of the
Financial Services Administrator of the City, 100 South Myrtle Avenue, Clcanvater, Florida 33756-
5520, from the time that the Notice of Bond Sale is published until 11 :00 a.m., Eastern Time, on
such date and time as may be established by the Financial Services Administrator of the City or her
designee, and if such date is subject to change, communicated through Munifacts News Service not
less than twenty-four (24) hours prior to the time bids are to be received for the purchase of the City
of Clearwater, Florida, Stormwater System Revenue Bonds, Series 1999, as provided in the Notice
of Sale (the "Bid Datelt).
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SECTION 6. APPROVAL OF FORMS. The Notice of Bond Sale, Summary Notice of
Sale of the Bonds nod the Official Bid Form to be submitted for purchase of the Serics 1999 Bonds
shall be in substantially the forms to be approved by subsequent resolution of the Issuer adopted
prior to the sale of the Series 1999 Bonds.
SECTION 7. BOOK ENTRY ONLY BONDS. It is in the best interest of the City and the
residents and inhabitants thereof that the Series 1999 Bonds ~Je issued utilizing a pure book-entry
system of registration. In furtherance thereof, the City ha~ prcviously executed and delivered a
Blanket Letter of Representations with the Depository Trust Company. For so long as the Series
1999 Bonds remain in such book entry only system of registration, in the event of a conflict between
the provisions of the Bond Ordinance and of the Blanket Letter of Representations, the terms and
provisions ofthe Blanket Letter of Representations shall prevail.
SECTION 8. VALIDATION AUTHORIZED. The City's Bond Counsel, in consultation
with the City Attorney, is hereby authorized and directed to file, on behalf ofthe City, a Complaint
in Validation of the Series 1999 Bonds, in accordance with the procedures set forth in Chapter 75,
Florida Statutes.
SECTION 9. EFFECTIVE DATE. This resolution shall take effect immediately upon
adoption.
Passed and adopted by the City Commission of the City of Clearwater, Florida, this 6lh day
of May, 1999. I
CITY OF CLEARWATER, FLORIDA
Approved as to form:
Attest:
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Pamel K. Akin, City Attorney
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EXHIBIT A
DESCRIPTION OF SERIES 1999 PROJECT
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The "Beach Entranceway" Project consists of a traffic roundabout which will reconcile traffic
circulation problems on Clearwater beach by addressing current arrival and distribution problems
at the intersections of Causeway Boulevard, Coronado Drive, Mandalay Avenue, and Poinsettia'
Avenue. Project elements include: 1) the traffic roundabout; 2) approximately 1000 lineal feet of
roadway realignment; 3) the elimination of three signal systems; 4) curbing; 5) sidewalks; 6)
urban drainage system; 7) traffic signage; 8) lighting; 9) significant irrigated landscaping; 10)
hardscaping; 11) relocation of all municipal utilities and portion of private utilities; 12) at~grade
pedestrian crossings and signalization; 13) a water fountain 'central to the roundabout; and 13)
other infrastructure improvements with associated appurtenances. This project will increase the
level of service of the roadway, increases air quality, and provide a safer environment for
pedestrians.
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