HomeMy WebLinkAboutResolution 96-02
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 1ssuerj 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 'Resolutionj 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 'tIeclaration 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 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conflict herewith to the extent of such conflicts, are hereby superseded and repealed.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 I b ~ day of J !tAJ\J1^tt~ , 1996.
APPROVED:
ATTEST:
CITY OF OCOEE, FLORIDA
GraftDn~
--
S. Scott Vandergrift, Ma 0
c
(SEAL)
FOR USE AND RELIANCE ONLY BY
TIlE CITY OF OCOEE, FLORIDA
APPROVED AS TO ~ AND LEGALITY
this Ib day of )6M!}"~ ' 1996.
FOLEY ~ARDNER
fivY{ fhjjj
APPROVED BY THE CITY OF
OCOEE COMMISSION AT A
MEETING HELD ON rP,N/J~ I~
1996, UNDER AGENDA ITEM
NO. V E.
By:
City Attorney