Resolution No. 2024-030RS
CLE06NT CITY OF CLERMONT
�,_�� RESOLUTION NO.2024-03OR
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 $15,000,000 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 $17,000,000 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); (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.
6,
CLERWONTN CITY OF CLERMONT
1-11(�h ,P- ' RESOLUTION NO.2024-030R
SECTION 2: EFFECTIVE DATE.
This Resolution shall take effect immediately upon its adoption.
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CLER CITY OF CLERMONT
0—fc - RESOLUTION NO.2024-03OR
DONE AND RESOLVED by the Mayor of the City Council of the City of Clermont, Lake
County, Florida, this 13th day of August 2024.
CITY OF CLERMONT
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Tim Murry, May
ATTEST:
dt
Tracy Ackroyd Howe, MMC
City Clerk
Appro s o rm and Legality:
Daniel F. Mantzaris, City Attorney
I, Tracy Ackroyd Howe, Clerk of the City of Clermont, Florida, hereby certify that the
foregoing is a true and correct copy of Resolution No. 2024-03OR of said City passed and adopted
on August 13, 2024.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
said City this 13th day of August, 2024.
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Tracy Ackroyd"Howe, MMC
City Clerk
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CLE06NT CITY OF CLERMONT
;7 RESOLUTION NO.2024-03OR
EXHIBIT A
DESCRIPTION OF PROJECT
General Description of Proiect
Estimated Capital Cost
The acquisition, construction, installation and equipping of a
new fire station with approximately 19,000 square feet of space
and four (4) bays to house up to four units, including a
command officer and sleeping capacity for 15 personnel $15,000,000