R-2017-22 CITY OF CLERMONT
RESOLUTION NO. 2017-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CLERMONT, LAKE COUNTY, FLORIDA, EXPRESSING THE CITY'S
INTENTION TO BE REIMBURSED FROM THE PROCEEDS OF TAX-
EXEMPT OBLIGATIONS FOR CERTAIN CAPITAL EXPENDITURES
TO BE PAID BY THE CITY PRIOR TO THE ISSUANCE OF SUCH TAX-
EXEMPT OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, City of Clermont, Florida (the "City"), expects to incur capital expenditures
aggregating approximately $24,000,000 for the project described in Exhibit A hereto ("Project");
and
WHEREAS, funds for the Project will be provided on an interim basis from existing cash
resources or temporary borrowings by the City(the"Temporary Advances"); and
WHEREAS,pursuant to the budgetary and financial policies and practices of the City, the
Temporary Advances are not available to fund the Project on a long-term basis; and
WHEREAS,it is reasonably expected that the Project will be financed on a long-term basis
with the proceeds of tax-exempt obligations (the "Tax-Exempt Obligations") to be issued by the
City under applicable laws of the State of Florida; and
WHEREAS, except for any architectural, engineering and similar preliminary
expenditures, this Resolution is being adopted prior to or within 60 days after the date of the
payment of the capital expenditure to be reimbursed;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Clermont,
Lake County, Florida:
Section 1. Official Intent.
The City_hereby declares official intent for the purposes of Section 1.150-2 of the Treasury
Regulations, as follows:
It is reasonably expected that:
(a) Temporary Advances for the Project will be reimbursed, in whole or in part, from
the proceeds of the Tax-Exempt Obligations;
(b) The principal amount of the Tax-Exempt Obligations will not exceed $24,000,000
for the Project(which amount includes the capital expenditures described in Exhibit
A,plus an allowance for financing costs,reserve funds and original issue discount);
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CITY OF CLERMONT
RESOLUTION NO ;2017-22
(c) Such reimbursement from the proceeds of the Tax-Exempt Obligations for the
Project shall occur within 18 months following the later of
(i) The date the capital expenditure to be reimbursed was paid, or
(ii) The date on which the Project is placed in service, but not later than three
years-after the date of such capital expenditure for the Project; and
(d) The authorization and terms of the Tax-Exempt Obligations shall be subject and
pursuant to subsequent action and approval by the City Council.
Section 2. Effective Date.
This Resolution shall take effect immediately upon its adoption.
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CITY OF CLERMONT
RESOLUTION NO. 2017-22
DONE AND RESOLVED by the City Council of the City of Clermont, Lake County,
Florida,this 25th day of April, 2017.
(Official Seal) CITY COUNCIL OF THE CITY OF
CLERMONT,FLORIDA
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1•••ii Gail L. Ash, Mayor
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BY:
Denise Noak, Acting City Clerk
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CITY OF CLERMONT
RESOLUTION NO. 2017-22
EXHIBIT A
DESCRIPTION OF PROJECT
General Description of Project Estimated Capital Cost
Acquisition, construction, equipping and/or installation of the
following Master Plan capital projects:
Victory Pointe - Victory Pointe is a regional stormwater project with a
unique wetland filter marsh. It also has boardwalks, trails, a new event
area, a pavilion and triathlon beach. $ 9,650,367
Boat Ramp Relocation — In connection with the Victory Pointe project,
the existing antiquated boat ramp will be improved and relocated. The
improved boat ramp will provide for additional parking,safer and reduced
trail crossing, improved lighting and improved vehicle-trailer
stacking. The new boat ramp will be located on the western bank of Lake
Minneola, adjacent to Lake Hiawatha Park. 1,900,000
Downtown Waterfront District - The Downtown Waterfront District area
includes Montrose Street, Minneola Street and Osceola Street between 7th
and 8th. The proposed improvements will consist of streetscape,
landscaping, bathrooms, lighting, upgrades for event lighting and music,
banners and beautification. A focal point will be created at City Hall Park
to anchor downtown visitors, creating a destination and meeting point in
the heart of downtown Clermont. The improvements will include a
refurbished park at the 8th Street Pier named "Meet us in the Middle"
Plaza. This plaza will be the demarcation and celebration of the half-way
point of the Coast-to-Coast Trail. 11,000,000
Legacy Loop Trail Spur - The Legacy loop and smaller connectivity
projects will encourage trail users to travel through downtown from the
heavily utilized South Lake Trail. The path of the loop is proposed to run
along Minneola Avenue from 7th street to West of Victory Pointe. The
first leg of the loop is between 7th and 8th on the North side of Minneola. 1,300,000
Public Wi-Fi Network - Construction of a public Wi-Fi- network along
the Clermont city limits of the Coast-to-Coast Trail (South Lake
Trail). This project will allow for safer and more accurate navigation of
the Coast-to-Coast Trail. 750,000
Total Estimated Project Cost: $24,600,367
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