Submitted By: Marcella Hughes
presenter
Presentation By: Peter Brill
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Department: Finance
FORMAL TITLE:
title
Resolution 2026-51 to supplement Resolutions 2002-80 and 2015-57 by removing Occupational Taxes (now known as Business Tax Receipts) as security for the City’s Capital Improvement Refunding Revenue Certificate, Series 2015
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OCALA’S RELEVANT STRATEGIC GOALS:
Quality of Place
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The City is considering the removal of the annual Business Tax Receipt revenue. Therefore, a new resolution is needed to remove Business Tax Receipts from the pledged revenue associated with the outstanding Refunding Revenue Certificate, Series 2015.
FINDINGS AND CONCLUSIONS:
After consulting with the City’s Bond Counsel, it has been determined that Business Tax Receipts must be removed from the pledged revenues linked to the Refunding Revenue Certificate, Series 2015, in order to potentially discontinue their collection. Finance has conferred with the Bondholder, who has approved proceeding with this resolution without penalty.
Staff recommends approval.
FISCAL IMPACT:
Removing the pledged revenue from the Refunding Revenue Certificate, Series 2015, will not have a fiscal impact. However, the City will experience a reduction of approximately $300,000 in annual Business Tax Revenue.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
This resolution will be reviewed and approved for form and legality by City Attorney William E. Sexton. It has also been reviewed and approved by Jolinda Herring, Bond Attorney from the firm Bryant Miller Olive P.A.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny
RESOLUTION 2026-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA SUPPLEMENTING RESOLUTION NO. 2002-80, AS SUPPLEMENTED BY RESOLUTION NO. 2015-57, AUTHORIZING CERTAIN AMENDMENTS TO RESOLUTION NO. 2002-80 AND RESOLUTION NO. 2015-57; REMOVING OCCUPATIONAL LICENSE TAXES (NOW KNOWN AS BUSINESS TAX RECEIPTS), AS SECURITY FOR THE CITY’S CAPITAL IMPROVEMENT REFUNDING REVENUE CERTIFICATE, SERIES 2015; MAKING CERTAIN FINDINGS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council (the “City Council”) of the City of Ocala, Florida (the “Issuer”) previously adopted Resolution No. 2002-80 on September 3, 2002 (the “Master Resolution”), as supplemented by Resolution No. 2015-57 adopted on May 19, 2015 (the “Supplemental Resolution” and together with the Master Resolution, the “Bond Resolution”), pursuant to which the Issuer issued its $21,440,000 Capital Improvement Refunding Revenue Certificate, Series 2015 (the “Series 2015 Bond”).
WHEREAS, the Series 2015 Bond is currently held by Raymond James Capital Funding, Inc., as sole holder (the “Bondholder”).
WHEREAS, the Master Resolution provides that the Series 2015 Bond is secured by and payable from certain Pledged Revenues which include (1) the Sales Tax; (2) the Franchise Fees; (3) the Occupational License Taxes, now known as Business Tax Receipts (the “Business Tax Receipts”); (4) the Guaranteed Entitlement Funds; (5) the Mobile Home License Fees; (6) the Fines and Forfeitures; and (7) the Discretionary Communications Services Tax; and
WHEREAS, the Issuer has determined that it is in the best interest of the Issuer to repeal the Business Tax Receipts and discontinue collections.
WHEREAS, the Issuer has further determined that the repeal of the Business Tax Receipts will not adversely affect, impair, or otherwise diminish the Issuer’s ability to pay the principal of, interest on, or redemption premium, if any, with respect to the Series 2015 Bond when due.
WHEREAS, the Issuer has further determined that such action will not impair the Issuer’s obligation to make debt service on the outstanding Series 2015 Bond.
WHEREAS, in order for the amendment contemplated by this Resolution to become effective, the Bondholder, as the sole holder of the outstanding Series 2015 Bond, shall execute and deliver a written Bondholder Consent approving the amendment to the Master Resolution.
WHEREAS, the Issuer finds it necessary and desirable to amend the Master Resolution to reflect such changes.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA:
SECTION 1. AUTHORITY. This Resolution is adopted pursuant to the Constitution and laws of the State of Florida, the Charter of the Issuer, the Master Resolution and Supplemental Resolution, and all other applicable provisions of law.
SECTION 2. FINDINGS. The foregoing recitals are hereby ratified, adopted and incorporated herein as legislative findings of the Issuer.
SECTION 3. AMENDMENT TO DEFINITION OF PLEDGED REVENUES. Section 1.02 Definitions of the Master Resolution is hereby amended as follows:
“Pledged Revenues” shall mean (1) the Sales Tax; (2) the Franchise Fees; (3) the Guaranteed Entitlement Funds; (4) the Mobile Home License Fees; (5) the Fines and Forfeitures; and (6) the Discretionary Communications Services Tax.
SECTION 4. CONFIRMATION OF SECURITY. Except as expressly amended by this Resolution, the pledge of the Pledged Revenues and all liens, covenants, obligations, security, interests, and provisions of the Master Resolution and Supplemental Resolution shall remain in full force and effect and are hereby ratified, reaffirmed, and confirmed.
SECTION 5. SEVERABILITY. If any section, paragraph, clause, or provision of this Resolution shall be held invalid or unenforceable, such invalidity shall not affect the remaining provisions of this Resolution.
SECTION 6. REPEAL OF INCONSISTENT PROVISIONS. All resolutions or parts thereof in conflict with this Resolution are hereby repealed to the extent of such conflict.
SECTION 7. EFFECTIVE DATE. This Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF OCALA, FLORIDA, this __ day of ______, 2026.
CITY OF OCALA, FLORIDA
(SEAL)
By:__________________________
Ire Bethea, Sr.
Council President
ATTEST:
By:_______________________________
Angel B. Jacobs
City Clerk
APRROVED AS TO FORM
AND LEGALITY
By:_____________________________
William E. Sexton, Esq.
City Attorney