Submitted By: Marcella Hughes
presenter
Presentation By: Peter Brill
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Department: Finance
FORMAL TITLE:
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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 SECU...
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