HomeMy WebLinkAboutVI (C) Resolution No. 96-30, relating to the reimbursement of certain project costs relating to the Water and Sewer Systems from future tax-exempt financing ACENDA 10-15-96
Item VI C
"CENTER OF GOOD LIVING- PRIDE OF WEST ORANGE"
Ocoee S.SCOTT VANDERGRIFT
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• COMMISSIONERS
�` • O CITY OF OCOEE RUSTY JOHNSON
+_� ► a SCOTT ANDERSON
0 150 N.LAKESHORE DRIVE SCOTT A.GLASS
(4_?..}.° OCOEE,FLORIDA 34761-2258 JIM GLEASON
4), (407)656-2322
CITY MANAGER
OF 0009 ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and Board of City Commisssioners
FROM: Wanda Horton, Finance Director cc49/14
DATE: October 11, 1996
RE: Water and Wastewater Reimbursement Resolution 96-30
During the Budget worksession on August 23, 1996, information was
provided to you regarding a 1997 Bond Issue for improvements to the
Water and Sewer system.
Resolution 96-30 is a reimbursement resolution which allows the
City the ability for reimbursement of certain project costs
relating to the water and sewer system with proceeds of future tax-
exempt financing. 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 96-30 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.
RESOLUTION NO. 96-30
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS RELATING TO ITS WAFER AND SEWER
SYSTEM WITH PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DA 1'h.
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
acquisition, construction or reconstruction of capital improvements to the Issuer's water and
sewer system, including all property rights, easements, franchises and equipment relating thereto
and deemed necessary or convenient for the construction or acquisition or the operation thereof.
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. DELCARATION OF INTENT. The Issuer hereby expresses its
intention to be reimbursed from proceeds of a future tax-exempt fmancing for capital
expenditures to be paid by the Issuer in connection with the acquisition, construction or
reconstruction of capital improvements to the Issuer's water and sewer system, including all
property rights, easements, franchises and equipment relating thereto and deemed necessary or
convenient for the construction or acquisition or the operation thereof(the "Project"). Pending
reimbursement, the Issuer expects to use funds on deposit in its water and sewer enterprise funds
to pay costs of the Project. It is reasonably expected that the total amount of debt to be incurred
by the Issuer, from which reimbursement for expenditures shall be paid with respect to the
Project, will not exceed $11,000,000. 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 resolutions 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 October, 1996.
CITY COMMISSION OF THE CITY OF
OCOEE, FLORIDA
(SEAL)
Mayor
ATTEST:
Clerk
FOR USE AND RELIANCE ONLY APPROVED BY THE OCOEE CITY
BY THE CITY OF OCOEE, COMMISSION AT A MEETING HELD
APPROVED AS TO FORM AND ON , 1996
LEGALITY,this UNDER AGENDA ITEM NO.
day of , 1996
FOLEY&LARDNER
By:
City Attorney