2016-R-05 RESOLUTION NO.2016-R-05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDGEWATER, FLORIDA DECLARING THE OFFICIAL INTENT OF
THE CITY TO REIMBURSE ITSELF FROM THE PROCEEDS OF TAX-
EXEMPT OBLIGATIONS FOR AUTHORIZED CAPITAL
EXPENTITURES; AND PROVIDING FOR SEVERABILITY AND AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of Edgewater, Florida (the "City") in
connection with authorized capital expenses aggregating up to approximately $3,500,000 for
certain capital improvements by the City to its recreational areas, including Whistle Stop Park
(collectively, the "Projects"), expects to incur expenses for which the City will advance general
funds legally available for such purposes;and
WHEREAS, the City intends to reimburse itself for all or a portion of such expenses
from the proceeds of tax-exempt obligations to be incurred by the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER,FLORIDA,DULY ASSEMBELED THAT:
Section 1. Declaration of Official Intent. The City hereby declares its official intent
to reimburse itself from the proceeds of obligations to be incurred by the City for
expenses incurred with respect to the Projects from March 15, 2016 forward under
Treasury Regulation § 1.150-2. The obligations to be incurred to finance the projects are
expected not to exceed an aggregate principal amount of$3,500,000.
Section 2. Incidental Action. The Mayor, City Manager, City Clerk and Finance
Director are hereby authorized to take such actions as may be necessary to carry out the
purpose of this Resolution.
Section 3. Repealing Clause. All resolutions and orders or parts thereof in conflict
herewith,to the extent of such conflict,are hereby superseded and repealed.
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Section 4. Effective Date. This Resolution shall take effect immediately upon
passage and adoption.
Motion to approve was made by �r -�. with
second by $3 t; Qr) �� �,1� during the City Council
meeting held this 44-1-1..
..i day of January, 2016.
AYE NAY
Mayor Mike Ignasiak �+
Councilwoman Christine Power
Councilwoman Gigi Bennington �+
Councilman Dan Blazi N
Councilman Gary Conroy N
PASSED AND DULY ADOPTED this 4th day of January, 2016.
ATTEST: CITY COUNCIL OF THE
CITY OF EDGEWATER,F ORIDA
By:140.49i
Robin L. Ma usick 1 Mike Ignasiak
Interim City Clerk/Paralegal Mayor
Approved as to form:
_Amyl"
Aaron R. \Vol
City Attorney
For the use and reliance only by the City of Edgewater, Approved by the City Council of the City of Edgewater
Florida. Approved as to form and legality by: at a meeting held on this 4th day of January,2016 under
Aaron R. Wolfe,Esquire Agenda Item No 8
City Attorney
Doran,Sims,Wolfe&Ciocchetti
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