94-21RESOLUTION NO. 94 -21
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA ESTABLISHING ITS INTENT TO REIMBURSE
CERTAIN 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 Commission of the City of Clearwater,
Florida (the "Issuer ") has determined that the need exists to
construct certain capital improvements consisting of the purchase
and installation of gas pipeline equipment, additional pipelines
and related facilities and equipment within the current service
area of the Issuer's gas system (the "System "), together with
engineering work regarding the potential expansion of the System to
serve additional areas in Pinellas County and Pasco County, Florida
(collectively, the "Project ");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 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. Pending
reimbursement, the Issuer expects to use funds on deposit in the
Capital Improvement Fund maintained in the System enterprise fund
and funded from revenues of the System to pay costs 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 $14,000,000. This
Resolution is intended to constitute a "declaration of official
intent" within the meaning of Section 1.103 -18 of the Income Tax
Regulations.
SECTION 3. SEVERABILITY. If any one 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are hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption.
Passed and adopted by the City Commission of the City of
Clearwater, Florida, this 28th day of —February, 1994.
J�a_
(SEAL) By: _
Mayor
ATTEST:
CN Clerk
Approved as to form and
correctness:
/ r
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