2000-R-15RESOLUTION NO.2000-R-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDGEWATER, FLORIDA, EXPRESSING THE CITY OF
EDGEWATER'S INTENTION TO BE REIMBURSED FROM
THE PROCEEDS OF TAX-EXEMPT BONDS FOR CERTAIN
CAPITAL EXPENDITURES TO BE PAID BY THE CITY OF
EDGEWATER PRIOR TO THE ISSUANCE OF THE BONDS;
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, the City Council of the City of Edgewater (the "Issuer") has authorized capital
expenditures aggregating approximately three million nine hundred fifty thousand and 00/100 dollars
($3,950,000.00) 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 we 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 bonds (the "Bonds") 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 sixty (60) days after payment of the original
expenditure for each Project.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Edgewater,
Florida (the `Issuer"):
2000-R-15
Section 1. The Issuer hereby declares official intent for the Ottrposes 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 Bonds; (b) the principal
amount of the Bonds will not exceed three million nine hundred fifty thousand and 00/100 dollars
($3,950,000.00) 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 Bonds for a 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 Bonds shall be
subject and pursuant to subsequent action and approval by the Issuer.
Section 2. 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 C ,,,,,-/i,,,_ and Second bye � A4-z - , the vote on
this resolution was as follows:
AYE NAY
Mayor Donald A. Schmidt
✓
Councilman James P. Brown
Councilman Dennis A. Vincenzi
Councilwoman Harriet E. Rhodes
Councilwoman Judy Lichter
2000-R-15
D
)VOV Ati
PASSED AND DULY ADOPTED this day of 9ctebaF,-2000.
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
2000-R-15
CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA y�
By:
Donald A. Schmidt
Mayor
Robin L. Matusick
Legal Assistant
Approved by the City Council of the City of
Edgewaterr,, at a meeting held on this 6
day of ,i�iro.+{�+- 2000 under
Agenda Item No.
EXHIBIT "A"
DESCRIPTION OF PROJECTS
General Description of Proiect
Estimated Capital Cost
Fire Pumper and Associated Equipment (General Fund) $
250,000
Dale Street Extension - Road Construction (General Fund)
200,000
Date Street Extension - Drainage (Enterprise Fund - Stormwater)
100,000
Realignment of Airpark Road at Massey Airport (General Fund)
200,000
Water Plant Modifications (Enterprise Fund - Utilities)
200,000
Total Estimated Capital Cost $
3,950,000
Less items deleted during 11/06/00 Council Meeting
- 3,000,000
TOTAL ESTIMATED CAPITAL COST $
950,000
Summary of Funds
General Fund $ 650,000
Stormwater Enterprise 100,000
Utilities Enterprise 3,200,000
Total $ 3,950,000
Less deleted items 3.000.000
TOTAL: $ 950,000
2000-R-15