HomeMy WebLinkAboutResolution 88-12
RESOLUTION NO.
88-12
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA
DESIGNATING A LEASE/PURCHASE AGREEMENT AS
A QUALIFIED TAX-EXEMPT OBLIGATION.
WHEREAS, the City Commission has approved and
authorized the execution of a certain Governmental Lease/
Purchase Agreement between American Leasing Services, Inc.
and the City of Ocoee, as amended by Amendment Number One
thereto, a true copy of which is attached hereto and by
this reference made a part hereof ("the Lease/Purchase
Agreement"), and
WHEREAS, the Lease/Purchase Agreement requires
that the City of Ocoee adopt a resolution designating the
obligations under the Lease/Purchase Agreement as "qualified
tax-exempt obligations".
NOW, THEREFORE, be it resolved by the Board of City
Commissioners of the City of Ocoee, Florida that the
obligations of the City of Ocoee, Florida under the Lease/
Purchase Agreement are, pursuant to Section 265(b) (3) (D)
of the Internal Revenue Code, as amended by the Tax
Reform Act of 1986 ("the Code"), hereby designated as
comprising a portion of the $10,000,000.00 in aggregate
issues which may be designated as "qualified tax-exempt
obligations" eligible for the exception to the general
rule of the Code which provides for a total disallowance
of a deduction for interest expense allocable to the
carrying of tax-exempt obligations.
ADOPTED this 7th day of June, 1988.
CITY OF OCOEE, FLORIDA
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By:
Thomas R. Ison, Mayor
Attest:
~~
Helen Catron, City Clerk
For use and reliance only
by the City of Ocoee,
Approved as to Form and Legality
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