2016-019 Resolution Supplementing Resolution No. 2016-017 (Master Water and Sewer System Bond Resolution) RESOLUTION NO. 2016-019
A RESOLUTION OF THE CITY COMMISSIONERS OF THE CITY
OF OCOEE, FLORIDA SUPPLEMENTING RESOLUTION NO.
2016-017 PROVIDING FOR DIRECTION TO A VERIFICATION
AGENT REGARDING ANY VERIFICATION REPORT
REQUIRED BY SECTION 6.03 THEREOF; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH;AND PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF OCOEE, FLORIDA THAT:
SECTION 1. Authority for this Resolution. This resolution is adopted pursuant to the
provisions of the Constitution of the State of Florida, the Charter of the City, Chapter 166, Part
-II, Florida Statutes, and other applicable provisions of law (collectively, the "Act") and Section
6.01(A) of Resolution No. 2016-017 adopted by the City on even date herewith (the
"Resolution").
SECTION 2. Definitions. All capitalized undefined terms shall have the meaning
ascribed thereto in the Resolution.
SECTION 3. Supplement to Section 6.03(B) of the Resolution. Section 6.03(B) of the
Resolution is hereby further clarified and supplemented with the addition of the following
provision as the last two sentences of subsection (B) thereof:
The verification report required pursuant to the provisions above, shall
also specify whether the Acquired Obligations used to fund the escrow include
"defeased municipal bonds" as permitted by such definition. If the verification
agent determines that such "defeased municipal bonds" have been utilized to
fund the escrow, then (i) the verification report shall further document and
ascertain that the specific defeased municipal bonds were defeased with an
escrow which is secured by either cash or direct non-callable obligations of the
United States of America and unconditionally guaranteed as to the timely
payment of principal and interest by the United States of America, and (ii) the
verification agent shall obtain and review a copy of the verification report related
to the escrow securing the "defeased municipal bonds."
SECTION 4. Prior Resolutions. All prior resolutions of the City inconsistent with the
provisions of this resolution is hereby supplemented to conform with the provisions herein
contained and in the Resolution and this resolution and the Resolution shall remain in full force
and effect.
SECTION 5. Severability and Invalid Provisions. If any one or more of the covenants,
agreements or provisions herein contained shall be held contrary to any express provision of
law or contrary to the policy of express law, but not expressly prohibited or against public
policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separable from the remaining covenants,
agreements or provisions and shall in no way affect the validity of the other provisions hereof
or of the Series 2016 Bonds.
SECTION 6. Resolution to Continue in Force. The Resolution and all the terms and
provisions thereof, are and shall remain in full force and effect.
SECTION 7. Effective Date. This resolution shall take effect immediately upon its
adoption and authentication as provided by law.
Passed and Adopted this 6th day of December, 2016, at a regular meeting duly called and
held.
CITY OF OCOEE,FLORIDA
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rte, -t
Rusty Johnso ,41 or
ATTEST:
144-1/e6L:
Melanie Sibbitt, City Clerk
APPROVED AS TO FORM&
LEGAL SUFFICIENCY:
Ci Att7Ir
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