HomeMy WebLinkAboutVII(A4) Resolution N0. 98-18 To Reimburse Expenditures Related to The Capital Improvement Revenue Bond Issue Series 1999 Agenda 12-01-98
Item VII A 4
RESOLUTION NO. 98-18
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS RELATING TO ITS CAPITAL
IMPROVEMENTS 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
the acquisition, construction or reconstruction of capital improvements to the Issuer's
Capital Improvements, 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. 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 acquisition, construction or
reconstruction of capital improvements 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
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reimbursement, the Issuer expects to use funds on deposit in its Impact Funds 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 $5,000,000. 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 1st day of December 1998.
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THE CITY OF OCOEE, FLORIDA
(SEAL) By:
Name: S. Scott Vandergrift
Title: Mayor
ATTEST:
By:
Name: Jean Grafton
Title: Clerk
FOR USE AND RELIANCE ONLY APPROVED BY THE OCOEE CITY
BY THE CITY OF OCOEE, COMMISSION AT A MEETING
TO FORM AND LEGALITY, AS HELD ON ,
THIS DAY OF 1998 UNDER AGENDA ITEM
1998. NO.
FOLEY & LARDNER
By:
Name: Paul Rosenthal
Title: City Attorney
J:IBONDS14229\REI MRES.wpd
November 23,1998
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