HomeMy WebLinkAbout2017-001 Resolution Reimbursement for FY 2017 General Fund and Stormwater Expenditures/Downtown Infrastructure RESOLUTION NO.2017-001
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA, ESTABLISHING ITS
INTENT TO PROVIDE FOR THE REIMBURSEMENT OF CERTAIN PROJECT
COSTS INCURRED FOR VARIOUS CAPITAL IMPROVEMENTS OF THE CITY'S
FACILITIES AND INCURRED FOR CAPITAL IMPROVEMENTS TO THE
CITY'S STORMWATER SYSTEM WITH PROCEEDS OF FUTURE TAX-EXEMPT
FINANCINGS; 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 various capital improvements to its capital
facilities including the City Hall Relocation, Lakeshore Center Expansion, and the Lakefront
Park Improvements, Bluford Avenue Reconstruction, Taylor Street Reconstruction, Kissimmee
Avenue Realignment, Oakland Avenue Reconstruction, McKey Street Reconstruction, West
Orange Trail Connector Segment 3, Maine Street Extension, Bluford Avenue Second Left-turn
Lane at SR 50, and Major and Minor Gateways (collectively, the "Capital Facility Projects") and
to undertake various capital improvements to its storm water system including the Master
Downtown Stormwater System(collectively, the "Stormwater System Projects");and
WHEREAS, the City intends to commence initial planning and development of the Capital
Facility Projects and the Stormwater System Projects, and intends to preserve its ability to
reimburse costs and expenditures incurred by the City for such projects with proceeds from future
tax-exempt financings.
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 future tax-exempt financings in a principal amount not to exceed
$25,000,000, for capital expenditures to be paid by the City in connection with the Capital Facility
Projects and in a principal amount not to exceed $9,000,000 for capital expenditures to be paid by
the City in connection with the Stormwater System Projects. 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 Capital Facility Projects and the Stormwater System Projects; 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.
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DULY ADOPTED this 3 day of January, 2017.
CITY COMMISSION OF THE CITY OF
OCOEE, FLORIDA
(SEAL) �_ ,4 ;r.� "
Rusty Jo s, Mayor
ATTEST
Melanie Sibbitt, City 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 3 DAY OF JANUARY �,2017 UNDER AGENDA ITEM
JANUARY, 2017. NO. 17
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CITY • OR1"M
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