2001-R-02RESOLUTION NO.2001-R-02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDGEWATER, FLORIDA, EXPRESSING THE CITY OF
EDGEWATER'S INTENTION TO BE REIMBURSED FROM
THE LOAN PROCEEDS FOR CERTAIN CAPITAL
EXPENDITURES TO BE PAID BY THE CITY OF
EDGEWATER PRIOR TO THE ISSUANCE OF THE NOTE;
REPEALING RESOLUTIONS IN CONFLICT HEREWITH
AND ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Edgewater, Florida, has made the following
determinations:
WHEREAS, funds for the Project will be provided on an interim basis from existing cash
resources of the Borrower (the "Temporary Advances"); and
WHEREAS, pursuant to the budgetary and financial policies and practices ofthe Borrower,
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 the loan (the "Loan") to be obtained by the Borrower under applicable laws of
the State of Florida; and
WHEREAS, this Resolution is being adopted prior to or within sixty (60) days after payment
of the original expenditure for each Project.
WHEREAS, the City Council of the City of Edgewater (the `Borrower") has authorized
capital expenditures aggregating approximately two million and 00/100 dollars ($2,000,000.00) for
the reclaimed water system improvements (the "Project"); and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Edgewater,
Florida (the "Borrower"):
Section 1. The Borrower 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
2001-R-02
Advances for the Projects wilt be reimbursed, in whole or in part, from u,e proceeds of the Loan; (b)
the principal amount of the Loan will not exceed two million and 00/100 dollars ($2,000,000.00)
plus an allowance for financing costs; (c) such reimbursement from the proceeds of the Loan for the
Project shall occur within eighteen (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 (3) years after the date of the original expenditure for the Project; and (d) the authorization and
terms of the Loan shall be subject and pursuant to subsequent action and approval by the Borrower.
Section2. All resolutions or parts of resolutions in conflict herewith be and the same are
hereby repealed.
Section 3. This resolution shall take effect upon adoption.
After Motion by G' and Second by C,-4—,d --- , the vote on
this resolution was as follows:
AYE NAY
Mayor Donald A. Schmidt/
P
Councilman James P. Brown
Councilman Dennis A. Vincenzi
Councilwoman Harriet E. Rhodes
Councilwoman Judy Lichter
2001-R-02
2
PASSED AND DULY ADOPTED this 6� day of February, 2001.
ATTEST:
For the use and reliance only by the City of
Edgewater, Florida. Approved as to form and
legality by: Scott A. Cookson, Esquire
City Attorney
Foley & Lardner
CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORI
sy.�
Donald A. Schmidt
Mayor
Robin L. Matusick
Legal Assistant
Approved by the City Council of the City of
Edgewater at a meeting held on this &_
day of 2000 under
Agenda Item N . � 6
2001-R-02