97-52RESOLUTION NO. 97-52
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA ESTABLISHING ITS INTENT TO REIMBUR.SE
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 "Projec�");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA THAT:
SECTION 1. AUTHORITY. This Resoluti�n (hereinafter called
the "Resolution") is adopted pursuant to the provisions of the
'� Flnrida Constitution, Chapter 166, Florida Statutes, and other
a�plicable proviaions of law.
SECTION 2. DECLAR.ATION OF INTENT. The Isauer hereby
expresses its intention to be reimbursed from proceeds of a
future tax-exempt financing for capital expen.ditures 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
en.terprise fund and funded from revenu�s of the System to pay
costs of the Project. It ia 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 $8,000,000. This Resolution is intended to constitute a
"declaration of official intent" within the meaning of Section
1.150-2 of the Income Tax Regulationa.
�
SECTION 3. SEVERABILITY. If any one or more of the pro-
viaions of thie Resolution shall for any reason be held illegal
or invalid, such illegality or invalidity ahall not affect any
ather proviaion of this Resolution, but this Resolution shall be
aonstrued and entorced as if such i].legal or invalid provision
had not been contained therein.
Resoiuti�n 97=52
a`
SECTION 4. REPEALING CLAUSE. All reaolutions 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conflicts, are hereby superseded and repealed.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 AD�PTED by the City Commission of th19 �ity of
Clearwater, Florida, this 4th day of September �
�`' Rita Garvey
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Mayor-Comm�issioner
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AmTEST:
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Cynt 'a E Goudeau
City lerk
Approved as to form:
Pa� K, in
City Attorney
2 Resolutinn 47-52