R-95-865
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CITY OF CLERMONT
RESOLUTION
No. 865
A RESOLUTION OF THE CITY OF CLERMONT, LAKE
COUNTY, FLORIDA, EXPRESSING THE CITY'S INTENTION
TO BE REIMBURSED FROM THE PROCEEDS OF TAX-
EXEMPT DEBT FOR CERTAIN CAPITAL EXPENDITURES TO
BE PAID BY THE CITY PRIOR TO THE ISSUANCE OF SUCH
DEBT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Clermont Florida (the "City") is undertaking a capital
project described in Exhibit A hereto (the "Project") with respect to which the City
expects to incur capital expenditures aggregating approximately $3,000,000; and
WHEREAS, funds for a portion of the Project will be provided on an interim
basis from existing cash resources of 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 tax-exempt or taxable debt; and
WHEREAS, except for (i) certain architectural, engineering and similar
preliminary expenditures and (ii) certain de minimis amounts, this Resolution is being
adopted prior to or within 60 days after payment of the original expenditure for the
Project; and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Clermont, Florida, as follows:
1.
The City hereby declares official intent for 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 debt to be incurred by the City; (b) the principal amount of such
debt will not exceed $3,000,000 in aggregate for the Project (c) the debt for the
Project will be incurred within 18 months following the later of (i) the date of
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CITY OF CLERMONT
RESOLUTION
No. 865
the original expenditure for the Project or (ii) the date on which the Project is
placed in service, but no later than three years after the date of the original
expenditure for the Project.
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 9TH DAY OF MAY, 1995.
CITY OF CLERMONT
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Robert A. Pool, Mayor -
Attest:
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~~ City Clerk
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EXHIBIT A
DESCRIPTION OF PROJECT
It
GENERAL DESCRIPTION OF PROJECT
The Project consists of the acquisition of an existing municipal
water system (the "System") from Lakes Hills Utilities, Inc. and
the acquisition, construction and installation of certain additions,
extensions and improvements thereto, including, but not limited
to, (i) construction of an elevated storage tank, (ii) modifications
to the System, (iii) construction and equipment of the Hancock
Well, (iv) construction and equipment of a temporary sewage
treatment plant and (v) construction of a lift station and
associated forced mains.
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Estimated Capital Cost
$3,000,000