99-46
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RESOLUTION NO. 99-46
A RESOLUTION OF THE CITY OF CLEAR WATER, FLORIDA
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS INCURRED WITH PROCEEDS OF FUTURE
TAX-EXEMPT FINANCING; PROVIDING CERTAIN OTHER
MA TIERS IN CONNECTION THEREWITH; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Clemwater, Florida (the "Issuer") has
determined that the need exists to construct certain capital improvements consisting of off-street
parking garages on Clearwater Beach, together with engineering work regarding the parking
facilities (collectively, the "Project");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA THAT:
SECTION 1. AUTHOlUTY, This Resolution (hereinafter called the "Resolution") is
adopted pursuant to the provisions ofthe 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. Pending reimbursement, the Issuer
expects to use funds on deposit in its parking system enterprise funds and/or 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 $30 million. This Resolution is intended to constitute a "declaration of official intent" within
the meaning of Section 1.150-2 of the Income Tax Regulations.
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SECTION 3, SEVERABILITY. If any one or more of the provisions ofthis Resolution shall
for any reason be held illegal or invaUd, 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herewith to the extent of such conflicts, are hereby superseded and repealed.
SECTION 5, EFFECTIVE DATE. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this 9th day of December
, 1999,
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as to fonn:
P ela K, Akin
City Attorney
Cynthia E. Goudeau
City Clerk
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