HomeMy WebLinkAboutResolution 2010-53 Compliance with United States Treasury for Temporary Loans for Reclaim Water Plant RESOLUTION NO. 2010-53
A RESOLUTION EXPRESSING THE INTENT OF THE
CITY OF WINTER SPRINGS, FLORIDA TO CONSTRUCT
AND EQUIP A RECLAIMED WATER PLANT AND
RELATED IMPROVEMENTS; EXPRESSING THE INTENT
FOR PURPOSES OF COMPLIANCE WITH UNITED
STATES TREASURY REGULATION SECTION 1.150- (2)(e)
TO REIMBURSE WITH THE PROCEEDS OF A FUTURE
FINANCING, CAPITAL EXPENDITURES MADE WITH
RESPECT TO THE CONSTRUCTION AND EQUIPPING
OF SUCH IMPROVEMENTS; PROVIDING FOR THE
ISSUANCE BY THE CITY OF NOTES, BONDS OR OTHER
OBLIGATIONS IN ONE OR MORE SERIES IN AN
AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING
$3,850,000 TO PAY THE COST OF SUCH PROJECTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Winter Springs, Florida (the "City ") intends to finance the cost
of the construction and equipping of a City owned and operated reclaimed water plant and
related improvements (the "Projects "), and to finance the costs of such Projects with the proceeds
of its bonds, notes or other obligations to be issued in the future in one or more series (the
"Financing "); and
WHEREAS, the City expects to initially pay certain costs of the Projects with funds
other than proceeds of the Financing (the "Advanced Funds ") and to reimburse itself for such
expenditures with proceeds from the Financing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA, THAT:
SECTION 1. AUTHORITY. This Resolution is adopted pursuant to Chapter 166,
Florida Statutes, and other applicable provisions of law (collectively, the "Act ").
SECTION 2. FINDINGS. The City Commission hereby finds, determines and declares
as follows:
A. The City is authorized under law, including, without limitation, the Act, to issue
the Financing for the valid public purpose of paying the cost of the Projects.
B. It is necessary, desirable, convenient and in the interest of the City that the
Projects be constructed, equipped and financed as contemplated in this Resolution.
C. The City intends to finance the cost of the design, permitting, construction,
equipping and installation of the Projects with the proceeds of its Financing to be issued in the
future.
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D. The City expects to pay certain costs of the Projects with Advanced Funds before
the issuance of the Financing.
SECTION 3. EXPRESSION OF INTENT. The City reasonably expects to use the
proceeds of the Financing to reimburse itself for all expenditures described herein made with the
Advanced Funds. Any such expenditures to be reimbursed have been paid not more than sixty
days earlier than the date of this Resolution or will be paid on or after the date of this Resolution.
This Resolution is a declaration of the official intent of the City in that regard, within the
contemplation of Section 1.150- (2)(e) of the Income Tax Regulations promulgated by the United
States Department of the Treasury.
SECTION 4. MAXIMUM AMOUNT OF DEBT. The maximum principal amount of
the Financing expected to be issued to finance the cost of the Projects is $3,850,000.
SECTION 5. FURTHER ACTION. The officers and employees of the City are hereby
authorized to do all acts and things required of them by this Resolution for the full, punctual and
complete performance of all the terms, covenants and agreements contained herein or necessary
or convenient to the issuance of the Financing as provided herein.
SECTION 6. REPEALING CLAUSE. All resolutions of the City or parts thereof in
conflict with the provisions hereof are to the extent of such conflict hereby superseded or
repealed.
SECTION 7. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED at the regular meeting of the City Commission of the City of
Winter Springs, Florida on the 27 day of September 2010.
By: / & 'G!�` `?
` 'i ayor
ATTEST n
. ik 1 ~'
AND ' .. A • RENZO - LUACES, City Clerk
Approved as to Form and sufficiency for the
Cit of Wi ter Springs only:
ANTHONY A. GARGANESE, .City Attorney
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