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Home My WebLink AboutResolution 90-10 r RESOLUTION NUMBER 90-10 . A RESOLUTION AMENDING PROVISIONS FOR REQUIRED PUBLIC HEARINGS IN THE COMPREHENSIVE PLANNING PROCESS FOR THE CITY OF OCOEE, FLORIDA, ADOPTING A REVISED COMPREHENSIVE PLAN COMPLETION SCHEDULE, AND PROVIDING FOR WRITTEN COMMENTS IN CONFORMANCE WITH THE MANDATES OF CHAPTER 163, PART II, FLORIDA STATUTES, AND CHAPTER 9-J-S, FLORIDA ADMINISTRATIVE CODE: PROVIDING FOR SEVERABILITY: PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Legislature has enacted the Local Government Comprehensive Planning and Land Development Act (Chapter 163, Part II, Florida statutes), which mandates the preparation of a Comprehensive Plan and unified land development code for all units of government; and WHEREAS, it is the intent of the Legislature to reconfirm that Sections 163.3161 through 163.3215 have provided and do provide the necessary statutory direction and basis for municipal officials to carry out their powers, duties, and responsibilities; and WHEREAS, Chapter 163.3181(1), Florida Statutes, established that it is the intent of the Legislature that the public participate in the comprehensive planning process to the fullest extent possible; and WHEREAS, Chapter 163.3181(2) mandates that procedures be established which provide for broad dissemination of proposals and alternatives, opportunity for written comments, public hearings, provisions for open discussion, and communication programs; and WHEREAS, the State of Florida, through the Department of Community Affairs, has promulgated Chapter 9-J-5.004, Florida Administrative Code, to implement the citizen participation process mandates in Chapter 163.3181, Florida Statutes; and WHEREAS, the City of Ocoee, Florida passed Resolution Number 89-02, setting forth certain adopted procedures/actions to be followed in implementing citizen participation in the comprehensive planning process, said Resolution containing a calendar for comprehensive plan completion; and . WHEREAS, the City of Ocoee, Florida, wishes to revise the calendar for comprehensive plan completion in order to better provide for public participation in the comprehensive planning process for the City of Ocoee, Florida, in conformance with the mandates of Chapter 163, Part II, Florida Statutes, and Chapter 9-J-5, Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED by the Board of City commissioners of the City of Ocoee, Florida, that: Section 1. The revised calendar for comprehensive plan completion described herein is adopted in conformance with the State mandates contained in Section 163.3181, Florida Statutes, and Chapter 9-J-5.004, Florida Administrative Code. Section 2. The city Commission of the City of Ocoee has the authority to adopt this Resolution pursuant to Article VIII of the Constitution of the State of Florida, and Chapters 163 and 166, Florida Statutes. r- Section 3. The calendar for comprehensive plan completion attached to this Resolution as Exhibit "A" is hereby adopted, and all previous calendars for comprehensive plan completion are hereby repealed in their entirety. section 4. Subsection 5.1 of Section 5 of the City of Ocoee Comprehensive Plan citizen Participation Process Resolution for the City of Ocoee, Florida, is hereby amended as follows: section s. Local Planninq Agencv. 5.1 Prior to the City commission approval, adoption, . and/or enactment as appropriate, of any matter listed in Section 2.2, the Local Planning Agency, as designated in Chapter 2, section 2.4, of the City Code, shall hold at least ~efi-t~er one (1) public hearings, efie-fe~-eaeh eiemefi~,-afia-~we for transmittal, in conformance with the notice requirements described in section 4. The hearings may be continued to an announced time certain upon a majority vote. An agenda for the hearing shall be posted in or near the meeting room and generally available to those in attendance. written comments reqardinq any matter listed in section 2.2 may be submitted to the Local Planninq AgencY at any time at 150 North Lakeshore Drive. Ocoee. FL 34761 Attention: Local Planninq Aqency. Section s. Subsection 6.1 of Section 6 of the Ocoee Comprehensive Plan citizen Participation Process Resolution for the city of Ocoee, Florida, is hereby amended as follows: section 6. city commissioners. 6.1 The Local Planning Agency will make a recommendation regarding any matter described in section 1.3 to the City commission. The City Commission shall hold at least ~efi-t~er one (1) public hearings, . efie-fe~-eaeh-eiemefi~-afia-~we for transmittal, in conformance with the notice requirements described in Section 3. The hearings shall be continued to an announced time certain, upon a majority vote. An agenda for the hearing shall be posted in or near the meeting room and be generally available to those in attendance. written comments regarding any matter listed in - 2 - . . section 2.2 may be submitted to the City commission. at any time at 150 North Lakeshore Drive. Ocoee. FL 34761: Attention: City commission. Section 7. Severability. If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision, and such holding shall not affect the validity of the remaining portion hereto. section 8. effect fifteen (15) this Resolution has state. Effective Date. This Resolution shall take days after receipt of acknowledgement that been filed with the Florida Secretary of PASSED AND ADOPTED this I/- 'If day of ~ ' 1990. CITY OF OCOEE Attest: Clerk For use and reliance only by the City of Ocoee, Florida Approved as to form and legality this~ day of ~~~~~~, 1990. FOLEY & LARDNER, VAN DEN BERG, GAY, BURKE, WILSON and ARKIN .~ "'\- ..,\, .,.,'-, By; ~\,,--' . ~ _\ '--- city Att ey FLOPPY/4758XXX(2) 01{08/23/90) - 3 - EXHIBIT "AN TO RESOLUTION NUMBER 90-10 . CALEh~AR FOR COMPREHENSIVE PLAN COMPLETION Prepared: July 13, 1990 August 8 Conservation/Recreation Committee Reports August 27 Housing Committee Reports September 10 Traffic/Infrastructure Committee Reports September 13 Intergovernmental Coordination Committee Reports September 11 P&Z Workshop: Conservation Element Recreation and Open Space Element Traffic Circulation Element Infrastructure Element September 20 Capital Improvement Committee Reports September 24 Future Land Use Committee Reports October 2 City Comission Workshop: Conservation Element Recreation and Open Space Element Traffic Circulation Element Infrastructure Element October 4 P&Z Workshop: Housing Element Capital Improvement Element Future Land Use Element Intergovernmental Coordination Element November 1 City Commission Workshop: Housing Element Capital Improvement Element Future Land Use Element Intergovernmental Coordination Element November 13 P&Z Formal Public Hearing (as LPA) advertise November 6 December 4 City Commission Formal Transmittal Hearing advertise November 27 December 18 Transmittal packet completed by staff J~U~Y 1 DUE DATE FLOPPY/4758XXX(5) 01(09/05/90) . I RESOLUTION NO. 90-09 . A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OCOEE, FLORIDA, AUTHORIZING THE CITY MANAGER TO DEEM FINAL THE PRELIMINARY OFFICIAL STATEMENT WITH RESPECT TO THE CITY'S TRANSPOR- TATION REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 1990; AND PROVIDING AN EFFEC- TIVE DATE. WHEREAS, the City of Ocoee, Florida (the "Issuer") is con- sidering the issuance of its Transportation Refunding and Improve- ment Revenue Bonds, Series 1990 (the "Bonds"); and WHEREAS, the Issuer has reviewed and assisted in the prepara- tion of a Preliminary Official Statement (the "preliminary Official Statement"), a form of which is attached hereto as Exhibit A, with respect to the Bonds, which Preliminary Official Statement will be distributed to prospective purchasers of the Bonds; and WHEREAS, the Issuer desires to authorize the City Manager to deem the Preliminary Official statement, together with such changes, insertions and omissions as the City Manager may deem necessary and/or appropriate, final for purposes of Rule 15c2-12 of the Securities and Exchange Commission, subject to certain permitted omissions; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OCOEE, FLORIDA: SECTION 1. The city Manager is authorized to deem the Pre- liminary Official Statement, together with such changes, insertions and omissions as the City Manager may deem necessary and/or appro- priate, final, for purposes of Rule 15c2-12 of the Securities and Exchange Commission. SECTION 2. This Resolution shall take effect immediately upon its passing. . I . . PASSED AND ADOPTED by the city commission of the City of Ocoee, Florida, on thiscll.i.. day of (+-INita,F , 1990. ATTEST: FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, APPROVED AS TO FORM AND LEGALIT~ ;hiSf ~J5r . day of ".J ,'V) ,19qv FOLEY & LARDNER, VAN DEN BERG, GAY, BURKE, WILSON & ~~KJr By: rf J f ~J;fj/ City Attorney APPROVED: CITY OF OCOEE, FLORIDA ~aYor APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON /}u~"'~1 ~( ,19~ UNDER AGENDA ITEM NO. VI C .J. 2 I. >-c . o .. 0 C c: 111'- 0 C ......- "D.~u..... ....J ..,.. U 0.,..."..... ....,.,"'0 " ..,.... WI ~&.L..... 0.:>1. ! .... ......;!. 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IJO-'.r::; ~ c'~,~ ., ".~ .c. .... >..~ :a ~ =o.~ Exhibit A THIS P~~LIMINARY OFFICIAL STATEMENT DATED AUGUST 22, ~990 NEW ISSUE Ratings: Koo~y's: Aaa Standard , Poor's: AAA (MBIA Insured) (See "RATINGS" herein) In the opinion of Bond Counsel, assuming continuing compliance by the City with various covenants in the Resolution, under existing laws and regu1atione, the interest on the Series 1990 Bonds will not be included in gross income for Federal income tax purposes of the holders thereof. The Series 1990 Bonds are, under existing laws and regulations, also exempt from intangible taxes imposed pursuant to Chapter 199, Florida Statutes. See "TAX EXEMPTION" herein for a description of alternative minimum tax treatment and certain other tax consequences to holders of the S~rics 1990 Bonds. $7,000,000. CITY OF OCOEE, FLORIDA Transportation Refunding and Improvement Revenue Bonds Series 1990 Dated: September , 1990 Due: October 1 as shown below The city of Ocoee, Florida Transportation Refunding and Improvement Revenue Bonds, Series 1990 (the "Series 1990 Bonds") are issuable only in the form of fully registered bonds in denominations of $5,000 principal amount or any integral multiple thereof. Interest on the Series 1990 Bonds is payable semi-annually commencing on April 1, 1991 and on each October 1 and April 1 thereafter by check or draft mailed to the registered owner thereof at the address shown on the registration books kept by citizens and Southern Trust Company (Florida) , National Association, Fort Lauderdale, Florida, the Registrar and Paying Agent on the 15th day of the month next preceding each interest payment date. Principal of the Series 1990 Bonds and redemption pr.emium, if any, will be payable upon presentation and surrender of the Series 1990 Bonds at the principal corporate trust office of the Registrar. The Series 1990 Bonds are subject to optional and mandatory redemption by the City prior to maturity as set forth herein. The Series 1990 Bonds are being issued to provide with other legally available funds the funds necessary to defease the City of Ocoee, Florida (the "city") Public Improvement Revenue Bonds, Series 1987 currently outstanding in the aggregate principal amount of $1,895,000, to finance the Project, consisting of the . . Year acquisition of rights-of-way and the design, construction, paving, and improvement of a paved road or roads and drainage improvements wi thin the City and outside the City but wi thin Orange County, Florida, to purchase for crediting to the special subaccount in the Reserve Account in the Debt Service Fund established for the benefit of the Series 1990 Bonds a surety bond in an amount equal to the Reserve Requirement on the Series 1990 Bonds and to finance certain costs of issuance of the Series 1990 Bonds, including the municipal bond insurance premium. The Series 1990 Bonds and interest thereon are payable solely from and shall be secured by a pledge of and lien upon moneys received by the City from the Local option Gas Tax, the Public Service Taxes until released as more fully set forth herein, and amounts on deposit therein and interest earned on the Debt Service Fund and the Construction Fund, all of which are more fully described herein (the "Pledged Revenues"). Neither the Series 1990 Bonds nor the interest thereon constitute a general indebtedness or general Obligation of the City within the meaning of any constitutional, statutory or charter provision or limitation and, it is expressly agreed by the Holder of the Series 1990 Bonds that such Bondholder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City or taxation of any real or personal property therein for the payment of the principal of, redemption premium, if any, and interest on the Series 1990 Bonds or the making of any reserve or other payments provided for in the Resolution. The payment of principal of and interest on the Series 1990 Bonds will be insured by a municipal bond insurance policy to be issued simultaneously with the delivery of the Series 1990 Bonds by Municipal Bond Investors Assurance Corporation ("MBIA"), as described herein. For a discussion of the terms and provisions of such policy, including the limitations thereof, see "MUNICIPAL BOND INSURANCE" herein. MATURITIES, AMOUNTS, INTEREST RATES AND PRICES $ SERIAL BONDS Amount Interest Rate Interest Rate Price Year Amount Price $ $ -- ____% Term Bonds due October 1 ____, Price ____% ____% Term Bonds due October 1 ____, Price ____% (Accrued interest to be added) . . The Bonds are offered, when, as and if issued and accepted by the Underwriter subject to the approval of legality by Bryant, Miller and Olive, P.A., Tallahassee, Florida, Bond Counsel. certain other legal matters will be passed upon for the City by its counsel, Foley & Lardner, van den Berg, Gay, Burke, Wilson & Arkin, Orlando, Florida. Certain other matters will be passed on for the Underwriter by its counsel, Honigman Miller Schwartz and Cohn, Orlando, Florida. The Series 1990 Bonds are expected to be delivered to the Underwriter in New York, New York on or about September __, 1990. WILLIAM R. HOUGH , CO. Dated: , 1990 · Preliminary, Subject to change. CITY OF OCOEE, FLORIDA City commission . Lester Dabbs ....................Mayor Rusty Johnson ...................Commissioner Paul Foster .....................Commissioner Vern Combs ......................Commissioner Sam Woodson .....................Commissioner City Manager Ellis Shapiro Finance Director Ivan A. Poston City Clerk Jean Grafton City Attorney Foley & Lardner, van den Berg, Gay, Burke, Wilson & Arkin Orlando, Florida consulting Engineer PEC/Professional Engineering Consultants Orlando, Florida Bond Counsel Bryant, Miller and Olive, P.A. Tallahassee, Florida Financial Advisor Rachlin & Cohen, CPA'S Coral Gables, Florida Independent certified Public Accountants McDirmit Davis & Company, P.A. Orlando, Florida . i . . No dealer, broker, salesman or other person has been authorized by the City or the Underwriter to give any information or to make any representations with respect to the Series 1990 Bonds other than as contained in this Official Statement, and if given or made such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Series 1990 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information contained in this Official Statement has been obtained from public documents, records and other sources considered to be reliable but is not guaranteed as to completeness or accuracy by, and is not construed as a representation by the City or the Underwriter. Any statements in this Official Statement involving estimates, assumptions and matters of opinion, whether or not so expressly stated are intended as such and not as representations of fact, and the city and the Underwriter expressly make no representations that such estimates, assumptions and opinions will be realized or fulfilled. No information, estimates, assumptions and matters of opinion contained in this Official statement, or any sale made hereunder, shall under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof. IN CONNECTION WITH THIS OFFERING THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH SERIES 1990 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. NOTICE TO NEW HAMPSHIRE RESIDENTS NEITHER. THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE DIRECTOR OF THE OFFICE OR SECURITIES REGULATION THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE DIRECTOR OF THE OFFICE OF SECURITIES REGULATION HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. THESE SERIES 1990 BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. ii . . TABLE OF CONTENTS PAGE Summary Statement ................. Introduction . . . . . . . . . .. ....... Purpose of the Series 1990 Bonds . . . . . . . . . . The Series 1990 Bonds ............... Security for the Series 1990 Bonds . . . . . . . . . Municipal Bond Insurance . . . . . . . ... Estimated Sources and Uses of Funds ........ The Refunding Program .......... ... The proj ect ....... ........... Additional Financing . . . . . . . . . . . . . . . . Litigation . . . . . . .. ........... Enforceability of Remedies . . . . . . . . . . . . . Disclosure Required by Florida Blue Sky Law .... Ratings ......... ........... Experts ...................... Underwr i ting . . . . . . . . . . . . . .. ... Financial Advisor ........ . . . . . Verification of Arithmetical and Mathematical Computations . . . . . . . . . . . . Tax Exemption ................... Legal Matters ................... Miscellaneous ........... certificate Concerning the Official Statement iv 1 2 2 6 14 17 17 18 19 19 20 20 20 21 21 21 22 22 24 24 24 APPENDIX A: The Resolution APPENDIX B: General Information Concerning the City and Orange County APPENDIX C: Consulting Engineer's Report APPENDIX D: Specimen Copy of Municipal Bond Insurance Policy APPENDIX E: Audited Financial statements of the City for the Fiscal Year Ended September 30, 1989 APPENDIX F: Form of ApproYing Opinion of Bond Counsel iii . . SUMMARY STATEMENT This Summary Statement, being part of the Official Statement, is subject to the more complete information contained herein and should not be considered to be a complete statement of the facts material to making an investment decision. The offering of the City of Ocoee, Florida, Transportation Refunding and Improvement Revenue Bonds, Series 1990 (the "Series 1990 Bonds"), to potential investors is made only by means of the entire Official Statement. No person is authorized to detach this Summary Statement from the Official Statement or otherwise use it without the entire Official Statement. Capitalized terms used but not defined in this Summary statement shall have the same meaning as in the Resolution, unless the context would clearly indicate otherwise. See "The Resolution" - Appendix A hereto. The city The City of Ocoee, Florida (the "City"), is located in west Orange County, Florida, bordering on the cities of Windermere to the south and winter Garden to the west. The City's estimated population as of July, 1990 was 14,850, and the City was chartered as a municipal corporation in 1969. General information about the City and Orange County is attached as Appendix B hereto. The Series 1990 Bonds The Series 1990 Bonds are issuable only in the form of fully registered bonds in denominations of $5,000 principal amount or any integral multiple thereof. Interest on the Series 1990 Bonds is payable semi-annually commencing on April 1, 1991 and each October 1 and April 1 thereafter by check or draft of citizens and Southern Trust Company (Florida), National Association, Fort Lauderdale, Florida, the Registrar and Paying Agent, mailed to the registered owner thereof at the address shown on the registration books kept by the Registrar on the 15th day next preceding each interest payment date. Principal of and redemption premium, if any, on the Series 1990 Bonds will be payable upon presentation and surrender of the Series 1990 Bonds at the principal corporate trust office of the Paying Agent. The Series 1990 Bonds are subject to optional and mandatory redemption prior to maturity as set forth herein. Purpose of the Series 1990 Bonds The Series 1990 Bonds are being issued to provide with other legally available funds the funds necessary to defease the City of Ocoee, Florida (the "City") Public Improvement Revenue Bonds, Series 1987 currently outstanding in the aggregate principal amount of $1,895,000, to finance the Project, consisting of the iv . acquisition of rights-of-way and the design, construction, paving, and improvement of a paved road or roads and drainage improvements within the City and outside the City but within Orange County, Florida, to purchase for crediting to the special subaccount in the Reserve Account in the Debt Service Fund established for the benefit of the Series 1990 Bonds a surety bond in an amount equal to the Reserve Requirement on the Series 1990 Bonds and to finance certain costs of issuance of the Series 1990 Bonds, including the municipal bond insurance premium. security for the Bonds The Series 1990 Bonds and interest thereon are payable solely from and shall be secured by a pledge of and lien upon moneys received by the City from the Local Option Gas Tax, the Public Service Taxes until released as more fully set forth herein, and amounts on deposit therein and interest earned on the Debt Service Fund and the Construction Fund, all of which are more fully described herein (the "Pledged Revenues"). Neither the Series 1990 Bonds nor the interest thereon constitute a general indebtedness or general obligation of the City within the meaning of any constitutional, statutory or charter provision or limitation and, it is expressly agreed by the Holder of the Series 1990 Bonds that such Bondholder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City or taxation of any real or personal property therein for the payment of the principal of, redemption premium, if any, and interest on the Series 1990 Bonds or the making of any reserve or other payments provided for in the Resolution. . The Resolution requires the City upon issuance of the Series 1990 Bonds, unless provided for through the purchase of a guaranty or an insurance policy, an irrevocable letter of credit, a surety bond, or similar credit facility, or any combination thereof, to deposit in the special subaccount in the Reserve Account in the Debt Service Fund established for the benefit of the Series 1990 Bonds a sum equal to the Reserve Requirement on the Series 1990 Bonds. The City will satisfy this requirement with respect to the Series 1990 Bonds by depositing in the special subaccount in the Reserve Account a Debt Service Reserve Fund Surety Bond (the "Debt Service Reserve Fund Surety Bond") issued by Municipal Bond Investors Assurance Corporation ("MBIA") in an amount equal to $ , the Maximum Bond Service Requirement on the Series 1990 Bonds. Moneys on deposit in each subaccount in the Reserve Account shall be applied in accordance with the provisions of the Resolution solely to pay principal of, redemption premium, if any, and interest on the Outstanding series of Bonds, as hereinafter defined, for which such account was established and for no other series of Bonds. Therefore, moneys on deposit in the special subaccount established for the benefit of the Series 1990 Bonds may not be used for any other series of Bonds. v Additional Parity Obligations . Pursuant to certain requirements set forth in the Resolution, the City may issue Additional Parity Obligations payable from the Pledged Revenues (other than amounts on deposit in each subaccount in the Reserve Account which amounts are pledged only for the payment of the principal of, interest on and redemption premium, if any, on the series of Bonds for which such subaccount was established) on a parity with the Series 1990 Bonds. The Series 1990 Bonds and any Additional Parity Obligations issued pursuant to the Resolution are hereinafter referred to as the "Bonds". Pursuant to the Resolution the City may issue Public Service Tax Obligations payable from the Public Service Taxes on a parity with the Series 1990 Bonds. See "SECURITY FOR THE SERIES 1990 BONDS - Additional Parity Obligations" and "Public Service Tax Obligations" herein. Municipal Bond Insurance Payment of the principal of, and interest on, the Series 1990 Bonds, when due, will be insured under a policy of municipal bond insurance issued by Municipal Bond Investors Assurance Corporation (see "MUNICIPAL BOND INSURANCE" herein). Estimated Coverage of Maximum Bond Service Requirement More fully described herein under the subheading "SECURITY FOR THE SERIES 1990 BONDS - Historical Pledged Revenues and Estimated Coverage of the Maximum Bond Service Requirement" are the Pledged Revenues for the Fiscal years ending September 30, 1987 through 1989, and the projected Pledged Revenues that are estimated to be available to pay the estimated maximum annual debt service on the Bonds for the fiscal years ending September 30, 1990 through 1993, and the coverage afforded thereby of the Maximum Bond Service Requirement. The amounts and the availability of any of the sources of Pledged Revenues are subject to change, inclUding reduction or elimination, as a result of changes in State of Florida or Federal Law or such factors as changing economic conditions, changing physical or social characteristics of the City, and other future conditions or events not presently ascertainable. The city is unaware of any pending State of Florida or Federal laws which would reduce or eliminate the amounts and availability of any of the sources of Pledged Revenues. . vi . OFFICIAL STATEMENT $7,000,000. CITY OF OCOEE, FLORIDA TRANSPORTATION REFU~DING AND IMPROVEMENT REVENUE BONDS, SERIES 1990 INTRODUCTION The purpose of this Official statement, including the coyer page, Summary Statement and all appendices, is to set forth certain information in connection with the sale by the City of Ocoee, Florida (the "city") of its $7,000,000. aggregate principal amount of Transportation Refunding and Improvement Revenue Bonds, Series 1990 (the "Series 1990 Bonds"). The Series 1990 Bonds are issued under and pursuant to the Constitution of the State of Florida, Chapter 166, Part II, Florida Statutes, the Charter of the City of Ocoee and other applicable provisions of law and Resolution No. 90-08 adopted by the City Commission of the City on August 21, 1990, as supplemented (the "Resolution") . Capitalized terms used but not defined in this Official Statement shall have the same meaning as in the Resolution, unless the context would clearly indicate otherwise. This Official Statement contains descriptions of, among other matters, the Bonds, the Resolution, certain ordinances and interlocal agreements relating to the Pledged Revenues. Such descriptions and information do not purport to be comprehensive or definitive. All references herein to the Resolution and the documentation relating to the Pledged Revenues are qualified in their entirety by reference to such documents, and reference herein to the Bonds are qualified in their entirety by reference to the form thereof included in the Resolution. The Resolution is attached hereto as Appendix A. until the issuance and delivery of the Bonds, copies of the documents herein described may be obtained from william R. Hough & Co., 100 Second Avenue South, suite 800, st. Petersburg, Florida 33701, Attention: Craig Hunter. After delivery of the Bonds, copies of such documents will be available for inspection at the principal corporate trust office of the Registrar at citizens and Southern Trust Company (Florida), National Association, 1 Financial Plaza, Post Office Box 5367, Fort Lauderdale, Florida, 33340-5367 Attention: Gail Clapp. . · Preliminary, Subject to change. 1 . . PURPOSE OF THE SERIES 1990 BONDS The Series 1990 Bonds are being issued to (i) provide with other legally available funds the funds necessary to defease the City of Ocoee, Florida (the "City") Public Improvement Revenue Bonds, Series 1987 currently outstanding in the aggregate principal amount of $1,895,000, to (ii) finance the Project, consisting of the acquisition of rights-of-way and the design, construction, paving, and improvement of a paved road or roads and drainage improvements within the City and outside the City but within Orange County, Florida, to (iii) purchase for crediting to the special subaccount in the Reserve Account in the Debt Service Fund established for the benefit of the Series 1990 Bonds a surety bond in an amount equal to the Reserve Requirement on the Series 1990 Bonds and to (iv) finance certain costs of issuance of the Series 1990 Bonds, including the municipal bond insurance premium. THE SERIES 1990 BONDS The Series 1990 Bonds are issuable only in the form of fully registered bonds in denominations of $5,000 principal amount or any integral multiple thereof. Interest on the Series 1990 Bonds is payable semi-annually commencing on April 1, 1991 and each October 1 and April 1 thereafter by check or draft mailed to the registered owner thereof at the address shown on the registration books kept by citizens and Southern Trust Company (Florida), National Association, Fort Lauderdale, Florida, the Registrar and Paying Agent {on the 15th day next preceding each interest payment date (the "Record Date"). Principal of and redemption premium, if any, on the Series 1990 Bonds will be payable upon presentation and surrender of the Series 1990 Bonds at the principal corporate trust office of the Paying Agent. Notice of Redemption The Series 1990 Bonds are subject to redemption prior to maturity as hereinafter provided. Notice of the redemption of the Series 1990 Bonds shall at least thirty (30) days prior to the date fixed for redemption be filed with the Registrar and mailed to the Holder of each Series 1990 Bond being called for redemption by first class mail, postage prepaid, at the address shown on the registration books pertaining to the Series 1990 Bonds maintained by the Registrar. Failure to mail such notice to one or more Holders of the Series 1990 Bonds shall not affect the validity of the proceedings for such redemption with respect to the Holders of Series 1990 Bonds to which notice was duly mailed under the terms of the Resolution. In addition to the mailing of the notice described above, each notice of redemption shall (i) be sent at least thirty-five (35) days before the redemption date and to the extent possible, at 2 . . least two (2) days prior to the general date of mailing by registered or certified mail or overnight delivery service or te1ecopy to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Series 1990 Bonds (such depositories now being The Depository Trust Company, New York, New York, Midwest Securities Trust Company, Chicago, Illinois, and Philadelphia Depository Trust Company, Philadelphia, Pennsylvania), and to two or more national information services that disseminate notices of redemption of obligations such as the Series 1990 Bonds and (ii) be published one time in The Bond Buyer, New York, New York or, if such publication is impractical or unlikely to reach a substantial number of the holders of the Series 1990 Bonds to be redeemed, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Series 1990 Bonds, such publication to be made at least thirty (30) days prior to the date fixed for redemption; provided, however, that failure of such notice or payment to comply with the terms of this paragraph shall not in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above. Upon the payment of the redemption price of Series 1990 Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Series 1990 Bonds being redeemed with the proceeds of such check or other transfer. A second notice of redemption shall be mailed in the manner provided above to any registered owner who has not tendered Series 1990 Bonds that have been called for redemption within sixty (60) days after the applicable redemption date. Upon surrender of any Series 1990 Bonds for redemption in part only, the Registrar shall authenticate and deliver to the Bondholder thereof, the cost of which shall be paid by the City, a new Series 1990 Bond of an authorized denomination and of the same maturity equal to the unredeemed portion of the Series 1990 Bond surrendered. When notice of redemption is given, Series 1990 Bonds called for redemption will become due and payable on the redemption date at the redemption price stated in the notice. When a notice of redemption is given and funds sufficient for redemption are deposited with the Registrar, interest on the Series 1990 Bonds to be redeemed will cease to accrue on the date fixed for redemption, such Series 1990 Bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the Holders of such Series 1990 Bonds shall have no rights in respect thereof except to receive payment of the redemption price. Optional Redemption The Series 1990 Bonds maturing on or prior to October 1, , are not redeemable prior to their stated date of maturity. ~e Series 1990 Bonds, maturing on or after October 1, are 3 . subject to redemption prior to their maturity, at the option of the city in whole at any time, or in part on any interest payment date, in such manner as shall be determined by the City and by lot within a maturity if less than a full maturity, on and af~er October 1, , from any legally available moneys, at a redemption price (expressed as a percentage of the principal amount) as set forth in the following table, plus accrued interest to the redemption date: Period During Which Redeemed (Both Dates Inclusive) Redemption Price October 1, through September 30, October 1, through September 30, October 1, through September 30, October 1, through September 30, October 1, and thereafter % Mandatory Sinking Fund Redemption The Series 1990 Bond maturing on October 1, ____ are subject to mandatory sinking fund redemption prior to maturity in part by lot on October 1, and on each October 1 thereafter, at a redemption price equal to the principal amount thereof and accrued interest thereon to the date fixed for redemption, without premium, from mandatory sinking fund payments through the operation of Amortization Installments as follows: Year Principal Amount (final maturity) The Series 1990 Bonds maturing on October 1, ____ are subject to mandatory sinking fund redemption prior to maturity in part by lot on October 1, and on each October 1 thereafter, at a redemption price equal to the principal amount thereof and accrued interest thereon to the date fixed for redemption, without premium, from mandatory sinking fund payments through the operation of Amortization Installments as follows: Year Principal Amount . (final maturity) 4 Notice of Redemption . The series 1990 Bonds are subject to redemption prior to maturity as hereinafter provided. Notice of the redemption cf the Series 1990 Bonds shall at least thirty (30) days prior to the date fixed for redemption be filed with the Registrar and mailed to the Holder of each Series 1990 Bond being called for redemption by first class mail, postage prepaid, at the address shown on the registration books pertaining to the Series 1990 Bonds maintained by the Registrar. Failure to mail such notice to one or more Holders of the Series 1990 Bonds shall not affect the validity of the proceedings for such redemption with respect to the Holders of Series 1990 Bonds to which notice was duly mailed under the terms of the Resolution. In addition to the mailing of the notice described above, each notice of redemption shall (i) be sent at least thirty-five (35) days before the redemption date and to the extent possible, at least two (2) days prior to the general date of mailing by registered or certified mail or overnight delivery service or telecopy to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Series 1990 Bonds (such depositories now being The Depository Trust Company, New York, New York, Midwest Securities Trust Company, Chicago, Illinois, and Philadelphia Depository Trust Company, Philadelphia, Pennsylvania), and to two or more national information services that disseminate notices of redemption of obligations such as the Series 1990 Bonds and (ii) be published one time in The Bond Buyer, New York, New York or, if such publication is impractical or unlikely to reach a substantial number of the holders of the Series 1990 Bonds to be redeemed, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Series 1990 Bonds, such publication to be made at least thirty (30) days prior to the date fixed for redemption; provided, however, that failure of such notice or payment to comply with the terms of this paragraph shall not in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above. Upon the payment of the redemption price of Series 1990 Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Series 1990 Bonds being redeemed with the proceeds of such check or other transfer. A second notice of redemption shall be mailed in the manner provided above to any registered owner who has not tendered Series 1990 Bonds that have been called for redemption within sixty (60) days after the applicable redemption date. . Upon surrender of any Series 1990 Bonds for redemption in part only, the Registrar shall authenticate and deliver to the Bondholder thereof, the cost of which shall be paid by the City, a new Series 1990 Bond of an authorized denomination and of the same 5 maturity equal to the unredeemed portion of the Series 1990 Bond surrendered. . When notice of redemption is given, Series 1990 Bonds called for redemption will become due and payable on the redemption date at the redemption price stated in the notice. When a notice of redemption is given and funds sufficient for redemption are deposited with the Registrar, interest on the Series 1990 Bonds to be redeemed will cease to accrue on the date fixed for redemption, such Series 1990 Bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the Holders of such Series 1990 Bonds shall have no rights in respect thereof except to receive payment of the redemption price. Transfer and Exchange The transfer of any Series 1990 Bonds may be registered only upon the registration books kept by the Registrar and only upon surrender thereof to the Registrar together with an assignment duly executed by the Bondholder or his attorney or legal representative in such form as shall be satisfactory to the Registrar. Upon any such transfer the City shall execute and the Registrar shall authenticate and deliver in exchange for such Series 1990 Bond, a new Series 1990 Bond or Series 1990 Bonds registered in the name of the transferee, of the same type and in an aggregate principal amount equal to the principal amount of such Series 1990 Bond or Series 1990 Bonds so surrendered. In all cases in which Series 1990 Bonds shall be exchanged, the City shall execute and the Registrar shall authenticate and deliver, at the earliest practicable time, a new Series 1990 Bond or Series 1990 Bonds of the same maturity in accordance with the provisions of the Resolution. All Bonds surrendered in any such exchange shall forthwith be canceled by the Registrar. The City or the Registrar may make a charge for every such exchange of Series 1990 Bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange, but no other charge shall be made to any Bondholder for the privilege of exchanging series 1990 Bonds under the provisions of the Resolution. Neither the city nor the Registrar shall be required to make any such exchange of Series 1990 Bonds after the Record Date. SECURITY FOR THE SERIES 1990 BONDS General . The Series 1990 Bonds and interest thereon are payable solely from and shall be secured by a pledge of and lien upon moneys received by the City from the Local Option Gas Tax, the Public Service Taxes until released as more fully set forth herein, and 6 . amounts on deposit therein and interest earned on the Debt Service Fund and the Construction Fund, all of which are more fully described herein (the "Pledged Revenues"). Neither the Series 1990 Bonds nor the interest thereon constitute a general indebtedness or general obligation of the City within the meaning of any constitutional, statutory or charter provision or limitation and, it is expressly agreed by the Holder of the Series 1990 Bonds that such Bondholder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City or taxation of any real or personal property therein for the payment of the principal of ~ redemption premium, if any, and interest on the Series 1990 Bonds or the making of any reserve or other payments provided for in the Resolution. Local option Gas Tax The Local option Gas Tax is received by the City under the authority of section 336.025, Florida Statutes, and an Interlocal Agreement dated July 21, 1983, between Orange County, Florida, and the City of Orlando as amended on June 27, 1985 (the "Interlocal Agreement"). section 336.025, Florida Statutes, authorizes counties in Florida to impose a tax of up to six cents on every gallon of motor fuel and special fuels sold in the county and taxed under Chapter 206, Florida statutes (the "Local Option Gas Tax"). The Board of County Commissioners for Orange County enacted Ordinance 83-26 which levied the Local Option Gas Tax-in Orange County (the "County") for four (4) cents per gallon. Pursuant to Ordinance 85-22 the County levied the fifth and sixth cents of the allowable six (6) cents of the Local Option Gas Tax. The State Department of Revenue collects and deposits the tax into the Local option Gas Tax Trust Fund (the "Gas Tax Fund"). Monies in the Gas Tax Fund, net of service charges and fees collected by State agencies pursuant to law, are distributed monthly by the State to Orange County. Disbursements from the Gas Tax Fund may be used only for the following programs: (1) public transportation operations and maintenance; (2) roadway and rights-of-way maintenance and equipment; (3) roadway and rights-of-way drainage; (4) street lighting; (5) traffic signs, traffic engineering, signalization and pavement markings; (6) bridge maintenance and operation; and (7) debt service and current expenditures for transportation capital projects including road construction and reconstruction. . Pursuant to the Interlocal Agreement which is between Orange County and the City of Orlando (which city represents a majority of the incorporated area population of Orange County), the City has been granted a 1.30% share of the net Local option Gas Tax proceeds distributed to Orange County. The Interloca1 Agreement contains a covenant by the City of Orlando and Orange County to each other and to the other municipalities listed (which includes the City), to take no action which would impair the rights of any party under 7 . contracts entered into by those entities which anticipate such a distribution and receipt of the Local Option Gas Tax proceeds. The pledge of the Local Option Gas Tax securing the Series 1990 Bonds includes any future local option gas tax which may be authorized and levied in excess of such tax which is currently in effect. Public service Taxes: The Public Service Taxes pledged as security for the Series 1990 Bonds is levied and collected by the City pursuant to Section 166.231, Florida Statutes, and Ordinance No. 330 duly enacted by the City on December 20, 1955 and Ordinance No. 542 duly enacted by the City on October 19, 1971 (collectively the "Public Service Tax Ordinance") imposing a tax on purchases of electricity, water service, metered or bottled gas, whether natural 1iquified petroleum gas or manufactured, fuel oil, telephone service and telegraph service delivered in the corporate limits of the city. The tax is in an amount equal to ten percent (10%) of all payments received by the seller of any such utility service provided. Pursuant to the Public Service Tax Ordinance it is the duty of every seller of electricity, water service, metered or bottled gas, whether natural liquified petroleum gas or manufactured, fuel oil, telephone service and telegraph service within the geographic boundaries of the City, to collect from the purchaser, for the use of said City, the tax levied pursuant to the Public Service Tax ordinance, at the time of collecting the selling price thereof, and to report and pay over, on or before the lOth day of each calendar month, unto the City all such taxes levied and collected during the preceding month. The Public Service Tax Ordinance provides that the sale of natural gas to a public or private utility, including a utility operated by the City or other municipal corporation, and rural electric cooperative associations, either for resale or for use as a fuel in the generation of electricity is not deemed to be a utility service and purchasers thereof under such circumstances shall be exempt from the payment of the Public service Taxes. All federal, State of Florida, county and municipal governments and their commissions and agencies and all public schools are exempt from the payment of the Public Service Taxes. Release of Lien on Public service Taxes . The lien of the holders of outstanding Bonds on the Public Service Taxes shall be released and extinguished upon receipt by the City of a certificate or an opinion of an independent certified public accountant which certifies or opines, as applicable, that the Local Option Gas Tax received by the City during each of the two preceding complete fiscal years shall have been equal to not 8 less than 135% of the Maximum Bond Service Requirement on the Outstanding Bonds as of the date of such certificate or opinion. Additional Covenants of the City . Pursuant to the Resolution the City has additionally covenanted that it will diligently enforce and collect the Pledged Revenues and will take steps, actions and proceedings for the enforcement and collection of such Pledged Revenues as shall become delinquent to the full extent permitted or authorized by law; and will maintain accurate records with respect thereof; and will not repeal or adversely amend its Charter, ordinances, resolutions or inter local agreements relating to the Pledged Revenues so as to impair the power and obligations of the City to collect such Pledged Revenues. Historical Pledged Revenues and Estimated Coverage of the Maximum Bond Service Requirement Set forth herein is a table showing the actual Local Option Gas Tax and Public Service Taxes for the City's fiscal years ended September 30, 1987 through 1989 and the projected Local Option Gas Tax and Public Service Taxes estimated to be available to pay the estimated maximum annual debt service on the Series 1990 Bonds for the City's fiscal years ending September 30, 1990 through 1993 and the coverage afforded thereby for each such fiscal year of the Maximum Bond Service Requirement on the Series 1990 Bonds: Coverage of Total Maximum Bond Local Option Service Fiscal Gas Tax Requirement Years Local Public and Public For Series Ending Option Service Service 1990 Bonds September 30 Gas Tax Taxes Taxes $612 . 0003 19871 $276,252 $540,377 $ 816,629 1. 33x 19881 290,085 555,487 845,572 1. 38x 19891 308,062 588,189 896,251 1. 46x 19902 323,465 617,598 941,064 1. 53x 19912 334,638 648,478 988,116 1. 61x 19922 356,620 680,902 1,037,522 1. 69x 19932 374,451 714,947 1,089,398 1.78x . (1) (2) (3) Actual Source: city of Ocoee, Department of Finance. Projected, assumes 5% annual increase. Assumes level debt with an average interest rate of 7.165%. 9 . . Reserve Account The Resolution provides for the establishment and maintenance of a special subaccount within the Reserve Account within the Debt Service Fund for the benefit of the Series 1990 Bonds. Moneys or other security on deposit in a subaccount in the Reserve Account shall only be applied for payment of principal of, redemption premium, if any, or interest on the outstanding series of Bonds for which such subaccount was established and for no other series of Bonds. Upon delivery of the Series 1990 Bonds, the City shall purchase for deposit into the special subaccount in the Reserve Account in the Debt Service Fund established for the benefit of the Series 1990 Bonds a surety bond issued by Municipal Bond Investors Assurance Corporation (the "Debt Service Reserve Fund Surety Bond") in an amount equal to maximum annual debt service for the Series 1990 Bonds. (See "Security for the Series 1990 Bonds - Debt Service Reserve Fund surety Bond" herein). Upon the issuance of any Additional Parity Obligations under the terms, limitations and conditions as provided in the Resolution, any additional deposit to the Reserve Account shall be in such amount as shall be determined by a resolution of the City adopted prior to the issuance of such Additional Parity Obligations. Debt Service Reserve Fund Surety Bond Application has been made to the Municipal Bond Investors Assurance Corporation (the "Insurer") for a commitment to issue a surety bond (the "Debt Service Reserve Fund Surety Bond") for crediting to the special subaccount in the Reserve Account established for the benefit of the Series 1990 Bonds. The Debt Service Reserve Fund Surety Bond will provide that upon notice from the Paying Agent to the Insurer to the effect that insufficient amounts are on deposit in the Debt Service Fund to pay the principal of (at maturity or pursuant to mandatory redemption requirements) and interest on the Series 1990 Bonds, the Insurer will promptly deposit with the Paying Agent an amount sufficient to pay the principal of and interest on the Series 1990 Bonds or the available amount of the Debt Service Reserve Fund Surety Bond, whichever is less (the "Surety Bond Coverage"). Upon the later of: (i) three (3) days after receipt by the Insurer of a Demand for Payment in the form attached to the Debt Service Reserve Fund Surety Bond, duly executed by the Paying Agent; or (ii) the payment date of the Series 1990 Bonds as specified in the Demand for Payment presented by the Paying Agent to the Insurer, the Insurer will make a deposit of funds in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment to the Paying Agent, of amounts which are then due to the Paying Agent (as specified in the Demand for Payment) subject to the Surety Bond Coverage. 10 ~--- . . The available amount of the Debt Service Reserve Fund Surety Bond is the initial face amount of the Debt Service Reserve Fund Surety Bond less the amount of any previous deposits by the Insurer with the Paying Agent which have not been reimbursed by the city. The City and the Insurer have entered into a Financial Guaranty Agreement dated September 1, 1990 (the "Agreement"). Pursuant to the Agreement, the City is required to reimburse the Insurer, within one (1) year of any deposit, the amount of such deposit made by the Insurer with the Paying Agent under the Debt Service Reserve Fund Surety Bond. Such reimbursement shall be made only after all required deposits to the Interest Account, Principal Account, Redemption Account within the Debt Service Fund have been made. Under the terms of the Agreement, the Paying Agent is required to reimburse the Insurer, with interest, until the face amount of the Debt Service Reserve Fund Surety Bond is reinstated before any Pledged Revenues are released from the lien of the Resolution. No optional redemption of Series 1990 Bonds may be made until the Insurer's Debt Service Reserve Fund Surety Bond is reinstated. The Debt Service Reserve Fund Surety Bond will be held by the Paying Agent in the special subaccount in the Reserve Account established for the benefit of the Series 1990 Bonds. The Debt Service Reserve Fund Surety Bond will be issued in the face amount equal to the Maximum Bond Service Requirement for the Series 1990 Bonds, will be non-cancelable and the premium therefor will be fully paid by the City at the time of delivery of the Series 1990 Bonds. Additional parity Obligations No Additional Parity Obligations, payable on a parity from the Pledged Revenues with the Series 1990 Bonds shall be issued after the issuance of the Series 1990 Bonds, unless: (1) An independent certified public accountant shall certify or opine at the time of the issuance of the Additional Parity Obligations that no Event of Default exists under the Resolution. (2) Such independent certified public accountant shall certify or opine at the time of the issuance of the Additional Parity Obligations that the Local Option Gas Tax together with the Public Service Taxes (unless the lien on the Public Service Taxes is previously released pursuant to the provisions of the Resolution) received by the city during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Additional Parity Obligations are to be issued or (ii) during two of the last three full Fiscal Years immediately preceding the Fiscal Year in which the Additional Parity Obligations are proposed to be issued shall have been equal to not less than 135% of the Maximum Bond Service Requirement on the Outstanding Bonds and the proposed Additional Parity 11 . Obligations during any Fiscal Year in which the Additional Parity Obligations to be issued will be outstanding. The Local Option Gas Taxes and the Public Service Taxes if not previously released from the lien of the Resolution, the Public Service Taxes for such period may be adjusted to include the estimated Local Option Gas Taxes or Public Service Taxes, as certified or opined to by an independent certified public accountant, that the city would have received from areas that the City has annexed prior to the issuance of the Additional Parity Obligations and which are not fully reflected in such period. The Local Option Gas Taxes and if not previously released from the lien of the Resolution, the Public Service Taxes for such period may also be adjusted to include the estimated Local Option Gas Taxes or Public Service Taxes, as certified or opined to by an independent certified public accountant, that the City would have received during such period due to increase in the rate or rates or a modification in the method of distribution of such taxes effected during such period and not fully reflected in such period. The resolution authorizing the issuance of the Additional Parity Obligations shall recite that all of the covenants contained in the Resolution will be applicable to such Additional Parity Obligations, except as otherwise provided in the Resolution. No Additional Parity Obligations with interest payable at a variable rate may be issued without the consent of MBlA so long as the Municipal Bond Insurance Policy with respect to the Series 1990 Bonds shall be in effect and MBlA shall not be in default thereunder. Issuance of Public Service Tax obligations The City may issue Public Service Tax Obligations which shall be payable on a parity with all Public Service Taxes required to be deposited to the Debt Service Fund under the Resolution upon the conditions 'and in the manner provided herein: . (l) There shall be obtained and filed with the City an opinion or a certificate of an independent certified public accountant to the effect that the historical Local Option Gas Taxes and Public Service Taxes adjusted as provided below received by the City during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued or (ii) two of the last three full Fiscal Years immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued shall have been equal to not less than 135% of the Maximum Bond Service Requirement on all Outstanding Bonds. 12 . (2) There shall be obtained and filed with the Issuer an opinion or a certificate of an independent certified public accountant to the effect that the portion of the historical Public Service TaAes adjusted as provided below received by the City during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued or (ii) two of the last three Fiscal Years immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued and not required to be used to provide the coverage requirements set forth in (1) above shall have been equal to not less than 120% of the maximum debt service requirement on any outstanding Public Service Tax Obligations and the Public Service Tax Obligations with respect to which such certificate is made.' The Public Service Taxes for such period may be adjusted to include the estimated Public Service Taxes, as certified or opined to by an independent certified public accountant, that the City would have received from areas that the City has annexed prior to the issuance of the Public Service Tax Obligations and not fully reflected in such period. The Public Service Taxes for such period may also be adjusted to include the estimated Public Service Taxes, as certified or opined to by an independent certified public accountant, that the City would have received during such period due to an increase in the rate or rates of such taxes effected during such period and not fully reflected in such period. An independent certified public accountant shall certify or opine at the time of issuance of the" Public Service Tax obligations that no Event of Default exists hereunder. Upon the release and extinguishment of the lien on the Public Service Taxes, as set forth in the Resolution, the above requirements shall be of no further force and effect. . No Public Service Tax Obligations with interest payable at a variable rate may be issued without the consent of MBIA so long as the Municipal Bond Insurance Policy with respect to the Series 1990 Bonds shall be in effect and MBIA shall not be in default thereunder. Additionally, no Public Service Tax Obligations may be issued which include the power to accelerate the principal of and the redemption premiums, if any, on such Public Service Tax obligations for so long as Bonds shall be outstanding under the Resolution. 13 MUNICIPAL BOND INSURANCE . The following information has been furnished by Municipal Bond Investors Assurance corporation (the "Insurer") for use in this Official statement. Reference is made to Appendix D for a specimen of the Insurer's policy. The Insurer's policy unconditionally and irrevocably guarantees the full and complete payment required to be made by or on behalf of the City to the Paying Agent or its successor of an amount equal to (i) the principal of (either at the stated maturity or by an advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the Series 1990 Bonds as such payment shall become due but shall not be so paid (except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed by the Insurer's policy shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (iii) the reimbursement of any such payment which is subsequently recovered from any owner of the Series 1990 Bonds pursuant to a final judgment by a court of competent jurisdiction that such payment consti tutes an avoidable preference to such owner wi thin the meaning of any applicable bankruptcy law (a "Preference"). The Insurer's policy does not insure against loss of any prepayment premium which may at any time be payable with respect to any series 1990 Bond. The Insurer's policy does not, under any circumstances, insure against loss relating to: (i) optional or mandatory redemptions (other than mandatory sinking fund redemptions); (ii) any payments to be made on an accelerated basis; (iii) payments of the purchase price of Series 1990 Bonds upon tender by an owner thereof; or (iv) any Preference relating to (i) through (iii) above. The Insurer's policy also does not insure against no~payment of principal of or interest on the Series 1990 Bonds resulting from the insolvency, negligence or any other act or omission of the Paying Agent or any other paying agent for the Series 1990 Bonds. . Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of a Series 1990 Bond the payment of an insured amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New York, or its successor, sufficient for the payment of any such insured amounts which are then due. Upon presentment and surrender of such 14 . series 1990 Bonds or presentment of such other proof of ownership of the Series 1990 Bonds, together with any appropriate instruments of assignment to evidence the assignment of the insured amounts due on the Series 1990 Bonds as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Series 1990 Bonds in any legal proceeding related to payment of insured amounts on the Series 1990 Bonds, such instruments being in a form satisfactory to Citibank, N.A., Citibank, N.A. shall disburse to such owners or the Paying Agent payment of the insured amounts due on such Series 1990 Bonds, less any amount held by the Paying Agent for the payment of such insured amounts and legally available therefor. The Insurer is the principal operating subsidiary of MBIA Inc. The principal shareholders of MBIA Inc. are AEtna Life and Casualty Company, Fireman's Fund Insurance Company, subsidiaries of CIGNA Corporation, and Credit Local de France, CAECL S.A., and they own approximately 67% of the outstanding common stock of MBIA Inc. Neither MBIA Inc. nor its shareholders are obligated to pay the debts of or claims against the Insurer. The Insurer is a limited liability corporation rather than a several liability association. The Insurer is domiciled in the State of New York and licensed to do business in all 50 states, the District of Columbia and the Commonwealth of Puerto Rico. Effective December 31, 1989, MBIA Inc. acquired Bond Investors Group, Inc. On January 5, 1990, the Insurer acquired all of the outstanding stock of Bond Investors Group, Inc., the parent of Bond Investors Guaranty Insurance Company ("BIG"). Through a reinsurance agreement, BIG has ceded all of its net insured risks, as well as its unearned premium and contingency reserves, to the Insurer and the Insurer has reinsured BIG's net outstanding exposure. . As of December 31, 1989 the Insurer had admitted assets of $1.299 billion (audited), total liabilities of $907 million (audited), and total capital and surplus of $392 million (audited) prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities. As of March 31, 1990, after giving effect to the acquisition of BIG, the Insurer had admitted assets of $1.602 billion (unaudited), total liabilities of $1.114 billion (unaudited), and total capital and surplus of $488 million (unaudited) determined in accordance with statutory accounting practices prescribed or permitted by insurance regulatory authorities. Copies of the Insurer's year end financial statements prepared in accordance with statutory accounting practices are available from the Insurer. The address of the Insurer is 113 King street, Armonk, New York 10504. Moody's Investors Service rates all bond issues insured by the Insurer and BIG "Aaa" and short term loans "MIG 1", both designated to be of the highest quality. 15 . . standard & Poor's Corporation rates all new issues insured by the Insurer and BIG "AAA" Prime Grade. The Moody's Investors Service rating of the I:lsurer should be evaluated independently of the Standard & Poor's Corporation rating of the Insurer. No application has been made to any other rating agency in order to obtain additional ratings on the Series 1990 Bonds. The ratings reflect the respective rating agency's current assessment of the creditworthiness of the Insurer and its ability to pay claims on its policies of insurance. Any further explana- tion as to the significance of the above ratings may be obtained only from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold the Series 1990 Bonds, and such ratings may be subject to revision or withdrawal at any time by the rating agencies. Any downward revision or withdrawal of either or both ratings may have an adverse effect on the market price of the Series 1990 Bonds. The insurance provided by the Policy is not covered by the Florida Insurance Guaranty Association created under Chapter 631, Florida Statutes. [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 16 ESTIMATED SOURCES AND USES OF FUNDS The following table sets forth the estimated sources and uses of the Series 1990 Bonds proceeds. . Sources: Principal Amount of Series 1990 Bonds Existing Reserve Account for Refunded Bonds Existing Debt Service Fund Moneys for Refunded Bonds Existing Construction Fund for Refunded Bonds Other Legally Available City Funds Accrued Interest Investment Earnings TOTAL SOURCES: $7,000,000. $ Uses: Cost of Escrow Investment Beginning Cash to Escrow Deposit to Construction Fund- Purchase of Surety Bond for crediting to Special Subaccount in the Reserve Account Costs of Issuance including Municipal Bond Insurance Premium Underwriter's Discount Deposit of Accrued Interest to Interest Account in Debt Service Fund TOTAL USES: $ $ .. Includes investment earnings and contributions from other city Funds . Preliminary, Subject to change THE REFUNDING PROGRAM . certain of the proceeds of the Series 1990 Bonds and other legally available funds of the City shall be deposited irrevocably with citizens and Southern Trust Company (Florida), National Association, Fort Lauderdale, Florida (the "Escrow Holder") in trust in the escrow account under the terms and provisions of the Escrow Deposit Agreement (the "Escrow Deposit Agreement"), by and between the City and the Escrow Holder. Under the Escrow Deposit 17 . Agreement, the Escrow Holder will invest such proceeds in bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United states of America ("Federal Securities"), none of which permit redemption at the option of the united States of America prior to the dates on which such Federal Securities shall be applied pursuant to the Escrow Deposit Agreement in the manner set forth in the Escrow Deposit Agreement, which investments shall mature at such times and in such amounts as shall be sufficient to pay the principal of and interest on the Refunded Bonds, as the same shall become due and payable. Bond Counsel will opine at the time of the delivery of the Series 1990 Bonds that the Refunded Bonds are legally defeased. THE PROJECT The Resolution def ines the proj ect as the acquisition of rights-of-way, design, construction, paving and improvement of certain streets and drainage improvements within and without the corporate limits of the City as more fully described in the Engineering Report of Professional Engineering Consultants, Inc. (the "Consulting Engineer's Report") which report is on file with the Clerk. The Project consists of the development of Clark Road from State Road 50 to A.D. Mims Road, with ramp modifications to the East-West Expressway terminus at State Road 50 and Clark Road. The to be developed Clark Road will be a four lane divided urban roadway with two travel lanes in each direction. The Project will run from the ~estern terminus of the East-West Expressway at State Road 50 north to A.D. Mims Road. When completed Clark Road will serve north and south bound traffic on the eastern side of the City, a rapidly developing part of Orange County. . The City has entered into developer agreements pursuant to which the City expects to receive title from various developers of much of the rights-of-way necessary to the construction of the Clark Road extension and expects to acquire a portion of the remaining required rights-of-way by donation. Those parcels required for rights-of-way not acquired by the City pursuant to the developer agreements or donation will be acquired by condemnation pursuant to the Florida statutes. The owners of parcels acquired by condemnation may contest the authority for such condemnation and/or the amount to be paid by the City for their properties. Pursuant to the Resolution, the City has covenanted to commence and proceed with reasonable diligence and in good faith to complete the construction of the proj ect. The Consulting Engineer's Report estimates the engineering, construction and right-of-way acquisition costs for the Clark Road development at $6,930,000. The City expects to pay those costs of the Clark Road improvements not financed with the proceeds of the Series 1990 Bonds from other City monies, which the City believes will be adequate for such purposes. For additional information concerning the proposed Clark 18 . . Road development, see the Consulting Engineer's Report attached as Appendix C hereto. CITY OF OCOEE, FLORIDA T~SPORTATION REFUNDING REVENUE BONDS, SERIES 1990 BOND SERVICE REQUIREMENTS Date principal or Amortization Installments Annual Debt Service Interest ADDITIONAL FINANCING Late in 1990 the City expects to issue its bonds in the approximate principal amount of $8,000,000 to defease certain outstanding debt of the City and to construct improvements to the City's water and sewer system. The holders of such bonds will not have a lien on the Pledged Revenues. LITIGATION Concurrently with the delivery of the Series 1990 Bonds the City will furnish its certificate to the effect that there is no controversy or litigation now pending or, to the best of the city's knowledge, threatened, which seeks to restrain or enjoin the execution, issuance, sale or delivery of the Series 1990 Bonds or that in any way contests the validity of the Series 1990 Bonds or 19 any proceedings of the city taken with respect to the authorization, sale, or issuance of the Series 1990 Bonds, or the pledge or application of any moneys provided for the payment of or security for the Series 1990 Bonds. . ENFORCEABILITY OF REMEDIES The remedies available to the Holders of the Series 1990 Bonds upon an event of default under the Resolution are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, the remedies specified by the Resolution may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 1990 Bonds will be qualified, as to the enforceability of the various legal instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such deli very. The remedies granted to the Bondholders under the Resolution do not include the power to accelerate the principal of and redemption provisions of the Bonds. DISCLOSURE REQUIRED BY FLORIDA BLUE SKY LAW Florida law requires the City to make a full and fair disclosure of any bonds or other debt obligations which it has issued or guaranteed and which are or have been in default as to principal or interest at any time after December 31, 1975 (including bonds or other debt obligations for which it has served as a conduit issuer). The City is not and has not been, since December 31, 1975 in default as to principal and interest on bonds or other debt obligations which it has issued or guaranteed. Although the City is not aware of any other defaults, it has not undertaken an independent review of bonds or other debt obligations for which it served only as a conduit issuer. To the extent any of such bonds or other debt obligations are in default as to principal and interest, the obligation of the City thereunder is limited solely to funds received from the party borrowing the proceeds of such bonds or other debt obligations and the city is not obligated to pay principal and interest on such bonds or debt obligations from any other funds of the City. RATINGS . Moody's Investors Service, Inc. and Standard and Poor's Corporation have assigned the Series 1990 Bonds ratings of "Aaa" and "AAA", respectively. Such ratings have been assigned to the Series 1990 Bonds with the understanding that the standard policy 20 . of municipal bond insurance insuring the timely payment of principal of and interest on the Series 1990 Bonds will be issued by Municipal Bond Investors Assurance Corporation upon issuance of the Series 1990 Bonds. Such ratings reflect only the views of the rating agencies, and an explanation of the significance of such ratings may be obtained from the applicable rating agency. There is no assurance that such ratings will continue for any given period of time or that they will not be revised or withdrawn entirely by such rating agencies, if in their judgment, circumstances so warrant. Any downward revision or withdrawal of such ratings may have an adverse effect upon the market price of the Series 19~0 Bonds. EXPERTS The references herein to PEe/Professional Engineering Consultants, Inc., as the Consulting Engineer, have been approved by said firm, and the Consulting Engineer'S Report, included as Appendix C to this Official Statement, should be read in its entirety for complete information with respect to the subjects discussed therein. The City's audited financial statements and accompanying notes, which should be read in their entirety for complete information with respect to the subjects discussed therein, submitted by McDirmit Davis & Company, P.A., certified Public Accountants are attached hereto as Appendix E. The Consulting Engineer's Report and the City's audited financial statements have been included in this Official Statement in reliance upon and with the authorization of the respective firms and upon the authority of such firms as experts in their respective fields. UNDERWRITING william R. Hough & Co. (the "Underwriter") has agreed, subject to certain conditions, to purchase the Series 1990 Bonds from the City at an 'aggregate discount of $ . The Underwriter's obligation is subject to certain conditions precedent, and they will be obligated to purchase all the Series 1990 Bonds if any Series 1990 Bonds are purchased. The Series 1990 Bonds may be offered and sold to certain dealers (including dealers depositing such Series 1990 Bonds into investment trusts) at prices lower than such public offering prices, and such public offering prices may be changed, from time to time, by the Underwriter. . FINANCIAL ADVISOR The City has retained Rachlin & Cohen, Certified Public Accountants, as Financial Advisor in connection with the preparation of the City's plan of finance and with respect to the 21 . authorization and issuance of the Series 1990 Bonds. The Financial Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or to assume responsibility for the accuracy, completeness, or fairness of the information contained in the Official Statement. Rachlin & Cohen, is a firm of independent certified public accountants and is not engaged in the business of underwriting, trading, or distributing municipal or other public securities. VERIFICATION OF ARITHMETICAL AND MATHEMATICAL COMPUTATIONS The accuracy of (a) the arithmetical computations of the adequacy of the maturing principal amount of and interest on the Federal Securities to pay, when due, the principal of and interest and redemption premiums on the Refunded Bonds and (b) the mathematical computations supporting the conclusion of Bond Counsel that the Bonds are not "arbitrage bonds" under Section 148{a) of the Internal Revenue Code of 1986, will be verified by Ernst & Young, Jacksonville, Florida, a firm of independent certified public accountants. Such verification of arithmetical accuracy and mathematical computations shall be based upon information and assumptions supplied by the City through the Underwriter and on interpretations of section 148(a) of the Internal Revenue Code of 1986 provided by Bond Counsel. TAX EXEMPTION . In the opinion of Bond Counsel, under existing laws and regulations, the Series 1990 Bonds are exempt from all present intangible personal property taxes imposed by Florida Statutes, Chapter 199; and under existing laws and regulations, the interest on the Series 1990 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. and corporations; however, for taxable years beginning after December 31, 1986, a portion of the interest on any of the Series 1990 Bonds owned by corporations may be subject to the federal alternative minimum tax which is based in part on adjusted net book income or adjusted current earnings. The opinions set forth in the preceding sentence are subject to the condition that the City comp~y with all requirements of the Internal Revenue Code of 1986, as amended (collectively, the "Code"), that must be satisfied subsequent to the issuance of the Series 1990 Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal income tax purposes. The City has covenanted to comply with each such requirements in the Coqe. Failure to comply with certain of such requirements may cause the inclusion of interest on the Series 1990 Bonds in gross income for federal income tax purposes retroactive to the date of issuance of the Series 1990 Bonds. These requirements include, but are not , I \ 22 . limited to, prov1s1ons which prescribe yield and other limits within which the proceeds of the Series 1990 Bonds and the other amounts are to be invested and require that certain investment earnings on the foregoing must be rebated on a periodic basis to the Treasury Department of the united States. Bond Counsel expresses no opinion regarding other federal tax consequences arising with respect to the Series 1990 Bonds. Prospective purchasers of the Series 1990 Bonds should be aware that (i) Section 265 of the Code denies a deduction for interest on indebtedness incurred or continued to purchase or carry the Series 1990 Bonds; (ii) with respect to insurance companies subject to the tax imposed by section 831 of the Code, Section 832{b) (5) (B) (i) reduces the deduction for loss reserves by 15% of the sum of certain items, including interest on the Series 1990 Bonds; (iii) for taxable years beginning before January 1, 1992, interest on the Series 1990 Bonds earned by some corporations could be subject to the environmental tax imposed by Section 59A of the Code; (iv) interest on the Series 1990 Bonds earned by certain foreign corporations doing business in the United States could be subject to a branch profits tax imposed by section 884 of the Code; (v) passive investment income, including interest on the Series 1990 Bonds, may be subject to federal income taxation under Section 1375 of the Code for Subchapter S corporations that have Subchapter C earnings and profits at the close of the taxable year if greater than 25% of the gross receipts of such Subchapter S corporation is passive investment income; and (vi) section 86 of the Code requires recipients of certain Social Security and certain Railroad Retirement benef its to take into account, in determining the taxability of such benefits, receipts or accruals of interest on the Series 1990 Bonds. In recent years legislative proposals have been introduced in Congress, and in some cases enacted, that altered certain federal tax consequences resulting from the ownership of obligations similar to the Series 1990 Bonds. In some cases these proposals have contained provisions that altered these consequences on a retroactive basis. Such alteration of federal tax consequences may have affected the market value of obligations similar to the Series 1990 Bonds. From time to time legislative proposals are pending which could have an effect on both the federal tax consequences resulting from ownership of the Series 1990 Bonds and their market value. No assurance can be given that additional legislative proposals will not be introduced or enacted that would or might apply to, or have an adverse effect upon the Series 1990 Bonds. . PURCHASE, OWNERSHIP OR SALE OR DISPOSITION OF THE SERIES 1990 BONDS AND THE RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX CONSEQUENCES FOR CERTAIN INDIVIDUAL AND CORPORATE BONDHOLDERS. SERIES 1990 BONDHOLDERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN THAT REGARD. 23 LEGAL MATTERS . All Series 1990 Bonds are subject to the approval of Bryant, Miller and Olive, P.A., Tallahassee, Florida, Bond Counsel, whose approving opinion will be printed in the Series 1990 Bonds. The form of Bond Counsel's approving opinion is attached hereto as Appendix F. certain legal matters will be passed on for the City by Foley & Lardner, van den Berg, Gay, Burke, Wilson & Arkin, Orlando, Florida. certain other legal matters will be passed upon for the Underwriter by its counsel, Honigman Miller Schwartz and Cohn, Orlando, Florida. MISCELLANEOUS Any statements in this Official Statement, involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to be construed as a contract or agreement between the City or the Underwriter and the purchasers or owners of any of the Series 1990 Bonds. CERTIFICATE CONCERNING THE OFFICIAL STATEMENT Concurrently with the delivery of the Series 1990 Bonds, the City will furnish its certificate, executed by the Mayor and the city Manager to the effect that, to the best of their knowledge, this Official Statement as of its date and as of the date of the delivery of the Series 1990 Bonds, does not contain an untrue statement of a material fact and does not omit any material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading; provided, however no representation is made by the City relating to the information contained under the caption "MUNICIPAL BOND INSURANCE" herein. CITY OF OCOEE, FLORIDA Mayor City Manager . 24 /Jp P eN ell 'I- Jl 11 we. RESOLUTION NO. 90-08 . A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OCOEE, FLORIDA, AUTHORIZING THE REFUNDING OF CERTAIN PRESENTLY OUTSTANDING OBLIGATIONS OF THE CITY OF OCOEE, FLORIDA; AUTHORIZING THE ACQUISITION OF RIGHTS-OF-WAY, DESIGN, CONSTRUCTION, PAVING AND IMPROVEMENT OF CERTAIN STREETS AND INTERSECTIONS WITHIN AND WITHOUT THE CITY LIMITS OF THE CITY OF OCOEE, FLORIDA; AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,000,000 TRANSPORTATION REFUNDING AND IMPROVEMENT REVENUE BONDS OF THE CITY TO BE APPLIED TO REFUND THE PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM, IF ANY, IN RESPECT TO SUCH PRESENTLY OUTSTANDING OBLI- GATIONS AND TO FINANCE THE COST OF SUCH PROJECT; PLEDGING REVENUES DERIVED FROM THE LOCAL OPTION GAS TAX, THE PUBLIC SERVICE TAXES AND CERTAIN INVESTMENT EARNINGS FOR THE PAYMENT OF SAID BONDS; FURTHER PLEDGING AMOUNTS ON DEPOSIT IN THE DEBT SERVICE FUND AND THE CONSTRUCTION FUND CREATED PURSUANT TO THIS RESOLUTION; PROVIDING FOR THE RELEASE AND EXTINGUISHMENT OF THE LIEN ON SUCH PUBLIC SERVICE TAXES; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING FOR THE SEVERABILITY OF INVALID PROVISIONS; PROVIDING FOR THE REPEAL OF ANY RESOLUTIONS IN CONFLICT WITH THE PROVISIONS OF THIS RESOLUTION; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING 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 the provisions of the Constitution of the State of Florida; the Charter of the City of Ocoee, Chapter 166, Part II, Florida Statutes, and other applicable provisions of law. SECTION 2. DEFINITIONS. The following terms shall have the following meanings herein, unless the text expressly requires otherwise. Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. A. "Acquired Obligations" shall mean U.S. Treasury Certifi- cates, Notes and Bonds (inClUding State and Local Government Series -- "SLGS"), direct obligations of the Treasury which have been stripped by the Treasury itself, "CATS" and "TIGRS" and obligations issued by the following agencies which are backed by the full faith and credit of the U.S.: . 1. U. S. Export-Import Bank: Direct obligations or fully guaranteed certificates of beneficial owner- ship Farmers Home Administration: Certificates of bene- ficial ownership 2. "t, :r, 3 . 4. 5. 6. . 7. 8 . 9. 10. Federal Financinq Bank Federal Housinq Administration Debentures General Services Administration: Participation certificates u.s. Maritime Administration: Guaranteed Title XI financing New Communities Debentures: U.S. government guaran- teed debentures U.s. Public Housinq Notes and Bonds: U.S. govern- ment guaranteed public housing notes and bonds u.s. Department of Housinq and Urban Development: Project Notes; Local Authority Bonds Prerefunded municipal bonds must be rated "Aaa" by Moody's or "AM" by S&P. If the issue is only rated by S&P (i.e., there is no Moody's rating), then the prerefunded bonds must have been prerefunded with cash, direct u.S. or u.S. guaranteed obligations, or AM-rated prerefunded municipals that satisfy this condition. B. "Act" shall mean Chapter 166, Part II, Florida Statutes, and other applicable provisions of law. C. "Additional Parity Obligations" shall mean additional obligations issued in compliance with the terms, conditions and limitations contained herein and which (i) shall have a first lien on the Pledged Revenues equal to that of the Series 1990 Bonds and with respect to that portion of the Pledged Revenues constituting the Public Service Taxes, unless the lien thereon shall have been released as provided herein, the Public Service Tax Obligations, (ii) shall be payable from the proceeds of the Pledged Revenues on a parity with the Series 1990 Bonds, (iii) shall be payable from the proceeds of the Public Service Taxes, unless the lien thereon shall have been released as provided herein, on a parity with Public Service Tax obligations, and (iv) shall rank equally in all other respects with the Series 1990 Bonds. Notwithstanding the foregoing, amounts on deposit in each subaccount in the Reserve Account shall be pledged only for the payment of the. principal of, interest on, and redemption premiums, if any, on the series of Bonds for which such subaccount was established and for no other series of Bonds. D. "Agreement" or "Escrow Deposit Agreement" shall mean an agreement or agreements by and between the Issuer and a bank or trust company to be selected and named by the Issuer prior to the sale of the Series 1990 Bonds, the purpose of which is to provide for the payment of the Refunded Bonds. Such agreement shall be in substantially the form attached hereto as Exhibit A and incorpo- rated herein by reference. . 2 "'1 1.", E. "Amortization Installment" with respect to any Term Bonds of a series, shall mean an amount so designated for mandatory prin- cipal ins~allments or mandatory Compounded Amounts payments (for mandatory call or otherwise) payable on any Term Bonds issued under the provisions of this Resolution or any subsequent resolution authorizing Additional Parity Obligations. . F. "Bond Counsel" shall mean a firm of nationally recognized attorneys at law acceptable to the Issuer and experienced in the issuance of bonds or other debt obligations by governmental units such as the Issuer. G. "Bond Insurer" shall mean, with respect to any series of Bonds, the bond insurance company or companies, if any, which issues a policy of insurance insuring the payment of principal of and interest on such Bonds. H. "Bond Service Requirement" shall mean for a given year the remainder after SUbtracting any accrued and funded interest for that year that has been deposited into the Debt Service Fund for that purp0ge from the sum of: (1) The amount required to pay the interest coming due on Bonds during that year; (2) The amount required to pay the principal or Com- pounded Amounts of serial Bonds in that year, and the princi- pal or Compounded Amounts of Term Bonds maturing in that year that are not included in the Amortization Installments for such Term Bonds; and (3) The Amortization Installments for all series of Term Bonds for that year. 1. "Bonds" shall mean the City of Ocoee, Florida, Transporta- tion Refunding and Improvement Revenue Bonds, Series 1990, herein authorized to be issued and any Additional Parity Obligations issued hereafter. J. "Business Day" shall mean any day other than a Saturday, sunday or a day on which banking institutions located in the State of Florida are required or authorized to remain closed. K. "Capital Appreciation Bonds" shall mean the aggregate principal amount of the Bonds that bear interest payable solely at maturity or upon redemption prior to maturity in the amounts determined by reference to the Compounded Amounts, all as shall be determined by subsequent resolution of the Issuer. . L. "Clerk" shall mean the City Clerk of the Issuer. 3 .. i ~ 1 M. "Compounded Amounts" shall mean the amounts as to which reference is made that establish the amounts payable at maturity or upon redemption prior to maturity on the capital Appreciation Bonds. Such amounts shall be determined by subsequent resolution of the Issuer. . N. "Const.ruction Fund" shall mean the City of Ocoee Transpor- tation Refunding and Improvement Revenue Bond Construction Fund created and established pursuant to section 16(E) hereof. o. "Current Interest Bonds" shall mean the aggregate princi- pal amount of the Bonds that bear interest payable semi-annually on such dates as shall be determined by subsequent resolution of the Issuer. The Current Interest Bonds include the aggregate prin- cipal amount of Serial Current Interest Bonds and such aggregate principal amount of Term Current Interest Bonds, as shall be deter- mined by subsequent resolution of the Issuer. P. "Debt Service Fund" shall mean the City of Ocoee Transpor- tation Refunding and Improvement Revenue Bond Debt Service Fund created and established pursuant to Section 18(B) h~reof. Q. "Escrow Agent" shall mean a bank with trust powers or a trust company appointed by the Issuer as a party to the Agreement together with any successors and assigns. R. "Fiscal Year" shall mean the period commencing on October 1 of each year and ending on the next succeeding September 30, or such other period designated by the Issuer as its Fiscal Year. S. "Holder of Bonds" or "Bondholders" or any similar term shall mean any person who shall be the registered owner of any Outstanding Bond. T. "Investment Securities" shall mean the following, if and to the extent authorized pursuant to the laws of the State of Florida: 1. Direct obligations of the United states of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury) or obligations the principal of and interest on which are unconditionally guaranteed by the united states of America. 2. Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by any of the following federal agencies and provided such obligations are backed by the full faith and credit of the United states: . a. u.s. Export-Import Bank: Direct obligations or fully guaranteed certificates of beneficial ownership 4 1'1 (" j b. Farmers Horne Administration: beneficial ownership Certificates of c. Federal Financinq Bank . d. Federal Housin~ Administration Debentures e. General Services Administration: Participation certificates f. Government National Mortqaqe Association ("GNMA"): GNMA - guaranteed mortgage-backed bonds; GNMA - guaranteed pass-through obligations g. u.s. Maritime Administration: Guaranteed Title IX financing h. New Communi ties Debentures: guaranteed debentures u. S. government 1. u. S. Publ ic Hous inq Notes and Bonds: u. s. government guaranteed public housing notes and bonds j. u.s. Department of Housinq and Urban Develop- ment: Project Notes; Local Authority Bonds 3. Bonds, debentures, notes or other evidence of indebt- edness issued or guaranteed by any of the following U. S. government agencies (non-full faith and credit agencies): a. Federa 1 Home Loan Bank System: obligations Senior debt b. Federal Home Loan Mortqaqe Corporation: Partic- ipation Certificates; Senior debt obligations c. Federal National Mortqaqe Association: Mortgage-backed securities and senior debt obligations d. Student Loan Marketinq Association: Senior debt obligations 4. Money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and having a rating by S&P of AAAm-G; AAAm; or AAm. . 5. Certificates of deposit secured at all times by col- lateral described in (1) and/or (2) above. Such certificates must be issued by commercial banks, savings and loan associa- tions or mutual savings banks. The collateral must be held 5 ., . by a third party and the bondholders must have a perfected first security interest in the collateral. . 6. certificates of deposit, savings accounts, deposit accounts or money market deposits which are fully insured by Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance corporation. 7. Investment Agreements, including guaranteed invest- ment contracts, acceptable to MBIA. 8. Commercial paper rated, at the time of purchase, "Prime - 1" by Moody's or "A-1" or better by S&P. 9. Bonds or notes issued by any state or municipality which are rated by Moody's or S&P in one of the two highest rating categories assigned by such agencies. 10. Federal funds or bankers acceptances with a maximum term of one year of any bank which has an unsecured, uninsured and unguaranteed obligation rating of "Prime - 1" or "A3" or better by Moody's and "A-l" or "A" or better by S&P. 11. Repurchase agreements that provide for the transfer of securities from a dealer bank or securities firm (seller/ borrower) to a municipal entity (buyer/lender), and the trans- fer of cash from a municipal entity to the dealer bank or securities firm with an agreement that the dealer bank or securities firm will repay the cash plus a yield to the muni- cipal entity in exchange for the securities at a specified date. Repurchase Agreements must satisfy the following criteria or be approved by MBIA: a. Repurchase aqreements must be between the municipal entity and a dealer bank or securities firm i. Primary dealers on the Federal Reserve reporting dealer list, or ii. Banks rated "A" or above by S&P and Moody's. b. The written ret'urchase aqreement must include the followinq: i . Securities which are acceptable for transfer are: (A) Direct u.s. governments, or . (B) Federal agencies backed by the full faith and credit of the u.s. government 6 1; . ii. The term of the repurchase aqreement may be up to 30 days . iii. The collateral must be delivered to the municipal entity, trustee (if trustee is not supplying the collateral) or third party acting as agent for the trustee (if the trustee is supplying the collateral) before/simultaneous with payment (perfection by posses- sion of certificated securit:'s). iv. Valuation of Collateral (A) The securities. except for securities on deposit in the Reserve Account. must be valued weekl v. marked-to-market at current market price plus accrued interest (1) The value of collateral must be equal to 103% of the amount of cash transferred by the municipal entity to the dealer bank or security firm under the repurchase agreement plus accrued interest. If the value of securi- ties held as collateral slips below 103% of the value of the cash transferred by'municipality, then additional cash and/or acceptable securi- ties must be transferred. If, however, the securities used as collateral are FNMA or FMAC, then the value of the collateral must equal 105%. Securities on deposit in each subaccount in the Reserve Account shall be valued as determined by the resolution of the Issuer authorizing the series of Bonds for which such subaccount was established. c. A legal opinion must be delivered to the municipal entity to the effect that the repurchase agreement meets guidelines under state law for legal investment of public funds. 12. Units of participation in the Local Government Surplus Funds Trust Fund established pursuant to Chapter 218, Part IV, Florida statutes, or any similar common trust fund which is established pursuant to the laws of the state of Florida as a legal depository of public moneys and for which the Florida state Board of Administration acts as custodian; and . 13. Any other investment permitted under applicable Florida and United States law and acceptable to MBIA, for so long as the Series 1990 Bonds shall be Outstanding and such firm shall not be in default under its policy of municipal bond insurance securing such Series 1990 Bonds. 7 . . . u. "Issuer" or "City" shall mean the City of Ocoee, Florida. V. "Local Option Gas Tax" shall mean the Local Option Gas Tax received by the Issuer under the authority of Section 336.025, Florida Statutes, and an Interlocal Agreement dated July 21, 1983, as amended on June 27, 1985, between Orange County, Florida and the city of Orlando, Floridc.. As used herein, the term "Local Option Gas Tax" shall include any local option gas taxes authorized pursuant to Section 336.025, Florida Statutes, as amended and supplemented from time to time, and received by the Issuer, including any levied in excess of the tax currently authorized pursuant to such section. w. "Maximum Bond Service Requirement" shall mean, as of any particular date of calculation, the greatest amount of aggregate Bond Service Requirement for the then current or any future Bond Year, except that with respect to any Bonds for which Amortization Installments have been established, the amount of principal coming due on the final maturity date with respect to such Bonds shall be reduced by the aggregate principal amount or Compounded Amounts of such Bonds that are to be redeemed from Amortization Installments, in each case to be made in prior Bond Years. X. "MBIA" shall mean Municipal Bond Investors Assurance Corporation. Y. "Moody's" shall mean Moody's Investors Service, and any assigns or successors thereto. Z. "outstanding" or "Bonds outstanding" shall mean all Bonds which have been issued pursuant to this Resolution, except: (1) Bonds canceled after purchase in the open market or because of payment at or redemption prior to maturity; (2) Bonds for the payment or redemption of which cash funds or Acquired Obligations or any combination thereof shall have been theretofore irrevocably set aside in a special account with an escrow agent (whether upon or prior to the maturity or redemption date of any such Bonds) in an amount which, together with earnings on such Acquired Obligations, will be sufficient to pay the principal of and interest on such Bonds at maturity or upon their earlier redemption; provided that, if such Bonds are to be redeemed before the maturity thereof, notice of such redemption shall have been gi ven according to the requirements of this Resolution or irrevocable instructions directing the timely publication of such notice and directing the payment of the principal of and interest on all Bonds at such redemption dates shall have been given to the escrow agent; and 8 .. (3) Bonds which are deemed paid pursuant to this Reso- lution or in-lieu of which other Bonds have been issued under sections 11 and 13 hereof. . M. "Paying Agent" shall mean any authorized depository designated by the Issuer to serve as a Paying Agent for the Bonds that shall have agreed to arrange for the tim(ly payment of the principal of, interest on and redemption premium, if any, with respect to the Bonds to the owners thereof, from funds made avail- able therefor by the Issuer and any successors designated by subsequent resolution of the Issuer. Nothing in this Resolution shall be deemed to prohibit the Issuer from serving as Paying Agent hereunder or from appointing one or more Paying Agents to serve under this Resolution. BB. "Pledged Revenues" shall mean collectively (i) the Local option Gas Tax, (ii) until released as provided herein, the Public Service Taxes and (iii) amounts on deposit in and interest earned on the Debt Service Fund and the Construction Fund. CC. "Public Service Taxes" shall mean the tax levied by the Issuer pursuant to section 166.231, Florida statutes, on the purchase of electricity, metered or bottled gas (natural liquefied petroleum gas or manufactured), water, fuel oil and telephone and telegraph service. DO. "Public Service Taxes Fund" shall mean the City of Ocoee Transportation Refunding and Improvement Revenue Bond Public Service Taxes Fund created and established pursuant to Section 18F hereof. EE. "Public Service Tax obligations" shall other debt obligations of the Issuer authorized pursuant to section 18E hereof. Public Service Tax not include the Bonds. mean bonds or to be issued obligations do FF. "Rebate Fund" shall mean the Rebate Fund created pursuant to section 29 of this Resolution. GG. "Record Date" shall have the same meanings as set forth in sections 7 and 11 of this Resolution. HH. "Redemption Account" shall mean the special account of the same name created within the Debt Service Fund. II. "Refunded Bonds" shall mean the remaining bonds outstand- ing of the $2,145,000 City of Ocoee, Florida, Public Improvement Revenue Bonds, Series 1987, dated November 1, 1987. . JJ. "Refunding Bonds" shall mean the Series 1990 Bonds. 9 KK. "Registrar" shall mean a trust company or bank with trust powers appointed by subsequent resolution of the Issuer to serve as Registrar pursuant to this Resolution and any successors desig- nated by subsequent resolution of the Issuer. Nothing in this Resolution shall be deemed to prohibit the Issuer from serving as Registrar hereunder or from appointing one or more Registrars to serve under this Resolution. . LL. "Reserve Account" shall mean the special account of the same name created within the Debt Service Fund together with all subaccounts therein. MM. "Reserve Requirement" with respect to each series of Bonds, if any, shall be determined by subsequent resolution of the Issuer adopted prior to the issuance of each such series of Bonds. NN. "Resolution" shall mean this Resolution, as the same may be amended or supplemented from time to time. 00. "Revenue Fund" shall mean the City of Ocoee Transpor- tation Refunding and Improvement Revenue Bond Revenue Fund created and established pursuant to section 18(A) hereof. PP. "Serial Current Interest Bonds" shall mean the aggregate principal amount of Current Interest Bonds maturing on such dates and in such amounts as shall be determined by subsequent resolution of the Issuer and for which Amortization Installments have not been designated. QQ. "Series 1990 Bonds" shall m~an the Bonds initially issued under this Resolution, which such Bonds may be issued in one or more series. RR. "series 1990 Project" or "Series 1990 Projects" shall mean the acquisition of rights-of-way, design,construction, paving and improvement of certain streets, intersections and drainage improvements within and without the corporate limits of the Issuer and as more fully described in the Engineering Report of Professional Engineering Consultants, Inc., dated August 5, 1990, which report is on file with the Clerk. SSe "S&P" shall mean Standard & Poor's corporation, and any assigns or successors thereto. TT. "Term Bonds" shall mean Term Current Interest Bonds and Term capital Appreciation Bonds. . 00. ".Term capital Appreciation Bonds" shall mean the aggre- gate principal amount of capital Appreciation Bonds maturing on such dates and in such amounts as shall be determined by subsequent resolution of the Issuer and for which Amortization Installments have been designated. 10 ,; . w. "Term Current Interest Bonds" shall mean the aggregate principal amount of Current Interest Bonds maturing on such dates and in such amounts as shall be determined by subsequent resolution of the Issuer and for which Amortization Installments have been designated. . SECTION 3. FINDINGS. and declared that: It is hereby ascertained, determined A. It is in the best interest of the Issuer and the residents thereof that the Issuer authorize the issuance of Bonds to provide for the refunding and refinancing of obligations heretofore issued by the Issuer and to provide for the acquisition, construction and design of the Series 1990 Project. B. In order to preserve and protect the public health, safety and welfare of the inhabitants of the Issuer, it is necessary and desirable to acquire, construct and design the Series 1990 Project. c. The revenues derived from the Public Service Taxes and Local option Gas Tax are not now pledged or encumbered in any manner, except for the payment of the Issuer's Refunded Bonds. D. The Issuer deems it necessary, beneficial and in its best interest to provide for the refunding of the Refunded Bonds. Such refunding will be advantageous to the Issuer because it will allow the Issuer to lengthen the amortization of the debt financed with the proceeds of the Refunded Bonds to more closely match the life of the improvements financed with such debt and will allow the Issuer to revise certain terms and covenants in a manner that is more beneficial to the Issuer. E. The estimated sum required for the refunding of the Refunded Bonds will be derived from a portion of the proceeds of the sale of the Series 1990 Bonds, together with certain other legally available funds of the Issuer. F. A portion of the proceeds of the Series 1990 Bonds shall be deposited pursuant to the Agreement, in amounts which, together with earnings thereon, will be sufficient to make timely payments of the interest and outstanding principal in respect to the Refunded Bonds to maturity. Such funds shall be invested pursuant to the Agreement in such investments as will be sufficient to pay such principal and interest. . G. The Bonds do not constitute a general inllebtedness or general obligation of the Issuer within the meaning of any consti- tutional, statutory or charter provision or limitation, and the Issuer has not pledged its full faith and credit for the payment of the principal of, redemption premium, if any, and interest on the Bonds or of the making of any reserve or other payments 11 '. ... . provided for in this Resolution. It is expressly agreed by the Holders of the Bonds that such Bondholders shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer or taxation of any real or personal property therein for the payment of the principal of, redemption premium, if any, and interest on the Bonds or the making of any reserve or other payments provided for in this Resolution. H. The estimated Pledged Revenues will be sufficient to pay all principal of and interest and redemption premium on the Series 1990 Bonds to be issued hereunder, as the same become due, and to make all other deposits or other payments required by this Resolu- tion. I. The proceeds of the series 1990 Bonds deposited in the Construction Fund may only be used for "transportation expendi- tures" within the meaning of Section 336.025(7), Florida statutes. J. The Series 1990 Bonds may be issued in one or more series as shall be determined by subsequent resolution of the Issuer. . SECTION 4. AUTHORIZATION OF REFUNDING AND CONSTRUCTION OF SERIES 1990 PROJECT. There is hereby authorized the refunding of the Refunded Bonds in the manner provided herein. There is hereby authorized the construction of the Series 1990 Project pursuant to certain reports presently on file or to be filed with the Clerk, including the report of Professional Engineering Consultants, Inc., Orlando, Florida, dated as of August 5, 1990, currently on file with the Clerk. The cost of such Series 1990 Project in addition to the items set forth in such reports, may include, but need not be limited to, the acquisition of any lands, rights of ways or interest therein or any other properties deemed necessary or con- venient therefor; engineering, legal and financing expenses, expenses for estimates of costs; expenses for plans, specifica- tions and surveys; the fees of fiscal agents, financial advisors or consultants; operating costs incurred during the construction; municipal bond insurance or other credit enhancement, including credit enhancement to be deposited in the Reserve Account; adminis- trative expenses relating solely to the construction of the Series 1990 Project; the capitalization of interest for a reasonable period after the issuance of the Series 1990 Bonds; the creation and establishment of reasonable reserves for debt service; the discount on the sale of the Series 1990 Bonds, if applicable; repayment of interim advances and indebtedness including repayments to the other funds of the Issuer for moneys spent on the Series 1990 Project in anticipation of the sale of the Series 1990 Bonds; and such other costs and expenses as may be necessary or incidental to the financing herein authorized and the construction of the Series 1990 Project and the placing of same in operation. 12 " . . .. Provided, however, the Issuer reserves the right, if it be found at the time-of construction of the Series 1990 Project that the amounts allocated for a portion thereof are inadequate there- for, to allocate additional amounts from other portions of said Series 1990 Project and, if it be found at the time of construction of the Series 1990 Project that less than the amounts allocated to certain purposes are needed for Guch purposes, to allocate the amount so saved to other portions of the Series 1990 Project or, if in the best interest of the Issuer it is deemed necessary and advisable to change or delete any of the portions of the Series 1990 Project described above, to make such necessary changes or deletions in such Series 1990 Project as the Issuer deems necessary so long as all said funds are used for the purposes provided by law and this Resolution, and, to the extent used for construction according to such reports of Professional Engineering Consultants, Inc. or such other firm or firms of qualified consulting engineers acceptable to the Issuer to be on file with the Issuer prior to disbursement of such funds. Notwithstanding the foregoing, the proceeds of the Series 1990 Bonds deposited in the Construction Fund may only be used for proj ects which constitute "transportation expenditures " within the meaning of Section 336.025 (7), Florida Statutes. SECTION 5. THIS RESOLUTION TO CONSTITUTE CONTRACT. In con- sideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the Issuer and such Holders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the legal Holders of any and all of the Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided therein and herein. SECTION 6. AUTHORIZATION OF SERIES 1990 BONDS. Subject and pursuant to the provisions hereof, obligations of the Issuer to be known as "Transportation Refunding and Improvement Revenue Bonds, Series 1990," are authorized to be issued in the aggregate princi- pal amount not exceeding $7,000,000. SECTION 7. DESCRIPTION OF SERIES 1990 BONDS. The Series 1990 Bonds shall be issued in fully registered form; may be Capital Appreciation Bonds and/or Current Interest Bonds; shall be dated; shall be numbered consecutively from R-1 upward if Current Interest Bonds; shall be numbered from CABR-1 upward if capital Appreciation Bonds; shall be in the denomination of $5,000 each, or integral rnul tiples thereof for the Current Interest Bonds and in $5,000 maturity amounts for the Capital Appreciation Bonds or in $5,000 multiples thereof, or such other denominations as shall be approved by the Issuer in a subsequent resolution prior to the delivery of the Series 1990 Bonds; shall bear interest at such rate or rates 13 . not exceeding the maximum rate allowed by Florida law, the actual rate or rates to be determined by subsequent resolution of the Issuer prior to or upon the sale of the Series 1990 Bonds; such interest to be payable semiannually at such times as are fixed by resolution of the Issuer if Current Interest Bonds and to be pay- able at maturity if Capital Appreciation Bonds; and shall mature annually on such date in such years and amounts as will be fixed by resolution of the Issuer prior to or upon the sale of the Series 1990 Bonds; and may be serial and/or Term Bonds. Each Series 1990 Current Interest Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated, unless authenticated on an interest payment date, in which case it shall bear interest from such interest payment date, or, unless authenticated prior to the first interest payment date, in which case it shall bear interest from its date; provided, however, that if at the time of authentication payment of any interest which is due and payable has not been made, such Series 1990 Current Interest Bond shall bear interest from the date to which interest shall have been paid. The Series 1990 Capital Appreciation Bonds shall bear interest only at maturity or upon redemption prior to maturity in the amount determined by reference to the Compounded Amounts. The principal of and the interest and redemption premium, if any, on the Series 1990 Bonds shall be payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. The interest on the Series 1990 Current Inter- est Bonds shall be payable by the Paying Agent on each interest payment date to the person appear ing, as of the fifteenth day immediately preceding such interest payment date (the "Record Date"), on the registration books of the Issuer hereinafter pro- vided for as the Holder thereof, by check or draft mailed to such Holder at his address as it appears on such registration books on the Record Date. Payment of the principal of all Series 1990 Cur- rent Interest Bonds and the Compounded Amount with respect to the Series 1990 Capital Appreciation Bonds shall be made upon the presentation and surrender at the office of the Paying Agent of such Bonds as the same shall become due and payable. SECTION 8. EXECUTION OF SERIES 1990 BONDS. The Series 1990 Bonds shall be signed by, or bear the facsimile signature of, the Mayor and shall be signed by, or bear the facsimile signature of, the Clerk and a facsimile of the official seal of the Issuer shall be imprinted on the Bonds. . In case any officer whose signature or a facsimile of whose signature shall appear on any series 1990 Bond shall cease to be such officer before the delivery of such Series 199b Bond, such signature or such facsimile shall nevertheless be valid and suffi- 14 cient for all purposes the same as if he has remained in office until such delivery. Any Series 1990 Bond may bear the facsimile signature of or may be signed by such persons who, at the actual time of the execution of such Series 1990 Bond, shall be the proper officers to sign such Series 1990 Bond although at the date of such Series 1990 Bond. such persons may not have been such officers. . SECTION 9. AUTHENTICATION OF SERIES 1990 BONDS. Only such of the Series 1990 Bonds as shall have endorsed thereon a certi- ficate of authentication substantially in the form hereinbelow set forth, duly executed by the Registrar, as authenticating agent, shall be entitled to any benefit or security under this Resolution. No Series 1990 Bond shall be valid or obligatory for any purpose unless and until such certificate of authentication shall have been duly executed by the Registrar, and such certificate of the Regis- trar upon any such Series 1990 Bond shall be conclusive evidence that such Series 1990 Bond has been duly authenticated and deliv- ered under this Resolution. The Registrar's certificate of authen- tication on any Series 1990 Bond shall be deemed to have been duly executed if signed by an authorized officer of the Registrar, but it shall not be necessary that the same officer sign the certifi- cate of authentication of all of the Series 1990 Bonds that may be issued hereunder at anyone time. SECTION 10. EXCHANGE OF SERIES 1990 BONDS. Any Series 1990 Bond, upon surrender thereof at the principal corporate trust office of the Registrar (or if the Clerk is the Registrar, at the office of the Clerk), together with an assignment duly executed by the Bondholder or his attorney or legal representative in such form as shall be satisfactory to the Registrar, may, at the option of the Bondholder, be exchanged for an aggregate principal amount of Series 1990 Bonds equal to the principal amount and of the same type of the Series 1990 Bond or Series 1990 Bonds so surrendered. The Registrar shall make provision for the exchange of Bonds at the principal corporate trust office of the Registrar (or if the Clerk is the Registrar, at the office of the Clerk). . SECTION 11. NEGOTIABILITY, REGISTRATION AND TRANSFER OF SERIES 1990 BONDS. The Registrar shall keep books for the regis- tration of and for the registration of transfers of Series 1990 Bonds as provided in this Resolution. The transfer of any Series 1990 Bonds may be registered only upon such books and only upon surrender thereof to the Registrar together with an assignment duly executed by the Bondholder or his attorney or legal representative in such form as shall be satisfactory to the Registrar. Upon any such registration or transfer the Issuer shall execute and the Registrar shall authenticate and deliver in exchange for such Series 1990 Bond, a new Series 1990 Bond or Series 1990 Bonds registered in the name of the transferee, of the same maturity and type and in an aggregate principal amount equal to the principal 15 '0 · amount of such series 1990 Bond or Series 1990 Bonds so surrendered. . In all cases in which Series 1990 Bonds shall be exchanged, the Issuer shall execute and the Registrar shall authenticate and deliver, at the earliest practicable time, a new Series 1990 Bond or Series 1990 Bonds of the same maturity and of the same type (i.e. Current Interest Bonds will be exchanged for Current Interest Bonds and Capital Appreciation Bonds will be exchanged for Capital Appreciation Bonds) in accordance with the provisions of this Resolution. All Bonds surrendered in any such exchange shall forthwith be canceled by the Registrar. The Issuer or the Regis- trar may make a charge for every such exchange of Series 1990 Bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange, but no other charge shall be made to any Bondholder for the privilege of exchanging series 1990 Bonds under the provisions of this Resolu- tion. Neither the Issuer nor the Registrar shall be required to make any such exchange of Series 1990 Bonds after the Record Date. SECTION 12. OWNERSHIP OF SERIES 1990 BONDS. The person in whose name any Series 1990 Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of any such Series 1990 Bond, and the interest on any such Series 1990 Bond (or, in the case of the Capital Appreciation Bonds, Compounded Amounts with respect thereto), shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Series 1990 Bond including the premium, if any, and interest thereon to the extent of the sum or sums so paid. . SECTION 13. SERIES 1990 BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Series 1990 Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion cause to be executed, and the Registrar shall authenticate and deliver, a new Series 1990 Bond of like maturity, date and tenor as the Bond so mutilated, destroyed, stolen or lost (i.e., Current Interest Bonds shall be issued in exchange for Current Interest Bonds and Capital Appreciation Bonds shall be issued in exchange for Capital Appreciation Bonds) in exchange and substitution for such mutilated Series 1990 Bond upon surrender and cancellation of such mutilated Series 1990 Bond or in lieu of and substitution for the Bond destroyed, stolen or lost, and upon the Holder furnishing the Issuer and the Registrar proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the Issuer and the Registrar may prescribe and paying such expenses as the Issuer and the Registrar may incur. All Series 1990 Bonds so surrendered shall be cancelled by the Registrar. If any of the Series 1990 Bonds shall have matured or be about to mature, instead of issuing a substitute 16 Series 1990 Bond, the Paying Agent may pay the same, upon the -Issuer and Registrar being indemnified as aforesaid, and if such Series 1990 Bond be lost, scolen or destroyed, without surrender thereof. . Any such duplicate Series 1990 Bonds issued pursuant to this Section shall constitute original, additional contractual obliga- tions on the part of the Issuer whether or not the lost, stolen or destroyed Series 1990 Bonds be at any time found by anyone, and such duplicate Series 1990 Bonds shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the Pledged Revenues, to the same extent as all other Series 1990 Bonds issued hereunder. SECTION 14. PROVISIONS FOR REDEMPTION. The Series 1990 Bonds shall be s4bject to redemption prior to their maturity at such times and in such manner as shall be fixed by resolution of the Issuer prior to or at the time of sale of the Series 1990 Bonds. Notice of such redemption shall, at least thirty (30) days prior to the redemption date, be filed with the Registrar, and mailed, first class mail, postage prepaid, to all Holders of Bonds to be redeemed at their addresses as they appear on the registra- tion books hereinbefore provided for, but failure to mail such notice to one or more Holders of Bonds shall not affect the validity of the proceedings for such redemption with respect to Holders of Bonds to which notice was duly mailed hereunder. Each such notice shall set forth the date fixed for redemption, the redemption price to be paid and, if less than all of the Series 1990 Bonds of one maturity are to be called, the distinctive numbers of such Series 1990 Bonds to be redeemed and in the case of Series 1990 Bonds to be redeemed in part only, the portion of the principal amount thereof to be redeemed. . In addition to the mailing of the notice described above, each notice of redemption shall (i) be sent at least 35 days before the redemption date and to the extent possible, at least two (2) days prior to the general date of mailing by registered or certified mail or overnight delivery service or telecopy to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Series 1990 Bonds (such depositories now being The Depository Trust company, New York, New York, Midwest Securities Trust Company, Chicago, Illinois, and Philadelphia Depository Trust Company, Philadelphia, Pennsylvania), and to two or more national information services that disseminate notices of redemption of obligations such as the Series 1990 Bonds and (ii) be published one time in The Bond Buver, New York, New York or, if such publication is impractical or unlikely to reach a substantial number of the holders of the Series 1990 Bonds to be redeemed, in some other financial newspaper or journal which regularly carries notices of redemption of other obligations similar to the Series 1990 Bonds, such publication to 17 " . . be made at least 30 days prior to the date fixed for redemption; -provided, however, that failure of such notice or payment to comply with the.terms of this paragraph shall not in any manner defeat the effectiveness of a call for redemption if notice thereof is given as otherwise prescribed above in this section. Upon the payment of the redemption price of Series 1990 Bonds being redeemed, each check ~r other transfer of funds issued for such purpose shall bear the CUSIP number identifying, by issue and maturity, the Series 1990 Bonds being redeemed with the proceeds of such check or other transfer. A second notice of redemption shall be mailed in the manner provided above to any Bondholder who has not tendered Series 1990 Bonds that have been called for redemption within sixty (60) days after the applicable redemption date. Upon surrender of any Series 1990 Bond for redemption in part only, the Registrar shall authenticate and deliver -to the Bond- holder thereof, the cost of which shall be paid by the Issuer, a new Series 1990 Bond of the same maturity and type and of an autho- rized denomination equal to the unredeemed portion of the Series 1990 Bond surrendered. SECTION 15. FORM OF SERIES 1990 BONDS. The text of the Series 1990 Bonds shall be in substantially the following form, with such omissions, insertions and variations as may be necessary and desirable and authorized and permitted by this Resolution or by any subsequent resolution adopted by the Issuer prior to the issuance thereof: 18 .. . . [FORM OF CURRENT INTEREST BOND] No. R- $ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF ORANGE CITY OF OCOEE TRANSPORTATION REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 1990 MATURITY DATE: INTEREST RATE: DATED DATE: CUSIP Registered Owner: Principal Amount: The Bonds of this issue shall be subject to redemption prior to their maturity at the option of the city. 19 . . . (Insert Optional or Mandatory Redemption Provisions) Notice of such redemption shall be given in the manner required by the Resolution described below. This Bond is one of an authorized issue of Bonds in the aggre- gate principal amount of $ of like date, tenor and effect, except as to number, principal amount, maturity, redemption provisions and interest rate, issued to refund certain outstanding bonds and to finance the cost of acquisition of rights-of-way, design, construction, paving and improving certain streets and intersections within and without the city limits of the City and in full compliance with the Constitution and statutes of the state of Florida, including particularly the Charter of the City of Ocoee, Chapter 166, Part II, Florida Statutes, and Resolution No. ____ duly adopted by the city on , , as amended and supplemented (hereinafter collectively called "ReSOlution"), and is subject to all the terms and conditions of such Resolution. This Bond and any Additional Parity obligations issued under the Resolution are payable solely from and secured by a prior lien upon and pledge of the Pledged Revenues, as defined in the Reso- lution, in the manner provided in the Resolution. The Resolution also permits the issuance of Public Service Tax obligations which shall have a lien on that portion of the Pledged Revenues consti- tuting the Public Service Taxes, on a parity with the Bonds. [The Series of Bonds of which this Bond is a part includes $ aggregate principal amount of Bonds as to which interest is payable semi-annually. Such Bonds are referred to herein and in the Resolution as "Current Interest Bonds." The Series of Bonds of which this Bond is a part also includes $ aggregate principal amount of Bonds as to which interest is payable only at maturity or upon redemption prior to maturity. Such Bonds are referred to herein and in the Resolution as "Capital Appreciation Bonds."] This Bond does not constitute a general indebtedness or general obligation of the city within the meaning of any constitu- tional, statutory or charter provision or limitation, and the City has not pledged its full faith and credit for the payment of the principal of, redemption premium, if any, and interest on this Bond or the making of any reserve or other payments provided for in the Resolution. It is expressly agreed by the Holder of this Bond that such Bondholder shall never have the right to require or compel the exercise of the ad valorem taxing power of the city or taxation of any real or personal property therein for the payment of the prin- cipal of, redemption premium, if any, and interest on this Bond or the making of any reserve or other payments provided for in the Resolution. 20 ... .. It is further agreed between the City and the Holder of this Bond that this Bond and the indebtedness evidenced hereby shall not constitute a lien upon any property of or in the City, other than the Pledged Revenues, but shall constitute a lien only on the Pledged Revenues all in the manner provided in the Resolution. . The City in the Resolution has covenanted with and for t~e benefit of the holders of the Bonds of this issue (i) that it will not repeal or adversely amend its Charter, ordinances, resolutions or interlocal agreements relating to the Pledged Revenues so as to impair the power and obligations of the city to collect said Pledged Revenues, and (ii) that the pledge and covenants in the Resolution constitute a contract between the city and the holders of the Bonds of this issue not subject to repeal, impairment or modification by the City, except as expressly authorized by the Resolution. The City has made certain other covenants for the benefit of the holders of the Bonds of this issue, for the terms of which reference is made to the Resolution. Notwithstanding the foregoing, the lien on and pledge of that portion of the Pledged Revenues consisting of the Public Service Taxes in favor of the holders of the Bonds may be released and extinguished upon the occurrence of certain events more fully described in the Resolution. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed prece- dent to and in the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the state of Florida applicable thereto, and that the issuance of the Bonds of this issue does not violate any constitutional, statutory, or charter limitation or provision. This Bond is and has all the qualities and incidents of a negotiable instrument under Article 8 of the Uniform commercial Code, the state of Florida, Chapter 678, Florida statutes. The transfer of this Bond is registrable by the Bondholder hereof in person or by his attorney or legal representative at the principal corporate trust office of the Registrar (or if the city Clerk is the, Registrar, at the office of the City Clerk) but only in the manner and subject to the conditions provided in the Resolution and upon surrender and cancellation of this Bond. . This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Reso- lution until it shall have been authenticated by the execution by the Registrar of the certificate of authentication endorsed hereon. 21 . . . . IN WITNESS WHEREOF, the city of Ocoee, Florida, has issued this Bond and has caused the same to be signed by the Mayor and attested ~o by the City Clerk (the signatures of the Mayor and the City Clerk 'being authorized to be facsimile of such officers' signatures) and its seal or a facsimile thereof to be affixed, impressed, imprinted. lithographed or reproduced hereon, all as of the ____ day of , ____. CITY OF OCOEE, FLORIDA ( SEAL) (manual or facsimile) Mayor ATTESTED: (manual or facsimile) City Clerk CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds issued ~nder the provisions of the within mentioned Resolution. Registrar, as Authenticating Agent Date of Authentication: By (manual siqnature) Authorized Officer 22 . . .' ASSIGNMENT AND TRANSFER For ,value received the undersigned hereby sells, assigns and transfers unto (Please insert social Security or other identifying number of transferee) the attached Bond of the City of Ocoee, Florida, and does hereby constitute and appoint , attorney, to transfer the said Bond on the books kept for registration thereof, with full power of substitution in the premises. Date NOTICE: No transfer will be registered and no new Bonds will be issued in the name of the Transferee, unless the signature to this assignment corresponds with the name as it appears upon the face of the within Bond in every particular, without alter- ation or enlargement or any change whatever and the social security or Federal Employer Identification Number of the Transferee is supplied. Signature Guaranteed by (member firm of the New York Stock Exchange or a commercial bank or a trust company.) By: (manua 1 s iqnature) Title: (Bond Counsel Opinion) (END OF CURRENT INTEREST BOND FORM) 23 . . ~ [FORM OF CAPITAL APPRECIATION BONDS] No. CABR~ Amount: Bond Date: Maturity $ Principa.. Value at Issuance: $ per $5,000 Maturity Amount UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF ORANGE CITY OF OCOEE TRANSPORTATION REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 1990 MATURITY DATE: ANNUAL YIELD TO MATURITY (APPROXIMATE) : CUSIP: DATE OF ORIGINAL ISSUE: Registered Owner: Maturity Amount: KNOW ALL MEN BY THESE PRESENTS that the City of Ocoee, Florida (hereinafter called "City"), for value received, hereby promises to pay to the order of the Registered Owner identified above, or registered assigns, as herein provided, solely from the special funds hereinafter mentioned, on the Maturity Date set forth above, the Maturity Amount set forth above or the Compounded Amounts (as reflected on the Schedule of Compounded Amounts set forth herein) if redeemed prior thereto as hereinafter provided, in any coin or currency of the united States of America which on such date is legal tender for the payment of public and private debts, upon the presentation and surrender hereof at the principal corporate trust office of Florida (the "Paying Agent") . The Bonds of this issue shall be subject to redemption prior to their maturity at the option of the City. (Insert Optional or Mandatory Redemption Provisions) Notice of such redemption shall be given in the manner required by the Resolution described below. 24 " . . . This Bond is-one of an authorized issue of Bonds in the aggre- gate principal amount of $ of like date, tenor and effect, except as to number, principal amount, maturity, redemption provisions and interest rate, issued to refund certain outstanding bonds and to fi.nance the cost of acquisition of rights-of-way, design, construction, paving and improving certain streets and intersections within and without the city limits of the City and in full compliance with the Constitution and statutes of the state of Florida, including particularly the Charter of the City of Ocoee, Chapter 166, Part II, Florida statutes, and Resolution No. duly adopted by the City on , ____, as amended and supplemented (hereinafter collectively called "Resolution"), and is subject to all the terms and conditions of such Resolution. This Bond and any Additional Parity Obligations issued under the Resolution are payable solely from and secured by a prior lien upon and pledge of the Pledged Revenues, as defined in the Reso- lution, in the manner provided in the Resolution. The Resolution also permits the issuance of Public Service Tax Obligations which shall have a lien on that portion of the Pledged Revenues consti- tuting the Public Service Taxes, on a parity with the Bonds. The Series of Bonds of which this Bond is a part includes $ aggregate principal amount of Bonds as to which interest is payable semi-annually. Such Bonds are referred to herein and in the Resolution as "Current Interest Bonds." The Series of Bonds of which this Bond is a part also includes $ aggregate principal amount of Bonds as to which interest is payable only at maturity or upon redemption prior to maturity. Such Bonds are referred to herein and in the Resolution as "capital Appreciation Bonds." This Bond does not constitute a general indebtedness or general obligation of the City within the meaning of any constitu- tional, statutory or charter provision or limitation, and the City has not pledged its full faith and credit for the payment of the principal of, redemption premium, if any, and interest on this Bond or the making of any reserve or other payments provided for in the Resolution. It is expressly agreed by the Holder of this Bond that such Bondholder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City or taxation of any real or personal property therein for the payment of the principal of, redemption premium, if any, and interest on this Bond or the making of any reserve or other payments provided for in the Resolution. It is further agreed between the City and the Holder of this Bond that this Bond and the indebtedness evidenced hereby shall not constitute a lien upon any property of or in the City other than the Pledged Revenues, but shall constitute a lien only on the Pledged Revenues all in the manner provided in the Resolution. 25 .. . . t The city in the Resolution has covenanted with and for the benefit of the holders of the Bonds of this issue (i) that it will not repeal or adversely amend its Charter, ordinances, resolutions or interlocal agreements relating to the Pledged Revenues so as to impair the power and obligations of the City to collect said Pledged Revenues, and (ii) that the pledge and covenants in the Resolution constitute a contract between the City and the holders of the Bonds of this issue not subject to repeal, impairment or modification by the city, except as expressly authorized by the Resolution. The City has made certain other covenants for the benefit of the holders of the Bonds of this issue, for the terms of which reference is made to the Resolution. Notwithstanding the foregoing, the lien on and pledge of that portion of the Pledged Revenues consisting of the Public Service Taxes in favor of the holders of the Bonds may be released and extinguished upon the occurrence of certain events more fully described in the Resolution. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed prece- dent to and in the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the state of Flor~1a applicable thereto, and that the issuance of the Bonds of this issue does not violate any constitutional, statutory, or charter limitation or provision. This Sond is and has all the qualities and incidents of a negotiable instrument under Article 8 of the Uniform Commercial Code, the State of Florida, Chapter 678, Florida statutes. The transfer of this Bond is registrable by the Bondholder hereof in person or by his attorney or legal representative at the principal corporate trust office of the Registrar (or if the City Clerk is the Registrar, at the office of the city Clerk) but only in the manner and subject to the conditions provided in the Resolution and upon surrender and cancellation of this Bond. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Reso- lution until it shall have been authenticated by the execution by the Registrar of the certificate of authentication endorsed hereon. 26 ... . . IN WITNESS WHEREOF, the city of Ocoee, Florida, has issued this Bond and has caused the same to be signed by the Mayor and attested ,to by the City Clerk (the signatures of the Mayor and the ci ty Clerk being author ized to be facsimile of such officers' signatures) and its seal or a facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon, all as of the _ day of CITY OF OCOEE, FLORIDA ( SEAL) ATTESTED: Mayor (manual or facsimile) City Clerk (manual or facsimile) CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds issued under the provisions of the within mentioned Resolution. Date of Authentication: Registrar, as Authenticating Agent By (manual siqnature) Authorized Officer 27 . . ASSIGNMENT AND TRANSFER For value received the undersigned hereby sells, assigns and transfers unto (Please insert Social Secur i ty or other identifying number of transferee) . the attached Bond of the City of Ocoee, Fl~rida, and does hereby constitute and appoint , attorney, to transfer the said Bond on the books kept for registration thereof, with full power of substitution in the premises. Date NOTICE: No transfer will be registered and no new Bonds will be issued in the name of the Transferee, unless the signature to this assignmen~ corresponds with the name as it appears upon the face of the within Bond in every particular, without alter- ation or enlargement or any change whatever and the Social Security or Federal Employer Identification Number of the Transferee is supplied. Signature Guaranteed by [member firm of the New York stock Exchange or a commercial bank or a trust company.] By: (manual siqnature) Title: (Bond Counsel Opinion) [Attach Schedule of Compounded Amounts) [END OF CAPITAL APPRECIATION BOND FORM] 28 SECTION 16. APPLICATION OF SERIES 1990 BOND PROCEEDS. The - proceeds, including accrued interest and premium, if any, received from the sale of the Series 1990 Bonds shall be applied by the Issuer simultaneously with the delivery of the Series 1990 Bonds to the purchaser thereof, as follows: . A. The accrued interest, and at the option of the Issuer interest to accrue on the Series 1990 Bonds in such amount and for a period of time as shall be approved by subsequent resolution of the Issuer, on the Series 1990 Bonds shall be deposited in the Interest Account in the Debt Service Fund and shall be used only for the purpose of paying interest becoming due on the Series 1990 Bonds. B. Unless provided from other funds of the Issuer on the date of issuance of the Series 1990 Bonds, or unless provided for through the purchase of a guaranty or an insurance policy, an irrevocable letter of credit, a surety bond, or similar credit facility, or any combination thereof, the Issuer shall deposit to the special subaccount in the Reserve Account established for the benefit of the Series 1990 Bonds, a sum sufficient to equal the Reserve Requirement on the Series 1990 Bonds. C. To the extent not reimbursed therefor by the original purchaser of any series of the Series 1990 Bonds, the Issuer shall pay all costs and expenses incurred in connection with the issuance of the Series 1990 Bonds. D. A sum as specified by a supplemental resolution of the Issuer shall, together with other legally available funds of the Issuer, if any, as determined by subsequent resolution of the Issuer, be used to defease the Refunded Bonds by depositing such sums of money for investment in appropriate Acquired Obligations pursuant to the Escrow Deposit Agreement so as to produce suffi- cient funds to make all the payments described in such Escrow Deposit Agreement. At the time of execution of such Escrow Deposit Agreement, the Issuer shall furnish to the Escrow Agent named therein appropriate documentation to demonstrate that the sums being deposited and the investment to be made will be sufficient for such purposes. Simultaneously with the issuance of the Series 1990 Bonds, the Issuer shall enter into an Agreement substantially in the form attached hereto as Exhibit A with the Escrow Agent. Such escrowed funds shall be kept separate and apart from all other funds of the Issuer and the moneys on deposit under the Agreement shall be withdrawn, used and applied by the Issuer solely for the purposes set forth in the Agreement. . E. The balance of the Series 1990 Bond proceeds after provid- ing for the payments required by A, B, C and D above, shall be deposited to the "city of Ocoee Transportation Refunding and Improvement Revenue Bond Construction Fund" which fund is hereby created and established and which may be used for the purposes set 29 . . forth herein. Such Construction Fund shall constitute a trust fund 'and shall be used together with other legally available moneys by the Issuer solely (i) to pay the cost of the Series 1990 Project, including the reimbursement to the Issuer of moneys spent on the Series 1990 Project in anticipation of the sale of and the issuance of the Series 19S0 Bonds and (ii) to make required deposits to the Debt Service Fund in the event sufficient funds ar~ not on deposit therein on the required dates. The Issuer agrees and covenants to commence and proceed with reasonable diligence and in good faith to complete the construction of the Series 1990 Project. Upon the completion of the Series 1990 Project, excess moneys on deposit in the Construction Fund may be used by the Issuer for any lawful purpose and shall be free from the pledge thereof and the lien thereon in favor of the Holders of the Bonds; provided that in the event the Issuer purposes to use amounts on deposit in the Construction Fund for other than a transportation project, as defined in section 336.025(7), Florida Statutes, the Issuer shall have first received an opinion of Bond Counsel to the effect that such use will not in and by itself, cause the interest on the Series 1990 Bonds to be included in the gross income of the Holders of such Series 1990 Bonds for purposes of Federal income taxation. SECTION 17. SPECIAL OBLIGATIONS OF ISSUER. The Bonds shall not be or constitute general obligations or indebtedness of the Issuer as "bonds" within the meaning of the Constitution of Florida, but shall be payable solely from and secured by a first lien upon and a pledge of the Pledged Revenues as herein provided. No Holder or Holders of any Bonds issued hereunder shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real or personal property therein, or to compel the Issuer to pay such principal of, interest and redemption premium, if any, from any other funds of the Issuer except the Pledged Revenues. The payment of the principal of, redemption premium, if any, and interest on the Bonds shall be secured forthwith equally and ratably by, and the Issuer hereby grants to the Bondholders an irrevocable first lien on the Pledged Revenues, as defined herein, prior and superior to all other liens or encumbrances -.In such Pledged Revenues (except to the extent the Issuer has issued Public Service Tax Obligations which shall have a parity lien on the Public Service Taxes), and the Issuer does irrevocably pledge such Pledged Revenues to the payment of the principal of and interest and redemption premium, if any, on the Bonds, for the reserves therefor and for all other required payments under this Resolution. Notwithstanding the foregoing, amounts on deposit in each respec- tive subaccount in the Reserve Account shall only be applied for the payment of principal of, redemption premium, if any, or inter- est on the outstanding series of Bonds for which such subaccount was established and for no other series of Bonds. 30 . The Holders of the Bonds shall have a prior lien upon the Pledged Revenues superior to any claims of any kind in tort, contract or otherwise, irrespective whether the parties possessing such claims have notice hereof, in accordance with the provisions hereof. The revenues and funds so pledged and hereafter received by the Issuer shall immediately be subject to the lien of such pledge ~ithout any physical delivery or further act. SECTION 18. COVENANTS OF THE ISSUER. For so long as any of the principal of and interest on any of the Bonds shall be Out- standing and unpaid or until the Issuer has made provision for payment of principal, interest and redemption premiums, if any, with respect to the Bonds, as provided for in this Section 18 or as provided for in Section 28 of this Resolution, the Issuer covenants with the holders of any and all Series 1990 Bonds as follows: A. REVENUE FUND. All Local option Gas Taxes shall upon receipt thereof be deposited in the "city of Ocoee Transportation Refunding and Improvement Revenue Bond Revenue Fund" (hereinafter called the "Revenue Fund"), hereby created and established. All deposits into such Revenue Fund shall be deemed to be held in trust for the purposes herein provided and used only for the purposes and in the manner herein provided. The money remaining in the Revenue Fund, after making provision for the payments into the Debt Service Fund, and the various accounts therein, hereinafter created and established, so long as all amounts required to be on deposit in the Debt Service Fund shall be on deposit therein as of such date, shall be free from the lien and pledge thereon in favor of the Holders of the Bonds, and may be used by the Issuer for any lawful purpose. B. DISPOSITION OF REVENUES. All amounts at any time remain- ing on deposit in the Revenue Fund shall be disposed of on or before the fifteenth (15th) day of each month commencing in the month immediately following the delivery of the Series 1990 Bonds only in the following manner and in the following order of priority: (1) From the moneys in the Revenue Fund, the Issuer shall first deposit into a separate fund designated "City of Ocoee Transportation Refunding and Improvement Revenue Bond Debt Service Fund" (hereinafter called the "Debt Service Fund"), and credit to the following accounts within the Debt Service Fund, each on a parity with each other (except as otherwise provided in subsection (d) below), the following identified sums: . (a) Into the Interest Account hereby created: Any fees or charges of the Paying Agent or Registrar then due together with such sum as will be sufficient, together with 31 " . the funds then on deposit therein, to pay one-sixth (1/6) of all interest becoming due on the Bonds on the next semi-annual interest payment date. The moneys in the Interest Account shall be withdrawn and deposited with the paying Agent for the Bonds on or before each interest payment date in an amount sufficient to pay the interest due on such date and the fees and charges of the Paying Agent and Registrar then due. Such monthly payments shall be increased or decreased proportionately prior to the first interest payment date or dates, after making allowance for any deposits made into the Interest Account upon the issuance of each such series of Bonds and for any amount transferred from other accounts pursuant to the provisions of this Resolution. (b) Into the Principal Account hereby created: Beginning on the 15th day of the month which is twelve (12) months prior to first principal maturity date and monthly thereafter, such sum as will be sufficient, together with the funds then on deposit therein, to pay one-twelfth (1/12) of the principal (except the principal of which is required to be paid from the Redemption Account hereinafter created and established) and the Compounded Amounts on the Bonds maturing or scheduled to be called for redemption on the next principal maturity date. The moneys on deposit in the Principal Account shall be withdrawn and deposited with the Paying Agent for such Bonds on or before each principal maturity date in an amount sufficient to pay the principal maturing on such date. . (c) Into the Redemption Account hereby created: an amount sufficient to pay one-twelfth (1/ 12th) of any Amortization Installment established by any subsequent resolution of the Issuer. Provided, however, that monthly deposits shall not be required to be made to the extent that money on deposit in the Redemption Account is sufficient for such purpose. Any monthly payment to be deposited as set forth above, for the purpose of meeting Amortization Install- ments shall be adjusted, as appropriate, to reflect the frequency of dates established for Amortization Installments applicable to such Bonds. The moneys in the Redemption Account shall be used solely for the purchase or redemption of the Term Bonds payable therefrom. The Issuer may at any time purchase any of said Term Bonds at prices not greater than the then redemption price of said Term Bonds. If the Term Bonds are not then redeemable prior to maturity, the Issuer may purchase said Term Bonds at prices not,greater than the redemption price of such Term Bonds on the next ensuing redemption date. If the Issuer shall purchase or call for redemption in any year Term Bonds, such Term Bonds so purchased or redeemed shall be credited in such manner and at such times as the Issuer shall determine. 32 Deposits in the Interest Account, the Principal Account and the Redemption Account shall be increased or decreased on a pro rata basis to reflect the number of months existing between the issuance of each series of Bonds and :he applicable principal, interest and redemption payment dates in order to ensure adequate funds are available in such funds on such dates for the purposes described herein. . . (d) The Issuer will initially provide for the Reserve Requirement for the Series 1990 Bonds by the purchase of a surety bond from MBIA pursuant to the terms of a Finan- cial Guaranty Agreement between MBIA and the Issuer, the form of which shall be approved by subsequent resolution of the Issuer. The Issuer shall next deposit from moneys remaining in the Revenue Fund an amount, if any, required by each resolution authorizing the issuance of each series of Bonds into each subaccount within the Reserve Account. Any with- drawals from any subaccount in the Reserve Account shall be subsequently restored from the first moneys available in the Revenue Fund, on a pro rata basis as to all subaccounts in the Reserve Account, after all current applications and alloca- tions to the Debt Service Fund, including all deficiencies for prior payments have been made in full. Notwithstanding any provision of this Resolution to the contrary, in no event shall the Issuer be required to deposit cash or moneys into any subaccount in the Reserve Account in an amount greater than that amount necessary to ensure that the difference between the Reserve Requirement for the series of Bonds for which such subaccount was establ ished and the amounts on deposit in such subaccount on the date of calculation shall be restored not later than sixty (60) months after the initial date of such deficiency (assuming equal monthly payments into such account for such sixty (60) month period). The Issuer may provide that the difference between the amounts on deposit in such subaccount and the Reserve Requirement for such series of Bonds shall be an amount covered by obtaining bond insur- ance issued by a reputable and recognized municipal bond insurer, by a surety bond, by a letter of creditor any combination thereof or by such other form of credit enhance- ment as shall be approved by subsequent resolution of the Issuer authorizing the series of Bonds for which such subaccount is established. In the event a subaccount in the Reserve Account is funded with a combination of credit enhancements, any drawings will be on a pro rata basis. Such resolution may also provide for the substitution or replace- ment of such credit enhancement or of amounts on deposit in such subaccount. Moneys or other security on deposit in each respective subaccount in the Reserve Account shall only be applied for payment of principal of, redemption premium, if any, or interest on the outstanding series of Bonds for which such subaccount was established and for no other series of Bonds. Investments on depos it in each subaccount in the 33 , . Reserve Account shall be valued as determined by the resolu- tion authorizing such series of Bonds for which such subac- count was established. Investments, if any, on deposit in the subaccount in the Reserve Account established for the Series 1990 Bonds shall be valued at cost. In the event of the refunding of any series of Bonds, the Issuer may withdraw from the subaccount within the Reserve Account for such series uf Bonds, all or any portion of the amounts accumulated therein with respect to the Bonds being refunded and deposit such amounts as required by the resolution authorizing the refund- ing of such series of Bonds; provided that such withdrawal shall not be made unless (a) immediately thereafter the Bonds being refunded shall be deemed to have been paid pursuant to section 28, and (b) the amount remaining in such subaccount after giving effect to the issuance of such refunding obliga- tions and the disposition of the proceeds thereof shall not be less than the Reserve Requirement for any Bonds of that series then outstanding. Cash, if any, on deposit in the subaccount in the Reserve Account established for the Series 1990 Bonds will be drawn down completely before any demand is made on the surety bond. In the event it is necessary to draw on the surety bond, the Paying Agent will deliver a demand for payment at least three days prior to the date on which funds are required. The Paying Agent will maintain accurate records, verified by MBIA as to the amount available to be drawn under the surety bond and as to the amounts paid and owing to MBIA under the terms of the Financial Guaranty Agreement. Any amounts owing to MBIA will be reimbursed before cash is replenished in the subaccount in the Reserve Account established for the Series 1990 Bonds. The Issuer agrees to payor to cause to be paid, solely from the Pledged Revenues (which pledge shall be junior, inferior and subordinate in all respects to the lien thereon in favor of the Holders of the Bonds and the holders of any Public Service Tax obligations), all amounts, including interest due thereon, due MBIA under the terms of the Financial Guaranty Agreement. All such amounts due MBIA must be paid before this Resolution can be defeased pursuant to Section 28 of this Resolution. There may be no optional redemption or refunding of Bonds or distribution of Pledged Revenues to the Issuer unless all amounts owed to MBIA under the terms of the Financial Guaranty Agreement have been paid. . (2) Upon the issuance of any Additional Parity Obliga- tions under the terms, 1 imi tations and conditions as are herein provided, the payments into the several accounts in the Debt Service Fund, excluding the Reserve Account which shall be increased as determined by the resolution of the Issuer authorizing such Additional Parity Obligations, shall be 34 increased in such amounts as shall be necessary to make the payment for the principal of, redemption premium, if any, and interest on for such Additional Parity Obligations on the same basis as hereinabove provided with respect to the Bonds issued under this Resolution. . (3) The Isscer shall not be required to make any further deposits into the Debt Service Fund in any month to the extent the monthly deposits into the Debt Service Fund, including the Reserve Account therein, required by this Section 18(B) have been made by the Issuer and no def iciency exists in any account in the Debt Service Fund. (4) The balance of any moneys remaining in the Revenue Fund after the above required payments have been made shall be free from the lien and pledge thereon in favor of the Holders of the Bonds and may be used for any lawful purpose; provided, however, that none of said money shall be released from said lien and pledge, nor shall said money be used for any purposes other than those hereinabove specified unless all payments required to have been made by such time under this Resolution, including any def iciencies for prior payments, have been made in full and unless no Event of Default shall have occurred and be continuing. No further deposit shall be required to any of the accounts in the Debt Service Fund when sufficient moneys are on deposit in the accounts within the Debt Service Fund to pay the principal, interest, and redemption premium, if any, on all Bonds at maturity. (5) The Debt Service Fund (including the accounts and the subaccounts therein), the Revenue Fund, the Public Service Taxes Fund and any other special funds herein established and created shall be deemed to be held in trust for the purposes provided herein for such funds. The money in all such funds shall be continuously secured in the same manner as state and municipal deposits are authorized to be secured by the laws of the State of Florida. . Moneys on deposit in the Construction Fund, the Revenue Fund, the Public Service Taxes Fund and the Debt Service Fund, excluding the Reserve Account, may be invested and reinvested in Investment Securities which mature not later than the dates on which the moneys on deposit therein will be needed for the purpose of such fund. Moneys in each subaccount in the Reserve Account, if any, may be invested and reinvested in Investment Securities maturing not later than the latest maturity date of any Bond for which such subaccount was estab- lished. All income on such investments, except for income on investments in the Reserve Account and the Construction Fund, shall be deposited in the respective funds and accounts from 35 .' . which such investments were made and be used for the purposes thereof unless and until the amount required to be on deposit is on deposit therein, and thereafter shall be deposited in the Revenue Fund. Investment income on each subaccount in the Reserve Account shall be deposited and credited as determined by subsequent resolution of the Is;uer adopted prior to the series of Bonds for which such su.oaccount is established. Investment income earned on the Construction Fund shall remain on deposit in the Construction Fund and shall be used solely for the purposes set forth in sections 4 an~ 16E of this Resolution. (6) In determining the amount of any of the payments required to be made pursuant to this Section 18(B), credit shall be given for all investment income accruing to the respective funds and accounts described herein. (7) The moneys and Investment Securities required to be accounted for in each of the funds, accounts and subaccounts described in this Section 18 may be deposited in a single bank account, provided that adequate accounting records are main~ tained to reflect and control the restricted allocation of the cash on deposit therein for the various purposes of such funds and accounts as herein provided. The designation and estab- lishment of the various funds in and by this Resolution shall not be construed to require the establishment of 'any com- pletely independent, selfbalancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets of the Issuer for certain purposes and to establish certain priorities for application of such revenues and assets as herein provided. (8) Notwithstanding anything to the contrary set forth herein, nothing in this Resolution shall be construed as preventing the Issuer from vOluntarily depositing to the credit of any account in the Debt Service Fund moneys received from any legally available source other than the Pledged Revenues, but the Issuer shall have no obligation, directly or indirectly, to make deposits to the Debt Service Fund from any funds of the Issuer other than the Pledged Revenues. . c. ISSUANCE OF OTHER OBLIGATIONS. The Issuer shall issue no bonds or obligations of any kind or nature payable from or enjoying a lien on the Pledged Revenues if such obligations have priority over the Series 1990 Bonds with respect to payment or lien, nor shall the Issuer create or cause or permit to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the series 1990 Bonds upon said Pledged Revenues; provided, however, the Issuer may issue Additional Parity Obligations under the conditions and in the manner provided in Section 18D hereof and may issue Public Service 36 . Tax Obligations under the conditions and in the manner provided in . Section l8E hereof. Any obligations of the Issuer, other than the Series 199D Bonds, Additional Parity Obligations and Public Service Tax Obligations, which are payable from the Pledged Revenues shall contain an. express statement that such obligations are junior and subordinate in all respect to the Bonds as to lien on and source and security for payment from such Pledged Revenues. D. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. No Additional Parity Obligations, payable on a parity from the Pledged Revenues with the Bonds herein authorized, shall be issued after the issuance of any Bonds herein authorized, except upon the conditions and in the manner hereinafter provided. (l) An independent certif ied public accountant shall certify or opine at the time of the issuance of the Additional Parity Obligations that no Event of Default, as defined in Section 19, exists hereunder. (2) Such independent certified public accountant shall certify or opine at the time of the issuance of the Additional Parity Obligations that the Local Option Gas Tax, together with the Public Service Taxes unless the lien thereon shall have been released pursuant to the terms of Section 18K hereof (adjusted as provided below), received by the Issuer during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Additional Parity Obligations are proposed to be issued or (ii) two of the last three full Fiscal Years immediately preceding the Fiscal Year in which the Additional Parity Obligations are proposed to be issued shall have been equal to not less than 135% of the Maximum Bond Service Requirement on the outstanding Bonds and the proposed Addi- tional Parity Obligations during any Fiscal Year in which the Additional Parity Obligations to be issued will be outstand- ing. (3) The Local Option Gas Taxes and, if applicable, the Public Service Taxes for such period may be adjusted to include the estimated Local Option Gas Taxes or Public Service Taxes, as applicable, as certified or opined to by an inde- pendent certified public accountant, that the Issuer would have received from areas that the Issuer has annexed prior to the issuance of the Additional Parity Obligations and not fully reflected in such period. . (4) The Local option Gas Taxes and, if applicable, the Public Service Taxes, for such period may be adjusted to include the estimated Local option Gas Taxes or Public Service Taxes, as applicable, as certified or opined to by an independent certified public accountant, that the Issuer would have r~ceived during such period due to increase in the rate or rates or_a modification in the method of distribution of 37 such taxes effected during such period and not fully reflected in such period. . (5) The resolution authoriz ing the issuance of the Additional Parity Obligations shall recite that all of the covenants co~tained herein will be applicable to such Addi- tional Parity Obligations, except to the extent otherwise provided in this Resolution. No Additional Parity Obligations with interest payable at a variable rate may be issued without the consent of MBIA so long as the Municipal Bond Insurance Policy with respect to the Series 1990 Bonds shall be in effect and MBIA shall not be in default there- under. E. ISSUANCE OF PUBLIC SERVICE TAX OBLIGATIONS. The Issuer may issue Public service Tax Obligations which shall be payable on a parity with all Public Service Taxes required to be deposited to the Debt Service Fund hereunder upon the conditions and in the manner herein provided: (1) There shall be obtained and filed with the Issuer an opinion or a certificate of an independent certified public accountant to the effect that the historical Local Option Gas Taxes and PUblic Service Taxes (adjusted as provided below) received by the Issuer during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued or (ii) two of the last three full Fiscal Years immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued shall have been equal to not less than 135% of the Maximum Bond Service Requirement on all outstanding Bonds. (2) There shall be obtained and filed with the Issuer an opinion or a certificate of an independent certified public accountant to the effect that the portion of the historical Public Service Taxes (adjusted as provided below) received by the Issuer during (i) the Fiscal Year immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued or (ii) two of the last three Fiscal Years immediately preceding the Fiscal Year in which the Public Service Tax Obligations are proposed to be issued and not required to be used to provide the coverage requirements set forth in (1) above shall have been equal to not less than 120% of the maximum annual debt service requirement on any outstanding Public Service Tax Obligations and the Public Service Tax Obligations with respect to which such certificate is made. . (3) The Public Service Taxes for such period may be adjusted to include the estimated Public Service Taxes, as certified or opined to by an independent certified public' 38 accountant, that the Issuer would have received from areas that the Issuer has annexed prior to the issuance of the Public Service Tax Obligations and not fully reflected in such period. . (4) The Public Service T:lxes for such period may be adjusted to include the estima~ed Public Service Taxes, as certif ied or opined to by an independent certified pUblic accountant, that the Issuer would have received during such period due to increase in the rate or rates of such taxes effected during such period and not fully reflected in such period. (5) An independent certif ied public accountant shall certify or opine at the time of issuance of the PUblic Service Tax Obligations that no Event of Default, as defined in Section 19, exists hereunder. Upon the release and extinguishment of the lien created hereunder on the Public Service Taxes, as more fully set forth in Section 18K hereof, this Section shall be of no further force and effect. No Public Service Tax Obligations with interest payable at a variable rate may be issued without the consent of MBIA so long as the Municipal Bond Insurance Policy with respect to the Series 1990 Bonds shall be in effect and MBIA shall not be in default there- under. No Public Service Tax Obligations may be issued which include the power to accelerate the principal of and the redemption premiums, if any, on such Public Service Tax Obligations for so long as Bonds shall be Outstanding under this Resolution. F. DISPOSITION OF PUBLIC SERVICE TAXES FUND. All Public Service Taxes shall upon receipt thereof be deposited in the city of Ocoee Transportation Refunding and Improvement Revenue Bond Public Service Taxes Fund which fund is hereby created and estab- lished. All deposits into such Public Service Taxes Fund shall be deemed to be held in trust for the purpose herein provided and used only for the purposes and in the manner herein provided. All Public Service Taxes at any time on deposit in the Public Service Taxes Fund shall be disposed of in the following manner in the following order of priority: . (1) In any month in which there shall not be sufficient revenues available for deposit in the Debt Service Fund from the Revenue Fund to make any deposits required under the Resolution, the Issuer shall transfer from the Public service Taxes Fund the required amounts needed to make the above stated payments, including any deficiencies for prior pay- ments. Such payments shall be on a parity with any corres- 39 ponding or similar payments required to be made on Public Service Tax Obligations. . (2) Thereafter, and after any deposits required by para- graph (1) above have been duly made, including any deficien- cies for prior payments, any moneys remaining in s~id Public Service Taxes Fund may be used by the Issuer for any lawful purpose and shall be free from the lien and pledge thereon in favor of the Holders of the Bonds. G. BOOKS AND RECORDS. The Issuer will keep books and records of the receipts of the Pledged Revenues which shall be separately identifiable from all other records and accounts of the Issuer, in which complete and correct entries shall be made of revenues col- lected and any holder of Bonds issued pursuant to this Resolution shall have the right at all reasonable times to inspect all records, accounts and data of the Issuer relating thereto. The Issuer shall, at least once a year, cause the books, records and accounts relating to the collection of the Pledged Revenues to be properly audited in accordance with generally accepted auditing standards applicable to public bodies such as the Issuer, by a firm of independent certified public accountants, and shall make available the report of the certified public accountants at all reasonable times to any holder or holders of the Bonds issued pursuant to this Resolution or anyone acting for and on behalf of such Bondholder or Bondholders and shall mail a copy of such report to the original purchaser of the Bonds. Such audit may be incorporated into and made a part of the annual audit of the Issuer required by Florida law. H. LEVY OF PLEDGED REVENUES. The Issuer will not repeal or adversely amend its Charter, ordinances, resolutions or interlocal agreements relating to the Pledged Revenues so as to impair the power and obligations of the Issuer to collect such Pledged Revenues. I. PLEDGED REVENUES NOT SUBJECT TO REPEAL. The Issuer has full power to irrevocably pledge such Pledged Revenues to the payment of the principal of, redemption premium, if any, and interest on the Bonds, and the pledging of such Pledged Revenues in the manner provided herein and the covenants contained herein consti tute a contract between the City and the Bondholders not subject to repeal, impairment or modification by any subsequent ordinance, resolution or other proceedings of the Issuer except to the extent expressly authorized by this Resolution. . J. ENFORCEMENT OF COLLECTIONS. The Issuer will diligently enforce and collect the Pledged Revenues herein pledged; will take steps, actions and proceedings for the enforcement and collection of such Pledged Revenues as shall become delinquent to the full extent permitted or authorized by law; and will maintain accurate 40 records with respect thereof. All such Pledged Revenues herein pledged shall, as- collected, be held in trust to be applied as herein provided and not otherwise. . K. RELEASE OF PUBLIC SERVICE TAXES. Notwi thstanding any provision of this Resolution to the contrary, the lien of and pledge of the Public Service Taxes in favor of the Holders of the Bonds shall be released and extinguished upon receipt by the Issuer of a certificate or an opinion of an independent certified public accountant which certifies or opines, as applicable, that the Local option Gas Tax received by the Issuer during each of the two preceding complete Fiscal Years shall have been equal to not less than 135% of the Maximum Bond Service Requirement on the Outstand- ing Bonds as of the date of such certificate or opinion. The Issuer will provide written notification of such release to the Bond Insurer. No release shall become effective if the Issuer shall owe moneys to MBIA under the terms of the Financial Guaranty Agreement referred to in Section 18B(1) (d) hereof. SECTION 19. EVENTS OF DEFAULT. The following events shall each constitute an "Event of Default": (A) Default shall be made in the payment of the principal of, redemption premium or interest on any Bond when due. (B) There shall occur the dissolution or liquidation of the Issuer, or the filing by the Issuer of a voluntary petition in bankruptcy, or the commission by the Issuer of any act of bank- ruptcy, or adjudication of the Issuer as a bankrupt, or assignment by the Issuer for the benefit of its creditors, or appointment of a receiver for the Issuer, or the entry by the Issuer into an agreement of composition with its creditors, or the approval by a court of competent jurisdiction of a petition applicable to the Issuer in any proceeding for its reorganization instituted under the provisions of the Federal Bankruptcy Act, as amended, or under any similar act in any jurisdiction which may now be in effect or hereafter enacted. . (C) The Issuer shall default in the due and punctual perfor- mance of any other of the covenants, conditions, agreements and provisions contained in the Bonds or in this Resolution on the part of the Issuer to be performed, and such default shall continue for a period of thirty (30) days after written notice of such default shall have been received from the Holders of not less than twenty- five percent (25%) of the aggregate principal amount of Bonds outstanding. Notwithstanding the foregoing, the Issuer shall not be deemed in default hereunder if such default can be cured within a reasonable period of time and if the Issuer in good faith institutes curative action and diligently pursues such action until the default has been corrected. 41 . . .' SECTION 20. REMEDIES. Any Holder of Bonds issued under the provisions of this Resolution or any trustee or receiver acting for such Bondholders may either at law or in equity, by suit, action, mandamus or other proceedings in any court of competent jurisdic- tion, protect and enforce any and all rights under the laws of the state of Florida; or granted and contained in this Resolution, and may enforce and compel the perfurmance of all duties required by this Resolution or by any applicable statutes to be performed by the Issuer or by any officer thereof. The Holder or Holders of Bonds in an aggregate principal amount of not less than twenty-five percent (25%) of the Bonds then Outstanding may by a duly executed certificate in writing appoint a trustee for Holders of Bonds issued pursuant to this Resolution with authority to represent such Bondholders in any legal proceed- ings for the enforcement and protection of the rights of such Bond- holders and such certificate shall be executed by such Bondholders or their duly authorized attorneys or representatives, and shall be filed in the office of the Clerk. Notice of such appointment, together with evidence of the requisite signatures of the Holders of not less than twenty-five percent (25%) in aggregate principal amount of Bonds outstanding and the trust instrument under which the trustee shall have agreed to serve shall be filed with the Issuer and the trustee and notice of appointment shall be given to all Holders of Bonds in the same manner as notices of redemption are given hereunder. No more than one trustee may at anyone time be appointed to represent such Bondholders; however, the Holders of a majority in aggregate principal amount of all the Bonds then Outstanding may remove the trustee then serving and appoint a successor and subsequent successors at any time. SECTION 21. DIRECTIONS TO TRUSTEE AS TO REMEDIAL PRO- CEEDINGS. The Holders of a majority in principal amount of the Bonds then Outstanding have the right, by an instrument or con- current instruments in writing executed and delivered to the trustee, to direct the method and place of conducting all remedial proceedings to be taken by the trustee hereunder, provided that such direction shall not be otherwise than in accordance with law or the provisions hereof, and that the trustee shall have the right to decline to follow any such direction which in the opinion of the trustee would be unjustly prejudicial to Holders of Bonds not parties to such direction. SECTION 22. REMEDIES CUMULATIVE. No remedy herein conferred upon or reserved to the Bondholders is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Notwithstanding the foregoing or any provision of this Resolu- tion to the contrary, the remedies granted to the Holders of the 42 Bonds or any trustee acting on behalf of such Holders shall not include the power to accelerate the principal of and the redemption premiums,' if any, on the Bonds. . SECTION 23. WAIVER OF DEFAULT. No delay or omission of any Bondholder to exercise any right or power accruing u~on any default shall impair any such right or power or shall be construed to be a waiver of any such default, or an acquiescence therein; and every power and remedy given by this Resolution to the Bondholders may be exercised from time to time, and as often as may be deemed expedient. SECTION 24. APPLICATION OF MONEYS AFTER DEFAULT. If an Event of Default shall happen and shall not have been remedied, the Issuer or a trustee or receiver appointed for the purpose shall apply all Pledged Revenues as follows and in the following order: (A) To the payment of the reasonable and proper charges, expenses and liabilities of the trustee or receiver, Registrar and Paying Agent hereunder; and (B) To the payment of the interest and principal or redemption price, if applicable, then due on the Bonds, as follows: (1) All such moneys shall be applied: FIRST: to the payment to the persons entitled thereto of all installments of interest then due, in the order of the maturity of such installments, and, if the amount available shall not be sufficient to pay in full any particular install- ment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or preference; . . SECOND: to the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due at maturity or upon mandatory redemption prior to maturity (other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Resolution), in the order of their due dates, with interest upon such Bonds from the respective dates upon which they became due, and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment first of such interest, ratably according to the amount of such interest due on such date, and then to the payment of such principal, ratably according to the amount of such principal due on such date, to the persons entitled thereto without any discrimination or preference; and 43 THIRD: to the payment of the redemption price of any Bonds called for optional redemption pursuant to the provi- sions of this Resolution. . Notwithstanding the foregoing or any provision of this Resolu- tion to t~e contrary, amounts on deposit in each subaccount in the Reserve Account shall be applied solely for the payment of princi- pal of, redemption premium, if any, and interest on the series of Bonds for which such subaccount was established and for no other purpose, including the payment of principal of, redemption premium, if any, and interest on other series of Bonds. SECTION 25. MODIFICATION OR AMENDMENT. Except as provided in Section 26 hereof, no material modification or amendment of this Resolution or of any resolution amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of fifty-one percent (51%) or more in the principal amount and Compounded Amounts of the Bonds then outstanding. For purposes of the immediately preceding sentence, to the extent any Bonds are insured by a policy of municipal bond insurance or similar credit facility and such Bonds are then rated in as high a rating category as the rating category in which such Bonds were rated at the time of initial issuance and deliver thereof by either Standard & Poor's Corporation or Moody's Investor Service, Inc., or successors and assigns, then the consent of the issuer of such municipal bond insurance policy or the issuer of such similar credit facility shall be deemed to constitute the consent of the Holder of such Bonds, as applicable. Notwi thstanding any provision of this section to the contrary, no modification or amendment shall permit a change in the maturity of the Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof or affecting the promise of the Issuer to pay the principal of and interest on the Bonds as the same shall become due from the Pledged Revenues or reduce the percentage of the Holders of the Bonds required to consent to any material modification or amendment hereof without the consent of the Holder or Holders of all the Bonds then outstanding. No such modification or amendment pursuant to this Section 25 shall be made without the consent of the Bond Insurer provided however, the consent of such Bond Insurer shall not be required if such Bond Insurer shall then be in default under its policy of municipal bond insurance. Copies of any such amendment consented to by MBIA shall be sent to S&P. . SECTION 26. MODIFICATION OR AMENDMENTS WITHOUT CONSENT. The Issuer, from time to time and at any time and without the consent of concurrence of any Holder of any Bonds, may adopt a resolution amendatory hereof or supplemental hereto, if the provisions of such supplemental resolution shall not adversely affect the rights of the Holders of the Bonds then outstanding, for anyone or more of the following purposes: 44 . A. To make-any changes or corrections in this Resolution as to which the Issuer shall have been advised by counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or omission or mistake or manifest error contained in this Resolution, or to insert in this Resolution such provisions clarifying mattel"S or questions arising under this Reso- lution as are necessary or desirable; B. To add additional covenants and agreements of the Issuer for the purpose of further securing the payments of the Bonds; C. To surrender any right, power or privilege ,reserved to or conferred upon the Issuer by the terms of this Resolution; D. To confirm as further assurance any lien, pledge or charge, or the subjection to any lien, pledge or charge, created or to be created by the provisions of this Resolution; E. To grant to or confer upon the Holders any additional right, remedies, powers, authority or security that lawfully may be granted to or conferred upon them; F. To authorize the issuance of Additional Bonds; G. To assure compliance with Federal "arbitrage" provisions in effect from time to time; and H. To maintain the exclusion of interest from gross income of the Holders of the Bonds, other than Bonds, the interest on which is taxable for purposes of Federal income taxation. The Issuer shall not adopt any supplemental resolution autho- rized by the foregoing provisions of this Section unless in the opinion of'Bond Counsel the adoption of such supplemental resolu- tion is permitted by the foregoing provisions of this Section. The Issuer shall, at its option, be entitled to rely conclusively upon an opinion of Bond Counsel with respect to whether the adoption of any supplemental resolution is permitted pursuant to this Section. . SECTION 27. HOLDERS NOT AFFECTED BY USE OF PROCEEDS. The Holders of the Bonds shall have no responsibility for the use of the proceeds thereof, and the use of such proceeds by the Issuer shall in no way affect the rights of such Holders. The Issuer shall be irrevocably obligated to continue to levy and collect the Pledged Revenues as provided herein and to pay the principal of and interest on the Bonds and to make all reserve and other payments provided for herein from the Pledged Revenues notwithstanding any failure of the Issuer to use and apply such proceeds in the manner provided herein. 45 . SECTION 28. DEFEASANCE. If, at any time, the Issuer shall have paid, or shall have made provision for payment of, the prin- cipal, iriterest and redemption premiums, if any, with respect to the Bonds, then, and in that event, the pledge of and lien on the Pledged Revenues, in favor of the holders of the Bonds shall be no longer in effect~ For purposes of the preceding sentence, deposit of sufficient cash and/or principal of Acquired Obligations in an irrevocable trust with a banking institution or trust company, for the sole benefit of the Bondholders, which together with income on such Acquired obligations will be sufficient to make timely payment of the principal, interest, and redemption premiums, if any, on the outstanding Bonds as they come due, whether at maturity or the date fixed for redemption, shall be considered "provision for payment." Nothing herein shall be deemed to require the Issuer to call any of the Outstanding Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the Issuer in determining whether to exercise any such option for early redemption. Notwithstanding the foregoing, all references to the discharge and satisfaction of Bonds shall include the discharge and satisfac- tion of any issue or series of Bonds, any portion of an issue or series of Bonds, any maturity or maturities of an issue or series of Bonds, any portion of a maturity of an issue or series of Bonds or any combination of the foregoing. SECTION 29. TAX COVENANT. No use will be made of the pro- ceeds of the Series 1990 Bonds which, if such use were reasonably expected on the date of issuance of the Series 1990 Bonds, would cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue Code of 1986, as amended. The Issuer at all times while the Series 1990 Bonds and the interest thereon are outstand- ing will comply with the requirements of the Internal Revenue Code of 1986, as amended, and any valid and applicable rules and regula- tions promulgated thereunder necessary to maintain the exclusion of the interest on the Series 1990 Bonds from federal gross income including the creation of any rebate funds or other funds and/or accounts required in that regard. The Issuer shall at all times do and perform all acts and things permitted by law and this Resolution which are necessary or desirable in order to assure that interest paid on the Series 1990 Bonds will be excluded from gross income for federal income tax purposes and shall take no action that would result in such inter- est not being excluded from gross income for federal income tax purposes. . In order to insure compliance with the rebate provisions of Section 148(f} of the Code with respect to the Series 1990 Bonds the Issuer hereby creates the Rebate Fund to be held by the Trustee. The Rebate Fund need not be maintained if the Issuer shall have received an opinion of Bond Counsel to the effect that 46 . . failure to create the Rebate Fund shall not adversely affect the exclusion of interest on such Series 1990 Bonds from gross income for purposes of Federal income taxation. Moneys in the Rebate Fund shall not be considered Pledged Revenues and shall not be pledged in any manner for the benefit of the holders of the Series 1990 Bond~. Moneys in the Rebate Fund (including earnings and deposits therein) shall be held for future payment to the United states Government as required by the United states Treasury Regulations and as set forth in instructions of Bond Counsel delivered to the Issuer upon issuance of the Series 1990 Bonds. Notwithstanding any provision of this Resolution to the contrary, to the extent the Issuer is required to make deposits to the Rebate Fund, such amounts may be taken from any fund or account created hereunder. SECTION 30. SEVERABILITY OF INVALID PROVISIONS. If anyone or more of the covenants, agreements or provisions herein contained shall 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 reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or .of the Bonds issued hereunder. SECTION 31. CAPITAL APPRECIATION BONDS. For the purposes of (i) receiving payment of the redemption price of a Capital Appre- ciation Bond if redeemed prior to maturity, (ii) computing Bond Service Requirement, and (iii) computing the amount of Holders required for any notice, consent, request or demand hereunder for any purpose whatsoever, the principal amount of a capital Appre- ciation Bond shall be deemed to be its Compounded Amounts as of the date on which the payment is due, or the computation is made. SECTION 32. NOTICES TO MBIA. For so long as the Series 1990 Bonds are outstanding, MBIA will be furnished a copy of all sig- nificant notices with respect to this Resolution or the Bonds as follows: Municipal Bond Investors Assurance Corporation 113 King Street Armonk, New York 10504 Attention: Surveillance Department . SECTION 33. INCONSISTENT RESOLUTIONS. All prior resolutions of the Issuer inconsistent with the provisions of this Resolution are hereby modified, supplemented and amended to conform with the provisions herein contained. 47 . . SECTION 34. EFFECTIVE DATE. The provisions of this Reso- lution shall take effect immediately upon its passing. PASSED AND ADOPTED by the City Ocoee, Florida, on this day of ATTEST: City Clerk ( SEAL) FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, APPROVED AS TO FORM AND LEGALITY, this day of , 19 FOLEY & LARDNER, VAN DEN BERG, GAY, BURKE, WILSON & ARKIN By: city Attorney commission of , 1990. the City of APPROVED: CITY OF OCOEE, FLORIDA Mayor APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON , 19 UNDER AGENDA ITEM NO. 48 . . . ESCROW DEPOSIT AGREEMENT THIS ESCROW DEPOSIT AGREEMENT, dated as of and between the CITY OF OCOEE, FLORIDA (the , 1990, by II Issuerfl), and , , , Florida, a national banking association organized under the laws of the united states of America, as Escrow Holder and its successors and assigns (the "Escrow Holderfl); WIT N E SSE T H: WHEREAS, the Issuer has previously authorized and issued obli- gations, hereinafter defined as "Refunded Bonds", as to which the Total Debt Service (as hereinafter defined) is set forth on Schedule A; and WHEREAS, the Issuer has determined to provide for payment of the Total Debt Service of the Refunded Bonds by depositing with the Escrow Holder an amount which together with investment earnings thereon is at least equal to such Total Debt Service; and WHEREAS, in order to obtain the funds needed for such purpose, the Issuer has authorized and is, concurrently with the delivery of this Agreement, issuing the Series 1990 Bonds, as defined herein; and WHEREAS, the execution of this Escrow Deposit Agreement and full performance of the provisions hereof shall defease and dis- charge the Issuer from the aforestated obligations; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Issuer and the Escrow Holder agree as follows: SECTION 1. Definitions. As used herein, the following terms mean: (a) f1Agreementfl means this Escrow Deposit Agreement. (b) f1Annual Debt Service" means the interest and principal on the Refunded Bonds coming due in such year as shown on Schedule A attached hereto and made a part hereof. (c) "Bondsfl means the Series 1990 Bonds. ( d) entitled pursuant held for Refunded "Escrow Accountfl means the account hereby created and Escrow Account established and held by the Escrow Holder to this Agreement, in which cash and investments will be payment of the principal of and accrued interest on the Bonds as they become due and payable. EXHIBIT f1A" (e) "Escrow Holderll means , having its primary corporate trust office in , Florida, and its successors and assigns. . (f) IIEscrow Requirementll means, as of any date of calcula- tion, the sum of "an amount in cash and principal amount of Feaeral Securities in the Escrow Account which together with the interest to become due on the Federal Securities will be sufficient to pay the Total Debt Service on the Refunded Bonds in accordance with Schedule A and to pay all Expenses then unpaid. (g) IIExpenses" means the expenses set forth on Schedule B attached hereto and hereby made a part hereof. (h) IIFederal Securi tiesll means any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, none of which permit redemption at the option of the United stat~s of America prior to the dates on which such Federal Securities shall be applied pursuant to this Agreement. (i) IIIssuerll means the City of Ocoee, Florida, and its suc- cessors and assigns. (j) IIRefunded Bonds II means the remaining bonds outstanding of the $2,145,000 City of Ocoee, Florida, Public Improvement Reve- nue Bonds, Series 1987, dated November 1, 1987. (k) IIResolutionll means the resolution adopted by the govern- ing body of the Issuer on , 1990, as amended and supple- mented from time to time, authorizing issuance of the Bonds. (l) IISeries 1990 Bonds" means the $ City of Ocoee, Florida, Transportation Refunding and Improvement Revenue Bonds, Series 1990, initially issued under the Resolution. (m) IITotal Debt Servicell means the sum of the principal and interest remaining unpaid with respect to the Refunded Bonds in accordance with Schedule A attached hereto. . SECTION 2. Deposit of Funds. The Issuer hereby deposits $ with the Escrow Holder for deposit into the Escrow Account in immediately available funds, which funds the Escrow Holder acknowledges receipt of, to be held in irrevocable escrow by the Escrow Holder separate and apart from other funds of the Escrow Holder and applied solely as provided in this Agreement. The Issuer represents that such funds are derived from the net proceeds of the Bonds and other lawfully available funds of the Issuer and are at least equal to the Escrow Requirement as of the date of such deposit. 2 . . . ~ SECTION 3. Use and Investment of Funds. The Escrow Holder acknowledges receipt of the sum described in Section 2 and agrees: (a) to hold the funds and investments purchased pursuant to (b) below in irrevocable escrow during the term of this Agreement for the sole benefit of the Holders of the Refunded Bonds; (b) to immediately invest $ of such funds in the Federal Securities set forth on Schedule C attached hereto and to hold such funds in accordance with the terms of this Agreement; and (c) to deposit in the Escrow receipts of maturing principal of the receipts of interest on the Federal Account and to apply such principal and described in Section 4 below. Account, as received, all Federal Securities and all Securities in the Escrow interest only in the manner SECTION 4. Payment of Bonds and Expenses. (a) Refunded Bonds. On the dates and in the amounts set forth on Schedule A, the Escrow Holder shall transfer to the Paying Agent for the Refunded Bonds, in immediately available funds, a sum sufficient to pay that portion of the Annual Debt Service for the Refunded Bonds corning due on such dates, as shown on Schedule A. (b) Expenses. On each of the due dates as shown on Schedule B, the Escrow Holder shall pay the portion of the Expenses coming due on such date to the appropriate payee or payees designated on Schedule B or designated by separate certificate of the Issuer. (c) Surplus. After making the payments from the Escrow Account described in Subsections 4(a) and (b) above, the Escrow Holder shall retain in the Escrow Account any remaining cash in the Escrow Account in excess of the Escrow Requirement until the ter- mination of this Agreement, and shall then pay any remaining funds to the Issuer for deposit to the Revenue Fund created in the Resolution. (d) prioritv of Payments. The holders of the Refunded Bonds shall have an express first lien on the funds and Federal Securi- ties in the' Escrow Account until such funds and Federal Securities are used and applied as provided in this Agreement. If the cash on hand in the Escrow Account is ever insufficient to make the pay- ments required under Subsections 4(a) and (b), all of the payments required under Subsections 4(a) shall be made when due before any payments shall be made under Subsection 4(b). SECTION 5. Reinvestment. (a) Except as provided in Section 3 and in this Section, the Escrow Holder shall have no power or duty to invest any funds held under this Agreement or to sell, transfer or otherwise dispose of or make substitutions of the Federal Securities held hereunder. 3 r ) . . (b) At the written request of the Issuer and upon compliance with the:conditions hereinafter stated, the Escrow Holder shall sell, transfer or otherwise dispose of any of the Federal Securi- ties acquired hereunder and shall substitute other Federal Securi- ties. The Issuer will not request the Escrow Holder to exercise any of the powers described in the prec~ding sentence in any manner which, if such exercise had been reasonably expected on the date of issuance of the Bonds, would have caused them to be "arbitrage bonds" within the meaning of Section 103 (c) of the Internal Revenue Code of 1986, as amended, or any successor provision thereto and the rulings and interpretations thereof, and the regulations there- under in effect on the date of such request and applicable to obli- gations issued on the issue date of the Bonds. The transactions may be effected only if (i) an independent certified public accoun- tant selected by the Issuer shall certify or opine in writing to the Issuer and the Escrow Holder that the cash and principal amount of Federal Securities remaining on hand after the transactions are completed will be not less than the Escrow Requirement, and (ii) the Escrow Holder shall receive an opinion from a nationally recog- nized bond counsel acceptable to the Issuer to the effect that (a) such substitution is permitted by the terms of this Agreement and (b) the transactions, if they had been reasonably expected on the issue date of the Series 1990 Bonds would not have caused such Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, or any successor provision thereto and the rulings and interpretations thereof, and the regulations thereunder in effect on the date of the transac- tions and applicable to obligations issued on such date. SECTION 6. No Redemption or Acceleration of Maturitv. The Issuer will not accelerate the maturity of, or exercise any option to redeem before maturity any Refunded Bonds. SECTION 7. Indemnitv. To the extent permitted by law, the Issuer hereby assumes liability for, and hereby agrees to indem- nify, protect, save and keep harmless the Escrow Holder and its respective successors, assigns, agents and servants, from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, expenses and disburse- ments (including reasonable legal fees and disbursements) of whatsoever kind and nature which may be imposed on,. incurred by, or asserted against at any time, the Escrow Holder (whether or not also indemnified against the same by the Issuer or any other person under any other agreement or instrument) and in any way relating to or arising out of the execution and delivery of this Agreement, the establishment of the Escrow Account established hereunder, the acceptance of the funds and securities deposited therein, the pur- chase of the Federal Securities, the retention of the Federal Securities or the proceeds thereof and any payment, transfer or other application of funds or securities by the Escrow Holder in accordance with the provisions of this Agreement; provided, how- ever, that the Issuer shall not be required to indemnify the Escrow 4 .. ' .. . . '-' -Holder against its own negligence or willful misconduct. In no event shall the Issuer be liable to any person by reason of the transactions contemplated hereby other than to the Escrow Holder as set forth in this section. The indemnities contained in this Section shall survive the termination of this Agreement. SECTION 8. Respons ibi 1 i ties of Escrow Holder. The Escrow Holder and its respective successors, assigns, agents and servants shall not be held to any personal liability whatsoever, in tort, contract, or otherwise, in connection with the execution and deliv- ery of this Agreement, the establishment of the Escrow Account, the acceptance of the funds deposited therein, the purchase of the Federal Securities, the retention of the Federal Securities or the proceeds thereof or for any payment, transfer or other application of moneys or securities by the Escrow Holder in accordance with the provisions of this Agreement or by reason of any non-negligent or non-willful act, omission or error of the Escrow Holder made in good faith in the conduct of its duties. The Escrow Holder shall, however, be responsible for its negligent or willful failure to comply with its duties required hereunder, and its negligent or willful acts, omissions or errors hereunder. The duties and obli- gations of the Escrow Holder may be determined by the express pro- visions of this Agreement. The Escrow Holder may consult with counsel, who mayor may not be counsel to the Issuer, and in reli- ance upon the opinion of such counsel shall have full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith in accordance therewith. Whenever the Escrow Holder shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action under this Agreement, such matter may be deemed to be conclusively established by a certificate signed by an authorized officer of the Issuer. SECTION 9. Resiqnation of Escrow Holder. The Escrow Holder may resign and thereby become discharged from the duties and obli- gations hereby created, by notice in writing given to the Issuer, Moody's Investors Service, Standard & Poor's corporation, and the Paying Agent for the Refunded Bonds not less than sixty (60) days before such resignation shall take effect. Such resignation shall not take effect until the appointment of a new Escrow Holder hereunder. SECTION 10. Removal of Escrow Holder. (a) The Escrow Holder may be removed at any time by an instrument or concurrent instruments in writing, executed by the holders of not less than fifty-one percentum (51%) in aggregate principal amount of the Refunded Bonds then outstanding, such instruments to be filed with the Issuer, and notice in writing given by such holders to the original purchaser or purchasers of the Bonds and published by the Issuer once in a newspaper of general circula~on in the territorial limits of the Issuer, and 5 .. ' . . .. rin a daily newspaper or financial journal of general circulation in the City of New York, New York, not less than sixty (60) days before such removal is to take effect as stated in said instrument or instruments. A photographic copy of any instrument filed with the Issuer under the provisions of this paragraph shall be delivered by the Issuer to the Escrow Holder. (b) The Escrow Holder may also be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in accordance with, any provisions of this Agreement with respect to the duties and obligations of the Escrow Holder by any court of competent jurisdiction upon the application of the Issuer or the holders of not less than five per- centum (5%) in aggregate principal amount of the Bonds then out- standing, or the holders of not less than five percentum (5%) in aggregate principal amount of the Refunded Bonds then outstanding. (c) The Escrow Holder may not be removed until a successor Escrow Holder has been appointed in the manner set forth herein. SECTION 11. Successor Escrow Holder. (a) If at any time hereafter the Escrow Holder shall resign, be removed, be dissolved or otherwise become incapable of acting, or shall be taken over by any governmental off icial, agency, department or board, the position of Escrow Holder shall thereupon become vacant. If the position of Escrow Holder shall become vacant for any of the foregoing reasons or for any other reason, the Issuer shall appoint an Escrow Holder to fill such vacancy. The Issuer shall either (i) publish notice of any such appointment made by it once in each week for four (4) successive weeks in a newspaper of general circulation published in the territorial limits of the Issuer and in a daily newspaper or financial journal of general circulation in the city of New York, New York, or (ii) mail a notice of any such appointment made by it to the Holders of the Refunded Bonds within thirty (30) days after such appointment. (b) At any time within one year after such vacancy shall have occurred, the holders of a majority in principal amount of the Bonds then outstanding or a majority in principal amount of the Refunded Bonds then outstanding, by an instrument or concurrent instruments in writing, executed by either group of such bond- holders and filed with the governing body of the Issuer, may appoint a successor Escrow Holder, which shall supersede any Escrow Holder ther~tofore appointed by the Issuer. Photographic copies of each such instrument shall be delivered promptly by the Issuer, to the predecessor Escrow Holder and to the Escrow Holder so appointed by the bondholders. In the case of conflicting appoint- ments made by the bondholders under this paragraph, the first effective appointment made during the one year period shall govern. 6 .. . r (c) If no appointment of a successor Escrow Holder shall be made pursuant to the foregoing provisions of this Section, the holder of any Refunded Bonds then outstanding, or any retiring Escrow Holder may apply to any court of competent jurisdiction to appoint a successor Escrow Holder. Such court may thereupon, after such notice, if ~ny, as such cour: may deem proper and prescribe, appoint a successor Escrow Holder. SECTION 12. PaYment to Escrow Holder. The Escrow Holder hereby acknowledges that it has agreed to accept compensation under the Agreement in the sum of $ , which the Issuer agrees to pay on the date of delivery of the Bonds for services to be per- formed by the Escrow Holder pursuant to this Agreement, plus out- of-pocket expenses to be reimbursed at cost. The Issuer hereby agrees to provide for the payment, from legally available sources, the compensation due and owing Barnett Banks Trust Company, N.A., Jacksonville, Florida, or its successors and assigns, as paying agent for the Refunded Bonds. The Escrow Holder shall have no responsibility for paying or providing for such payment under this section. SECTION 13. Term. This Agreement shall commence upon its execution and delivery and shall terminate when the Refunded Bonds have been paid and discharged in accordance with the proceedings authorizing the Refunded Bonds. SECTION 14. Severability. If anyone or more of the cove- nants or agreements provided in this Agreement on the part of the Issuer or the Escrow Holder to be performed should be determined by a court of competent jurisdiction to be contrary to law, such covenant or agreements herein contained shall be null and void and shall in no way affect the validity of the remaining provisions of this Agreement. SECTION 15. Amendments to this Aqreement. This Agreement is made for the benefit of the Issuer and the holders from time to time of the Refunded Bonds and the Bonds and it shall not be repealed, revoked, altered or amended in whole or in part without the written consent of all affected holders, the Escrow Holder and the Issuer; provided, however, that the Issuer and the Escrow Holder may, without the consent of, or notice to, such holders, enter into such agreements supplemental to this Agreement as shall not adversely affect the rights of such holders and as shall not be inconsistent with the terms and provisions of this Agreement, for anyone or more of the following purposes: (a) to cure any ambiguity or formal defect or omission in . this Agreement; (b) to grant to, or confer upon, the Escrow Holder, for the benef it of the holders of the Bonds and the Refunded Bonds any 7 .._ l .. . . r. r additional rights, remedies, powers or authority that may lawfully be granted to, or conferred upon, such holders or the Escrow Holder; and (c) to subject to this Agreement additional funds, securities or properties. The Escrow Holder shall, at its option, be entitled to rely conclusively upon an opinion of nationally recognized attorneys on the subject of municipal bonds acceptable to the Issuer with respect to compliance with this section, including the extent, if any, to which any change, modification, addition or elimination affects the rights of the holders of the Refunded Bonds or that any instrument executed hereunder complies with the conditions and provisions of this Section. SECTION 16. Counterparts. This Agreement may be executed in several counterparts, all or any of which shall be regarded for all purposes as one original and shall constitute and be but on and the same instrument. SECTION 17. Governinq Law. This Agreement shall be construed under the laws of the State of Florida. 8 r----------- ...' ... . . ~. ~ r IN WITNESS -wHEREOF, the parties hereto have caused this Agreement to be .executed by their duly authorized officers and their corporate seals to be hereunto affixed and attested as of the date first above written. ( SEAL) ATTEST: City Clerk ( SEAL) ATTEST: Title: FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, APPROVED AS TO FORM AND LEGALITY, this day of , 19 FOLEY & LARDNER, VAN DEN BERG, GAY, BURKE, WILSON & ARKIN By: City Attorney CITY OF OCOEE, FLORIDA By Mayor or Vice Mayor By Title: APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON I 19 UNDER AGENDA ITEM NO. 9 ~'", .... . . DATE DUE SCHEDULE A SCHEDULE OF DEBT SERVICE FOR $ CITY OF OCOEE, FLORIDA PUBLIC IMPROVEMENT REVENUE BONDS SERIES 1987 PRINCIPAL $ INTEREST $ TOTAL DEBT SERVICE $ "" ".. , SCHEDULE B EXPENSES TO BE PAID BY ESCROW HOLDER . None . .... " " /!If,. . . {- ~. r Purchase Price SCHEDULE C SCHEDULE OF FEDERAL SECURITIES Principal Amount Issue Maturity Date Date First Interest Date Interest Type of Rate Fed.Sec. APPENDIX B GENERAL INFORMATION . THE FOLLOWING INFORMATION CONCERNING THE CITY OF OCOEE, FLORIDA, ORANGE COUNTY, FLORIDA AND THE ORLANDO METROPOLITAN STATISTICAL AREA IS INCLUDED ONLY FOR THE PURPOSE OF PROVIDING GENERAL BACKGROUND INFORMATION. THE INFORMATION HAS BEEN COMPILED ON BEHALF OF THE CITY AND SUCH COMPILATION INVOLVED ORAL AND WRITTEN COMMUNICATION WITH THE VARIOUS SOURCES INDICATED. THE INFORMATION IS SUBJECT TO CHANGE, ALTHOUGH EFFORTS HAVE BEEN MADE TO UPDATE THE INFORMATION WHERE PRACTICABLE. THE SERIES 1990 BONDS ARE NOT GENERAL OBLIGATIONS OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE CITY OF OCOEE, FLORIDA. General Description and Location The City of Ocoee, Florida (the "City") is a residential community in the western part of Orange County, Florida (the "County") and was incorporated in 1925. It is bounded on the west by Winter Garden, Florida, and on the south by Windermere, Florida and has a land area of 8.0 square miles, thus making it the second largest city in land area of the thirteen cities in Orange County, Florida. State Roads 50, 437, and 438 are the major roads with easy access to City residents. Ocoee is the juncture of Orlando's East-West Expressway and the proposed western beltway, estimated to be completed by about 1992. As of July, 1990, the population of Ocoee was estimated at 14,850 by the City of Ocoee Planning Department. Ocoee ranks third in population of the cities in Orange County. The estimated average household income provided by the West Orange Chamber of Commerce for the Winter Garden/City of Ocoee area is $22,000 and the median age of an Ocoee.resident is 26.7 years of age. Population The following table sets forth the population trends in the City of Ocoee and orange County from years 1960 through 2000. Year City of Ocoee(l) Average Annual Percentaqe Increase Orange County Average Annual Percentage Increase . 1960 1970 1980 1986 1990 2000 2,500 3,937 7,803 11,552 14,850(1) - 22,357(1) 5.74% 9.82 8.0 7.1 5.1 263,540 344,311 470,865 577,856 665,300(2) 807,300(2) 3.06% 3.68 3.79 3.79 2.13 B-1 (1) Population Projection by the City of Ocoee, Florida . (2) Population as projected by Population Studies, Population Program, Bureau of Economic and Business Research, University of Florida, March 1, 1987. Source: u.s. Department of Commerce, Bureau of the Census 1960, 1970 and 1980. Florida Estimates of Population, Popula- tion Program, Bureau of Economic and Business Research, University of Florida, April 1, 1986. Government The City is governed by a Manager-Commission form of govern- ment. The four City Commissioners and the Mayor are elected on staggered two year terms of office, who in turn appoint the city Manager. Listed below are the current Mayor and City Commissioners and their respective term expiration dates: Members Date Term Expires Lester Dabbs, Jr., Mayor Rusty Johnson, commissioner Vern Combs, Commissioner Sam Woodson, Commissioner Paul W. Foster, Commissioner November, 1992 November, 1990 November, 1990 November, 1991 November, 1990 Police and Fire Protection Approximately 38 ~otection personnel protection. law enforcement personnel and provide twenty-four hour police 23 fire and fire Recreation The major public facilities include the Community Center and the Youth Center. The City has a total of two recreation centers and four parks and manages a variety of leisure activities throughout the year for its citizenry. Budqet Preparation . On July 1, the Property Appraiser of Orange County certifies the tax roll. On July 31, the City submits to the Property Appraiser the proposed millage as well as the date, time, and place of the first public hearing. The first public hearing on the budget is held by mid-September, at which time the City commission reviews the recommended budget, making adjustments as it deems appropriate. By September 30, the budget is adopted by~ordinance, B-2 Em?loyees' Defined Pension Plan and Trust The City contributes to a defined benefit pension plan and . trust. The plan was effective as of October 1, 1985. payroll for employees covered by the plan for the September 30, 1989 was $1,967,766. The City's total the year ended September 30, 1989 was $2,058,299. The City's year ended payroll for There were 98 active members who were covered as of October 1, 1989. City employees are eligible to participate in the plan after they have completed six months of service with a minimum of 500 work hours during the six month period. Benefits fully vest on reaching five years of service. Each participant's normal retirement benefit shall be 20% of the participant's average monthly compensation, reduced by 1/30 for each year by which his years of benefit service (commencing on employment 'date) at the normal retirement date (age 55) are less than thirty. The plan provides death but not disability benefits. These benefit provisions and all other requirements are established by city ordinance. City employees are not required or permitted to contribute to the plan. The City is required to contribute the full amount necessary to fund the plan, using the actuarial basis specified by City ordinance. Economic Summary In the City of Ocoee there are several major employers including the Florida Auto Auction, Wal-Mart, the Holiday Inn, Certi-Fine Fruit Company, Inc., the Colony Plaza Hotel, Amber Electric, Sysco, Inc., a large food distributorship, and Whitaker Oil Company, a chemical concern. The citrus industry is well represented in the Ocoee area not only by the citrus growers, but also by citrus packers and shippers, citrus processors, and citrus grove equipment providers. Ocoee's industrial base is diverse, ranging from stained glass artistry to casket and burial vault production. Education . The Orange County area has four major institutions of higher learning: University of Central Florida (a four year state university with an enrollment of more than 16,500 full and part- time students); Rollins College (the oldest four-year institution of higher learning in the State, an independent, coeducational, liberal arts college with an enrollment of more than 1,400 students); Seminole Community College (a two-year undergraduate institution with 8,500 students); Valencia Community College (a B-3 . two-year undergraduate institution covering three campuses with over 12,000 full and part-time students). The Orange, Seminole and Osceola County area is well equipped with elementary, secondary, vocational and private schools. Public school enrollment for the 1989-1990 school year totaled over 159,000. Source: Economic Development Commission of Mid-Florida, Opportu- nitv Orlando, 1990. Transportation The Orlando MSA is primarily served by Orlando International Airport. Orlando International Airport ranks as the 17th busiest domestic facility and the 25th busiest world facility. Designated an international port of entry with full customs service, the airport has grown tremendously since 1970. Air passengers have increased from 1.3 million in 1971 to over 17.3 million in 1989. Forty-seven air carriers serve the Orlando area with more than 450 daily flights. The third runway at Orlando International Airport opened in September of 1989, while the fourth runway is currently being reviewed in the DRI process. The construction of a third airside terminal... and an expansion of the lands ide t~t".mj.ngl is nearinq completion. The area is also served by three satellite airports: Orlando Executive Airport, Central Florida Regional Airport and Kissimmee Municipal Airport. Orange County is crossed by Interstate 4 and the Florida Turnpike. The Martin Anderson Beeline Expressway links the east coast beaches with Interstate 4 and the Florida Turnpike. The Holland East-West Expressway expedites traffic through the City of Orlando. The Orlando/Orange County Expressway Authority recently completed a portion of the Eastern Beltway in Orange County as well as the eastern expansion of the East-West Expressway. Recently opened is the remaining portion of the Eastern Beltway in Orange County as well as the western extension of the East-West Express- way. Future plans include the completion of the belt line around the Orlando area as well as the Central Connector that will connect downtown Orlando with the Orlando International Airport; consider- ation is also being given to the feasibility of a transit system between the airport and the International Drive area. . The metropolitan area is served by 35 common-carrier truck- lines, most of which have local terminals and several parcel delivery and package express services covering Orange County and neighboring communities. Greyhound, Gray Line, Superior and Trailways Bus Lin~s offer charter, express and passenger services. Greyhound recently opened its new $2.4 million complex in west orlando. B-4 Both passenger and freight rail systems provide service to the area. Amtrak currently operates two trains daily between New York and the Orlando area. CSX Transportation moves freight between north and south Atlantic points and connects with all major u.s. rail lines. . Seaboard Coastline Railroad provides freight service to the area. Rail passenger stations in the Orlando area are among the busiest in the southeast with 600 Amtrak passengers arriving and departing on four daily trains. Source: Industrial Commission of Mid-Florida, Inc. and Orange County Planning Department. Emplovment Prior to 1967, the Orlando MSA economy was based upon agricultural and citrus products, tourism, light manufacturing and industries relating to the space program at the Kennedy Space Center at Cape Canaveral. Over the past sixteen years, construc- tion of Walt Disney World, EPCOT Center, Disney-MGM Studios, Sea World and other tourist attractions, together with increasing convention activity, have played an important part in the local economy. This has resulted in a larger share of total employment being represented by the trade and service areas when compared with the national average. During the 1989, annual average employment in Orange County grew to 386,324 with an average unemployment rate of 5.0%. LARGEST EMPLOYERS IN ORLANDO MSA 1989 Name of Employer Number of Employees . Walt Disney World Company . . . . . U.S. Naval Training Center . . . . . Orange County Public Schools . . . . . . Martin Marietta Electric and Missile Group Orange County Government . . . . . . . . A T & T Information Systems . . . . United States Postal Service . . . . Florida Hospital . . . . .. .... Seminole county Public Schools . . . . . Orlando Regional Medical Center .... publix Supermarkets, Inc. . . . . . Winn Dixie . . . . . . . . . . . . . . . city of Orlando ............ General Mills Restaurant Group . . . 31,000 17,000 14,500 12,600 6,289 5,400 5,250 5,228 5,221 4,551 4,484 4,075 3,679 3,500 Source: Economic (Industrial) Development Commission of Mid- Florida~ommunity Data Sheet 1990. B-5 . Calendar Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 . BUILDING PERMIT ACTIVITY. IN CITY OF OCOEE, FLORIDA Number of Units Single Multi Familv Familv Additions Alterations and Public Valuations Total Valuations- Non- Residential Valuations Residential Valuations 147 124 142 112 164 98 133 118 143 239 27 42 28 63 22 8 17 6 14 6 3,547,009 3,894,211 5,072,809 4,789,270 6,112,289 7,091,745 4,789,700 5,610,000 9,291,000 14,656,699 1,289,000 2,700,000 2,708,000 3,102,000 1,237,000 5,305,828 2,003,000 9,553,000 2,339,000 8,183,652 75,000 142,000 89,000 109,000 203,000 142,000 388,305 983,000 1,107,876 1,012,399 4,911,009 6,043,211 7,869,809 8,270,000 7,552,289 12,397,573 8,177,000 16,146,000 13,622,982 28,852,750 Building Permit Activity taken from monthly reports from January 1980 through December 1989, figures are subject to change. Totals may not add due to rounding. Source: University of Florida, college of Business Administration, Bureau of Economic and Business Research, Building Permit Activity in Florida, 1980 - 1986. CITY OF OCOEE, FLORIDA TAXABLE ASSESSED PROPERTY VALUATION Real Personal Property Property Total Fiscal Assessed Assessed Assessed Year Value Value Value 1980 $ 47,460,664 $ 6,497,915 $53,958,579 1981 56,376,129 7,877,747 64,253,876 1982 62,467,539 8,766,539 71,234,078 1983 66,174,334 8,952,929 75,127,263 1984 72,498,499 9,827,873 82,326,372 1985 85,087,900 10,314,135 95,402,035 1986 107,665,821 10,423,536 118,089,357 1987 126,876,147 12,708,713 139,584,860 1988 180,610,206 16,583,819 197,194,025 1989 198,284,327 20,307,367 218,591,694 Source: City of Ocoee Finance Department B-6 Levv of Taxes Each year the County Property Appraiser is required to certify to each taxing authority, the aggregate taxable value of all property within the jurisdiction of the taxing authority, as well as the prior year's tax revenues, for use in connection with determination of the forthcoming budget and millage levy. In connection with such determination, the taxing authority must hold a public hearing in connection with the adoption of a tentative budget and millage levy and another hearing relating to adoption of the final budget and millage levy. The following table sets forth the millage rates for city property owners for tax roll years 1980 through 1989: . Tax City of Roll Ocoee 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Source: . 4.84 4.46 4.50 3.16 3.16 3.14 3.14 2.80 3.00 4.00 MILLAGE RATES FOR THE CITY OF OCOEE, FLORIDA Orange County 5.54729 5.9908 4.9908 4.4148 4.1166 4.96110 4.5144 4.5144 4.5144 5.2889 st. Johns Combined School Water Mng. County Board District Millaqe 8.289 6.812 7.20 6.84 6.7377 7.283 7.55 7.347 7.347 8.414 .088 .121 .290 .284 .326 .206 .221 .207 .280 .3460 15.28005 14.5893 14.06093 13.0006 12.5861 13.7015 13.4354 13.1703 13.2974 15.1463 Total Millaqe 20.12005 19.0493 18.56093 16.1606 15.7461 16.8415 16.5754 15.9703 16.2974 19.1463 Office of the Finance Director, city of Ocoee; and the Property Appraiser's Office, Orange County, Florida. B-7 . 1. 2. 3 . 4. 5. 6. . TEN PRINCIPAL TAXPAYERS FOR THE CITY OF OCOEE, FLORIDA Taxpayer Type of Business Valuation Towne Square Shopping Center Shopping Center $ 4,878,236 BSL Investors Hotel 4,866,394 William M. Shrum, Jr. Florida Auto Auction Real Estate 4,326,890 Auto Auction 3,761,535 Triple T Inns Hotel 3,441,285 Orange County Industrial Development Authority Quasi- Governmental 7. Ernest Costantino Real Estate 8. Jold-Wen, Inc. Manufacturing 9. Amersan, Incorporated Manufacturing 10. Bodom Industries, Inc. Manufacturing Total Taxable Assessed Value of 10 Largest Taxpayers Total Taxable Assessed Value of Other Taxpayers Total Taxable Assessed Value of All Taxpayers B-8 2,104,690 1,471,935 1,211,685 1,069,811 925.272 28,057,823 190.533,871 $218.591.694 Percentaqe 2.23% 2.23% 1. 98% 1. 72% 1. 57% .96% .67% .56% .49% .42% 12.83% 87.17% 100.00% CITY OF OCOEE, FLORIDA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS ( LAST TEN CALENDAR YEARS BAlIk Dcpooj~ . Residential Construction (a} Commercial(a) Additional (a) (in Ibouund.) Number of Uni~ Con.truction Alternations S.viDc' One-- MuIti- Tola.I IDd ~ Pamily Pamily ~ Value Value Value (a) Bank. (b) Loana (c) 1980 210 52 $ 3,247,000 $2,212,000 $ 751,000 $ 7.038.000 $2.064.496 $1.194.961 1981 379 3 6,771.000 1,085.000 747,000 8.603.000 2,151.847 1.320.303 1982 195 3.669.000 813.000 1,005,000 5,487.000 2.178,534 1.397.120 1983 61 1.662.000 886,000 813.000 3,361.000 2,791.758 1.743.917 1984 62 46 3,449.000 1.014,000 509,000 4,972.000 3.243.587 1,890,968 1985 139 6,475,000 5,273,000 1,415,000 13.163,000 3,951.142 2.239.660 1986 116 6 6.572.000 2,138,000 428,000 9,138,000 4,449,184 2,180,242 1987 118 6 5,610,000 9,553,000 983,000 16,146.000 4,195,881 2,315,245 1988 143 14 9,291,000 2,339,000 1,107,876 13.622,982 4.530.190 2,501,530 1989 239 6 14,656,699 8,183,652 1,012,399 23,852.750 4,888,783 3.050.283 (a) Source: University of Florida, Bureau of Economic and Business Research (b) Source: Florida Bankers Association. Amounts for 1980-1986 are as of December 31; amount for 1987 is as of September 30. Bank deposits are for entire Orange County ( c) Source: Federal Home Loan Bank Board Research 'Department. Amounts for 1980-1983, 1986 and 1987 are as of June 30. 1984 and 1985 amounts are as of December 31. Savings and Loan deposits are for entire Orange County. 25314.APB 08/17/90 . B-9 4ppeN clli- L . CLARK ROAD ENGINEERING REPORT Prepared By: PROFESSIONAL ENGINEERING CONSULTANTS, INC. August 5, 1990 . . . " " PReFESSIONAL ENGINEER CERTIFICATE I hereby certify that I am a registered professional engineer in the State of Florida practicing with Professional Engineering Consultants, Inc., a Florida corporation, authorized to operate as an engineering business, EB# 0003556, by the State of Florida Department of Professional Regulation, Board of Professional Engineers, and that I have prepared or approved the evaluation, findings, opinions, conclusions, or technical advice hereby reported for: PROJECf: LOCATION: CLIENT: Clark Road Ocoee, Florida City of Ocoee I acknowledge that the procedures and references used to develop the results contained in this report are standard to the professional practice of transportation engineering as applied through professional judgement and experience. ( " ~ ! ~ . '. . "' . . ~.-'... . . :, .~, SIGNATURE: NAME: P.E. NO: DATE: , .' .' /. ; ~ . J' ; . ~ , . . \ ~ August 5, 1990 . . " TABLE OF CONTENTS SECTION PAGE 1.0 INTRODUCTION 1.1 Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1.2 Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1.3 Need For Road. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1-1 1.4 Control Points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1-2 1.5 Geometric Controls. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1-2 1.6 Soils and Groundwater ................................... 1-3 20 ROADWAY DESIGN CRITERIA 2.1 Purpose of the Criteria ................................... 2-1 2.2 Functional Classification .................................. 2-1 2.3 Design Speed .......................................... 2-1 2.4 Horizontal Alignment .................................... 2-1 2.5 Vertical Alignment ...................................... 2-2 2.6 Cross-Section. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2-2 2.7 I...ane Widths ........................................... 2-2 2.8 Me~iian. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2-2 2.9 Median Openings ....................................... 2-2 2.10 IntersectionslDriveways................................... 2-2 2.11 Location of Underground Utilities ........ . . . . . . . . . . . . . . . . . .. 2-2 2.12 Sidewalks ............................................. 2-2 2.13 Design Traffic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2-2 2.14 Turn-Lane Storage Length. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2-3 2.15 Traffic Control Devices ................................... 2-3 2.16 Pavement Requirements .................................. 2-3 3.0 DRAINAGE DESIGN CRITERIA 3.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 3-1 3.2 Primary Drainage System (Retention Ponds and Outfall Structures) ................................... 3-2 3.2.1 Water Quantity (Peak Attenuation and Volume) ........... 3-2 3.2.2 Water Quality (Pollution Abatement Volume) . . . . . . . . . . . .. 3-2 3.2.3 Drainage Pond Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 3-3 3.2.4 Retention Ponds ............... . . . . . . . . . . . . . . . . . . .. 3-3 . . ,( ') TABLE OF CONTENTS (CONTINUED) SECTION PAGE 3.3 Hydraulic Design Criteria 3-4 3.3.1 Roadway (Pavement) Drainage Design .................. 3-4 3.3.2 Storm Sewer Design ................................ 3-5 3.3.3 Culvert Design .................................... 3-6 4.0 COST ESTIMATES AND SCHEDULE 4.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 4-1 4.2 Engineering Cost Estimate and Schedule ...................... 4-1 4.3 Construction Cost Estimate and Schedule ..................... 4-1 4.4 Right-of-Way Acquisition Costs ............................. 4-1 4.5 Cost Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4-2 . . " LIST OF FIGURES AND TABLES TABLE 2.1 - Legal Description TABLE 2.2 - Turn Lane Storage Length TABLE 2.3 - Summary of Minimum Standards TABLE 4.1 - Clark Road Construction Cost Estimate FIGURE 1.1 - Proposed Roadway Location FIGURE 2.1 - Typical Cross-Sections FIGURE 2.2 - Design Traffic Volumes APPENDIX iii 1.0 IN1RODUCTION 1.1 Background . The City of Ocoee is undertaking the development of Clark Road from SR50 to A.D. Mims Road. The location of Clark Road was established through the Clark Road Alignment Study completed in June 1988, which also established an alignment for Clark Road from SR 50 to Clarcona-Ocoee Road. This preliminary engineering report only addresses that portion of Clark Road to be designed and constructed by the City, which is from SR 50 to A.D. Mims Road. The segment from A.D. Mims Road to Clarcona-Ocoee Road will be a planned future extension. Clark Road will serve the traffic needs for the development within eastern Ocoee. The road aligns with the terminus of the East-West Expressway extension at SR 50. From this point, Clark Road basically follows a northern alignment through the City to its northern terminus. 1.2 Purpose The purpose of the report is to demonstrate the need for Clark Road, to define the engineering design criteria, and to identify engineering, construction and right-of-way costs. The engineering design criteria are segregated by roadway criteria and by drainage criteria. The roadway criteria include design standards, the typical road cross-section feature, horizontal and vertical alignments, and pavement design. The drainage criteria specify the design standards and the general location and size of the stormwater retention areas for Clark Road. 1.3 Need For Road Clark Road will serve north and southbound traffic on the eastern side of Ocoee. Currently, Good Homes Road is the nearest north-south road, located 0.75 miles to the east. Between Bluford Avenue and Good Homes Road, a distance of about 2V2 miles, no road exists for continuous north-south traffic flow. In general, for efficient traffic flow and land access in this area, a major collector road should exist every mile. The land in the project area is basically undeveloped, however, the City's land use plan provides that development will occur with commercial and residential land uses, along with support uses such as schools and parks. About 4,500 new single homes are planned in the Clark Road area. . RLC/jsb/OE-I09!H24 1-1 This development transition is now in process, with numerous developments in the planning stage or final design. Also, commercial shopping areas are planned for all four quadrants of the Clark Road and Silver Star Road intersection. . The Clark Road project will fulfill two public needs. One is to provide a properly spaced north-south major collector - minor arterial road in this developing area of Orange County for traffic movement from the East-West Expressway and SR 50 to all portions of Ocoee north to AD. Mims Road. The other is to provide a properly planned and coordinated roadway through adjoining developments to provide public safety and reasonable access to lands. 1.4 Project Description and Control Points The proposed Clark Road project to be designed and constructed by the City, is a 2.6 mile, four-lane divided urban arterial highway consisting of two travel lanes in each direction, a raised grass median, curb and gutter with closed drainage and sidewalks on both sides. The project begins south of SR 50 with ramp modifications to the East-West Expressway terminus. The road extends north to its terminus at AD. Mims Road. Cross street improvements consisting of turning lane additions will be made as appropriate, including at SR 50. Location of the road was governed by specific points on connecting roads and development plans. The existing unpaved segment of Clark Road (between White Road and Silver Star Road) and the proposed East-West Expressway connector terminus controlled the alignment from SR 50 to Silver Star Road (SR 438). Between Silver Star Road and AD. Mims Road, the alignment resulted from meetings with developers and their representatives to best meet general public requirements and use of the impacted lands. The future Clark Road extension alignment north of AD. Mims Road was controlled by property boundaries, development concept plans, physical constraints, and road design criteria. The road was placed between Lake Sidney and Lake Prairie based on flood data and topography, as well as curvature constraints based on the road's design speed. North of Prairie Lake to CIarcona-Ocoee Road, the road follows the boundary of the large tracts of abutting land. As previously noted, Clark Road, north of AD. Mims Road, will not be constructed as part of this initial project, but will be developer built when required for future development. . Figure 1.1 shows the road's general location. Table 2.1 details the legal description of the centerline of Clark Road and the 100-foot right-of-way. Fold-out aerial photographs containing the roadway alignment are included in the back of this report as Appendix A RLC/jsb/0E-1091H24 1-2 ~ ~ RD ~ <-' z OCOEE , N . ~ -$- % w c ~~ ,,/ ~2 s mZ j 0:::) t~Ol 10 SCI,LE CLP.RCONA - ~.-- 0 :)\ c:: \.1-\ 0 \ 0 PRAIRIE z \ LAKE <( ~1 ...I w z Ie<) :Jj ;; <: LAKE W ~ SIDNEY ::L I 0 c... END I < PROJECT I 0 4:;'5 c:: LAKE III STANLEY/;\ w c:: 0 J lAKE J: III JOHIO 0 0 5: RD 0 -, STAR LAKE LAKE LUCY 0 ~ FLORE1-lCE 0 l- e: III C1 0 w w c: ~ 0:: (:) <( ....J U 0 c:: . PROPOSED CLARK Vl w ROAD ~ 0 :r: 0 BEG\N LAKE PROJECT LOTTA 0 0 ~ 0 <..? --------- SILVER >- c: w ::E o <..? I- Z o ::E V{...;I1E RD D PROPOSED SR 50 tERMiNUS OF WESTERLY EXTENSION or E-W EXPRESSWAY . L/,KE Sl,\N CH /l.RD Dw 8. l~cGEE HWY PROPOSED ROADWAY LOCATION PEe F\GURE. 1.1 ------------------------------------ - . . 1.5 Geometric Controls The road's horizontal geometry is based on the road's function and the type vehicles using the road. Given the road's location and termini and the surrounding land use, the road serves the dual function of traffic movement (distribution and through) and traffic collection from the adjacent land use. These characteristics define the road as a minor arterial. Using these road classifications, a design speed of 45mph was selected to establish the geometric design criteria. Based on the same factors used in choosing the design speed, a single unit truck was selected as the control vehicle for design. Future land use weighted heavily in this selection. The choice was between single unit trucks or large trucks. Large trucks constitute less than five percent of the daily road use. As such, designing the intersections for truck-trailer combinations is not warranted relative to right-of-way requirements, pavement materials, and intersection operating efficiency. In using the single unit truck to control the design, the trailer combinations will almost be able to adequately maneuver with an occasional encroachment on adjacent traffic lanes. 1.6 Soils and Groundwater Appendix B contains the findings of a subsurface soil and groundwater investigation performed by Michael D. Sims & Associates in June, 1990. Through the project limits, SR 50 to AD. Mims Road, the proposed location does not involve any problem soils except for the topsoil, which will be removed. For the road, the investigation found dry, clean, fine sands within six feet of the surface. The estimated seasonal high groundwater level lies more than 24 inches below the road's proposed base course. The measured depth of groundwater ranged from 7 to 17.5 feet below the surface ,within the proposed stormwater retention areas. RLC/jsb/O E-l 091H24 1-3 _ 2.0 ROADWAY DESIGN CRITERIA 2.1 Purpose Of The Criteria . These guidelines are intended to provide a common basis for engineering design decisions for Clark Road and to insure consistent roadway features among the road segments. Clark Road shall be designed in accordance with the latest editions of the Orange County Road Construction Specifications and the Florida Department of Transportation's "Manual of Uniform Minimum Standards for Design, Construction and Maintenance for Streets and Highways". 2.2 Functional Classification Clark Road will be a minor arterial roadway. 2.3 Design Speed All features of the roadway and intersections shall be based on 45 miles per hour or higher. 2.4 Horizontal Alignment Table 2.1 contains the descriptions of the road's centerline. The aerial photography contained in Appendix A shows the road's general location. Clark Road begins at the SR 50 intersection with the westbound exit from the East-West Expressway. Thereafter, the alignment uses reverse curves to align with the existing Clark Road intersection with White Road. From White Road to Silver Star Road, the alignment follows the existing unpaved Clark Road. From Silver Star Road (SR 438) to A.D. Mims Road, Clark Road continues northward curving about the east side of Spring Lake. The intersection with A.D. Mims Road was set based on an approved development. 2.5 Vertical Alignment Appendix A contains 1"=400-feet plan and profile drawings for Clark Road. The depicted profile is based on available 1"=5-feet contour mapping. As such, this profile shall be refined as needed based on design survey and geotechnical data. . RLC/jsb/OE-1091H24 2-1 TABLE 2.1 CLARK ROAD ~nOPOSED CORRIDOR LEGAL DESCRIPTION . ;'. T7.:\':T 0: Li\HD BEI);G 120.00 FEET IN WIDTH LOC;"TED IH SECT:'::O~; 21, TOi-;~;S:-iI? 22 SOUTE, RANGE 2 <1 EAST, L'lING 50. 00 FEET , PERPt:NDICUr..:"R l<::::;'.SURE, ON 3ITHER SIDE OF THE FOLLOIHNG DESCRIBED CENTE?L!NE, 3EI1;G BOUNDED ON THE SOUTH BY THE SOUTH LINE OF THE SOUTi-ii-iEST QUARTE~ OF SAID SECTION 21 AND BOUNDED ON THE NORTH EY THE NORTH ~INE OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECT::()!~ 21, BEING 110RE Pl-.RTICULARLY DESCRIBED AS FOLLO\-iS: COHJ.:ENCE .;T THE SOUTHI-iEST CORNER OF SAID SECTION 21 FO~ .\ POINT OF REFERENCE; THENCE RUN NORTH 89.50'17" EAST, ALONG THE SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 21, A DISTANCE OF 1632.88 FEET TO THE POINT OF BEGINNING; THENCE, DEPARTING SAID SOUTH LINE, RUN NORTH CO.11'19" WEST, A DISTANCE OF 1250.07 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE EAST; THENCE RUN NORTHERLY, ALONG Sl>.ID CURVE HAVING A R.1l.DIUS LENGTH OF 1241.00 FEET, A CENTRAL ANGLE OF 03.42'13", t>.N j\RC LENGTr. OF 30.22 FEET, A CHORD LENGTH OF 80.20 FEET AND A CHORD BE.1l.RING OF NORTH 01' 39' 48" E]l.ST TO A POINT LYING ON TE::: .1..FOP.ESJ..ID NORTH LINE OF THE SOUTHEAST QUARTER OF T:-1E SOUTni1EST QUARTER OF SECTION 21, SAID POINT BEING T1-iE POINT 0: TERMllruS OF THE ABOVE DESCRIB:::D CENTERLINE; TOG~TE~R i-iITH; , 7:\..:'.CT OF L.~.ND B:C:ING 100.00 FEET IN WIDTH LOCATED IN SEC?IOHS ",,9,15 .:>.ND 21, TOI-mSHIP 22 SOUTH, RANGE 28 Efl.ST, LYING 50.00 F~:::T, ?::::'=:?ENDICUl...;? H:::.~SURE, ON EITHER SIDE OF THE FOLLOHING DESCRI3ED CE~T:::~LIN:::, BEING BOUNDED ON THE SOUTH BY THE NORTH LINE OF THE 5()~THEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 21 ~~D 30ln;DED ON T:-1E NORTH BY THE SOUTH RIGHT-OF-wAY LINE Of Cr...:'.RCONA OCOEE ~OAD, AS V~INTAINED BY O~\NGE COUNTY, BEING MORE P.~~TICUL.~RLY DESCRIBED AS FOLLOWS; . COHI1ENCE ]l.T THE SOUTHh'EST CORNER OF SAID SECTION 21 FO~ .-:.. POINT OF REFERENCE; THENCE, ALONG THE SOUTH LINE 0: 5.;10 SOUTH..1EST QUARTER, RUN NORTH 89.50'17" E.ll.ST, 1632.00 F=:::T; THENCE I DEPARTING SAID SOUTH LINE, RUN NORT~ 00' l:!. I 19" ioiEST, 1250.07 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, .~LONG S.~.ID CURVE HAVING A RADIUS LENGTH OF 1241.00 FEET, ;-.. CENTR.~.L ANGLE OF 03'42'13", AN ARC LENGTH OF 80.22 :EET, A CHORD LENGTH OF 80.20 FEET AND A CHORD BE1~~ING OF l\ORTH 01':; 9 ' <is" El\ST TO A POINT ON THE AFORESl>.I D NORTH LINE OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 21, SAID POINT BEING THE POINT OF BEGINNING; THENCE CONTINUE NORTHEASTERLY, ALONG SAID CURVE, HAVING .; RADIUS. LENGTH OF 1241. 00 FEET, A CENTRAL ANGLE OF OE-109/1.1. L:C:G TABLE 2.1 (CONT.) . 3 S . C G ' 50", ;'.N ARC LENGTH OF a 2 3 . 40 fEET, ,-; CHORD LENGT~ OF S08.J3 fEET AN:'- A CHORD BEARING OF NORTH 22.31'23" =:.~.ST TO THE ?OINT Of Tl>.NGENCY; THENCE RUN NORTH 41'31'50" E~ST, 591.32 FEET TO THE POINT Of CURVATURE Of A CURVE CO!iC;"\'=: NORTHi'iESTERLY; THENCE RUN NORTHEASTERLY, ;'.LOtiG S~ID CURVE, HAVING A ?~DIUS LENGTH OF 1241.00 FEET, A CENTRAL ANGLE OF 41.20'59", AN ARC LENGTH OF 895.62 FEET, ,\ C:-iGF:D LEHGTH OF 876.31 FEET AND A CHORD BEARING Of ~iORT:~ 20.51' 18" EAST TO THE POINT OF Ti\NGENCY; THEI'CE RUN )';ORTH QO'lO'sl" EAST, 1953.79 FEET TO THE NORTE\~EST CO~\iER OF TEE NORTHE:l>.ST QUA.RTER OF SAID SECTION 21, S.:"1D ?OINT ALSO BEING THE SOUTHEAST CORNER OF THE SOUTEWEST QUARTER Of SAID SECTION 16; THENCE, CONTINUE NORTH 00' 10' 51" EAST, ALONG THE EAST LINE OF THE SOUTHwEST QUARTER OF SAID SECTION 16, A DISTANCE Of 2664.10 FEET TO THE lWRTH\~EST CORNER OF THE SOUTHEAST QUl>.RTER or: S.U 0 SSCTION 16; THSNCE, CONTINUE NORTH 00.10'51" EAST, .;t.LONG T:iE i'.'EST LINE OF THE NORTHEAST QUARTER Of SAID SECTION 16, A DISTANCE Of 1084.03 FEET TO THE POINT OF CURVATURS OF A CURVE CONCAVE TO THE SOUTHEAST; THENCE, DEPARTING S.~.I 0 \>iEST LINE, RUN NORTHEASTERLY, ALONG SAID CURVE, HAVING A RADIUS LENGTH OF 1909.66 FEET, A CENT~.L ANGLE Of 45.12'49", AN ARC LENGTH OF 1507.12 FEET, ;.. CHOP.D LENGTH OF 1468. J 1 FEET AND A CHORD BEARING OF NORTH 22.47 '15" D,ST TO THE POINT OF TANGENCY THEREOF; THENCS :::i..i~i l';ORTii 45'23'39" EAST, A DISTAJ'iCE OF 300.01 fEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO ~HE ~iORTr.\'iEST; THENCE RUN NORTHEASTERLY, ALONG SAID CUR'v'S, ~AV!NG A RADIUS LENGTH OF 1909.86 FEET, A CENTRA~ ANGLE OF 60.01'02", l'.N ARC LENGTH OF 2000.58 FEET, 1<. CHORD l..ENGT:-! OF 1910.36 FEET AND A CHORD BEARING OF NORTii 2.5' 23 108" E.;ST TO T~E POINT OF TANGENCY THEREOF; THEl'-:C::: RuN lWRTii 14'37'23" WEST, A DISTANCE OF 720.00 FEET TO THS POINT OF CURVATURE OF A CURVE CONCAVE TO THE SAST; THENCE RUN NORTHERLY, ALONG SAID CURVE, HAVING A K;DIUS z..SNGTn :: 2 7 4.05 fEET, A CENTRAL .1l.NGLE OF 17.00 I 08" I J..N .~.RC LENGTn OF 971.56 FEET, A CHORD LENGTH OF 968.00 FEET AND .~. CHO?D BEARING OF NORTH 06' 07 I 19" WEST TO THE POINT OF TJ:.J',GENCY; THENCE RUN NORTH 2.22' 45" EAST, A DISTANCE OF 239.9a FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO T:-:E WEST; THENCE RUN NORTHERLY, ALONG SAID CURVE, P';"'VING A RADIUS LENGTH OF 3274.05 FEET, A CENTRAL M.NGLE OF 21.09'36", AN ARC LENGTH OF 1209.14 FEET, A CHORD LENGTH Of 1202.28 FEET AND A CHORD BEARING OF NORT;.: oa. 12 ' 03" "]E5T TO POINT OF TANGENCY; THENCE RUN NORTH 13'46'51" h'EST, A DISTANCE Of 239.98 FEET TO THE POINT Of CURV;'.TURE OF A CURVE CONCAVE TO THE NORTHEAST; T:iENCE RUN l~ORTH";ESTERLY, ALONG S]:>.ID CURVE, HAVING A RADIUS LENGTi-: OF 3274.05 fEET, A CENTRAL ANGLE OF 19.56'58", J..N ARC LENGTH OF 1139,96 fEET, A CHORD LENGTH OF 1134.21 fEET ;'.ND A CHORD BEARING OF NORTH 08.48 '22" WEST TO THE POINT OF TANGENCY; THENCE RUN NORTH 01.10'07" EAST, A DISTANCE . OE-109j1.1.LSG TABLE 2.1 (CONT.) . OF 2697. a 4 FEET TO THE POINT OF CURVATURE 0; A CURVE CONer.Vi:: TO THE SOUTHh'EST i THENCE RUN NORTHHESTERLY, ':>.LONG Si\ID CURVE, H.i\ VING A RADIUS LENGTH 1909. S 6 fEET, M CE!';T?.J..L ;'.NGLE OF 2<:.36'13", AN ARC LENGTH OF 820.12 FEET, r. C:-:ORD LENGTH Of 813.8 <: FEET AND A CHORD BD.RING OF !JO?Tr. 11' 08' CO" \o~EST TO THE POINT OF TANGENCY; THENCE RUN j;ORTii 23.26'06" \-;EST, A DISTANCE OF 339.26 FEET TO THE POINT OF TERMINUS, SAID POINT LIES 594.27 FEET SOUTH AND 335.61 FEET EAST OF THE NORTHWEST CORNER OF THE NORTHEAST QU~_~TER OF SAID SECTION 4. T:~E .;BOVE DESCRIBED TRACT OF LAND LIES IN ORANGE COUNTY, fLO?IDA ~~D CONTAINS 51.057 ACRES MORE OR LESS. . . . 2.6 Cross-Section- Clark Road is to be a four-lane divided urban roadway. The typical section for Clark Road is shown in Figure 2.1. The road will have two travel lanes in each direction, a raised median, curb-and-gutter, and sidewalks along both sides of the road. 2.7 Lane Widths The curb lane shall be 12-feet, and the inside (median) lane shall be 12-feet. 2.8 Median The median is to be raised with curbs and 22-feet wide as measured from the inside lane's edge of pavement to the inside edge of pavement. Type D curb (Florida Department of Transportation Type A) shall be used for the median. 2.9 Median Openings Median opening'spacing shall be 660 feet or greater, not including storage lengths. Full median openings shall have a minimum spacing of 1320 feet. 2.10 lntersections/Drivewavs Intersections shall not be less than 1760 feet apart. Minimum connection spacing shall be 330 feet with 660 feet preferred. 2.11 Location Of Underground Utilities Underground utilities shall be placed between the back-of-curb and the inside edge of sidewalk. Potable water lines shall be located along the east side of the road while sewage lines should be located along the west side of the road. 2.12 Sidewalks Five-feet cement concrete sidewalks shall be built along both sides of Clark Road. Standard curb cut ramps will be required at all turnouts. 2.13 Design Traffic Figure 2.2 presents the year 2012 and design hour volumes. The design hour volumes shall be used in the direction shown, as well as reversed in direction of flow in designing the major intersections. RLC/jsb/O E-l 091H24 2-2 2.14 Turn-Lane Storage Length . Left-turn (LT) storage lanes shall be provided at all intersections of public roads and major development entrances. A minimum of 75 feet of storage shall be provided for unsignalized intersections. For developments generating more than 100 inbound vehicle trips per hour, the minimum storage length shall be determined by multiplying 25 feet times the average number of vehicles driving in a two minute period. Subdivisions with 100 or more dwelling units shall provide right-turn (RT) lanes. Right-turn lanes shall be 12-foot wide. Subdivisions of less than 100 dwelling units may be required to have right-turn lanes as directed by Ocoee's Development Review Committee. Non- residential developments shall be required to provide access as specified during the plan approval process. Table 2.2 provides the auxiliary lane storage lengths for the public road intersections. TABLE 2.2 TURN-LANE STORAGE LENGTH APPROACH (FEET) INTERSECTION NORTH SOUTH EAST WEST SR 50 LT-150,RT-200 LT-150,RT,200 LT-200 White Road LT-125 L T -125 LT-125 LT-125 Silver Star Road L T -125,RT -125 LT-150,RT-150 LT-175,RT-175 LT-175,RT-175 A.D. Mims Road LT-125 L T -125 L T -125 LT-125 Clarcona-Ocoee LT-125 LT-125 LT-125 LT-125 Road 2.15 Traffic Control Devices All traffic control devices including signage, pavement markings, and signals shall be in accordance with the "Manual On Uniform Traffic Control Devices". The SR 50 and SR 438 intersections will be placed under traffic signal control as warranted. All other intersections will be stop sign controlled with Clark Road being given preference in selecting the controls. 2.16 Pavement Requirements . Pavement requirements are detailed on Figure 2.1 and within the Ocoee Subdivision Regulations. Clark Road shall have a 12-inch subgrade constructed in accordance with RLC/jsb/OE-I091H24 2-3 Orange County road specifications and shall be compacted to 95 percent of the maximum density as determined by AASHTO T-180 test method. The top six inches of the subgrade shall be stabilized to a minimum Florida Bearing Value (FBV) of 50 under curb and limerock base. . Clark Road shall be a lO-inch limerock base constructed in accordance with Orange County road construction specifications. The base shall be compacted to 98 percent of the maximum density as determined by AASHTO T~180 test method. The structural course of the flexible pavement shall consist of 11/2 inches of asphaltic concrete type S-l overlaid with 5/8-inch friction course type FC-2. The minimum standards for Clark Road are summarized in Table 2.3. TABLE 2.3 SUM:M.ARY OF :MINIMUM STANDARDS ClARK ROAD ITEM STANDARD Number of Lanes 4 Lane Width (ft) 12 Median Width (ft) 22 Left-Turn Lane( s) Single Right-of-Way (ft) 100 Design Speed (mph) 45 Operating Speed (mph) 40 Signal Spacing (ft) 2640 Intersection Corner Clearance Upstream Approach (ft) 230 Downstream (ft) 230 Median Opening Spacings (ft) 660 Sidewalk Both Sides Parking Prohibited . RLC/jsb/OE-I091H24 2-4 . . ,'c.-c.... ,.~..... ~ c-..c_.", .-ot..,.r'.~' O/W '......, t.....'-..c.<O"O (......., .ocr' .,.. ... " P..W', ... t.P.t.'" II' ~IJJ .,. I If -j -I. II. Ir II' ~ J. UlOt..... (UliI, '00' ,.,.. ... .ecorr '.... b' "....0..0'.... C.0Ne C...., . QJIt.. ,,.( 'r' SU.NOUO "-0. coo<. a..-. ... WIn.. ,,,,,. 'r- .,. co.-..,I(O susca..O( t'u <<-.'T) ....,..10 '-'14 ''''' . ~, "... )0 UWO(II (UItt . tr"'Uoa. "S( u. C'ouP"CftD SlIe'-:-'O( \'U 0(..,.." .....~IO '.110 c-> . NC....' ,,'" ,., U'IO(. cv-. . l""l_C)C'lt "S( """. .~, coo< '..... .~ ... .....r-c.,.,..~V"t.r1 . e.K....' '0 II( ~. -..:_, ..~. o.c .. ~1IC"1 -01-. At .....II.C:,... ~LAR~..RQ..~ TYPI.CAL SEe TlON 4-LANE SECTION CLARK ROAD TYPICAL SECTION PEe FIGURE 2.1 0 0 <i <l: 0 0 CX) 0 0 ~ <i t'1 <i 0:: 0 "<t- O W .~ ~ ~ w W 0:: 0 'I/) lJ) (f) 0:: () W ~ 0:: t: ~ 0 0:: I lJ) I :E Q 3: 0 I <l: CD t z - c:i >- 0 a:J I - w () 0 J 0 Z <T <T <i ~ 0:: J N l"- S - u ;0 <i CLARK ROAD u I . PEe . '. N" 0 <T t N I N - <T - lD J CD J 0 en a:J I I') co <T a:J to CD J <T N - .t J N r-- en lD I - en 1 2 400 '<r J .t .t r-- LEGEND I 29.000 I DAILY TRAFFIC VOLUMES (VEHICLES PER DAY-VPD) ~ AFTERNOON PEAK HOUR DESIGN VOLUMES (VEHICLES PER HOUR-VPH) DESIGN TRAFFIC VOLUMES FIGURE 2.2 3.0 DRAINAGE DESIGN CRITERIA 3.1 Introduction . Based on the proposed horizontal alignment, existing topography, and proposed develop- ments, the Clark Road drainage system consists of three primary drainage basins. All three drainage basins are located within landlocked basins as classified by the St. Johns River Water Management District (SJRWMD). Since each basin is landlocked, Ocoee requires the retention of runoff produced by a lOO-year/24-hour storm event. Clark Road has been divided into four segments for discussion purposes. The following is a brief description of the drainage features for each segment and ultimate outfall based on existing and proposed drainage features: Segment #1 Segment #1 is situated between SR 50 and White Road and is located within the Lake Lotta drainage basin. This section of roadway shall use an underground exfiltration system within the median. The actual dimensions of the exfiltration system shall be determined during final design and shall be dependant on the following features: Location of the seasonal high water table, Horizontal and vertical permeability rates, Volume of runoff to be treated and stored, Profile grade line, and Tailwater elevations. Segment #1 shall also provide cross-culverts to maintain the existing drainage patterns. Segment #2 . Segment #2 is situated between White Road and Silver Star Road and is located within the Lake Olympia Drainage Basin. This section of roadway shall utilize a dry- bottom retention pond located within the White Hill development. Based on phasing of the White Hill development, the proposed retention pond shall be expanded to accommodate the volume of runoff from Clark Road and the White Hill develop- RLC/jsb/OE-I09!H24 3-1 ment. The City of Ocoee shall continue to own and operate the joint use retention pond. Segment #2 shall also provide cross-culverts to maintain the existing drainage pa tterns. . Segment #3 Segment #3 covers the road section between Silver Star Road and the South property line of Spring Lake subdivision. An underground exfiltration system within the road median will be used for water quality and stormwater management. Segment #4 The section of Clark Road located within the Spring Lake subdivision, shall be incorporated within the drainage system for that development. 3.2 Primary Drainage System (Retention Ponds and Outfall Structures) 3.2.1 Water Quantity (Peak Attenuation and Volume) 1. All of the Clark Road drainage basins shall meet the criteria for landlocked basins. In these basins the pond designs shall detain the IOO-year storm event. The pond shall be designed to evacuate a daily volume equivalent to one (1) inch of runoff from the total area contributing to the pond. 2. The calculations shall be based on a IOO-year, 24-hour (10.6 inches of rainfall) design storm. 3. Compensating storage must be provided for all flood water displaced by development below the elevation of the base IOO-year flood. 4. The volume of storage shall be recovered within 14 days. 3.2.2 Water Quality (Pollution Abatement Volume) 1. Pollution abatement will be accomplished by retention, or detention with filtration of the runoff generated by the first inch of rainfall from the right-of- way and contributing undeveloped sites. 2. Recharge will be required for SCS Type "A" soils and will be accomplished by providing for retention of the total runoff generated by a 25-year frequency, 24-hour duration storm event from the developed area. . RLC/jsb/OE-I091H24 3-2 . . 3.2.3 Drainage Pond Criteria 1. Retention ponds will be designed as dry bottom ponds. The bottom of the pond shall be a minimum of three (3) feet above the estimated seasonal high water table. Where this is not possible due to a high water table, underdrains will be installed with a minimum invert elevation of one foot below the pond bottom, provided there is a minimum of two (2) feet of filtration. Final seepage rates will be determined by a geotechnical engineer. All necessary calculations to support the above shall be submitted to the City Engineer. 3.2.4 Retention Ponds 1. Right-of- Way and easements. Ponds shall have a sufficient easement to allow for all construction as well as an unobstructed maintenance berm around the perimeter of the pond. 2. The minimum requirement for maintenance berms is as follows: Ponds Minimum Maintenance Berm Required With fencing Without fencing 20 feet all around perimeter 5 feet 3. Areas adjacent to open drainage ways and ponds shall be graded to preclude the entrance of storm water except at planned locations. 4. Maximum side slopes. Ponds Maximum Side Slopes With fencing Without fencing 2:1 5:1 5. Minimum bottom width. The minimum bottom width for ponds shall be four (4) feet. RLC/jsb/OE-1091H24 3-3 6. Erosion protection. Ponds Protection Required . Side slopes and berms Bottom Sod Grass and mulch 7. Fencing - Ponds. Protection Required Less than four (4) feet depth to design high water None Greater than four (4) feet depth to design high water 6 foot chain link along right- of-way around entire perim- eter including maintenance berms 8. Freeboard - One foot minimum above design storm elevation. 3.3 Hydraulic Design Criteria 3.3.1 Roadway (Pavement) Drainage Design 1. General. Good pavement drainage design consists of the proper selection of grades, cross slopes, curb types, inlet location, etc., to remove the design storm rainfall from the pavement in a cost effective manner while preserving the safety, traffic capacity and integrity of the highway and street system. These factors are generally considered to be satisfied when excessive spreads of the water are removed from the vehicular traveled way and siltation at pavement low points is not allowed to occur. The guidelines included herein will accomplish these objectives. 2. Minimum groundwater and high water clearances. All streets shall be designed to provide a minimum clearance of one foot between the bottom of the base and the estimated seasonal high water table, or the artificial water table induced by an underdrain system. 3. Clark Road shall be designed for the la-year storm event and the hydraulic gradient line shall be at or below the gutter line elevation. The drainage analysis shall incorporate both friction and minor losses in the calculations. . RLC/jsb/OE-I091H24 3-4 4. Runoff determination. The peak rates of runoff for which the pavement drainage system must be designed shall be determined by the rational method. The time of concentration, individual drainage areas and rainfall intensity amounts shall be submitted as part of the drainage plans. . 5. Stormwater spread into traveled lane. Inlets shall be spaced at all low points, intersections and along continuous grades so as to prevent the spread of water from exceeding tolerable limits. The acceptable tolerable limit for Clark Road will be approximately one-half the outside traveled lane width. 6. Inlet types. The curb inlet types to be used shall be the latest version of the Florida Department of Transportation Inlet Types I, II, III, IV, and VIII. Ditch bottom inlets shall be Florida Department of Transportation Inlet Types C, D, E and H. 7. Maximum inlet interception rates. Type 5 and 6 (single) inlets shall be located such that a maximum of 3.1 cfs shall be intercepted (Types II and IV: nine (9) cfs maximum). By-pass flow is limited to a maximum of one cfs. Off- site flows from impervious areas more than five-tenths (0.5) acre shall be intercepted prior to right-of-way line. 8. Low point inlets. All inlets at low points (sumps) shall be designed to intercept one hundred (100) percent of the design flow without exceeding the allowable spread of water onto the traveled lanes as defined above. On arterial roadways, in order to prevent siltation and to provide for a safety factor against clogging of a single inlet in a sump location, it is required to copstruct multiple inlets at all sump locations. Preferably three (3) inlets should be constructed on each side of the roadway, one at the low point and one each side at a point two-tenths (0.2) feet higher than the low point. 3.3.2 Storm Sewer Design 1. Minimum pipe size. The minimum size of pipe to be used in storm sewer systems is fifteen (15) inches. Design shall be based upon six-inch increments in sizes above eighteen (18) inches. 2. Pipe grade. All storm sewer shall be designed and constructed to produce a minimum velocity of two and five-tenths (2.5) feet per second (fps) when flowing full. No storm sewer system or portion thereof will be designed to produce velocities in excess of ten (10) fps. . RLC/jsb/OE-1091H24 3-5 3. Maximum lengths of pipe: Pipe Size (inches) Maximum (feet) . 15 18 24 to 36 42 and larger 200 300 400 500 4. Design tailwater. All storm sewer systems shall be designed taking into consideration the tailwater of the receiving facility or body of water. 5. Allowable materials. Allowable materials for storm sewer shall be ill accordance with the Orange County right-of-way utilization regulations. 3.3.3 Culvert Design 1. Minimum pipe size. The minimum size of pipes to be used for culvert installations under roadways shall be eighteen (18) inches. The minimum size of pipes to be used for driveway crossings shall be fifteen (15) inches. 2. Maximum pipe grade. The maximum slope allowable shall be a slope that produces ten (10) fps velocity within the culvert barrel. Erosion protection and/or energy dissipators may be required to properly control entrance and outlet velocities. 3. Maximum lengths of structure. The maximum length of culvert conveyance structure without access shall be as allowed in the stormwater design section. 4. Design of tailwater. All culvert installations shall be designed taking into consideration the tailwater of the receiving facility or body of water. 5. Allowable headwater. The allowable headwater of a culvert installation should be set by the designer for an economical installation. When endwalls are used, the headwater shall not exceed the top of the endwall at the entrance. If the top of the endwall is inundated, special protection of the roadway embankment and/or ditch slope may be necessary for erosion protection. . RLC/jsb/OE-I091H24 3-6 . . 6. Design procedure. The determination of the required size of a culvert installation can be accomplished by exact mathematical analysis or by the use of design nomographs. The mathematical solution will give precise results, but is time-consuming and somewhat nonproductive when considering the inaccuracies of estimating design flows and floodwater elevations. Copies of criteria and standards for culvert nomographs and culvert size selection procedures are available in the City Engineer's office. RLC/jsb/OE-I091H24 3-7 4.0 COST ESTIMATES AND SCHEDULE 4.1 Introduction . The estimated costs for engineering services, construction, and right-of-way acquisition for Clark Road from SR 50 to A.D. Mims Road are provided in this section. The estimated time for project design and construction is also provided. 4.2 Engineering Cost Estimate and Schedule The estimated cost for engineering servIces from preliminary engineering through construction are as follows: Item Cost Preliminary Engineering (Completed) Design, Survey, Right-of-Way, Soils Construction Administration (50 Weeks) Field Inspection (1 Man for 50 Weeks) General Consultant Contingency TOTAL $ 40,000 400,000 60,000 100,000 40,000 60,000 $700,000 Production of final construction documents should be accomplished within ten months after the design engineers are given notification to proceed. 4.3 Construction Cost Estimate and Schedule The construction cost estimate for Clark Road is $4,490,000. This includes a 10 percent contingency. This cost estimate is based on 1990 unit bid prices and a six percent inflation factor to September 1991. Table 4.1 details the items included in the estimate. Construction of the road should be completed within twelve months of the contractor starting work. 4.4 Right-or-Wav Acquisition Costs . Ten parcels, including related temporary construction easements, are to be purchased by the City for the Project. The remaining right-of-way and related easements are being dedicated or otherwise conveyed at no cost to the City. The preliminary estimated cost of acquiring the 10 parcels is $1,740,000.00, including land cost and the appraisal, survey, legal, and closing costs associated with the acquisition of the parcels, whether by voluntary sale or RLC/jsb/OE-I091H24 4-1 , . .' ... '. ,'". ',., ..', ,,- ., '" . . . . .'. - - .. '.' . ",.,": -:.. _......'C ,'-:....-_.',.:-:.-C.....,...'.',.._.. 'C',",'. ,'.'.",' ,',......,....,..,-, ,_' ......, .... ....... . 'C ",' .,....:--,.....-.,:..__. ,','..._.......,.,..,.C-:.-C.:.-:. ',--:-.',..,','.'," ........................" '..-,-.,.....,.....,.-.. :-':.... ....:::-._.-:..,,::-:::.-:-,'_..:-:-.':.'-:::-:,.- ::,,:,:.'. '," '. . ,'. .:-'.:-:.:-:....:....,...:-....:.:-.'.::,. -.'.:- -:.",. CLARKROAJjcd~ST~u2TIdNCOST~StIMATE . .. - " . ..... -- , , , . FROMS.R;~OTOA.D.MrMS ROAD .. . > Revision Date:. ../ 07/12/90 .. .UNITPRlCE $180,000.00 $40,000.00 TABLE 4.1 . ITEM Mobilization Maintenance of Traffic Prevention, Control and Abatement of Erosion and Water Pollution Power Line Relocation Clearing and Grubbing Excavation, Embankment & Grading Type B Stabilization (12" Thick) 10" Limerock Base Course Type S-l Asphaltic Conc. (1-1/2") FC-2 Friction Course (5/8) Concrete Sidewalk (4") Inlet (Curb)(Type P-5)(<10') Inlet (Curb)(Type P-6)(<10') Inlet (Curb)(Type J-5)(<10') Inlet (Curb)(Type J-6)(<10') Manhole (Type P-7NT)(<lO') Manhole (Type J-7NT)(<IO') Exfiltration Pipes (incl. filter matI.) Concrete Pipe Culvert(l8") Concrete Pipe Culvert(24") Concrete Pipe Culvert(30") Concrete Pipe Culvert(36") Concrete Pipe Culvert(42") Concrete Pipe Culvert(48") Cone. Curb & Gutter (Type F) Cone. Curb (Type A) Rip-Rap (Sand Cement)(Roadway) Fencing-Type B Fence Gates (Type B) (Double 10') Seed and Mulch Sodding Retention Ponds (including outfall structures) Traffic Signs 4" Skip Stripe - Thermoplastic 4" Solid Stripe - Thermoplastic Directional Arrows - Thermoplastic 24" Solid Stripe - Thermoplastic Intersection Improvements S.R. 50 Intersection Median Openings SUBTOTAL (1990 Bid. Prices) Cost Increase September 1991 6 Percent Contingency 10 Percent . LS LS AC CY SY Sy Sy Sy SY EA EA EA EA EA EA LF LF LF LF LF LF LF LF LF CY LF EA Sy SY LS EA LF LF EA LF EA LS EA $5,000.00 150000 $2,850.00 $4.50 $2.00 $9.50 $3.00 $1.20 $12.50 $1,575.00 $1,700.00 $2,285.00 $2,400.00 $1,160.00 $1,500.00 $78.00 $18.00 $24.00 $33.00 $41.00 $48.00 $69.00 $5.70 $6.50 $250.00 $6.00 $590.00 $0.35 $1.26 $25,000.00 $215.00 $0.35 $0.30 $48.00 $2.50 $20,000.00 $260,000.00 $2,200.00 .. QUANTITY 1 1 1 1 37.4 55,285 85,430 72,375 72,375 72,375 15,080 53 4 11 6 1 1 6,900 2,208 3,795 970 800 600 400 27,140 27,140 4 4,800 4 34,225 64,760 1 17 27, 140 54,905 20 324 3 1 6 $4,489,582.55.I:.hl.S8 Filename: OE109R2 h $1.740 M/mile AMOUNT. S180,000.00 $40,000.00 $5,000.00 $150,000.00 $106,590.00 $248,782.50 $170,860.00 $687,562.50 $217,125.00 $86,850.00 $188,500.00 $83,475.00 $6,800.00 $25,135.00 $14,400.00 $1,160.00 $1,500.00 $538,200.00 $39,744.00 $91,080.00 532,010.00 532,800.00 528,800.00 527,600.00 $154,698.00 $176,410.00 $1,000.00 528,800.00 $2,360.00 $11 ,978.75 $81,597.60 525,000.00 $3,655.00 $9,499.00 $16,471.50 $960.00 $810.00 $60,000.00 $260,000.00 $13,200.00 $3,850,413.85 $231,024.83 $408,143.87 .. $4,489,582.55 $4,490,000.00 ...... I . . eminent domain. The estimated cost is based upon a preliminary evaluation and market investigation. 4.5 Cost Summary The estimated engineering, construction and right-of-way acquisition cost total of $6,930,000 is as summarized below. COST SUMMARY Item Cost Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 700,000 Construction ............................................... 4,490,000 Right-of-Way . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 1,740,000 TOTAL ESTIMATED COST ................................ $6,930,000 4-2 ------, I , l,~"l_"____":"":"" " , ~_~_~~I.. ;, v v 0 " v v V ~ ~ Q '" '" y .: ,'I, i:;< <i '" ;,! ~ l( ~ Co ~ ~ ct ~ 0 <: ; . ~ ~ it "' "'< >- .' ll: t~ d ~ ~ ~ ~:. z I? f, ~ 'g ~ 0 ~ '" I O~ tis j ~ ~ ~ ~ ~ o () o '" I. ". ~ ',_ '.~--_li!~~: O' ~. ti " ~' ... .. '" ; ~ .. " .. '" o ~. i ~: 6 i: ! c:; '" .. .. .. '" ~. l ~ ~ ; 0' , f: , U! 1&1; Go) I 01 -"i ! o '" z. O. " fl I~ L I.- .'~ " t:: T I l~iJ ~ ~ '"' " .., ~ ::: 2 ~ i! I~O c. 14C 130 120 lie 100 90 80 70 I~O 140 120 110 I 100 I ;,> 90 I:::. I.: 80 Ii' .. 70 1-1-:- --- ""7-- , L-E1ISfING ~ Ltff -~-- ~~. I -----:--- ~- - t-. -j " 'SCAl C /~. 400 HdP:Z IW~ ;>0' VCRr 180 _2~. >'0 J ~_~_.~___~~230__ __~_i_--1_ _ 2~ '90 >70 '.0 ,'!' l~_ PEC/.~~~~~S~/ONAL ENG/~,~~~~~~ CONSULTA~,T~,. ~~~: CLARK ROAD PRELIMINARY PLAN AND PROFILE s~.,~ "'1'1 ...,~. ..... "'''. ;on f... ...&....... S...., O.,....G ~'.."..~ J/I/(" 4tH .11,m.1 z- . '- . , IIETEHTIOHKlOIO"O I llU'Ql.JIlHl VOll.JUt . S~ ~C n. 47 !,10!h.....TIP pr If" 'PO" .Pj ~ 1"[0' '''Ir. \["'" END OF STUDY AJlEA ,,,.,,@%, z- i"-- "'" . -1 I' l<40~H 1~;"\.-UU~tO 47 BORING LOCATION PLAN & SCS SOIL MAP ~ , .,1T ~ I . LC\C.l'O" 0' ..u~.[~ B:W'''~ , ~I :- ~ ."( _ ":t',: J; I I \ I I ""'J I I I ,. \ ~ ci! :~ \, \ // ,. i i.: 1\' '. !' "--1' I i . ," , J' ........... l" :;J -,.1:~-~h,2--- ~ - - ~ '~ \ \ "1 20 33 , , ! I I I I i ;- .1 -)-, - - -- -- -:1 :' , .i.RE\ ~ot IN~tubti)-rN SiLio~ - " '.. ! , \ . \ , I , , , .~u: ;1...;-...;. 'I.;- ~ -.-:----,-.:~~.-~.):l~;. ....., S' ~lJCII ....r ~...('. C' 1 ') ~ "f"'{~' 'l{ . . " .~~ )1 "" .~~ 11~ _I"' 34 38 42 43 46 47 PROPOSED CL"RK RO"D EXTENSION fOCOEEI " LOCATION MAP ;;:;;a, Mil had n Sim~ '" ^~_j.l..'. In. ~ ~ '~.'~ ' - F------ ~ ~ ~ t..~ ~ ~ ~ \>~ .~ i ~ ~,;~, ~ -~. ~ I 'll ~ , ;5 ~ .~ . > .. >~ '" ~~ ~ .. '" \ 'll ';:. ~ ~ .. '" \ 'll '" '" \ .. \"' .. '" \ 'll ~ '" \ 'll \'l \ ': ;:. \ ': " "t ': .. \ ': .. . ~ ~'" '" - . -; ~ , " I ': \ .. I. \~ \ ~ \.\, , \ ... \-\ .c " . - . \ ~ \ q .. i "' ~ \'1 ".~ .i _. ~ ~ ~. . 1 "'~ ~ ~'" ~ ....~..- P--- ;"'T : ---=::;;:::::: p---- ',:'1 ~'" .. - . ~ .~ .'~ P-- ~ ~ .~ p-- '. ~ .., ~; ", "i '. "' .~ " th '"' .. ~ ~ ~ ... . ': .. \ ': '" \ ': ~ . ': ~ , ~ ~ ~; ~ '" ~ ~ ~ 1 \ \ ~ e .... Q \\\". Q;:~, . . '" " -:. .. 1~!1 l-_.. ~~..- ~!~ ;. , ~ ~ ~ \ ~ ~. ~ '> ~ ;'\\":'<:l~~ !.~ '61~~~,~.~~ ; ~ ~ ~ i ~ ~ ~ ~ , i \ t O~.. ~'l,~c~i:.~~. m t,~ i:\"\~~!.~" ~ ;': ~ ~ \ i ; ~ ~ " \ ~ \ ~ ~~..,ooo. "'~ "o":"':~:i~~~ 1',<,\""," \\\\\'.'~~\' , . ::.~~ 0::::3:::: \ " " \ ~ ~ 9 < ~ . . .\.1)j ~ I"''' ~ 'I"" .~ . . A-ppeAl d l Y- [) MBIA FINANCIAL GUARANTY INSURANCE POLICY Municipal Bond Investors Assurance Corporation Armonk, New York 10504 Policy No. au Munklpe! Bond !ny.1On ^*'u~ Corpotallon (the "1flIIUret"), In <<lMide~on of cbc payment 01 &be ~um and aubject to lhc IumI of chit policy, hm:by UJlConditionally and ~yocably 80-- to my owner, u bcn:illll{lI:r dc:fUll:d, of chc foUawina ckacribcd obliSllliona. the full and C:1lrDp1c1c plyment RCjlIi=! 10 be mlda by or em behalf of Ihcl I.uucr to [Imort _ of paying 19Oot). Clf ilt l1Ic:eewor (tho "Paying Agent") o{ an unount equal t.o (i) 1M principe! of (cRbet at tho atalred lIIalUrity or by ..y advancemenl of maturity punUIDI to amandalOr)' .lnIdng fund payment) and in.,.t GfI, lhcr ObIiSlIalona (u dut It:rm ia defined ~Io..) . auch pa)'l'l"DlII ahalll>cc:omc duo butaball nOC be eo put (nccpt that In chc cve:nt olIDY ac:c:>c:le:f1I&ion 01 the due date: of _b principal by rcuoo of mandallll'Y or aptiOllal redemption ClI' IQ;CIe~Li... ....ultillJ from del..lt CIl' otbc:rwiac, ucb:r ch.. my adVUK:CmC:nt of maturity PUl1Il.llIRt t.o a mandaWI)' .inlr.inS fIlnd I*ymeot. the I*yme:nla panntccd hm:by Mall be mllde In .uc:b Ift'lOUIltl and at .uc:b time. .. .um paymonlt of prioc:lpal would have been duo Iud lMre l\Ol boon .Nl't .uc:h .eClOlcratioo); and (ii) the l'Ilanb_nt of .y auc:tJ payment which ia Illlbac:qDCl'ltJy ft:Cove:n:d from my 0WDCr pat'IlIlIII& to a fiDaI .iudlmcnt by a C:OUII of c:ompcll:nt juriadic:Uon cbatll1K:h payment e:OIIIItihllca III avoidable: prcfi:n:nc:c to aucb C7WDCC with.iD the: mcmias ofllDY applicable: bankruplt:y law. Tho NllOUftll referred to In cl",*" (I) _ (ii) of !be proc:edina toRII$DOO WU be ~fene4 to ..lA ClOlIorctlvely .. tho "lnnRld AmoaOIa." "OhIi,a&ioM" MalllllClft: (~ amoaar) (1e..1 u&Jc of obli..noml Upon .-ipt of ."'pbotUc: or .IeJl'llJlblc lIolicc, aucb aotice aut.qIMntJy coati~ ia wridq t,y rc~ or ClOr1ified mail. or lIpOft _ipt of wrinmn ~ by rep.c..d or c:eitUied mail. by 1M Inau"" from tho Parial Ne- or JaY D'tIft'ItCr a( NI ObIi.aUon lite payment of an Inttared AmollDt for whica ia lhcn due, chat IOCb 1"ClfIin:cl payment b.. nol bcm made. Ibc Imarer on tht doc: dM:: at allCh pa,.-nl or withiD one: buainca clay filter receipt of nodce of .web DOltpeymnL. whlmever " la.tor. will make a depotlt of fundt.. In NI eocoulIt trim C1tl'btlnk. N..... in ~w Yotk. Now Yort, or lit 'uc:ceAor, nffietedl for !be payment ~ l1I,h Imurocl Amounlt whieb 11'0 thea dUll. ~ ~tment and f\U1endot of .ac:h Obli.ldona or pac:n1lDc1ll 01 ..:h ot&c:r proof of 0 Ip of !he: ObliSadQM. lD~tha with BY ~ im1nzmcn1l 01 ..ipnx:nt to ovidence the _Isomedl of cbe IDaltRld Amvunla dlaO ClU the Obllpdcaa .. arc ptld by !be 1Datater. IDCIIpptllptiato inItrtImtOIa 10 ~t th; appoiDlmcDt of the bar<< . apot for neb OWDOra of lho ObllptlDnll in UJY Ieaal ~la ~Wed to pI)'mODt of bllRd Amounll on lhD (}tilt.altoM. auell inatru-II belna lA a (ann aatia1'w:t~ to Citi'hank, N.A.., Citibu.k, N.A. daal1 dima,.. to auc:b -rs. or !he PayinS Apt pa)'IDCDt at tbc: Ianred Amollnta due oa allcb ObUsatiana. lea III)' UDOClDt bold by tho Payla. AfCDl IfIt tho payment 01 neb lDaun:d Amoanll and Ie.ally anllable tbm~for. Thia policy doc. not inaun: againat lOA ol any prc:paymouc praaillm ....hich lU)' at any time be payable: with roepec:t 10 any ObUaaUOCl. All ueed hcn:in. the term "owner. .haIl _ the Rldrcd OWOl:r of any ObH.adon .. iDdic.aIed in tbc: boolca maincainod by lhc Payi... ASCnt, 1M I.uucr, or any duipoc of the 1aa1lCr for auc:b JNrpoR. Tbc Icrm VW1JOr abaIJ DOt iDc;ludo tho laalKr or _y put)' whOllC aJ"=CIDCnt with the wucr conltiQlla lhc andCrlyinlllOc:cIrity for the ObligationL Any aervic:e of prvc:ua on tho JnalIM' may b. .... to Ibo WIIRl' .. iu offlca locafed .. 113 KiD. Stroot., Aimonk. New Yorl.\ IO~ and .ucb xrvice of pr_ .b.1I b. valad tnd binding. Thi. polley it nOll<anc:e1l1b1e for any reaaon, lbe premium 011 mil polley II Dot ~func!able for .", re_ inc:ludin& the payment prior 10 mallinI}' of !be ObUaadOllt. lbe m.unnc:c provided by dUa Policy ia Dot cov.:n:cI by !be Rorida Ina_ Guaranty Asaoc:i.atiOll c:rcatc:d uoder c:bat*r 631. Rorida Stallltc:a. IN WITNESS WHEREOF, Ihc; lnaun:r h_ caueed thia policy to be Qc(;UlCd in fac:aimik oa ill behalf by ill duly aothorizcd aff'lCcn, thill IdlY] day of [month. yurl. COUNTERSIONED: MUNIillAL BOND INVESTORS ASSURANCE CORPORATION ~~\ ~ .~ -:.: ~~' . .~. .. ~ . t, ...-., -, ."... Pmaident ~<\~ ' ":,' /',' '~~\";,:~ (,::) ~ if! k ',.; :~"'" ~.~..':; 'i;.o ~ ,., 'oJ."..... e~'P'<< ,. ;'" ':; ':.. . ;,~ "i: &;..,....... ..'\ .'""'!.. '..;J ~ .~.~., ~f~..:.~:.... ::-. :. '. ~ . \\,...f..l.;, "'~ .' ;,.:<:',) ~ :<,t,,.., ....... .~ .;:;.;.r . ,J.....1 ': .. Aula""'l ~ Re.idenl Ll(I!nllOd Arnt City. Sta~ Allcat: D3te: Sro.RCSIFL-4 , !lpp-i!/Jo!l)G 2- .. ~ "" MCDIRMIT - . DAVIS & COMPAm :RA. CERTIFIED PUBLIC ACCOUNTANTS . INDEPENDENT AUDITORS' REPORT Honorable Mayor and City Commissioners City of Ocoee, Florida We have audited the general purpose financial statements of the City of Ocoee, Florida, as of and for the year ended September 30, 1989, as listed in the table of contents~ These general purpose financial statements are the responsibility of the City's management. Our responsibflity is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted audit- ing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general pur- pose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as eVnluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial positio~ of the city of Ocoee, Florida, at September 30, 1989, and the results of its operations and the changes in financial position of its proprietary and similar fund types for the year then ended in conformity with generally accepted accounting principles. . Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The com- bining, individual fund, and the individual account group financial statements and schedules listed in the accompanying table of con- tents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the city of Ocoee, Florida. Such information has been subjected to the auditing procedures applied in the examination of the general pur- pose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. 612 E. COLONIAL DRIVE · SUITE 350. ORLANDO. FLORIDA 32803-4603. (407) 648"{)713 PRIVATE COMPANIES ,'RAcnCE SECTION' AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS' FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS . . , We did not examine the data presented in the statistical section of the City's financial report, and therefore, we do not express an opinion thereon. nJa.o~.. tJ~ j c.~~ /?/9, McDIRMIT, DAVIS & COMPANY, P.A. December 8, 1989 ~ . . ~ GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS-OVERVIEW) These basic financial statements provide a summary overview of the financial position of all funds and account groups as well as the operating results of all funds. They also serve as an introduction to the more detailed statements that follow in subsequent sections. r . . CITY OF OCOEE, FLORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1989 Governmental Fund Types Special Debt General Revenue Service Assets Pooled Cash & Equivalents $ Investments Receivables (Net of Allow- ance for Uncollectables) Inventories-At Cost Due From Other Funds Prepaid Costs Restricted Assets: Cash, Investments and Accrued Interest: Sinking Funds Capital Improvement Funds with Paying Agent Customer Deposits Property, Plant & Equipment Less: Accumulated Depreciation Construction in Progress Unamortized Bond Issuance Costs Prepaid Bond Anticipation Costs Deposit on Land Amount Available in Debt Service Fund Amount to be Provided for Retirement of General Long-Term Debt 29,594 $ 410,977 $ 4,822 167,829 5,896 81,111 44,513 7,344 253,343 Total Assets S 328.943 S 418.32] S 258.165 The accompanying notes are an integral part of the financial statements. -1- . . Governmental Fund Types capital proiects proprietary Fund Types Fiduciary Fund Types Trust and Aqency Account Groups General General Fixed Long-Term Assets Debt Totals (Memorandum Only) Enterprise $ $ 433,301 $ $ $ $ 878,694 100,000 449,223 549,223 186,223 361,396 27,152 33,048 43,906 125,017 2,489 47,002 957,283 4,009,919 4,967,202 253,343 100,908 100,908 12,878,661 3,246,909 16,125,570 (2,002,279) (2,002,279) 246,862 246,862 104,094 104,094 107,888 107,888 20,000 20,000 184,822 184,822 1.933,104 1.933,104 S 957.283 SJ6.259.124 S 449.223 S1.246.909 S2.1J7.926 524.03"5.894 CITY OF OCOEE, FLORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS - CONTINUED SEPTEMBER 30, 1989 . Liabilities and Fund Equity Liabilities Deficit in Pooled Cash $ Accounts Payable Retainage Payable Accrued Expenses Due to Other Funds Deferred Revenue Current Liabilities (Payable From Restricted Assets) Accounts Payable from Capital Improvement Funds Customer Deposits Deferred Compensation Payable Accrued Annual Leave Bonds Payable Notes Payable Obligations under Capital Leases Total Liabilities . Fund Equity Contributed Capital Investment in General Fixed Assets Retained Earnings: Reserved for Capital Improvements Reserved for Debt Service Unreserved Fund Balances: Reserved for Encumbrances Reserved for Capital Improvements Reserved for Debt Service Reserved for Employee's Retirement System Unreserved: Undesignated Total Fund Equity Total Liabilities and Fund Equi ty Governmental Fund Types Special Debt General Revenue Service $ $ 40,689 53,663 150,391 43,906 31,369 13,377 73,343 320.018 13.377 73.343 16,921 184,822 7.996) 8.925 404.944 404.944 184.822 s 3/.8.943 S 4]8.3/.] S 258.]65 The accompanying notes are an integral part of the financial statements. -3- . . Governmental Fund Types Capital proiects proprietary Fund Types Enterprise Fiduciary }'und Types Trust and Aqency Account Groups General General Fixed Long-Term Assets Debt Totals (Memorandum Only) $ $ 53,426 $ $ $ $ 53,426 94,854 45,841 194,761 74,174 2,265 130,102 2,981 46,760 273,475 12,704 68,407 125,017 77,819 109,188 184,713 772,570 772,570 $ 100,908 6,070,338 150,943 6,616.707 6,902,128 2,740,289 9.642.417 957.283 ,$16,259.124 $ 148,542 32,713 2,075,000 10,213 148,542 2.117,926 3,246,909 300,681 300.681 3.246.909 100,908 148,542 32,713 8,145,338 10,213 150,943 9,474.626 6,902,128 3,246,909 2,740,289 16,921 772,570 184,822 300,681 396.948 14,561.268 449.223 $3.246.909 $2.117.926 $24.035.894 CITY OF OCOEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES FOR THE YEAR SEPTEMBBR 30, 1989 . Revenues Taxes Licenses and Permits Intergovernmental Revenues Charges for Services Fines and Forfeitures Impact Fees/Special Assessments Interest Revenues Miscellaneous Revenues Total Revenues Expenditures Current: General Government Public Safety Physical Environment Culture and Recreation Capital Outlay Debt Service: Principal Retirement Interest Charges Total Expenditures Excess of Revenues Over- (Under) Expenditures Other Financing Sources (Uses) Operating Transfers In Operating Transfers Out Total Other Financing Sources (Uses) Excess of Revenues and Other Sources Over (Under) Expendi- 'ture and Other Uses .Fund Balances - Beginning Of Year Fund Balances - End of Year Governmental Fund Tvpes Special Debt General Revenue Service $ 1,508,606 $ 227,241 1,685,641 65,087 105,894 6,920 104,779 3,704,168 953,004 1,953,951 271,390 175,643 3,353,988 350,180 253,815 ( 394,814) 140,999) 209,181 200,256) s 8.925 S $ 147,161 1,541 392,527 5,296 2,588 549,113 4,232 4,232 2,098 156,740 158,838 74,505 148.954 223.459 390,275 219.227) 333,459 333.459 390,275 114,232 14.669 70,590 404.<:344 S 184.822 'he accompanying notes are an integral part of the financial statements. -5- . Governmental Fund Types Capital Pro;ects Totals (Memorandum Only) $ $ 1,508,606 227,241 1,832,802 65,087 107,435 110,918 392,527 127,366 107.367 4,368.431 110,918 924,088 953,004 1,956,049 428,130 175,643 924,088 924,088 74,505 148.954 4,660,373 ( 813,170) 291,942) 587,274 394,814) 192.460 813,170) 99,482) . 1.585,740 1.470,743 S 772.570 S ] .371. 261 CITY OF OCOEE, FLORIDA COMBINED STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1989 . Revenues Taxes Licenses and Permits Intergovernmental Revenues charges for Services Fines and Forfeitures Impact Fees/Special Assessments Interest Revenues Miscellaneous Revenues Total Revenues Expenditures Current: General Government Public Safety Physical Environment Culture and Recreation Total Expenditures Excess of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Operating Transfers In Operating Transfers out Total Other Financing Sources (Uses) Excess of Revenues and Other Sources Over (Under) Expendi- ture and Other Uses Sf . Budqet $ 1,440,500 140,000 1,580,450 59,500' 100,000 5,000 31,800 3,357,250 1,003,325 1,887,398 259,144 170,840 3,320,707 36,543 295,879 388,000) 92,121) 55.578) S General Fund Budgetary Basis $ 1,508,606 227,241 1,685,641 65,087 105,894 6,920 104,779 3,704,168 950,359 1,948,827 270,278 177,034 3,346,498 357,670 253,815 394,814) ( 140,999) 216.671 Variance Favorable (Unfavorable) $ 68,106 87,241 105,191 5,587 5,894 1,920 72,979 346,918 ( ( ( 52,966 61,429) 11,134) 6,194) 25,791) 321,127 42,064) 6,814) 48,878) S 272.249 'he accompanying notes are an integral part of the financial statements. -7- . Special Revenue Funds Totals (Memorandum Only) Variance Variance Budgetary Favorable Budgetary Favorable Budqet Basis (Unfavorable) Budqet Basis (Unfavorable $ $ $ $1,440,500 $1,508,606 $ 68,106 140,000 227,241 87,241 140,000 147,161 7,161 1,720,450 1,832,802 112,352 59,500 65,087 5,587 1,050 1,541 491 101,050 107,435 6,385 41,760 392,527 350,767 41,760 392,527 350,767 400 5,296 4,896 5,400 12,216 6,816 1.050 2.588 1.538 32.850 107.367 74,517 184.260 549.113 364.853 3,541.510 4.253.281 711,771 1,003,325 950,359 52,966 6,100 2,098 4,002 1,893,498 1,950,925 57,427) 146,160 156,740 10,580} 405,304 427,018 21,714} 40.000 40,000 210,840 177,034 33.806 192.260 158.838 33.422 3.512,967 3,505,336 7,631 8.000) 390.275 398.275 28.543 747.945 719,402 295,879 253,815 42,064} 388,000) 394,814} 6.814} 92.121} 140.999) 48,878) Sf 8.000)S 390.275 S 398.275 Sf 63.578)S 606.9d6 S 670 52d . . This page intentionallY left blank. . CITY OF OCOEE, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCE ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1989 . Proprietary Fund Types Enterprise Fiduciary Fund Types Pension Trust Totals (Memorandum Only) operating Revenues Charges Contributions Revenue Earned on Investments Total operating Revenues $ 2,174,002 $ 72,429 $ 2,174,002 72,429 2,174,002 20,377 92,806 20,377 2.266.808 Operating Expenses Personal Services Materials and Supplies Heat, Light and Power Depreciation Benefit Payments Other Expenses Total Operating Expenses 727,623 314,604 135,930 472,444 727,623 314,604 135,930 472,444 295,917 1,946.518 31 31 295,948 1,946.549 operating Income (Loss) 227,484 92,775 320,259 Nonoperating Revenues Interest Revenue Interest Expense Total Nonoperating Revenues (Expenses) 307,628 501,257) 307,628 501.257) 193.629) 193.629) Income (Loss) Before operating Transfers 33,855 92,775 126,630 operating Transfers Operating Transfers In Operating Transfers Out Net Income (Loss) $( 158.605) S 92.775 61,355 253,815) S( 65,830) 61,355 253,815) Disposition of Net Income Net Income (Loss) Depreciation on contributed Assets Net Increase in Retained Earnings/Fund Balance $( 158,605) $ 92,775 $(65,830) 77,697 77,697 80,908) 92,775 11,867 . Retained Earnings/Fund Balance - Beginning of Year 2,821.197 207,906 3,029.103 Retained Earnings/Fund Balance - End of Year $ 2.740.289 s 300.681 S 3.040 970 The accompanying notes are an integral part of the financial statements. -9- CITY OF OCOEE, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1989 . Sources of working capital Net Income (Loss) Items Not Requiring Working Capital: Depreciation and Amortization Loss on Disposed Equipment working capital Provided by operations contributions Increase in Payable Form Restricted Assets Proceeds From Long-Term Debt Decrease in Unamortized Acquisition Costs Total Sources of working capital Uses of Working capital Increase in Restricted Assets Purchase of Property, Plant and Equipment Reduction of Long-Term Debt Increase in Prepaid Bond Anticipation Costs Decrease in Payable From Restricted Assets Increase in Deposit on Land Total Uses of working capital . Income Increase (Decrease) in working Capital S Proprietary Fund Types Enterprise Fiduciary Fund Types Pension Trust Totals (Memorandum OnlY) $( 158,605) $ 92,775 $( 65,830) 472,444 472,444 10.125 10.125 323,964 92,775 416,739 2,280,498 2,280,498 24,726 63,408 24,726 63,408 6.643 6.643 2.699.239 92.775 2.792.014 1,428,982 1,428,982 1,066,406 36,236 1,066,406 36,236 107,888 107,888 26,162 20.000 20,162 20.000 2.685.674 2.685.674 13.565 s s 106.340 92.775 The accompanying notes are an integral part of the financial statements. -10- . Proprietary Fiduciary Totals Fund Types Fund Types (Memorandum Enterprise Pension Trust Only) Elements of Net Increase (Decrease) in Working capital Pooled Cash & Equivalents $ 152,148 $ $ 152,148 Investments ( 100,000) 92,775 ( 7,225) Receivables 46,994 46,994 Inventory 25,000) 25,000) Prepaid Costs 2,489 2,489 Due From Other Fund 81,573) 81,573) Deficit in Pooled Cash 13,340 13,340 Accounts Payable 1,797 1,797 Retainage Payable 2,265) 2,265) Accrued Expenses 23,992) 23,992) Due to Other Funds 47,997 47,997 Deferred Revenue 4,669) 4,669) obligations Under Capital Leases 13.701) 13.701) Net Increase (Decrease) in working Capital S 13.565 $ 9?775 $ 106.340 . \ \ \ ThiS ~age intentiOna11Y 1eft b1an~' . . NOTES TO FINANCIAL STATEMENTS . . This page intentionally left blank. . CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1989 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES . The accounting policies of the city of Ocoee conform to generally accepted accounting principles as applicable to governmen:s. The following is a summary of the more significant policies: Reporting Entity The City operates under a commission-manager forn of gov- ernment whereby the Mayor and Commission are elected by the registered voters of the city of Ocoee. The C:lmmiss ion appoints the city Manager, who in turn perforns as the administrator of the everyday operations of the City. The City provides a full range of municipal services as direct- ed by the City Charter including general government, public safety I public improvements, planning and zoning, water and ,sewer service, refuse collection, and related general administrative services. The accompanying financial statements present the financial position, results of operations, and changes in financial position of the applicable fund types governed by the City commission of the city of Ocoee in accordance with the National Council on Governmental Accounting (NCGA) state- ment 3, "Defininq the Governmental Reportinq Entitv" and subsequent NCGA Interpretation 7 clarifying the application of Statement 3. The reporting entity for the City of Ocoee includes all organizations, functions, and activities of government for which the City (the Mayor and city Commission) exercises oversight responsibil i ty. The criteria used in determining the ability to exercise oversight responsibility over such agencies by the city's elected officials includes, but is not limited to: 1. financial interdependency; 2. selection of governing authority; 3. designation of management; 4. ability to significantly influence operations; and 5. accountability for fiscal matters. . If and when, the lines of fiscal responsibility are not clear, the following specific areas have been reviewed: 1. budgetary authority; 2. responsibility for funding deficits and operating deficiencies; 3. fiscal management (i. e., who governs the process controlling the collection and disbursement of funds) ; -12- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE l - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Reporting Entity - Continued 4. revenue characteristics (i.e., if revenues are derived by means of a public levy or charge) . Other factors of criteria the City considers are the scope of public service and special financing relationships. Based on the above criteria, the funds and account groups shown in the table of contents are included in this report. The following is a brief explanation of Boards and commis- sions appearing in the City's overall organizational chart which also have been included in the General Fund portion of these financial statements: 1. The Code Enforcement Board consists of 7 members appointed by City Commission for the purpose of interpreting provisions of the City's Code of Ordinances when requested by an administrative City official. 2. The Planning and zoning Board consists of 7 members appointed by City Commission. The purpose of this board is to study and make recommendations in areas affecting the systematic future development and betterment of the city; promotion of economic and industrial prosperity; and enhancement of the health, comfort, and conveniences of the citizens. 3. The Board of Adj ustments cons ists of 5 members appointed by the city commission for the purpose of holding hearings and making determinations for appeals arising from requests for variances to the Code of Ordinances and special exceptions permitted by the Code of Ordinances. . , 4. The Recreation Board consists of 7 members appointed by the City commission. The purpose of this board is to advise the city commission on recreation needs and improvements throughout the city. 5. citizens Advisory Board was organized by the city commission for the purpose of advising the Commis- sion on the City's Comprehensive Land Use Plan. This board consists of six subcommittees totaling 74 members. -13- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Fund Accounting The accounts of the City are organized on the basis of funds or account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of selfbalancing accounts. The various funds are grouped by type in the financial statements. The following fund types and account groups are used by the City. Governmental Fund Types General Fund To account for all financial resources except those required to be accounted for in another fund. All general tax revenues and other receipts that are not allocated by law or contractual agreement to another fund are accounted for this fund. The general operating expenditures, fixed charges, and capital improvement costs that are not paid through other funds are paid from the general fund. Special Revenue Funds To account for the proceeds of specific revenue sources (other than expendable trust, or major capital projects) requiring separate accounting because of legal or regulatory provisions or admin- istrative action. Debt Service Fund To account for the accumulation of resources for, and the payment of, general long-term debt princi- pal and interest. capital Project Fund To account for financial resources to be used for the acquisition or construction of maj or capital facilities (other than those financed by proprietary funds) . . -14- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Proprietary Fund Types Enterprise Funds To account for operations that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or where the governing body has decided that periodic deter- mination of net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Fiduciary Fund Types Trust and Agency Funds To account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. Account Groups General Fixed Assets Account Group To account for all fixed assets of the City, other than those accounted for in the enterprise fund. General Long-Term Debt To account for the outstanding principal balances on any general obligation debt of the city. . Basis of Accounting The governmental and agency funds are maintained on the modified accrual basis of accounting. Under this method of accounting, revenues are recognized when they become measurable and available as net current assets or when susceptible to accrual; i.e., both measurable and avail- able. "Measurable" means that the amount of the transac- tion can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Revenues which are susceptible to accrual are principally operating transfers, charges for services and interest. Special assessments are recognized as revenue only to the extent that individual installments are considered current assets. Expenditures are recorded when the liability is incurred, except for principal and interest on general long-term debt, which is recognized when due. -15- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Basis of Accounting - continued The proprietary and pension trust funds are maintained on the accrual basis of accounting. This method of accounting relates costs and expenses to the time period in which benefits of the outlays are received. It is intended to provide an accurate matching of these benefits with associ- ated revenues. Revenues are recognized when they have been earned and are measurable and expenses are recognized when they are incurred. utility operating revenues (sanitation, water and sewer revenues and related utility taxes) are recognized during the month of consumption. Services consumed but not billed are accounted for as unbilled utility revenues. Budgets and Budgetary Accounting The City follows these procedures in establishing the budg- etary data reflected in the financial statements: 1. Prior to September 30th, the city Manager submits to the City commission a proposed operating budget for the fis- cal year commencing the following October 1st. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted at the City Hall to obtain taxpayer comments. 3. Prior to October 1st, the budget is legally enacted through passage of a resolution. 4. The City cannot legally exceed the budget; however, the city Manager is authorized to transfer budgeted amounts between departments wi thin any fund. Any revisions that alter the total expenditures of any fund must be ap- proved by the City Commission. . 5. Formal budgetary integration is employed as a management control device during the year for the General, Special Revenue and Enterprise Funds. -16- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Budgets and Budgetary Accounting - Continued 6. Budgets legally adopted for the General, Special Revenue and Enterprise Funds are prepared on a budgetary basis, whereby encumbrances are treated as expenditures. Unen- cumbered appropriations are lapsed at year end, except an appropriation for a capital expenditure. An appro- priation for a capital expenditure shall continue in force until the purpose for which it was made has been accomplished or abandoned; the purpose of any such appropriation shall be deemed abandoned if three years pass without any disbursement from or encumbrance of the appropriation. 7. Budgeted amounts presented in the accompanying financial statements are as originally adopted by the City Commis- sion, having been adjusted for authorized transfer3 dur- ing the year. Encumbrances Encumbrance accounting, under which purchase orders, con- tracts and other commitments for the expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is utilized in the governmental funds. Encumbrances are reported as reservations of fund balances since they do not constitute expenditures or liabilities. Tap and Impact Fees The City collects water and sewer tap fees which are recorded as operating revenue only to the extent that the amount equals the cost of physical connection to the system. Amounts that substantially exceed the cost to connect are recorded as an addition to contributed capital. Advance deposits received from customers are recorded as liability until all legal requirements, as stipulated by the City's water and sewer ordinances, are fulfilled. . Pooled Cash The City, for accounting purposes, maintains a pooled cash (checking) account for all City funds. Pooled cash represents the amount owned by each fund of the City. Investments Investments are stated at cost or amortized cost. Income from investments held by individual funds is recorded in the respective fund as it is earned. -17- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Inventories Inventories are stated at cost. Inventories are accounted for by the consumption method, under which such inventory is recorded as an expenditure when used. Unamortized Bond Issuance Costs Bond issuance costs are being amortized on a straight-line basis, which approximates the interest method, over the life of the bonds. Property, Plant and Equipment Property, plant and equipment owned by the enterprise funds is stated at historical cost or estimated historical cost. Additions, improvements, and other capital outlays that significantly extend the useful life of an asset are capi- talized. other costs incurred for repairs and maintenance are expensed as incurred. Depreciation of plant and equip- ment is provided on the straight line basis over the fol- lowing estimated useful lives: Buildings, 10-30 years Improvements, 20-40 years Equipment, 5 years Contributions of property, plant and equipment received from federal, state or local sources are recorded as contributions to equity when received. Depreciation on contributed property, plant and equipment is recorded as a reduction of contributed capital. General Fixed Assets General fixed assets have been acquired for general governmental purposes. Assets purchased are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed assets account group. In the case of gifts or contributions, such assets are recorded at fair market value at the time received. . Certain improvements, such as roads, bridges, curbs, gutters, streets and sidewalks, drainage systems and lighting systems have not been capitalized. Such assets normally are immovable and of value only to the City. No depreciation has been provided on general fixed assets. Postretirement Benefits The city does not provide any postretirement health care pnd life insurance benefits for employees. -18- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED . Reserves Governmental Funds Reserves are used to indicate that a portion of the fund balance is not currently available for expenditure or is segregated for a specific future use. proprietary Funds Reserves are used to segregate a portion of retained earnings for some non-operating use and where, prospec- tive liabilities are imminent but not provided for in the financial statements. capitalization of Interest The City has a policy of capitalizing interest costs relat- ing to construction. compensated Absences The City accrues accumulated unpaid vacation and sick leave when earned by the employee. The non-current portion (the amount estimated to not be used in the following year) for Governmental Funds is recorded in the General Long-Term Debt Account Group. The liability for compensated Absences for Proprietary Fund Types is shown as a current liability of those funds. Interfund Transactions Transactions which constitute reimbursements to a fund for expenditures (expenses) initially made are recorded as expenditures or expenses (as appropriate) in the reimburs- ing fund and as reductions of the expenditures (expenses) in the reimbursed fund. All interfund transactions except advances and reimburse- ments are accounted for as transfers. Nonrecurring or non- routine transfers of equity between funds are considered equity transfers. All other interfund transactions are treated as operating transfers. . Total Columns on combined Statements - Overview Total columns on the combined statements are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with gener- ally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have ~ot been made in the aggregation of this data. -19- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Excess of Expenditures Over Appropriations in Individual Funds During the year ended September 30, 1989, the following funds incurred excess of expenditures over appropriations: Budqet Expenditures Excess General Fund Gas Tax Fund $3,320,707 140,400 $ 3,346,498 156,723 $ 25,791 16,323 Al though the General Fund had excess expenditures over appropriations of $25,791, the fund also had excess actual revenues over budgeted revenues of $346,918. Al though various expenditure accounts of other funds exceed legally adopted budgeted amounts, total fund expenditures did not exceed total fund appropriations. Deficit Fund Balance At September 31, 1989, the Gas Tax Fund had a $8,420 defi- cit fund balance. This deficit will be liquidated in future years by increased revenues. Deficit Retained Earnings At September 30, 1989, the Sanitation Fund had a $16,121 deficit retained earnings. This deficit will be liquidated in future years by increased rates and operating transfers from other funds. Appropriations in Excess of Funds Available The City appropriated funds which were in excess of antici- pated revenues and prior years' surplus for the General Fund. The excess appropriation for this fund was $55,578. This condition did not create a deficit fund balance due to excess actual revenues over budgeted revenues of $346,918. NOTE 3 - BUDGET BASIS OF ACCOUNTING . All budgets are prepared on a budgetary basis, whereby encum- brances are treated as budgeted expenditures in the year of incurrence of the commitment to purchase. Budgetary compari- sons presented in this report are on this budgetary basis. -20- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 3 - BUDGET BASIS OF ACCOUNTING - CONTINUED Adjustments 'necessary to convert the expenditures at the end of the year on the GAAP basis to the budgetary basis are as follows: Governmental Fund Types special General Revenue Expenditures: GAAP Basis Increase (Decrease) due to: September 30, 1988 encum- brances not budgeted as expenditures for year ended September 30, '1989 September 30, 1989 encum- brances not budgeted as expenditures Budgetary Basis $ 3,353,988 $ 158,838 24,411) 16.921 S 3.346.498 S ]58.838 NOTE 4 - CASH AND INVESTMENTS Deposits At year-end, the carrying amount of the Ci~y's deposits was $4,630,303 and the bank balance was $4,993,293. All deposits were covered by federal depository insurance and by deposits held in banks that are members of the State of Florida's Col- lateral Pool. Investments The City's investment policies are governed by State statutes and city ordinances. City ordinance allows investments in any financial i'nstitution that is formally authorized as a State approved depository for public funds, as identified on the list prepared by the State Treasurer of the state of Florida. The basic allowable investment instruments include the following: . 1) The State Board of Administration Local Government Surplus Funds Trust Fundi 2) Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guar- anteed by the United States Government; -21- I . ! CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 4 - CASH AND INVESTMENTS - CONTINUED Investments - continued 3} Interest-bearing time deposits or savings accounts in banks organized under the laws of this state, in national banks organized under the laws of the United states and doing business and situated in this state, in savings and loan associations which are under state supervision, or in federal savings and loan associations located in this state and organized under federal law and federal supervision.; 4} Obligations of the federal farm credit banks; the Federal Home Loan Mortgage Corporation, including Federal Home Loan Mortgage corporation participation certificates; or the Federal Home Loan Bank or its district banks or obligations guaranteed by the Government National Mortgage Association; or 5} Obligations of the Federal National Mortgage Association, including Federal National Mortgage Association partici- pation certificates and mortgage pass-through certificates guaranteed by the Federal National Mortgage Association. The City's investments are categorized to give an indication of the level of risk assumed by the city at September 30, 1989: Category 1 Category 1 includes investments that are insured or registered and for which the securities are held by the City or its agent in the City's name. Category 2 Category 2 includes uninsured and unregistered investments for which the securities are held by a counterparty's trust depart- ment or agent in the City's name. Category 3 . Category 3 includes uninsured and unregistered investments for which the securities are held by the broker or dealer, or by a trust department or agent, but not in the City's name. -22- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 3D, 1989 NOTE 4 - CASH AND INVESTMENTS - CONTINUED . Following is a summary of risk levels assumed by the City at September 3D, 1989: 1 Cateqorv 2 3 carrying Amount Market Value Investments 5 5 5 $ $ Agency Fund Investments 148,572 148,572 Investment in State of Florida Local Government Pooled Investment Account 1.623.486 1.623.486 Total Investments 51.772.058 51,772.058 NOTE 5 - ACCOUNTS RECEIVABLE The following is an analysis of Accounts Receivable: . All property is reassessed according to its fair value January 1st of each year. Taxes are levied on October 1st of each year. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January, and 1% in the month of February. The taxes paid in March are without discount. All unpaid taxes become delinquent on April 1st following the year in which they are assessed. On or around May 31st following the tax year, certificates are sold for all delinquent taxes on real property. -23- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1983 . NOTE 6 - PROPERTY TAXES - CONTINUED The County bills and collects property taxes and remits them to the city. City property tax revenues are recognized when levied to the extent that they result in current receivables. The City is permitted by the Municipal Finance Law of the state to levy taxes up to $10 per $1,000 of assessed valuation. The combined tax rate to finance general governmental services for the year ended September 30, 1989, was $4.00 per $1,000 which means that the City has a tax margin of $6.00 per $1,000 and could raise up to $1,311,550 additional property tax revenue a year from the present assessed valuation of $218,591,694 before the limit is reached. NOTE 7 - PROPERTY, PLANT AND EQUIPMENT During the fiscal year ended September 30, 1989, the following changes in general fixed assets occurred: Balance Balance 10-1-88 Additions Deletions 9-30-89 Land $ 484,243 $ $( 19,000) $ 465,243 Buildings 838,507 ( 500) 838,007 Improvements 468,414 19,638 488,052 Equipment 1.442.570 24,373 11. 336) 1.455.607 S 3.233.734 5 44.0lJ S( 30.836) 53.246.909 There was no construction in progress for general fixed assets as of September 30, 1989. The sources of general fixed assets are as follows: Balance Balance 10-1-88 Additions Deletions 9-30-89 General Fund $ 2,110,885 $ 44,011 $ ( 30,836) $2,124,060 Special Revenue Funds: . Fed. Revenue Sharing 813,871 813,871 Police Trust 7,635 7,635 Parks 22,260 22,260 Gas Tax Revenue 21,935 21,935 Contributions - Other 257,148 257,148 S 3.233.734 S 44.011 S ( 30.836) $3.246.909 -24- I I .. CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 ~ NOTE 7 - PROPERTY, PLANT AND EQUIPMENT - CONTINUED The components of property, plant and equipment for the Pro- prietary Fund Types at September 30, 1989, are as follows: Proprietary Fund Types Enterprise Land Buildings Improvements Equipment $ 3,318,867 197,481 8,629,924 732.389 12,878,661 Less: Accumulated Depreciation (2.002.279) S10.876.38~ Proprietary Fund construction in progress at September 30, 1989, consisted primarily of improvements to water lines and the waste- water plant. During the year, the City capitalized interest expense on con- struction in progress in the following amounts: Interest Associated with Construction Projects Interest Earned in Construction Accounts Sewer Fund $ 493.318 14,471 12.564 1.907 $ 491. 411 Total Interest Expens€ Net Interest capitalized Interest Expense NOTE 8 - RETIREMENT PLANS Defined Benefit Pension Plan and Trust . Plan Description The City contributes to a single employer defined benefit pension plan and trust. The plan was effective as of October 1, 1985. The City's payroll for employees covered by the plan for the year ended September 30, 1989 was $2,406,795. The City's total payroll for the year ended September 30, 1989 was $2,646,357. -25- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30,1989 NOTE 8 - RETIREMENT PLANS - CONTINUED . city employees are eligible to participate in the plan when they have completed six months of service with a minimum of 500 hours during the six-month period. Benefits fully vest on reaching five years of service. The plan provides death, but not disability benefits. These benefit provi- sions and all other requirements are established by City ordinance. City employees are not permitted to contribute to the plan. The city is required to contribute the full amount neces- sary to fund the plan, using the actuarial basis specified by City ordinance. Summary of Significant Accounting Policies and Plan Asset Matters Basis of Accounting The plans financial statements are prepared using the accrual basis of accounting. Investments Investments of the plan are in the state of Florida local government pooled investment account. Investments are reported at cost, which approximates market. . Pension Plan Obligations The Pension Benefit Obligation (PBO) is reflected as the Actuarial Present Value of Credited Projected Benefits. The PBO is the standard 'measure of the present value of pension benefits, adjusted for the effects of projected salary increases and any benefits projected to be paid in the future as a result of employee service to date. The measure is intended to help users assess the Public Employee's Retirement System (PERS) funding status on a going concern basis, assess progress made in accumulating assets to pay benefits when due, and make comparisons among PERS. This measure is independent of the actuarial funding method used to determine the City's contribution require- m~nts. The City's pension plans use the Frozen Initial Liability Funding Method and is one of the state of Flor- ida's acceptable methods. The State of Florida has established guidelines for state and local pension plan funding and requires submission to and approval of the local government's actuarial reports by a state agency, at least every third year. The City's pension plan, by policy, (1) requires annual actuarial reports as of October I of each year, (2) receives employer contributions based on the actuarially determined requirement, and (3) uses the same assumptions (see the following schedule) for deter- mining the PBO and the employer contribution required. -26- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 ~ NOTE 8 - RETIREMENT PLANS - CONTINUED Pension Plan Obligations - Continued The following schedule is derived from the respective actuarial reports and City information and reflects accounting policies, membership and plan provisions, assumptions and liabilities and funding provisions as of October 1, 1988: Membership and Plan provisions October 1. 1988 Employee membership data: Current Retirees and Beneficiaries Terminated Vested Participants Active Plan Participants Vested Nonvested o Normal Retirement Benefit: Normal Retirement Date 37 61 98 and compleL.on of 30 years of service not to exceed the later of age 65 or 10 years participation. Normal Form of Benef i t Single life anllui ty Normal Retirement Bene fit 20% of compensa tion. Total retirement bene- fit reduced by 1/30 for each year of service less thar. 30. Years to Vest 5 years Assumptions and Liabilities . Assumptions: Investment Earnings Salary Increases Attributable to Inflation Salary Increases Attributable to Seniority/Merit Post-retirement Benefit Increases Mortality Table Probability of Turnover Amortization of Initial Unfunded Liability 7% 4% 6% 1971 GAM Male Sarason W-80 40 years -27- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 4It NOTE 8 - RETIREMENT PLANS - CONTINUED Assumptions and Liabilities - continued October 1, 1988 Pension Benefit obligations: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits. Current Employees Employer-financed Vested Employer-financed Nonvested Total Actuarial Present Value of Projected Benefits Net Assets Available for Benefits Unfunded (assets in excess of) Actuarial Present Value of Projected Benefits Change in actuarial present value of projected benefits payable as a result of a change in benefit provisions S Contributions Required and Made Actuarially determined employer contribution requirement for the year beginning 10/1/88: As a Dollar Amount As a Percentage of Covered Pavro1l Normal Cost Unfunded actuarial accrued liability Prior year funding standard account deficiency $ 59,149 3.01% 13,280 .67% ---% Total s 72.429 3.68% . Total Number of Compensation Emplovees Payroll Characteristics: Participating Nonparticipating (ineligible due to minimum service) $ 1,967,766 98 $ 90.533 13 Total $ 2.058,299 1 1 1 -28- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 8 - RETIREMENT PLANS - CONTINUED contributions Required and Made - continued The actuarial method employed to determine contributions to the fund is the f~ozen initial liability cost method. It is assumed that an annual contribution (normal cost) is made each year for each participant. This normal cost, if contributed each year from the participant's eligibility date (or what would have been such date if the plan had been in existence on his employment date in its present form) to his normal retirement date, is calculated to be sufficient to provide the retirement benefits provided for him under the plan. The initial liability is the accrual to the initial valu- atiol1 date of all such normal costs assumed payable in prior years for all present participants. The excess of this over the assets (if any) in the fund on th~t date is the initial unfunded liability. This unfunded liability is brought forward in each valuation year. The normal cost for the second and each succeeding year is determined as follows: first determine the excess of the actuarially redetermined present value of future retirement benefits and ancillary death benefits for then active par- ticipants plus any reserves for retired and t ~rminated employees over the sum of the unfunded liabilitJ brought forward to the valuation date and the assets then in the fund. Then divide this figure by the present value of future compensation. Finally, multiply the r.esul ting fraction by the total current compensation for th3n active participants. To the extent that actual experience for a year is more favorable than that assumed, an actuarial gain will result. This gain will tend to reduce future required contribu- tions. similarly, if actual experience is less favorable than that assumed, an actuarial loss will result, causing an increase in future required contributions. Nei ther gains nor losses are separately determined, but either is automatically spread over future normal cost. . -29- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 8 - RETIREMENT PLANS - CONTINUED Contributions Required and Made - continued The following is a three-year historical trend to reflect the progress being made in the funding of the City 's pension obligation: Three Year Historical Trend Information As of October 1, 1988 1987 1986 Net assets available for benefits ex- pressed as a percent- age of pension bene- fit obligations 93.80% Unfunded pension bene- fit obligations ex- pressed as a percent- age of annual covered payroll .70% Employer contributions expressed as a per- centage of payroll for annual covered payroll 3.68% 68.30% (1) 3.00% ( 1 ) 5.]0% 4.58% (1) information not available In the Supplementary Section are the required supplemental ten-year historical trend information about progress being made in accumulating assets to pay benefits when due. The required schedules only reflect the last three years since the effective date of the plan was October 1, 1985. Deferred compensation Plan The City has a single employer deferred compensation plan. The plan is voluntary and any employee may elect to participate. . The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. -30- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 8 - RETIREMENT PLANS - CONTINUED Deferred Compensation Plan All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's , general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the city,that it has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. In accordance wi th current profess ional pronouncements, the City has accounted for its deferred compensation plan as an agency fund in its financial statements. The assets are stated at the market value which is represented by the con- tract value provided by the City's third-party administra- tor. Employee contributions to the plan for the fiscal year ended September 30, 1989 were $32,030. NOTE 9 - OVER 65 ASSISTANCE PROGRAM . The City of Ocoee, Florida' began this program March 1, 1975. The program provides that persons over 65 who qualify are entitled to receive free water and sanitation services and a free cemetery lot in the City's cemetery. They are also entitled to be reimbursed for City of Ocoee, Florida ad-valorem taxes after the taxes have been paid by the individual to the Orange County tax collector. Approximately 420 residents of the City participated in this program during the fiscal year ended September 30, 1989. The water and sanitation fees paid under this program are shown as expenses of the water and sanitation systems, respectively. The ad-valorem taxes, excise tax and cemetery lots thereon are shown as expenditures of the general fund. -31- . " . . CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 NOTE 9 - OVER 65 ASSISTANCE PROGRAM - CONTINUED The cost of the program during the current fiscal year is summarized as follows: Water Excise Tax Ad-Valorem Taxes Total General Fund Water Fees Sanitation Fees Total Over 65 Cost NOTE 10 - BONDS PAYABLE $ 3,945 12.287 16,232 39,489 61.541 S 117.26? Summarized below are the City's bonds outstanding at September 30, 1989: Sewer Fund Sewer System Revenue Bonds, Series 1987 - payable in semi-annual installments of $150,000 to $330,000 through 2004, with monthly interest payments at a variable rate of 75% of the prevailing prime rate through 1993 and increasing to 78% of the prevailing prime rate thereafter. Less: Current maturities Unamortized bond discount General Long-Term Debt Account Group Florida Public Improvement Revenue Bonds, Series 1987 - payable in annual install- ments of $70,000 to $295,000 through 1997 with semi-annual interest payments at 6.0% to 7.70%. Notes payable (2) on office equipment, payable in monthly installments totalling $547, including interest at 12%. Accrued Annual Leave -32- $6,070,338 $6.070.338 $2,075,000 10,213 32.713 52.117.9/>6 .. . CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 10 - BONDS PAYABLE - CONTINUED Sewer System Revenue Bonds, series 1987 In December 1987, the city issued Sewer Revenue bonds to finance the purchase, and improvements to, the Prima Vista Sanitary Sewer System. These bonds are secured by connection fees, the net revenues of the sewer fund and certain general government taxes. The major provisions of the ordinance authorizing the revenue bonds are as follows: 1) The city shall make deposits in a sinking fund of 1/6 of the next maturing principal payment. 2) The City shall deposit into a renewal and replacement fund an amount equal to 1/12 of 3% of the revenues of the sewer system for the previous fiscal year (not to exceed $200,000). 3) Connection Fees: a) The city shall deposit 40% of all connection fees into an improvement fund. These funds are designated for the purchase of new user facilities, to redeem bonds or renewal and replacement of existing facilities. b) The City shall deposit 60% of all connection fees into a sinking fund. These funds are designated for bond redemption. 4) The City shall establish rates which will provide for necessary operating expenses and 115% of the bond service requirement due that year. . Florida Public Improvement Revenue Bonds, Series 1987 In November 1987, the City issued revenue bonds to finance the paving, extension and improvement of certain streets within the corporate limits. These bonds are secured by the Local Option Gas Tax and certain local franchise fees. -33- ,- CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 10 - BONDS PAYABLE - CONTINUED Florida Public Improvement Revenue Bonds, Series 1987 Continued The maj or provJ.sJ.ons of the ordinance authoriz ing the revenue bonds are as follows: 1) The City shall make monthly deposits in a sinking fund of 1/12 and 1/6 of the next maturing principal and interest payment, respectively. 2) The City shall establish a revenue fund and will deposit all pledged revenues to be used for funding the monthly sinking fund requirements. Any excess funds may be withdrawn and used by the city for any legal purpose. Following is a maturity schedule of outstanding bonds pay- able: General Long-Term Year Ended Debt Sewer Fund Total Debt Sept. 30: Principal Interest Principal Interest Service 1990 $ 185,042 $ 148,067 $ $ 455,275 $ 788,384 1991 195,171 135,936 300,000 444,025 1,075,132 1992 200,000 123,365 300,000 421,525 1,044,890 1993 210,000 110,165 300,000 399,025 1,019,190 1994 225,000 95,885 300,000 376,525 997,410 1995 240,000 80,135 300,000 354,025 974,160 1996 260,000 62,855 400,000 327,775 1,050,630 1997 275,000 43,615 400,000 297,775 1,016,390 1998 295,000 22,715 400,000 267,775 985,490 1999 400,000 237,775 637,775 2000 400,000 207,775 607,775 2001 660,000 168,025 828,025 2002 660,000 118,525 778,525 2003 660,000 69,025 729,025 2004 590,338 20,832 611.170 . $2,085.213 $ 8?2.738 $6.070.338 S4.165.682 $13.143.971 -34- .. , " CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED S~PTEMBER 30, 1989 . NOTE 10 - BONDS PAYABLE - CONTINUED Florida Public Improvement Revenue Bonds, Series 1987 continued During the year ended september 30, 1989, the following changes in general long-term debt occurred: Accrued Annual, Leave Long-Term Debt Obliqations Total Balance at October I, 1988 $ $ 2,159,718 $2,159,718 New debt issued/ Additions 32,713 32,713 Principal payments 74,505) 74,505) Balance at September 30, 1989 S 32.713 S 2.085,213 $2.117.926 NOTE 11 - CAPITAL LEASE OBLIGATION During 1987, the City acquired two sanitation trucks under a lease-financing arrangement. The trucks were capitalized at a cost of $118,002. The lease agreement calls for monthly payments of $2,489, including interest at 9.74%. Amortization of this cap- ital lease is included in depreciation expense. During 1988, the city acquired a truck for the sewer fund under a lease-financing arrangment. The truck was capitalized at a cost of $64,782. The lease agreement calls for monthly payments of $1,374, including interest at 10.29%. Amortization of this capital lease is included in depreciation expense. The total of assets capitalized under lease-financing arrangrnents is as follows: Sewer Fund Sanitation Fund Totals . Assets capitalized (Equipment) $ 64,782 $ 118,002 $ 182,784 Less Accumulated Amortiation 5,399) -1.._ 21,072) 26,471) S 59.383 L 96.930 S 156.31] -35- . . . . ::\1 .. CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 NOTE 11 - CAPITAL LEASE OBLIGATION - CONTINUED The following is a schedule by years of futur~ minimum lease pay- ments under the above capital lease, together with the present value of the net minimum lease payments as of September 30: Year Ending September 30: Sewer Fund Sanitation Fund 1990 1991 1992 1993 1984 $ 16,488 $ 16,488 16,488 16,488 10.992 Total Minimum Lease Payments Less, Amount Repre- senting Interest 76,944 16.047) Present Value of Net Minimum Lease Payments S 60.897 S 29,870 $ 29,870 29,870 17,424 107,034 16,988) Totals 46,358 46,358 46,358 33,912 10.992 183,978 33.035) 90.046 5 150.943 The current and noncurrent obligation under this capital lease is $33,727 and $117,216, respectively. NOTE 12 - INTERFUND RECEIVABLES AND PAYABLES The following schedule as of September 30, 1989, represents interfund receivables and payables: Fund Tvpe Interfund Receivables General Fund Capital Projects Enterprise Funds: Water Sewer Sanitation $ 81,111 43,906 s 1?5.017 -36- Interfund Pavables $ 43,906 12,704 28,780 7,270 32.357 s 1?5.017 . .. .. (." CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 . NOTE 13 - SEGMENT INFORMATION FOR ENTERPRISE FUNDS . The City maintains three enterprise funds which provide water, sewer and sanitation services. Segment information for the year ended September 30, 1989, is as follows: Water sanitation Total Sewer Operating Revenues $ 64] .223 $ 892.593 $ 640.186 $ 2.174.002 Depreciation ]95.799 $ 32.]69 $ 472.444 $ 244,476 $ Operating Income (Loss) 266.060 S---64.765 S $( ]03.341) S 227.484 Operating Grants s $ $ s Operating Transfers: In S $ $ 6].355 $ 61.355 Out $( ]28.310) $( $( ]26.]86) $( 61,535) $( 63.970) $( 253,815) 23.368) $( 9.05]) $( ]58.605) Net Income (Loss) Current capital contributions $ 977.757 $ ],302.741 $ $ 2.280.498 Property Additions $ 520.945 $ 859 $] .066.406 544.602 $ , Property Deletions $( 3.317) $( 6.950) $( n.369) $( 21.636) Net Working capital $ 565.398 $( 34.265) $( 66.307) $ 464.826 Total Assets $5.21].763 $]0,858,372 $ 188.989 $16.259.124 $ $ 6.]19.575 $ 67.979 $ 6.187.554 Long-Term Debt Total Equity (Deficit) $5.056.766 $ 4.60] .772 $( 16.121) S 9.642.4]7 -37- . *' .. . .2 . I I '. CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 NOTE 14 - CONTRIBUTED CAPITAL The following is a summary of changes in contributed capital during the year ended September 30, 1989: Water Sanitation. Sewer Total Contributed Capital - Beginning of Year $1,440,538 $3,258,789 $ $4,699,327 Additions (Reduc- tions) Connection Fees Developers Depreciation on contri- buted Assets 675,127 302,630 1,065,561 237,180 1,740,688 539,810 69.483) 8.214) ( 77.697) Contributed Capital - End of Year S 2.348.812 S4.553.316 S S6.902.128 NOTE lS - SUMMARY DISCLOSURE OF SIGNIFICANT CONTINGENCIES Federally Assisted Programs - Compliance AUdits The city participates in various federally assisted programs. These programs are subject to a compliance audit by the grantor or its representative. The audits of these programs for the year ended September 30, 1989, have not been concluded. Accord- ingly, the City's compliance with applicable program require- ments will be established at some future date. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time, although the city expects such amounts, if any, to be immaterial. Litigation During the ordinary course of its operations, the City is a party to various claims, legal actions and complaints. In the opinion of the City I S management and legal counsel, these matters are not anticipated to have a material financial impact on the City. Commitments Construction Contracts - At September 30, Qutstanding construction contracts for totaling approximately $750,000. 1989, the city had various projects -38- f . " , . CITY OF OCOEE, FLORIDA NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1989 ~NOTE 16 - SIGNIFICANT EFFECTS OF SUBSEQUENT EVENTS Land Purchase On October $340,000. provements 2, 1989, the city purchased 40 acres of land for The land will be used by the Sewer Fund for im- to existing wastewater facilities. Issuance of Bond Anticipation Notes On December 26, 1989, the city closed on $10,500,000 of bond anticipation notes. These bonds are for the following express purposes: Series A' - $6,500,000 - To refinance the Sewer System Revenue Bonds, Series 1987 and to finance issuance costs. Series B - $4,000,000 - To finance improvements to the City's water and sewer systems and pay issuance costs. These notes are secured by a senior lien on and pledge of water and sewer revenues and connection/impact fees. Interest only is payable on a quarterly basis for five years at which time the entire outstanding principal balance will be due. . -39- \ \ ;Jpp~N cltf- ;= ". . FRor'l 8 r'l '~Ct4 2.24 1':,44 ~::. 16. 1-; '; l) 1 t.,: (,7 P. Upon delivery of the Series 1990 Bonds in definitive form, Bryant, Miller and Olive, P.A., Bond Counsel, proposes to render its tinal approving opinion in substantially the tOllowing torm: [Date of Delivery of Bonds] City cOllUllission city of ocoee Oeoee, Florida $ CITY OF OCOEE, FLORIDA TRANSPORTATION REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES 1990 Ladies and Gentlemen: We have acted as bond counsel in connection with the issuance by the city of Ocoee, Florida (the "Issuer"), of its $ Transportation Refunding and Improvement Revenue Bonds, Series 1990 (the "Series 1990 Bonds"), pursuant to the Constitution and laws of the State of Florida, including Chapter 166, Part II, Florida Statutes, other applicable provisions of law and a resolution adopted by the City Commission of the Issuer on , 1990, (as amended and supplemented) (the "ReSOlution"), authorizing the issuance of the Series 1990 Bonds. Any capitalized underined terms used herein shall have the meaning set forth in the Resolution. As to questions of fact material to our opinion, we have relied upon representations of the Issuer contained in the Reso- lution and in the certified proceedings and other certifications of pUblic Officials furnished to us, without undertaking to verity the Bame by independent investigation. We have not undertaken an independent audit, examination, investigation or inspection of such matters and have relied solely on the facts, estimates and circum- stances described in such proceedings and certifications. We have assumed the genuineness ot signatures on all documents and instruments, the authenticity of documents submitted as originals and the conformity to originals of documents submitted as copies. . We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of any offering material relating to the Series 1990 Bonds. This opinion should not be construed as offering material, an offering circular, prospectus or official statement and is not intended in any way to be a disclosure statement used in connection with the sale or delivery of the series 1990 Bonds. Furthermore, we are not passing on the accuracy or sutticiency ot any CUSIP numbers appearing on the Series 1990 Bonds. In addition, we have not been engaged to and, therefore, ."press no opinion as to compliance. by the ISlIuer or the under- writers with any federal or state statute, regulation or ruling with respect to the sale and distribution of the Series 1990 Bonds. .... . . \ FROM B M 904 224 1544 ::;.16.1';"::I\j 1':.: 08 P . city Commission City of Ocooe page 2 In rendering this opinion, we have examined and relied upon the opinion of even date herewith of Foley & Lardner, Van den Berg, Gay, Burke, Wilson & Arkin, counsel to the Issuer, as to the due creation and valid existence of the Issuer, the due adoption of the Resolution, and the due authorization, execution and delivery of the series 1990 Bonds. Pursuant to the terms, conditions and limitations contained in the Resolution, the Issuer has reserved the right to issue obli9ations in the future which shall have a lien on the Pledged Revenues equal to that of the Series 1990 Bonds. The Series 1990 Bonds do not constitute a general obligation or indebtedness of the Issuer within the meaning of any constitutional, statutory or other limitation of indebtedness and the holders thereof shall never have the right to compel the exercise of any ad valorem taxing power of the Issuer or taxation in any form of any real or personal property for the payment of the principal of or interest on the Series 1990 Bonds. Based on our examination, we are of the opinion, as of the date of delivery of and payment for the Series 1990 Bonds, as follows: 1. The Resolution has been duly adopted by the Issuer and constitutes a valid and binding obligation of the Issuer enforce- able upon the Issuer in accordance with its terms. 2. The Series 1990 Bonds have been duly authorized, executed and delivered by the Issuer and are valid and binding special obli- gations of the Issuer enforceable in aocord.nce with their term., payable solely from the sources provided therefor in the Reso- lution. 3 . The Interna 1 Revenue Code of 1986, as amended (the neoda"), establishes certain requirements Which must be met subsequent to the issuance and delivery of the Series 1990 Bonds 1n order that interest on the Series 1990 Bonds be and remain excluded from gross income for purposes of federal income taxation. Non-compliance may cause interest on the Series 1990 Bonds to be included in federal gross income retroactive to the date of issuance of the Series 1990 Bonds, regardless of the date on which such non-compliance occurs or is ascertained. The Issuer has covenanted in the Resolution to comply with such requirement in order to maintain the exclusion from federal gross income of the interest on the Series 1990 Bonds. '\ . . \ \ I FROM 8 M 0 904 224 1~44 :::.16.1';";:'1) 16:09 F'. 4 city Commission City of Oeoee Page 3 Subject to compliance by the Issuer with the aforementioned covenants, (a) interest on the Series 1990 Bonds is excluded from gross income for purposes of federal income taxation, and (b) interest on the series 1990 Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; however, with respect to corporations (as detined for federal income tax purposes), sueh interest is taken into account in determining adjusted net book income (adjusted current earnings for taxable years beginning afeer December 31, 1989) tor the purpose of computing the alternative minimum tax imposed on such corporations. We express no opinion regarding other federal tax consequences arising with respect to the Series 1990 Bonds. 4. The Series 1990 Bonds are exempt from intangible taxes imposed pursuant to Chapter 199, Florida Statutes. In rendering the opinions set forth above, we are relying upon the arithmetical accuracy of certain computations prepared by and verified by independent certified public accountants. It is to be understood that the rights of the owners of the Series 1990 Bonds and the enforceability thereof may be subject to the exercise of judicial discretion in accordance with general principles of equity, to the valid exercise ot the sovereign police powers of the state or Florida and of the constitutionol powers or the United States of America and to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted. Our opinion. expressed herein are predicated upon present law, facts and circumstances, and we assume no affirmative obligation to update the opinions expressed herein if such laws, facts or circumstances change after the date hereof. Very truly yours, BRYANT, MILLER AND OLIVE, P.A.