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R-06-1506CITY OF CLERMONT RESOLUTION • NO. 1506 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLERMONT, 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 $1,138,350 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 payment of the capital expenditure to be reimbursed; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, 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 $1,320,000 in aggregate 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); (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 no 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. • CITY OF CLERMONT RESOLUTION • NO. 1506 Section 2. Effective Date. This Resolution shall take effect immediately upon its adoption. DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA, ON THIS 12`h DAY OF DECEMBER, 2006. (Official Seal) CITY COUNCIL OF THE CITY OF CLERMONT, FLORIDA ,. By. ayor Harold Turville A I'TEST: !~ Tracy Ackroyd, City Clerk 2 EXHIBIT A • • DESCRIPTION OF PROJECT General Description of Project Acquisition of 4 recycling trucks Acquisition of 3 garbage trucks Total Estimated Capital Cost $577,920 560,430 $1,138,350 •