HomeMy WebLinkAboutResolution 96-30
RESOLUTION NO. 96-30
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS RELATING TO ITS WATER AND SEWER
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 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. DELCARA TION 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 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 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
IJ day of October, 1996.
(SEAL)
CITY COMMISSION OF THE CITY OF
OCOEE, FL071
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FOR USE AND RELIANCE ONLY
BY THE CITY OF OCOEE,
APPROVE.D AS TO ,FQRM AND
LEGALITY, t}li.s ~.)
day of 0':/ '"fuhu , 1996
APPROVED BY THE OCOEE CITY
COM~SSION AT A MEETING HELD
ON c T1J(S~ Ir , 1996
UNDER AGENDA ITEM NO. VI C
FOLEY ~ARpNER ..'
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City Attorney