HomeMy WebLinkAboutResolution 96-01
RESOLUTION NO. 96-01
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN PROJECT
COSTS RELATING TO PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDING CERTAIN OTHER MA TIERS 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
Maguire Road Improvements and certain Intersection Improvements;
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 construction of the Maguire Road
Improvements and Intersection Improvements at Kissimmee Avenue/Story Road and Marshall
Farms Road/Maguire Road (the 'Project'). Pending reimbursement, the Issuer expects to use
funds on deposit in the Road Impact Fee 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 $8,000,000. 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conflict herewith to the extent of such conflicts, are hereby superseded and repealed.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 III ~ day of J A Nlt A II ~ , 1996.
APPROVED:
ATTEST:
CITY OF OCOEE, FLORIDA
(SEAL)
FOR USE AND RELIANCE ONLY BY
TIlE CITY OF OCOEE, FLORIDA
APPROf~ED AS TO F,O.:8.M AND LEGALITY
this b day of --)4nJIJ.^1 ' 1996.
FOLEY & LARDNER
By: ~iJi (~
City Attorney
APPROVED BY THE CITY OF
OCOEE COMMISSION AT A
MEETING HELD ON J ft-""~Y It.
1996, UNDER AGENDA ITEM
NO. V))