VII(B) Resolution No 2000-05, Reimbursement Of Certain Costs Relating To Coca Cola Property Agenda 8-15-2000
Item VII B
FOLEY & LARDNER
MEMORANDUM
CLIENT-MATTER NUMBER
20377-524
TO: Honorable Mayor and City Commissioners of the City of Ocoee
FROM: Paul E. Rosenthal,Esq., City Attorney
DATE: August 7, 2000
RE: Resolution No. 2000-05: Reimbursement of Certain Project Costs Relating to
the Coca-Cola Property from the Proceeds of Future Tax Exempt Financing
The City is currently spending certain funds in connection with the proposed
acquisition from The Coca-Cola Company of certain vacant land adjacent to and east of Lake
Apopka in the vicinity of Fullers Cross Road and Ocoee Apopka Road. It is anticipated that
the closing will be financed with a tax exempt financing. In order to utilize the proceeds of a
future tax exempt financing to reimburse the general fund for certain expenses incurred prior
to such financing, it is necessary for the City Commission to adopt a resolution establishing its
intent to seek such reimbursement.
Attached hereto is proposed Resolution No. 2000-05 which has been prepared by Grace
Dunlap, the City's bond counsel. The Resolution indicates a maximum debt of $4,000,000,
which number is intended to address the contingency of the School Board declining to
participate in the financing of the Project.
The adoption of the Resolution does not in any way obligate the City to close on the
acquisition of the Coke Property or to proceed with tax exempt financing.
RECOMMENDATION:
It respectfully is recommended that the City Commission adopt Resolution No. 2000-05
establishing its intent to reimburse certain project .gbsts relating to the acquisition and
ter.....
development of public property and capital improvements"thereto with proceeds of a future tax
exempt financing and authorizing execution thereof by,the Mayor and City Clerk.
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006.190105.1
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08-0`T-00 13:55 ID= P02/03
RESOLUTION NO. a00o--°S
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,
ESTABLISHING ITS INTENT TO REIMBURSE CERTAIN
PROJECT COSTS OREL-UBLICT ROP RTYQAND ICO.APITNAL
DEVELOPMENT
IlVIPRO'VEMENTS THERETO WITH PROCEEDS OF FUTURE
TAX-EXEMPT FINANCING; PROVIDING CERTAINOTHER
MATTERS IN CONNECTION THEREWITH;
; PROVIDING _ _
AN EFFECTIVE DATE.
WHEREAS,the City Commission of the City of Ocoee,Florida(the "Issuer")has determined
that the need exists to acquire certain real property and to construct certain capital improvements
consisting of the acquisition,construction,reconstruction,or development of approximately 320 acres
of vacant land adjacent to and eastofLake Apopka in the vicinity of Fullers Cross Road and Ocoee-
Apopka opka Road,including all property rights,easements,franchises and equipment relating thereto and
deemed necessary or convenient for the construction or acquisition or the;operation thereof(the
"Project"). 3' ':V-
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF OCOEE,FLORIDA, THAT:
SECTION 1. AUTHORITY. This Resolution (hereinafter called the "Resolution") is
adopted pursuant to the provisions of the Florida Constitution, Chapter 166,Florida Statutes, and
other applicable provisions of
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses'its intention to
be reimbursed from proceeds ofn future -exemptfinancmg for the Project to be paid by the Issuer
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08-07-00 13:55 ID= P03/03
arlol
in connection with the acquisition, construction or reconstruction of 4 kthe' Project. Pending ' '
reimbursement, the Issuer expects to use funds on deposit in its general fund to pay costs of the
Project. It is reasonably expected that the total amount of debt to be incurred by the Issuer to
reimburse itself for expenditures paid with respect to the Project will not exceed$4 000,000. This
Resolution is intended to constitute a "declaration of official intent"within the meaning of Section
1.150-2 of the Income Tax Regulations with respect to the Project.
SECTION 3. SRVERABILITY. If any one or more of the provisions of this Resolution shall
for any reason be held illegal or invalid,such illegality or invalidity shall not affect any other provision
of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid
provision had not been contained therein.
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SECTION 4. REPEALINGCLAUSE. All resolutions or orders and parts thereof in'conflict
herewith to the extent of such conflicts, are hereby superseded and repealed`.
SECTION 5. EFFECTIVE DATE- .This resolution shall take effect immediately upon its
adoption this day of Auguet,2000.
-,p, ' CITY COMMISSION OF TIRE CITY OF OCOEE,
FLORIDA
(SEAL) `_.
Mayor
ATTEST: ;�
A'6: ,.,
Clerk
FOR USE AND RF.T,IANCR ONLY APPROVED BY a MEETING CITYHELD
BY TILE CITY OF OCOEE, COMIVIISSIO
APPROVED AS TO FORM AND_.
ON ,2000
LEGALITY,this J_
°' UNDER AGENDA ITEM NO.
. day of 2000 ,
FOLEY&LARDNER
•
City Attorney
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