HomeMy WebLinkAboutItem #08 Approval of the Reimbursement Resolution for Series 2016 Water and Sewer Revenue and Refunding ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: August 16, 2016
Item #
Reviewed By:
Contact Name: Robert Briggs Department Director: Wand- Horto.
Contact Number: X1518 City Manager: Robert Fr. ,411
Subject: Approval of the Reimbursement Resolution for Series 2016 Wate and Sewer Revenue
and Refunding
Background Summary:
Expediting bond funded Downtown/Bluford water and sewer infrastructure projects can be achieved with
approval of a Reimbursement Resolution. The Resolution allows the City to temporarily fund initial progress
payments on related capital projects from existing Utility cash resources in anticipation of receiving the Series
2016 Bond Proceeds. Once the bond funds are received, the temporary payment amounts are reimbursed to
their original sources and charged to the Bond Funds restricted cash account.
Issue:
Should the City expedite Series 2016 Water and Sewer Bond projects by funding initial progress payment
invoices from existing enterprise fund sources consistent with the Reimbursement Resolution?
Recommendations
Staff recommends approving the Reimbursement Resolution issuance of water and sewer revenue refunding
bonds.
Attachments:
Resolution 2016-
Financial Impact:
None. All expenditures made in advance of bond proceeds are reimbursed.
Type of Item: (please mark with an x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading X Consent Agenda
Ordinance Second Reading Public Hearing
X Resolution Regular Agenda
X Commission Approval
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. , /,.6,:f N/A
Reviewed by 0 N/A
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RESOLUTION NO.2016-
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA, ESTABLISHING ITS
INTENT TO PROVIDE FOR THE REIMBURSEMENT OF CERTAIN PROJECT
COSTS INCURRED FOR THE WATER AND SEWER SYSTEMS WITH
PROCEEDS OF FUTURE TAX-EXEMPT FINANCING; PROVIDING CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Ocoee, Florida (the "City") has
determined that the need exists to undertake improvements to its water and sewer system,
including but not limited to transmission, metering, mains, lift stations, and related
improvements (the "Project"); and
WHEREAS, the City intends to commence initial planning and development of the Project,
and intends to preserve its ability to reimburse costs and expenditures incurred by the City for the
Project with proceeds from a future tax-exempt financing.
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, Chapter 166, Part II, Florida Statutes, the
Charter of the City and other applicable provisions of law.
Section 2: Ratification and Confirmation. The foregoing "WHEREAS" clauses are
hereby ratified and confirmed as being true and correct and are hereby made a specific part of this
Resolution.
Section 3: Declaration of Official Intent. The City hereby expresses its intention to be
reimbursed from the proceeds of a future tax-exempt financing in a principal amount not to
exceed $ , for capital expenditures to be paid by the City in connection with the
Project. This Resolution is intended to constitute a "declaration of official intent" within the
meaning of Section 1.150-2 of the United States Treasury Regulations (the "Regulations"). No
funds from sources other than the reimbursement bond issue are, or are reasonably expected to be,
reserved, allocated on a long-term basis, or otherwise set aside by the City for such expenditures
pursuant to its budget or financial policies.
Section 4: Timing of Reimbursed Expenditures. The capital expenditures to be
reimbursed pursuant to this Resolution will be incurred not earlier than a date sixty(60) days prior
to the date of adoption hereof in connection with payments and expenditures made from available
City funds for the Project; provided that should any other expenditures made prior to sixty (60)
days be reimbursable under Section 1.150-2 of the Regulations, the City intends for such to be
reimbursed as permitted by that section.
Section 5: Repealer. All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
Section 6: Severability. If any clause, section, other part or application of this
Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part
or application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
Section 7: Effective Date. This Resolution shall become effective immediately upon its
passage and adoption.
DULY ADOPTED this day of , 2016.
CITY COMMISSION OF THE CITY OF
OCOEE, FLORIDA
(SEAL)
Rusty Johnson, Mayor
ATTEST:
Beth Eikenberry, Clerk
FOR USE AND RELIANCE ONLY BY THE APPROVED BY THE OCOEE CITY
CITY OF OCOEE, APPROVED AS TO FORM COMMISSION AT A MEETING HELD ON
AND LEGALITY, THIS DAY OF , 2016 UNDER AGENDA ITEM
, 2016. NO.
CITY ATTORNEY
01123690.doc
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