SUBJECT/RECOMMENDATION:
Title
Ratify the adoption of Resolution 19-34 authorizing the issuance of bonds to finance a portion of the costs of the Imagine Clearwater project in accordance with the Clearwater Code of Ordinances and pass Ordinance 9357-20 on first reading.
Body
SUMMARY:
The City of Clearwater deems it necessary, desirable and in the best interests of the Issuer and its citizens and to serve a paramount public purpose that the Imagine Clearwater Project (Project) be completed.
The Project shall be financed and/or reimbursed with the proceeds of debt instruments, together with certain other legally available funds of the City.
In order to preserve and promote the gainful employment and tourism and to enhance the economic prosperity and public welfare of the inhabitants of the city, it is necessary and desirable that the Project be completed.
The City has adopted Resolution No. 19-34 on November 21, 2019 (Bond Resolution) authorizing the issuance of debt instruments (Series 2020 Bonds), and in accordance with the Clearwater Code of Ordinances, Chapter 2, Article VI, Section 2.522, wants to ratify the adoption of the Bond Resolution and approve the issuance of such debt instruments in accordance with the Code of Ordinances.
The estimated Non-Ad Valorem Revenues, after satisfying funding requirements for obligations having an express lien on or pledge thereof and after satisfying any funding requirements for essential governmental services of the city which are not funded by ad valorem taxation, will be sufficient to pay the principal of and interest on the Series 2020 Bonds, as the same become due, and to make all other payments provided for in the Bond Resolution.
The principal of and interest on the Series 2020 Bonds and all other payments provided for in the Bond Resolution will be paid solely from the Pledged Funds; and the ad valorem taxing power of the city will never be necessary to pay the principal of and interest on the Series 2020 Bonds and, except as otherwise provided in the Bond Resolution, the Series 2020 Bonds shall not constitute a lien upon any property of the Issuer.
The City intends on adopting a Supplemental Resolution to provide for the manner of sale and terms of the Series 2020 Bonds, including the approval of the Purchase Contract, the designation of the Underwriter and the distribution of an offering document in connection with the sale of the Series 2020 Bonds by the Underwriter, and the designation of the Paying Agent and Registrar, after it has completed the validation of the Series 2020 Bonds authorized in Section 8.08 of the Bond Resolution.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A