HomeMy WebLinkAboutItem V (E) Resolution No 96-02, relating to Reimbursement for Stormwater Drainage AGENDA 1-16-96
Item V E
"CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE"
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• COMMISSIONERS
CITY OF OCOEE RUSTY JOHNSON
SCOTT ANDERSON
150 N.LAKESHORE DRIVE SCOTT A.GLASS
CD V OCOEE,FLORIDA 34761-2258 JIM GLEASON
l'JF� �`� (407)656-2322 CITY MANAGER
Op G000 ELLIS SHAPIRO
MEMORANDUM
DATE: January 11, 1996
TO: The Honorable Mayor and Board of City Commissioners
FROM: Montye E. Beamer, Director
Administrative Services
SUBJECT: Stormwater Resolution 96-02
Considering the direction given at the December 14, 1995 Work Session - Resolution 96-02 is
a reimbursement resolution which allows the City the option to bond the stormwater
improvement costs for numerous Citywide small-scaled drainage projectjs designed to
eliminate local flooding conditions at designated storm-events 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 96-02 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.
MEB/jbw
RESOLUTION NO. 96-02
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PROJECT
COSTS RELATING TO ITS STORM WATER SYSTEM WITH
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
numerous Citywide small-scaled drainage projects designed to eliminate local flooding
conditions at designated storm-events.
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 numerous Citywide
small-scaled drainage projects designed to eliminate local flooding conditions at designated
storm-events (the "Project"). Pending reimbursement, the Issuer expects to use funds on
deposit in the Stormwater Utility 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 $2,000,000. 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