RESOLUTION NO. ____
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF LEESBURG, FLORIDA TO ACQUIRE WATER AND/OR WASTEWATER SYSTEMS AND CONSTRUCT, IMPROVE AND EQUIP BOTH ACQUIRED AND EXISTING WATER AND/OR SEWER UTILITY SYSTEM CAPITAL ASSETS; EXPRESSING THE INTENT FOR PURPOSES OF COMPLIANCE WITH UNITED STATES TREASURY REGULATION SECTION 1.150-(2)(e) TO REIMBURSE WITH THE PROCEEDS OF FUTURE TAX-EXEMPT FINANCINGS, CAPITAL EXPENDITURES MADE WITH RESPECT TO SUCH ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF SUCH CAPITAL ASSETS; PROVIDING FOR THE ISSUANCE BY THE CITY OF REVENUE BONDS, NOTES, BOND ANTICIPATION NOTES OR OTHER OBLIGATIONS IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING [$15,000,000] TO PAY THE COSTS OF SUCH PROJECTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Leesburg, Florida (the “City”) intends to finance the costs of the acquisition of various water and/or sewer systems and the construction, improvement, and/or equipping of, and making of other utility system capital expenditures with respect to, both acquired and existing water and sewer system capital assets, all as more particularly described in Exhibit “A” hereto, as the same may be modified from time to time by the City (collectively, the “Projects”), with the proceeds of its revenue bonds, notes, bond anticipation notes or other obligations to be issued in the future in one or more series (collectively, the “Tax Exempt Financing”); and
WHEREAS, the City expects to initially pay certain costs of the Projects with funds other than proceeds of the Tax Exempt Financing (collectively, the “Advanced Funds”) and to reimburse itself for such payments and expenditures with proceeds from the Tax Exempt Financing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, THAT:
PASSED AND ADOPTED at the regular meeting of the City Commission of the City of Leesburg, Florida on the _____ day of _________, 2006.
THE CITY OF LEESBURG, FLORIDA
APPROVED AS TO FORM AND CORRECTNESS:
Description of the Projects
1. The acquisition of water and/or sewer systems and related capital assets and facilities, including, without limitation, the Plantation/Lake Utilities water and/or sewer systems and related assets and facilities.
2. The construction, improvement and equipping of, and/or making of capital expenditures with respect to, both acquired and existing water and/or sewer systems and related capital assets and facilities.