HomeMy WebLinkAboutItem V (D) Resolution No 96-01, relating to Reimbursement for Transportation AGENDA 1-16-96
Item V D
"CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE"
,[/OCOee S. SCOTT VANDERGRIFT
Q/ , • O COMMISSIONERS
/ RUSTY JOHNSON
V.....i a CITY OF OCOEE SCOTT ANDERSON
� 0 150 N.LAKESHORE DRIVESCOTT A.GLASS
2t� OCOEE,FLORIDA 34761-2258 JIM GLEASON
`' (407)656-2322
`� CITY MANAGER
'� OF G000 N` ELLIS SHAPIRO
MEMORANDUM
DATE: January 11, 1996
TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E. Beamer, Director r}/1--)
Administrative Services
SUBJECT: Transportation Reimbursement Resolution 96-01
Considering the direction given at the December 14, 1995 Work Session - Resolution 96-01 is
a reimbursement resolution which allows the City the option to bond the transportation
improvement costs for Maguire Road and the intersections of Kissimmee Avenue/Story Road
and Marshall Farms Road/Maguire Road subsequent to those certain expenditures. This
Resolution in no way binds the City to a bond issue; however, it does meet the current federal
tax law requirements for such an event.
Staff recommends (1) the approval of Resolution 96-01 and (2) the authorization for the Mayor
and City Clerk to execute. The City's Financial Advisors have reviewed this procedure and
agree with its use.
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RESOLUTION NO. 96-01
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PROJECT
COSTS RELATING TO PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City Commission of the City of Ocoee, Florida (the "Issuer") has
determined that the need exists to construct certain capital improvements consisting of the
Maguire Road Improvements and certain Intersection Improvements;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OCOEE, FLORIDA, THAT:
SECTION 1. AUTHORITY. This Resolution (hereinafter called the "Resolution") is
adopted pursuant to the provisions of the Florida Constitution, Chapter 166, Florida Statutes,
and other applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses its
intention to be reimbursed from proceeds of a future tax-exempt financing for capital
expenditures to be paid by the Issuer in connection with the construction of the Maguire Road
Improvements and Intersection Improvements at Kissimmee Avenue/Story Road and Marshall
Farms Road/Maguire Road (the "Project"). Pending reimbursement, the Issuer expects to use
funds on deposit in the Road Impact Fee Fund to pay costs of the Project. It is reasonably
expected that the total amount of debt to be incurred by the Issuer to reimburse itself for
expenditures paid with respect to the Project will not exceed $8,000,000. This Resolution is
intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2
of the Income Tax Regulations with respect to the Project.
SECTION 3. SEVERABILITY. If any one or more of the provisions of this
Resolution shall for any reason be held illegal or invalid, such illegality or invalidity shall not
affect any other provision of this Resolution, but this Resolution shall be construed and
enforced as if such illegal or invalid provision had not been contained therein.
SECTION 4. REPEALING CLAUSE. All resolution or orders and parts thereof in
conflict herewith to the extent of such conflicts, are hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately
upon its adoption this day of , 1996.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
FOR USE AND RELIANCE ONLY BY APPROVED BY THE CITY OF
THE CITY OF OCOEE, FLORIDA OCOEE COMMISSION AT A
APPROVED AS TO FORM AND LEGALITY MEETING HELD ON
this day of , 1996. 1996, UNDER AGENDA ITEM
NO.
FOLEY & LARDNER
By:
City Attorney