HomeMy WebLinkAboutItem 18 Approval of Resolution Establishing Intent to Reimburse Certain Capital Expenditures - Utilities Project
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
STAFF REPORT
Meeting Date: July 21, 2026
Item #: 18
Contact Name: Steven Weber Department Director: Steven Weber
Contact Number: Ext. 1520 City Manager: Craig Shadrix
Subject: Resolution Establishing Intent to Reimburse Certain Capital Expenditures - Utilities
Project (Finance Director Weber)
Background Summary:
The City needs to construct a reclaim storage tank/well/treatment system, and is considering issuing debt to
finance the project. If debt is issued for the project, a reimbursement resolution is needed should eligible
project costs be incurred prior to the issuance of debt. This will allow those costs to be reimbursed from debt
proceeds. This resolution does not approve the issuance of debt. The debt issuance will come before the
City Commission at a later date.
Issue:
Should the Honorable Mayor and City Commission approve the reimbursement resolution as presented?
Recommendations:
Staff recommends the Honorable Mayor and City Commission approve the reimbursement resolution as
presented.
Attachments:
1. Resolution
Financial Impacts:
None at this time.
Type of Item: Consent
RESOLUTION NO. 2026-_____
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OCOEE, FLORIDA ESTABLISHING ITS INTENT
TO REIMBURSE CERTAIN CAPITAL EXPENDITURES
INCURRED IN CONNECTION WITH VARIOUS CAPITAL
IMPROVEMENT PROJECTS WITH PROCEEDS OF ONE
OR MORE FUTURE TAX-EXEMPT FINANCING(S);
PROVIDING CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY AND AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OCOEE,
FLORIDA:
SECTION 1. Authority for this Resolution. This Resolution is adopted pursuant to
Section 1.150-2 of the Income Tax Regulations which were promulgated pursuant to the Internal
Revenue Code of 1986, as amended, the municipal charter of the City of Ocoee, Florida (the
“Issuer”) and other applicable provisions of law.
SECTION 2. Findings. It is hereby ascertained, determined and declared that:
The Issuer has determined that the need exists to incur debt to finance the costs of all or a
portion of various capital projects including, but not limited to, capital improvements to the
Issuer’s water, sewer and/or reclaimed water systems (the “Project”).
SECTION 3. Declaration of Intent. The Issuer hereby expresses its intent to be
reimbursed from proceeds of one or more future tax-exempt financing(s) for capital expenditures
to be paid by the Issuer in connection with the Project. Pending reimbursement, the Issuer expects
to use funds on deposit in appropriate funds or accounts to pay costs associated with the Project.
It is reasonably expected that the total amount of debt to be incurred by the Issuer with respect to
the Project will not exceed $30,000,000. This Resolution is intended to constitute a "declaration
of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations which
were promulgated pursuant to the Internal Revenue Code of 1986, as amended, with respect to the
debt incurred to finance the costs of all or a portion of the Project.
SECTION 4. Severability. If any one or more of the covenants, agreements or provisions
of this Resolution should be held contrary to any express provision of law or contrary to the policy
of express law, though not expressly prohibited or against public policy, or shall for any re ason
whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void
and shall be deemed separate from the remaining covenants, agreements or provisions of this
Resolution.
SECTION 5. Repeal of Inconsistent Resolutions. All resolutions or parts thereof in
conflict herewith are hereby superseded and repealed to the extent of such conflict.
2
SECTION 6. Effective Date. This resolution shall become immediately effective upon
its passage and adoption.
PASSED AND RESOLVED at the regular meeting of the City Commission held in the
City of Ocoee, Florida, on the ___ day of July 2026.
____________________________________
Rusty Johnson, Mayor
ATTEST:
Melanie Sibbitt, MMC, City Clerk
Approved as to form and legality for the use and reliance of the City of Ocoee, Florida, only.
Richard Geller, City Attorney