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
•