R-05-1463CITY OF CLERMONT
RESOLUTION
NO. 1463
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 $465,511 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 $500,000 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.
JACK_515622.1
adoption.
Section 2. Effective Date. This Resolution shall take effect immediately upon its
• DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT,
LAKE COUNTY, FLORIDA, ON THIS 13th DAY OF DECEMBER, 2005.
(Official Seal)
CITY COUNCIL OF THE CITY OF
CLERMONT, FLORIDA
By: ~-~ z'r
Mayor Harold Turville
' ~ ~ 5;
Tracy Ackroyd, City `Clerk
•
2
JACK_515622.1
EXHIBIT A
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General Description of Project
Acquisition of fire truck
JACK_515622.1
DESCRIPTION OF PROJECT
Estimated Capital Cost
$465,511