2016-013 Resolution 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 RESOLUTION NO.2016-013
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, extensions, metering,mains, looping ties, lift stations,
and related improvements including any reclaimed water improvements, as well as the
downtown and Bluford Avenue water and sewer projects (collectively, 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 $8,200,000, 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.
yr,
DULY ADOPTED this a( day of________2016.
CITY COMMISSION OF THE CITY OF
OCOEE, FLORIDA
(SEAL)
-
Rusty Jo s Mayor
ATTEST:
//-YilA.OL„ ,12/elj .„
Melanie Sibbitt,Acting 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 222JAY OF fk tst 149, 2016 UNDER AGENDA ITEM
AUG- , 2016. NO.
SHUFFIELD, LOWMAN&WILSON, P.A.
CITY ATT RNEY
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