R-98-1034•
C]
CITY OF CLERMONT
RESOLUTION
No. 1034
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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 THE OBLIGATIONS; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Clermont, Florida (the "Issuer"), has authorized capital
expenditures aggregating approximately $440,000 for the projects described in Exhibit A
hereto (individually a "Project" and collectively the "Projects"); and
WHEREAS, funds for the Projects will be provided on an interim basis from existing
cash resources of or temporary borrowings by the Issuer (the "Temporary Advances"); and
WHEREAS, pursuant to the budgetary and financial policies and practices of the
Issuer, the Temporary Advances are not available to fund the Projects on a long-term basis;
and
WHEREAS, it is reasonably expected that the Projects will be financed on a long-term
basis with the proceeds of tax-exempt lease-purchase obligations (the "Obligations") to be
issued by the Issuer under applicable laws of the State of Florida; and
WHEREAS, except for architectural, engineering and similar preliminary expenditures,
this Resolution is being adopted prior to or within 60 days after payment of the original
expenditure for each Project; therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER:
1. The Issuer 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 Projects will be reimbursed, in whole or in part,
from the proceeds of the Obligations; (b) the principal amount of the Obligations
will not exceed $495,000 in aggregate for all Projects (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 Obligations for a Project shall occur within 18 months
following the later of (i) the date of the original expenditure for the Project or
(ii) the date on which the Project is placed in service, but no later than three
004.109840.1
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CITY OF CLERMONT
RESOLUTION
No. 1034
Page 2
years after the date of the original expenditure for the Project; and (d) the
authorization and terms of the Obligations shall be subject and pursuant to
subsequent action and approval by the Issuer.
2. This Resolution shall take effect immediately upon its adoption.
DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CLERMONT, LAKE COUNTY, FLORIDA, THIS 27`'' DAY OF OCTOBER 1998.
CITY OF CLERMONT, FLORIDA
(OFFICIAL SEAL)
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Ken Norquist, May r
ATTEST:
i
C:--
eph E. Van Zi rty Clerk
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004.109840.1
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CITY OF CLERMONT
RESOLUTION
NO. 1034
Page 3
EXHIBIT A
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DESCRIPTION OF PROJECTS
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General Description of Project
Acquisition of:
Equipment (Computer system, telephone system, copy
machines and other office related equipment)
Fire Truck
Estimated Cost
300,000
140,000
440,000
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