HomeMy WebLinkAboutResolution 98-18
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 T AX-
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
1
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 anyone 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 1 sl day of December 1998.
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(SEAL)
FOR USE AND RELIANCE ONLY
BY THE CITY OF OCOEE,
TO FORM AND LEGf}l.J!Y,_ 1
THIS~DAYOF~
1998.
FOLEY & ~DN7f.. 1.7 _ / J /J
By: ~ r II (dJ4.;;ttV
Name: Paul Rosenthal
Title: City Attorney
J:\BONDS\4229\REIMRES.wpd
November 23, 1998
THE CITY OF OCOEE, FLORIDA
By: $5 JJrl}bt ^~'1t
Name: S. Scott Vandergrift
Title: Mayor
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
AS HELD ON lJG.c.61'vtBtrf:. J ,
1998 UNDER AGENDA ITEM
NO. ViI- It <{
3
NOV-23-9S 10,23 FROM,F.U. CAPITAL MARKETS
F~N
ID,4076495505
PAGE
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CITY OF OCOEE, FLORIDA
Capital Improvement Revenne Bonds, Series 1999
. Estimated Timetable
(12/1/98)
Date
December 1
~
Responsibility
City COmmission Approves Projects and Financing Plan
CC
December 2
Draft of Bond Resolution to Working Group
Be
December 3
Draft of Preliminary Official Statement Due
UC
December 7
Comments Due on POS and Bond Documents
WG
December 9
Updated Bond Docwnents and POS to working Group
BC.DC
Submit Rating and Insurance Packag~
FA,UC.BC
December 17-18
Rating Presentations
CC.CS.FA,V
January 6
Conunents due on Bond Documents and POS
WG
January 12
Ratings and Insurance Commitments Due
FA
January 16
Finalize POS and Bond Documents
WG
January 19
City Commission Adopts Bond Resolution
CC
January 20
Print and Mail POS
UC
January 27
Pricing
CS. FA,V
January 28
City Commission A ward Bonds at Special meeting
CC
FebIUaIy 10
Pre-Closing
ALL
February II
Closing
ALL
A: Auditor
Be: Bond Counsel
CA: City Attorney
CC: City Commission
C$: City Staff
U: UnderwritetS
UC: Underwriters' Counsel
WG: Working Group
First Union Capital Markets