Resolution 1985-005 (CWS) 111 II
r
p RESOLUTION NO. CWS-85- 5
A RESOLUTION AUTHORIZING THE ISSUANCE
BY THE COUNTY WATER - SEWER DISTRICT
OF NOT EXCEEDING $ 82 , 500 , 000 IN THE
AGGREGATE PRINCIPAL AMOUNT OF WATER
AND SEWER REVENUE BONDS , SERIES 1985
TO FINANCE THE COST OF REFUNDING CERTAIN
OUTSTANDING OBLIGATIONS OF THE DISTRICT
AND CONSTRUCTING AND ACQUIRING CERTAIN
ADDITIONS , EXTENSIONS AND IMPROVEMENTS
TO THE DISTRICT ' S WATER AND SEWER SYSTEM ;
PLEDGING THE NET REVENUES AND SYSTEM
DEVELOPMENT CHARGES TO SECURE PAYMENT '.
OF THE PRINCIPAL OF AND INTEREST ON
SAID BONDS ; PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SAID BONDS; AND PROVIDING
FOR AN EFFECTIVE DATE FOR THIS RESOLUTION.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA, ACTING AS THE EX-OFFICIO GOVERNING
BODY OF THE COUNTY WATER-SEWER DISTRICT:
ARTICLE I
• GENERAL
SECTION 1 . 01 . DEFINITIONS. When used in this Resolution ,
the following terms shall have the following meanings ,
unless the context clearly otherwise requires:
'Accreted Value' shall mean , as of any date of computation
with respect to any Capital Appreciation Bond , an amount
equal to the principal amount of such Capital Appreciation
Bond ( the principal amount at its initial offering ) plus
the interest accrued on such Capital Appreciation Bond
from the date of delivery to the original purchasers thereof
to the Interest Date next preceding the date of computation
or the date of computation if an Interest Date , such interest
01 to accrue at a rate not exceeding the legal rate , compounded
semiannually , plus , with respect to matters related to
the payment upon redemption or acceleration of the Capital
Appreciation Bonds , if such date of computation shall not
be an Interest Date , a portion of the difference between
the Accreted Value as of the immediately preceding Interest
Date and the Accreted Value as of the immediately succeeding
li Interest Date , calculated based on the assumption that
Accreted Value accrues during any semi-annual period in
equal daily amounts on the basis of a 360-day year .
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r. "Act' shall mean Part II of Chapter 153 , Florida Statutes ,
Chapter 78-489 , Laws of Florida , Special Acts of 1978 ,
and other applicable provisions of law.
'Additional Bonds' shall mean the obligations issued
at any time under the provisions of Section 6 . 02 hereof
on a parity with the Series 1985 Bonds.
'Additional Project' shall mean any structure , property
or facility for public use which the Issuer from time to
time may determine to construct or acquire as part of the
System, together with all equipment , structures and other
facilities necessary or appropriate in connection therewith
which are financed in whole or in part with the indebtedness
secured by this Resolution . This term is to be broadly
construed as including any lawful undertaking which will
accrue to the benefit o.•`. the System, including joint ventures
and acquisition of partial interests or contractual rights ,
and including modification , disposal or cancellation of
an Additional Project previously authorized , should such
modification , disposal or cancellation be permitted under
this Resolution.
"Annual Audit' shall mean the annual audit prepared
pursuant to the requirements of Section 5.06 hereof.
'Annual Budget' shall mean the annual budget prepared
pursuant to the requirements of Section 5.03 hereof.
'Annual Debt Service ' shall mean , at any time , the
aggregate amount in the then current Bond Year of (1) interest
required to be paid on the Outstanding Bonds during such
Bond Year , except to the extent that such interest is to
be paid from deposits in the Interest Account made from
Bond proceeds , ( 2 ) principal of Outstanding Serial Bonds
maturing in such Bond Year, and (3) the Sinking Fund Installments
herein designated with respect to such Bond Year ; provided
that in computing such Annual Debt Service for any future
period , any Variable Rate Bonds shall be deemed to bear
interest at all times to the maturity thereof at a constant
rate of interest equal to either the rate borne by such
Variable Rate Bonds on the date they were issued plus one-half
of the difference between such rate and the Maximum Interest
Rate or the actual rate of interest borne by such Variable
Rate Bonds on such date of calculation , whichever is higher .
For purposes of this definition , all amounts payable on
a Capital Appreciation Bond shall be considered a principal
payment due in the year it becomes due .
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'Authorized Investments' shall mean any of the following ,
if and to the extent that the same are at the time legal
for investment of funds of the Issuer :
(1) Direct obligations of , or obligations the principal
of and interest on which are unconditionally guaranteed
by , the United States of America , including obligations
issued or held in book entry form by the Department of
the Treasury of the United States.
(2) Bonds , debentures , notes , participation certificates
or other evidences of indebtedness issued , the principal
of and interest on which are unconditionally guaranteed ,
by any agency or instrumentality of or corporation wholly
owned by the United States of America , which evidence of
indebtedness involves a pledge of the full faith and credit
of the United States of America.
(3) Bank time deposits evidenced by certificates
of deposit , and bankers ' acceptances , issued by any bank ,
savings and loan association , trust company or national
banking association , which are (a ) fully insured by the
Federal Deposit Insurance Corporation or the Federal Savings
and Loan Insurance Corporation , or (b) secured by obligations
described in paragraphs (1) or (2) of this definition.
(4) Repurchase agreements with any bank , trust company
or national banking association insured by the Federal
Deposit Insurance Corporation , or with any government bond
dealer recognized as a primary dealer by the Federal Reserve
Bank of New York , which agreement is fully and continuously
secured by obligations described in paragraphs ( 1 ) and
( 2 ) of this definition ; provided such obligations shall
be in the physical possession of the Issuer or a bank or
trust company of its choosing which has no interest in
such repurchase agreement.
(5) Units of participation in the Local Government
Surplus Funds Trust Fund established pursuant to Part IV ,
Chapter 218 , Florida Statutes , or any similar common trust
fund which is established pursuant to law as a legal depository
of public moneys and for which the State Board of Administration
acts as custodian.
(6) Such other obligations as shall be permitted
to be legal investments of the Issuer by the laws of the
State.
'Authorized Issuer Officer' shall mean the County ' s
Manager or Utilities Administrator , and when used in reference
to any act or document , also means any other person authorized
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by resolution of the Issuer to perform such act or sign
such document.
'Bond Year' shall mean the period commencing on May 1
of each year and continuing through the next succeeding
April 30 , or such other period as may be provided by resolution
of the Issuer .
'Bondholder' or "Holder' or 'holder' or any similar
term , when used with reference to a Bond or Bonds , shall
mean any person who shall be the registered owner of any
Outstanding Bond or Bonds as provided in the registration
books of the Issuer.
"Bonds ' shall mean the Series 1985 Bonds , together
with any Additional Bonds issued pursuant to this Resolution.
'Capital Appreciation Bonds' shall mean those Bonds
so designated by Supplemental Resolution of the Issuer ,
which may be either Serial Bonds or Term Bonds and which
shall bear interest payable at maturity or redemption .
In the case of Capital Appreciation Bonds that are convertible
to Bonds with interest payable prior to maturity or redemption
of such Bonds , such Bonds shall be considered Capital Appreciation
Bonds only during the period of time prior to such conversion.
' Chairman ' shall mean the Chairman of the Board of
County Commissioners of Collier County , Florida , acting
as the Ex-Officio Chairman of the Governing Body , and such
other person as may be duly authorized to act on his or
her behalf.
'Clerk ' shall mean the Clerk of the Board of County
Commissioners of Collier County , Florida , acting as the
Ex-Officio Clerk of the Governing Body , and such other
person as may be duly authorized to act on his or her behalf .
'Code' shall mean the Internal Revenue Code of 1954 ,
as amended , and the regulations and rules thereunder in
effect or proposed.
'Connection Fees' shall mean the charges imposed on
customers for the cost of physically connecting into the
System, including , but not limited to, the cost of excavating ,
plumbing, installation of meters and landscaping . Connection
Fees shall not include System Development Fees .
'Construction Fund' shall mean the fund established
pursuant to Section 4 .03 hereof.
'Consulting Engineers ' shall mean any engineering
firm of reputation for skill and experience with respect
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to the construction and operation of facilities similar
to the System , which is duly licensed under the laws of
the State of Florida and designated by the Issuer to perform
the duties of the Consulting Engineers under the provisions
hereof.
"Cost" , when used in connection with a Project , shall
mean ( 1 ) the Issuer ' s cost of physical construction ; ( 2 )
costs of acquisition by or for the Issuer of such Project ;
( 3 ) costs of land and interests therein and the cost of
the Issuer incidental to such acquisition ; ( 4 ) the cost
of any indemnity and surety bonds and premiums for insurance
during construction ; ( 5 ) all interest due to be paid on
the Bonds and ,other obligations relating to the System
during the period of construction of such Project ; ( 6 )
engineering , legal and other consultant fees and expenses ;
(7 ) costs and expenses of the financing , including audits ,
fees and expenses of any Paying Agent, Registrar or depository;
( 8 ) amounts , if any , required by this Resolution to be
paid into the Interest Account upon the issuance of any
Series of Bonds ; ( 9 ) payments , when due (whether at the
maturity of principal or the due date of interest or upon
redemption) on any indebtedness of the Issuer (other than
the Bonds ) incurred for a Project for the System ; ( 10 )
costs of machinery , equipment and supplies and reserves
required by the Issuer for the commencement of operation
of such Project ; and (11) any other costs properly attributable
to such construction or acquisition, as determined by generally
accepted accounting principles applicable to water and
sewer systems , and shall include reimbursement to the Issuer
for any such items of Cost heretofore paid by the Issuer .
Any Supplemental Resolution may provide for additional
items to be included in the aforesaid Costs .
"County" shall mean Collier County, Florida.
'District' shall mean the area of operation and jurisdiction
of the Issuer.
'Escrow Deposit Agreement' shall mean the Escrow Deposit
Agreement dated as of the date of the Series 1985 Bonds ,
entered into by and between the Issuer and a banking institution
or trust company , as escrow holder , in connection with
the refunding of the Refunded Obligations.
" Federal Securities " shall mean direct obligations
of the United States of America and obligations the principal
of and interest on which are fully guaranteed by the United
States of America , none of which permit redemption prior
to maturity at the option of the obligor . Federal Securities
shall include any certificates or any other evidences of
an ownership interest in the aforementioned obligations
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or in specified portions thereof (which may consist of
specified portions of the interest thereon) .
' Fiscal Year ' shall mean the period commencing on
October 1 of each year and continuing through the next
succeeding September 30 , or such other period as may be
prescribed by law.
'Governing Body' shall mean the Board of County Commissioners
of Collier County, Florida , acting as the Ex-Officio Governing
Body of the Issuer , or its successor in function.
'Government Grant ' , when used with respect to the
System, shall mean any sum of money heretofore or hereafter
received by the Issuer from the United States of America
or any agency thereof or from the State of Florida or any
agency or political subdivision thereof as or on account
of a grant or contribution , not repayable by the Issuer ,
for or with respect to ( 1 ) the construction , acquisition
or other development of an addition , extension or improvement
to any part of the System or any costs of any such construction,
acquisition or development , or ( 2 ) the financing of any
such construction , acquisition, development or costs .
'Gross Revenues ' shall mean all income and moneys
received by the Issuer from the rates , fees , rentals , charges
and other income to be made and collected by the Issuer
for the use of the products , services and facilities to
be provided by the System , or otherwise received by the
Issuer or accruing to the Issuer in the management and
operation of the System , calculated in accordance with
generally accepted accounting methods employed in the operation
of public utility systems similar to the System, including ,
without limiting the generality of the foregoing , Connection
Fees and all earnings and income derived from the investment
of moneys under the provisions of this Resolution which
are transferred to the Revenue Fund or Interest Account
as herein provided . "Gross Revenues " shall not include
( 1 ) any Government Grants , ( 2 ) System Development Fees ,
and (3) Special Assessments.
' Initial Project' shall mean the following facilities
to be constructed or acquired in or about the jurisdiction
of the Issuer with all necessary and incidental connections ,
equipment , apparatus structures and appurtenances , including
all real property and rights-of-way and other interests
and all personal property necessary or desirable for efficient
operation of such facilities:
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(1) Acquisition of Lely Sewer Utilities;
(2) Construction of various improvements to Lely
Sewer Utilities;
(3) Construction of effluent disposal system for
spray irrigation on Imperial Golf Course;
(4) Construction of new sewage treatment plant -
phase
nt -phase I;
(5) Expansion to existing sewage treatment plant
in North Naples to 5 MGD;
(6) Construction of a sewage collection and transmission
system in East Naples;
(7) Expansion to existing regional water plant;
(8) Expansion of existing water wells;
(9) Construction of North Naples water storage facilities
of approximately 2 MG;
(10) Construction of Capri area water system improvements;
and
(11) Such changes , deletions , additions or modifications
to the enumerated improvements and facilities
provided in clauses ( 1 ) through ( 10 ) above or
such other improvements to the System as the
Consulting Engineers shall recommend and as may
be approved by the Governing Body.
" Insurer " shall mean such Person as shall be in the
business of insuring or guaranteeing the payment of principal
of and interest on municipal securities and whose credit
is such that , at the time of any action or consent required
or permitted by the Insurer pursuant to the terms of this
Resolution , all municipal securities insured or guaranteed
by it are then rated , because of such insurance or guarantee,
in one of the two most secure grades by one of the two
most widely nationally recognized rating agencies which
regularly rate the credit of municipal securities .
' Interest Account " shall mean the separate account
in the Sinking Fund established pursuant to Section 4 . 04 (C)
hereof.
"Interest Date' shall be such date or dates as shall
be provided by Supplemental Resolution of the Issuer.
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' Issuer' shall mean the County Water-Sewer District ,
and also includes any authority or other governmental entity
to which may hereafter be transferred some or all of the
powers and responsibilities of the Issuer with respect
to the ownership, financing , operation , enlargement , improvement
and maintenance of the System.
"Maximum Annual Debt Service" shall mean the largest
aggregate amount in any Bond Year , excluding all Bond Years
which shall have ended prior to the Bond Year in which
the Maximum Annual Debt Service shall at any time be computed ,
of the Annual Debt Service.
"Maximum Interest Rate' shall mean , with respect to
any particular Variable Rate Bonds , a numerical rate of
interest , which shall be set forth in the Supplemental
Resolution of the Issuer delineating the details of such
Bonds , that shall be the maximum rate of interest such
Bonds may at any particular time bear.
"Net Revenues" shall mean Gross Revenues less Operating
Expenses .
"Operation and Maintenance Fund" shall mean the fund
created pursuant to Section 4 .04 (B) hereof.
"Operating Expenses" shall mean the Issuer ' s expenses
for operation , maintenance , repairs and replacements with
respect to the System and shall include , without limiting
the generality of the foregoing , administration expenses ,
insurance and surety bond premiums , legal and engineering
expenses , ordinary and current rentals of equipment or
other property , refunds of moneys lawfully due to others ,
payments to others for disposal of sewage or other wastes ,
payments to pension , retirement , health and hospitalization
funds , and any other expenses required to be paid for or
with respect to proper operation or maintenance of the
System , all to the extent properly attributable to the
System in accordance with generally accepted accounting
principles employed in the operation of public utility
systems similar to the System , and disbursements for the
expenses , liabilities and compensation of any Paying Agent
or Registrar under this Resolution , but does not include
any costs or expenses in respect of original construction
or improvement other than expenditures necessary to prevent
an interruption or continuance of an interruption of Gross
Revenues or minor capital expenditures necessary for the
proper and economical operation or maintenance of the System,
or any provision for interest , depreciation , amortization
or similar charges.
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'Outstanding' , when used with reference to Bonds and
as of any particular date , shall describe all Bonds theretofore
and thereupon being authenticated and delivered except ,
( 1 ) any Bond in lieu of which other Bond or Bonds have
been issued under agreement to replace lost , mutilated
or destroyed Bonds , ( 2) any Bond surrendered by the Holder
thereof in exchange for other Bond or Bonds under Sections
2 . 06 and 2 . 08 hereof , and ( 3 ) Bonds deemed to have been
paid pursuant to Section 9 . 01 hereof .
'Paying Agent' shall mean any paying agent for Bonds
appointed by or pursuant to this Resolution and its successor
or assigns , and any other Person which may at any time
be substituted in its place pursuant to this Resolution.
' Person ' shall mean an individual , a corporation ,
a partnership , an association , a joint stock company , a
trust , any unincorporated organization or governmental
entity.
' Pledged Funds ' shall mean , ( 1 ) the Net Revenues ,
(2) the System Development Fees , (3 ) the Special Assessment
Proceeds , and ( 4 ) until applied in accordance with the
provisions of this Resolution , all moneys , including investments
thereof , in the funds and accounts established hereunder ,
except as for the Revenue Fund and the Operation and Maintenance
Fund .
' Prerefunded Obligations ' shall mean any bonds or
other obligations of any state of the United States of
America or of any agency , instrumentality or local governmental
unit of any such state (1 ) which are (A) not callable prior
to maturity or (B ) as to which irrevocable instructions
have been given to the fiduciary for such bonds or other
obligations by the obligor to give due notice of redemption
and to call such bonds for redemption on the date or dates
specified in such instructions , ( 2 ) which are secured as
to principal , redemption premium , if any , and interest
by a fund consisting only of cash or Federal Securities ,
secured in the manner set forth in Section 9 . 01 hereof ,
which fund may be applied only to the payment of such principal
of , redemption premium , if any , and interest on such bonds
or other obligations on the maturity date or dates thereof
or the specified redemption date or dates pursuant to
such irrevocable instructions , as the case may be , and
(3 ) as to which the principal of and interest on the Federal
Securities , which have been deposited in such fund along
with any cash on deposit in such fund are sufficient to
pay principal of , redemption premium, if any , and interest
on the bonds or other obligations on the maturity date
or dates thereof or on the redemption date or dates specified
in the irrevocable instructions referred to in clause
(1) above.
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' Principal Account' shall mean the separate account
in the Sinking Fund established pursuant to Section 4 . 04 (C )
hereof .
' Projects ' shall mean the Initial Project and each
Additional Project.
'Redemption Price ' shall mean , with respect to any
Bond or portion thereof , the principal amount or portion
thereof , plus the applicable premium, if any , payable upon
redemption thereof pursuant to such Bond or this Resolution .
'Refunded Obligations' shall mean ( 1 ) the Issuer ' s
$21 , 390 , 000 Water Revenue Refunding Bonds , Series 1983 ,
dated as of June 1 , 1983 , (2) the Issuer ' s $2 , 849 , 000 Sewer
Revenue Bonds , dated April 26 , 1977 , (3) the Issuer ' s $1 , 005 , 000
Sewer Revenue and Special Assessment Bonds , Series 1980 ,
dated July 15 , 1981 , and ( 4 ) the Issuer ' s $375 , 000 Water
Revenue and Special Assessment Bonds , Series 1980 , dated
July 15, 1981 .
'Refunded Resolutions' shall mean Resolution Nos . CWS-83-2 ,
CWS-77-9 , CWS-80-5 and CWS-80-6 , all as amended and supplemented,
of the Issuer which authorized the issuance of the Refunded
Obligations.
'Refunding Securities' shall mean the Federal Securities
and the Prerefunded Obligations .
'Registrar ' shall mean any registrar for the Bonds
appointed by or pursuant to this Resolution and its successors
and assigns , and any other Person which may at any time
be substituted in its place pursuant to this Resolution.
'Renewal and Replacement Fund' shall mean the fund
created pursuant to Section 4 .04 (F) hereof .
'Renewal and Replacement Fund Requirement' shall mean
an amount of money equal to $300 , 000 , or such other amount
as may be certified to the Issuer by the Consulting Engineers
as an amount appropriate for the purposes of this Resolution .
' Reserve Account ' shall mean the separate account
in the Sinking Fund established pursuant to Section 4 . 04 (C )
hereof.
'Reserve Account Requirement' shall mean , as of any
date of calculation , an amount equal to the lesser of ( 1 )
Maximum Annual Debt Service for all Outstanding Bonds ,
or ( 2 ) 125 % of the average annual debt service for all
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Outstanding Bonds , as provided in Revenue Procedure 84-26
of the Internal Revenue Service .
'Resolution" shall mean this Resolution , as the same
may from time to time be amended , modified or supplemented
by Supplemental Resolution .
' Revenue Fund' shall mean the fund created pursuant
to Section 4 . 04 (A) hereof .
"Serial Bonds ' shall mean all of the Bonds other than
the Term Bonds.
'Series' shall mean all the Bonds delivered on original
issuance in a simultaneous transaction and identified pursuant
to Sections 2 . 01 and 2 . 02 hereof or a Supplemental Resolution
authorizing the issuance by the Issuer of such Bonds as
a separate Series , regardless of variations in maturity ,
interest rate , Sinking Fund Installments or other provisions .
' Series 1985 Bonds ' shall mean the Issuer ' s Water
and Sewer Revenue Bonds , Series 1985 authorized pursuant
to Section 2.02 hereof.
"Sinking Fund" shall mean the fund established pursuant
to Section 4 .04 (C) hereof.
'Sinking Fund Installment" shall mean an amount designated
as such by Supplemental Resolution of the Issuer and established
with respect to the Term Bonds.
' Special Assessments' means any and all assessments
against property benefited by the System or any part thereof ,
but special assessments shall be subject to the provisions
and lien and pledge of this Resolution only if and to the
extent ( 1 ) such assessments have been levied in relation
to a Project , or ( 2 ) provision for inclusion as part of
the Pledged Revenues has been made by Supplemental Resolution
to be adopted by the Issuer .
'Special Assessments Fund' shall mean the fund created
pursuant to Section 4 .04 (E) hereof .
' Special Assessments Proceeds ' means the proceeds
of Special Assessments pledged hereunder (principal and
interest ) , whether paid at one time or in installments
from time to time.
"State' shall mean the State of Florida.
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'Subordinated Indebtedness' shall mean that indebtedness
of the Issuer , subordinate and junior to the Bonds , issued
in accordance with the provisions of Section 6 . 01 hereof .
' Surplus Fund' shall mean the fund created pursuant
to Section 4 .04 (G) hereof.
' Supplemental Resolution" shall mean any resolution
of the Issuer amending or supplementing this Resolution
enacted and becoming effective in accordance with the terms
of Sections 8 . 01 , 8. 02 and 8 . 03 hereof .
' System' shall mean any and all water production ,
transmission , treatment and distribution facilities and
sewage collection , transmission , treatment and disposal
facilities now owned and operated or hereafter owned and
operated by the Issuer , which System shall also include
any and all improvements , extensions and additions thereto
hereafter constructed or acquired either from the proceeds
of Bonds or from any other sources , together with all property ,
real or personal , tangible or intangible , now or hereafter
owned or used in connection therewith.
'System Development Fees' shall mean the charges imposed
by the Issuer on Persons , including developers and large
users , connecting to the System , or reserving capacity
in the System , which represent a pro rata share of the
costs of the System which are attributable to the increased
demand such additional connections create upon the System ;
provided , however , that such charges shall be net of any
refunds to said Persons in accordance with applicable developer
or use agreements . System Development Fees shall not include
Connection Fees .
" System Development Fees Fund' shall mean the fund
created pursuant to section 4 .04 (D) hereof .
'Term Bonds " shall mean those Bonds which shall be
designated as Term Bonds hereby or by Supplemental Resolution
of the Issuer.
'Term Bonds Redemption Account' shall mean the separate
account in the Sinking Fund established pursuant to Section
4 .04 (C) hereof.
'Variable Rate Bonds ' shall mean Bonds issued with
a variable , adjustable , convertible or other similar rate
which is not fixed in percentage for the entire term thereof
at the date of issue .
The terms " herein , " " hereunder , " " hereby , " " hereto , "
"hereof, " and any similar terms , shall refer to this Resolution;
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the term "heretofore" shall mean before the date of adoption
of this Resolution ; and the term " hereafter " shall mean
after the date of adoption of this Resolution.
Words importing the masculine gender include every
other gender .
Words importing the singular number include the plural
number , and vice versa.
SECTION 1.02 . AUTHORITY FOR RESOLUTION. This Resolution
is adopted pursuant to the provisions of the Act . The
Issuer has ascertained and hereby determined that adoption
of this Resolution is necessary to carry out the powers ,
purposes and duties expressly provided in the Act , that
each and every matter and thing as to which provision is
made herein is necessary in order to carry out and effectuate
the purposes of the Issuer in accordance with the Act and
to carry out and effectuate the plan and purpose of the
Act , and that the powers of the Issuer herein exorcinod
are in each case exercised in accordance with the provisions
of the Act and in furtherance of the purposes of the Issuer .
SECTION 1 . 03 . RESOLUTION TO CONSTITUTE CONTRACT .
In consideration of the purchase and acceptance of any
or all of the Bonds by those who shall hold the same from
time to time , the provisions of this Resolution shall be
a part of the contract of the Issuer with the Holders of
the Bonds , and shall be deemed to be and shall constitute
a contract between the Issuer and the Holders from time
to time of the Bonds . The pledge made in the Resolution
and the provisions , covenants and agreements herein set
forth to be performed by or on behalf of the Issuer shall
be for the equal benefit , protection and security of the
Holders of any and all of said Bonds . All of the Bonds ,
regardless of the time or times of their issuance or maturity,
shall be of equal rank without preference , priority or
distinction of any of the Bonds over any other thereof
except as expressly provided in or pursuant to this Resolution.
SECTION 1 . 04 . FINDINGS . It is hereby ascertained ,
determined and declared:
(A) That the Issuer now owns , operates and maintains
water facilities for the supply and distribution of water
for domestic, commercial and industrial use.
(B) That the Issuer now owns , operates and maintains
sewer facilities for the collection , treatment and disposal
of sewage and waste water matter within the District .
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(C) That the Issuer deems it necessary , desirable
and in the best financial and administrative interests
of the Issuer that the water and sewer facilities be combined
and consolidated into a single system.
(D) That the water and sewer facilities be and are
hereby combined and consolidated into one single system.
(E) That there is hereby authorized the acquisition
and construction of additions , extensions and improvements
to the System, in the form of the Initial Project , substantially
in accordance with the plans and specifications prepared
by the Consulting Engineers and filed with and approved
by the Governing Body . The Initial Project shall be financed
by part of the proceeds of the Series 1985 Bonds issued
pursuant to this Resolution and by other moneys available
for such purposes , if any.
(F) That the Issuer has heretofore issued and has
now outstanding and unpaid certain of the Refunded Obligations .
(G) That the Pledged Funds are not pledged or encumbered
in any manner except for the payment of principal of and
interest on the Refunded Obligations .
(H) That there is hereby authorized the payment and
refunding of the Refunded Obligations all in the manner
as provided by this Resolution.
(I) That for the payment and refunding of said Refunded
Obligations , the Issuer shall , as provided herein , deposit
part of the proceeds derived from the sale of the Series
1985 Bonds in a special escrow deposit trust fund , which
shall be sufficient , together with investment earnings
therefrom, to refund the Refunded Obligations as the same
become due and payable or are redeemed prior to maturity ,
all as provided in this Resolution and the Escrow Deposit
Agreement.
(J) That the estimated Gross Revenues to be derived
in each year hereafter from the operation of the System
will be sufficient to pay all the Operating Expenses , the
principal of and interest on the Bonds to be issued pursuant
to this Resolution , as the same become due , and all other
payments provided for in this Resolution .
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(K) That the principal of and interest on the Bonds
to be issued pursuant to this Resolution , and all other
payments provided for in this Resolution will be paid solely
from the Pledged Funds in accordance with the terms hereof ;
and the ad valorem taxing power or any other funds of the
Issuer or the County will never be necessary or authorized
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• •
to pay the principal of and interest on the Bonds to be
issued pursuant to this Resolution , or to make any other
payments provided for in this Resolution , and the Bonds
shall not constitute a lien upon the System or upon any
other property whatsoever of or in the Issuer or the County.
(L) That the estimated cost of the Initial Project
is $50 ,000, 000; the estimated annual Gross Revenues , including
System Development Fees and Special Assessment Proceeds ,
to be derived from the System , subsequent to acquisition
and construction of the Initial Project are $17 , 095 , 000 ;
the estimated annual Operating Expenses of the System ,
subsequent to acquisition and construction of the Initial
Project are $8 , 392 , 000 ; that the estimated annual debt
service on the Series 1985 Bonds is $8,240 , 000 .
SECTION 1. 05. INITIAL PROJECT. The Issuer does hereby
authorize the acquisition , construction and installation
of the Initial Project.
v
OW 91
15
ARTICLE II
AUTHORIZATION, TERMS, EXECUTION AND
REGISTRATION OF BONDS
SECTION 2. 01 . AUTHORIZATION OF BONDS. This Resolution
creates an issue of Bonds of the Issuer to be designated
as " County Water-Sewer District Water and Sewer Revenue
Bonds" which may be issued in one or more Series as hereinafter
provided . The aggregate principal amount of the Bonds
which may be executed and delivered under this Resolution
is not limited except as is or may hereafter be provided
in this Resolution or as limited by the Act or by law.
The Bonds may , if and when authorized by the Issuer
pursuant to this Resolution , be issued in one or more Series ,
with such further appropriate particular designations added
to or incorporated in such title for the Bonds of any particular
Series as the Issuer may determine and as may be necessary
to distinguish such Bonds from the Bonds of any other Series .
Each Bond shall bear upon its face the designation so determined
for the Series to which it belongs.
The Bonds shall be issued for such purpose or purposes ;
shall bear interest at such rate or rates not exceeding
the maximum rate permitted by law ; and shall be payable
in lawful money of the United States of America on such
dates ; all as determined by Supplemental Resolution of
the Issuer .
The Bonds shall be issued in such denominations and
such form , whether coupon or registered ; shall be dated
such date ; shall bear such numbers ; shall be payable at
such place or places; shall contain such redemption provisions ;
shall have such Paying Agents and Registrars ; shall mature
in such years and amounts ; and the proceeds shall be used
in such manner ; all as determined by Supplemental Resolution
of the Issuer .
SECTION 2.02. AUTHORIZATION AND DESCRIPTION OF SERIES
1985 BONDS. A Series of Bonds entitled to the benefit ,
protection and security of this ResoluLion is hereby authorized
in the aggregate principal amount of not exceeding
$82 , 500 ,000 for the purposes of refunding of the Refunded
Obligations and financing the Cost of the Initial Project .
Such Series of Bonds shall be designated as , and shall
be distinguished from the Bonds of all other Series by
the title , "County Water-Sewer District Water and Sewer
Revenue Bonds , Series 1985 " ; provided the Issuer may change
such designation in the event that the total amount of
16 ; )( ) ; ?�a
10 IP
Series 1985 Bonds authorized herein are not issued in a
simultaneous transaction or the Series 1985 Bonds are not
issued in calendar year 1985.
The Series 1985 Bonds shall be dated as of the first
day of the month in which occurs the delivery of the Series
1985 Bonds to the purchaser or purchasers thereof or such
other date as may be set forth by Supplemental Resolution
of the Issuer ; shall be issued as fully registered Bonds ;
shall be numbered consecutively from one upward in order
of maturity preceded by the letter " R" ; shall be in such
denominations and shall bear interest at a rate or rates
not exceeding the maximum rate permitted by law , payable
in such manner and on such dates ; shall consist of such
amounts of Serial Bonds , Term Bonds , Variable Rate Bonds
and Capital Appreciation Bonds maturing in such years and
amounts not exceeding forty ( 40 ) years from their date ;
shall be payable in such place or places ; shall have such
Paying Agents and Registrars; and shall contain such redemption
provisions ; all as the Issuer shall provide hereafter by
Supplemental Resolution.
The principal of or Redemption Price , if applicable ,
on the Series 1985 Bonds are payable upon presentation
of the Series 1985 Bonds at the office of the Paying Agent .
Interest payable on any Series 1985 Bond on any Interest
Date will be paid by check of the Paying Agent to the Holder
in whose name such Bond shall be registered at the close
of business on the date which shall be the fifteenth day
(whether or not a business day) of the calendar month next
preceding such Interest Date , or , at the option of the
Paying Agent , and at the request and expense of such Holder ,
by bank wire transfer for the account of such Holder .
All payments of principal of or Redemption Price , if applicable ,
and interest on the Series 1985 Bonds shall be payable
in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment
of public and private debts.
SECTION 2.03. APPLICATION OF SERIES 1985 BOND PROCEEDS.
Except as otherwise provided by Supplemental Resolution
of the Issuer , the proceeds derived from the sale of the
Series 1985 Bonds , including accrued interest and premium ,
if any , shall , simultaneously with the delivery of the
Series 1985 Bonds to the purchaser or purchasers thereof ,
be applied by the Issuer as follows :
(A) Accrued interest and proceeds of the Series 1985
Bonds representing capitalized interest , if any , shall
be deposited in the Interest Account and shall be used
only for the purpose of paying the interest which shall
thereafter become due on the Series 1985 Bonds .
17 01) 11‹.!3
%rr
(B) A sufficient amount of Series 1985 Bond proceeds
shall be deposited in the Reserve Account which , together
with any moneys and securities on deposit therein and insurance
policies obtained in accordance with Section 4 . 05 ( B ) ( 4 )
hereof , shall equal the Reserve Account Requirement.
(C) A sufficient amount of the Series 1985 Bond proceeds
shall be applied to the payment of the premiums of any
municipal bond insurance policies applicable to the Series
1985 Bonds or reserves established therefor and to the
payment of costs and expenses relating to the issuance
of the Series 1985 Bonds.
(D) A sufficient amount of Series 1985 Bond proceeds
shall be deposited irrevocably in trust in the escrow deposit
trust fund under the terms and provisions of the Escrow
Deposit Agreement and shall be invested in Federal Securities
in the manner set forth in the Escrow Deposit Agreement ,
which investments shall mature at such times and in such
amounts as shall be sufficient to pay the principal of
or Redemption Price , if applicable , and interest on the
Refunded Obligations as the same mature and become due
and payable or are redeemed prior to maturity.
(E) The balance of the Series 1985 Bond proceeds
shall be deposited in the Construction Fund .
SECTION 2.04. EXECUTION OF BONDS. The Bonds shall
be executed in the name of the Issuer with the manual or
facsimile signature of the Chairman and the official seal
of the Issuer shall be imprinted thereon , attested and
countersigned with the manual or facsimile signature of
the Clerk . In case any one or more of the officers who
shall have signed or sealed any of the Bonds or whose facsimile
signature shall appear thereon shall cease to be such officer
of the Issuer before the Bonds so signed and sealed have
been actually sold and delivered such Bonds may nevertheless
be sold and delivered as herein provided and may be issued
as if the person who signed or sealed such Bonds had not
ceased to hold such office . Any Bond may be signed and
sealed on behalf of the Issuer by such person who at the
actual time of the execution of such Bond shall hold the
proper office of the Issuer , although at the date of such
Bond such person may not have held such office or may not
have been so authorized . The Issuer may adopt and use
for such purposes the facsimile signatures of any such
persons who shall have held such offices at any time after
the date of the adoption of this Resolution , notwithstanding
that either or both shall have ceased to hold such office
at the time the Bonds shall be actually sold and delivered.
18
® e
SECTION 2.05. AUTHENTICATION. No Bond of any Series
shall be secured hereunder or entitled to the benefit hereof
or shall be valid or obligatory for any purpose unless
there shall be manually endorsed on such Bond a certificate
of authentication by the Registrar or such other entity
as may be approved by the Issuer for such purpose . Such
certificate on any Bond shall be conclusive evidence that
such Bond has been duly authenticated and delivered under
this Resolution . The form of such certificate shall be
substantially in the form provided in Section 2 .10 hereof .
SECTION 2.06. TEMPORARY BONDS . Until the definitive
Bonds of any Series are prepared , the Issuer may execute ,
in the same manner as is provided in Section 2 . 04 , and
deliver , upon authentication by the Registrar pursuant
to Section 2 . 05 hereof , in lieu of definitive Bonds , but
subject to the sane provisions , limitations and conditions
as the definitive Bonds , except as to the denominations
thereof , one or more temporary Bonds substantially of the
tenor of the definitive Bonds in lieu of which such temporary
Bond or Bonds are issued , in denominations of $ 5 , 000 or
any multiple thereof authorized by the Issuer (except as
to Capital Appreciation Bonds and Variable Rate Bonds which
may be issued in such denominations as provided by Supplemental
Resolution) , and with such omissions , insertions and variations
as may be appropriate to temporary Bonds . The Issuer ,
at his own expense , shall prepare and execute definitive
Bonds , which shall be authenticated by the Registrar .
Upon the surrender of such temporary Bonds for exchange ,
the Registrar , without charge to the Holder thereof , shall
deliver in exchange therefor definitive Bonds , of the same
aggregate principal amount and Series and maturity as the
temporary Bonds surrendered. Until so exchanged , the temporary
Bonds shall in all respects be entitled to the same benefits
and security as definitive Bonds issued pursuant to this
Resolution . All temporary Bonds surrendered in exchange
for another temporary Bond or Bonds or for a definitive
Bond or Bonds shall be forthwith cancelled by the Registrar.
SECTION 2 . 07 . BONDS MUTILATED , DESTROYED , STOLEN
OR LOST . In case any Bond shall become mutilated , or be
destroyed , stolen or lost , the Issuer may , in its discretion ,
issue and deliver , and the Registrar shall authenticate ,
a new Bond of like tenor as the Bond so mutilated , destroyed ,
stolen or lost , in exchange and substitution for such mutilated
Bond upon surrender and cancellation of such mutilated
Bond or in lieu of and substitution for the Bond destroyed ,
stolen or lost , and upon the Holder furnishing the Issuer
and the Registrar proof of his ownership thereof and satisfactory
indemnity and complying with such other reasonable regulations
and conditions as the Issuer or the Registrar may prescribe
and paying such expenses as the Issuer and the Registrar
19 O f),1 :�3
may incur . All Bonds so surrendered shall be cancelled
by the Registrar . If any of the Bonds shall have matured
or be about to mature , instead of issuing a substitute
Bond , the Issuer may pay the same or cause the Bond to
be paid , upon being indemnified as aforesaid , and if such
Bonds be lost , stolen or destroyed , without surrender thereof.
Any such duplicate Bonds issued pursuant to this Section
2 . 07 shall constitute original , additional contractual
obligations on the part of the Issuer whether or not the
lost , stolen or destroyed Bond be at any time found by
anyone , and such duplicate Bond shall be entitled to equal
and proportionate benefits and rights as to lien on the
Pledged Funds to the same extent as all other Bonds issued
hereunder .
SECTION 2.08. INTERCHANGEABILITY , NEGOTIABILITY AND
TRANSFER. Bonds , upon surrender thereof at the office
of the Registrar with a written instrument of transfer
satisfactory to the Registrar , duly executed by the Holder
thereof or his attorney duly authorized in writing , may ,
at the option of the Holder thereof , be exchanged for an
equal aggregate principal amount of registered Bonds of
the same Series and maturity of any other authorized denominations .
The Bonds issued under this Resolution shall be and
have all the qualities and incidents of negotiable instruments
under the law merchant and the Uniform Commercial Code
of the State of Florida , subject to the provisions for
registration and transfer contained in this Resolution
and in the Bonds . So long as any of the Bonds shall remain
Outstanding , the Issuer shall maintain and keep , at the
office of the Registrar , books for the registration and
transfer of the Bonds .
Each Bond shall be transferable only upon the books
of the Issuer , at the office of the Registrar , under such
reasonable regulations as the Issuer may prescribe , by
the Holder thereof in person or by his attorney duly authorized
in writing upon surrender thereof together with a written
instrument of transfer satisfactory to the Registrar duly
executed and guaranteed by the Holder or his duly authorized
attorney . Upon the transfer of any such Bond , the Issuer
shall issue , and cause to be authenticated , in the name
of the transferee a new Bond or Bonds of the same aggregate
principal amount and Series and maturity as the surrendered
Bond . The Issuer , the Registrar and any Paying Agent or
fiduciary of the Issuer may deem and treat the Person in
whose name any Outstanding Bond shall be registered upon
the books of the Issuer as the absolute owner of such Bond ,
whether such Bond shall be overdue or not , for the purpose
of receiving payment of , or on account of , the principal
20 i )i� itj;
or Redemption Price , if applicable , and interest on such
Bond and for all other purposes , and all such payments
so made to any such Holder or upon his order shall be valid
and effectual to satisfy and discharge the liability upon
such Bond to the extent of the sum or sums so paid and
neither the Issuer nor the Registrar nor any Paying Agent
or other fiduciary of the Issuer shall be affected by any
notice to the contrary.
The Registrar , in any case where it is not also the
Paying Agent in respect to any Series of Bonds , forthwith
(A) following the fifteenth day prior to an interest payment
date for such Series ; (B) following the fifteenth day next
preceding the date of first mailing of notice of redemption
of any Bonds of such Series ; and ( C ) at any other time
as reasonably requested by the Paying Agent of such Series ,
certify and furnish to such Paying Agent the names , addresses
and holdings of Bondholders and any other relevant information
reflected in the registration books . Any Paying Agent
of any fully registered Bond shall effect payment of interest
on such Bonds by mailing a check to the Holder entitled
thereto or may , in lieu thereof , upon the request and at
the expense of such Holder , transmit such payment by bank
wire transfer for the account of such Holder .
In all cases in which the privilege of exchanging
Bonds or transferring Bonds is exercised , the Issuer shall
execute and deliver Bonds and the Registrar shall authenticate
such Bonds in accordance with the provisions of this Resolution .
Execution of Bonds by the Chairman and Clerk for purposes
of exchanging , replacing or transferring Bonds may occur
at the time of the original delivery of the Series of which
such Bonds are a part . All Bonds surrendered in any such
exchanges or transfers shall be held by the Registrar in
safekeeping until directed by the Issuer to be cancelled
by the Registrar . For every such exchange or transfer
of Bonds , the Issuer or the Registrar may make a charge
sufficient to reimburse it for any tax , fee , expense or
other governmental charge required to be paid with respect
to such exchange or transfer . The Issuer and the Registrar
• shall not be obligated to make any such exchange or transfer
of Bonds of any Series during the fifteen ( 15 ) days next
preceding an Interest Date on the Bonds of such Series
(other than Capital Appreciation Bonds and Variable Rate
Bonds) , or , in the case of any proposed redemption of Bonds
of such Series , then during the fifteen ( 15 ) days next
preceding the date of the first mailing of notice of such
redemption and continuing until such redemption date .
SECTION 2.09. COUPON BONDS. The Issuer , at its discretion,
may by Supplemental Resolution authorize the issuance of
coupon Bonds , registrable as to principal Qpl.yr as to
21
111, IP
both principal and interest . Such Supplemental Resolution
shall provide for the negotiability, transfer , interchangeability ,
denominations and form of such Bonds and coupons appertaining
thereto.
SECTION 2 . 10 . FORM OF BONDS . The text of the Bonds ,
except as otherwise provided pursuant to Section 2 . 09 hereof
and except for Capital Appreciation Bonds and Variable
Rate Bonds , the form of which shall be provided by Supplemental
Resolution of the Issuer , shall be in substantially the
following form with such omissions , insertions and variations
as may be necessary and/or desirable and approved by the
Chairman or the Clerk prior to the issuance thereof (which
necessity and/or desirability and approval shall be presumed
by such officer ' s execution of the Bonds and the Issuer ' s
delivery of the Bonds to the purchaser or purchasers thereof) :
22
s, ;; ' 12S
e S
No. R- $
UNITED STATES OF AMERICA
STATE OF FLORIDA
COLLIER COUNTY
COUNTY WATER-SEWER DISTRICT
WATER AND SEWER REVENUE BOND,
SERIES
Interest Maturity Date of
Rate Date Original Issue CUSIP
$ / / -_
Registered Holder:
Principal Amount:
• KNOW ALL MEN BY THESE PRESENTS, the County Water-Sewer
District , a body corporate and politic created and existing
under and by virtue of the laws of the State of Florida
(the " Issuer " ) , which is located in Collier County , Florida ,
for value received , hereby promises to pay , solely from
wf, the Pledged Funds hereinafter described , to the Registered
Holder identified above , or registered assigns as hereinafter
provided , on the Maturity Date identified above , the Principal
Amount identified above and to pay interest on such Principal
Amount from the Date of Original Issue identified above
or from the most recent interest payment date to which
interest has been paid at the Interest Rate per annum identified
above on and of
each year commencing until such Principal
Amount shall have been paid, except as the provisions hereinafter
set forth with respect to redemption prior to maturity
0 may be or become applicable hereto.
Such Principal Amount and interest and the premium ,
if any , on this Bond are payable in any coin or currency
of the United States of America which , on the respective
dates of payment thereof , shall be legal tender for the
23 Of) / 29
I
41 111
payment of public and private debts . Such Principal Amount
and the premium, if any , on this Bond , are payable at the
• principal corporate trust office of ►
, as Paying Agent . Payment of
each installment of interest shall be made to the person
•
in whose name this Bond shall be registered on the registration
books of the Issuer maintained by ►
, as Registrar , at the close
of business on the date which shall be the fifteenth day
(whether or not a business day) next preceding each interest
payment date and shall be paid by a check of such Paying
Agent mailed to such Registered Holder at the address appearing
on such registration books or , at the option of such Paying
Agent , and at the request and expense of such Registered
Holder , by bank wire transfer for the account of such Holder .
This Bond is one of an authorized issue of Bonds in
the aggregate principal amount of $ ( the
"Bonds" ) of like date , tenor and effect , except as to maturity
date , interest rate , denomination and number , issued to
finance , in
and for the Issuer , under the authority of and in full
compliance with the Constitution and laws of the State
of Florida , particularly Part II of Chapter 153 , Florida
Statutes , and other applicable provisions of law (the "Act") ,
and a resolution duly adopted by the Board of County Commissioners
of Collier County , Florida , acting as the Governing Body
of the Issuer , on , as amended and supplemented
( the " Resolution " ) , and is subject to all the terms and
conditions of the Resolution.
This Bond and the interest hereon are payable solely
from and secured by a lien upon and a pledge of ( i ) the
Net Revenues ( as defined in the Resolution) to be derived
from the operation of the Issuer ' s water and sewer system
( the "System" ) , ( ii ) the System Development Fees (as defined
in the Resolution) , ( iii ) the Special Assessment Proceeds
( as defined in the Resolution ) , and ( iv ) until applied
in accordance with the provisions of the Resolution , all
moneys , including investments thereof , in certain funds
and accounts established by the Resolution ( collectively ,
the "Pledged Funds" ) , subject in each case to the application
thereof for the purposes and on the conditions permitted
by the Resolution . It is expressly agreed by the Registered
Holder of this Bond that the full faith and credit of the
Issuer and of Collier County , Florida ( the " County" ) are
not pledged to the payment of the principal of , premium ,
if any , and interest on this Bond and that such Holder
shall never have the right to require or compel the exercise
of any taxing power of the Issuer or the County to the
payment of such principal , premium , if any , and interest .
This Bond and the obligation evidenced hereby shall. not
• 24
constitute a lien upon the System or any other property
of the Issuer or the County , but shall constitute a lien
11 only on , and shall be payable solely from , the Pledged
Funds in accordance with the terms of the Resolution .
Neither the members of the Governing Body of the Issuer
nor any person executing this Bond shall be liable personally
hereon or be subject to any personal liability or accountability
by reason of the issuance hereof.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF AND SUCH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH ON THE FRONT SIDE HEREOF .
' This Bond is one of a series of Bonds which were validated
by judgment of the Circuit Court for Collier County , Florida ,
rendered on .
This Bond shall not be valid or become obligatory
for any purpose until the certificate of authentication
hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF , the County Water-Sewer District
has issued this Bond and has caused the same to be executed
by the manual or facsimile signature of the Chairman of
the Board of County Commissioners of Collier County , Florida ,
acting as the Ex-Officio Chairman of the Governing Body
of the Issuer and by the manual or facsimile signature
of the Clerk of the Board of County Commissioners of Collier
County , Florida , acting as the Ex -Officio Clerk of the
Governing Body of the Issuer and its corporate seal or
a facsimile thereof to be affixed or reproduced hereon.
COUNTY WATER-SEWER DISTRICT
(SEAL)
Chairman of the Board of County
Commissioners of Collier County,
Florida , acting as the Ex-Officio
Chairman of the Governing Body of
the County Water-Sewer District
Clerk of the Board of County
Commissioners of Collier County,
Florida, acting as the Ex-Officio
Clerk of the Governing Body of the
County Water-Sewer District
25
OO13.1
•
(Provisions on Reverse Side of Bond)
This Bond is transferable in accordance with the terms
of the Resolution only upon the books of the Issuer kept
for that purpose at the principal corporate trust office
of the Registrar by the Registered Holder hereof in person
or by his attorney duly authorized in writing , upon the
surrender of this Bond together with a written instrument
of transfer satisfactory to the Registrar duly executed
by the Registered Holder or his attorney duly authorized
in writing , and thereupon a new Bond or Bonds in the same
aggregate principal amount shall be issued to the transferee
in exchange therefor , and upon the payment of the charges ,
if any , therein prescribed . The Bonds are issuable in
the form of fully registered Bonds in the denomination
of $5 , 000 and any integral multiple thereof , not exceeding
the aggregate principal amount of the Bonds . The Issuer ,
the Registrar and any Paying Agent may treat the Registered
Holder of this Bond as the absolute owner hereof for all
purposes , whether or not this Bond shall be overdue , and
shall not be affected by any notice to the contrary . The
Issuer shall not be obligated to make any exchange or transfer
of the Bonds during the fifteen ( 15 ) days next preceding
an interest payment date or , in the case of any proposed
redemption of the Bonds , then , during the fifteen ( 15 )
days next preceding the date of the first mailing of notice
of such redemption.
(INSERT REDEMPTION PROVISIONS)
Redemption of this Bond under the preceding paragraphs
shall be made as provided in the Resolution upon notice
given by first class mail sent at least thirty ( 30 ) days
prior to the redemption date to the Registered Holder hereof
at the address shown on the registration books maintained
by the Registrar ; provided , however , that failure to mail
notice to the Registered Holder hereof , or any defect therein,
shall not affect the validity of the proceedings for redemption
of this Bond . In the event that lcaa than the full principal
amount hereof shall have been called for redemption , the
Registered Holder hereof shall surrender this Bond in exchange
for one or more Bonds in an aggregate principal amount
equal to the unredeemed portion of principal , as provided
in the Resolution.
Reference to the Resolution and any and all resolutions
supplemental thereto and modifications and amendments thereof
26
t)() 1 (
and to the Act is made for a description of the pledge
and covenants securing this Bond , the nature , manner and
extent of enforcement of such pledge and covenants , the
rights, duties , immunities and obligations of the Issuer.
It is hereby certified and recited that all acts ,
conditions and things required to exist , to happen and
to be performed precedent to and in the issuance of this
Bond , exist , have happened and have been performed , in
regular and due form and time as required by the laws and
Constitution of the State of Florida applicable thereto ,
and that the issuance of the Bonds does not violate any
constitutional or statutory limitations or provisions.
(fit) { ,?.1
27
S
ASSIGNMENT
FOR VALUE RECEIVED , the undersigned sells , assigns
and transfers unto
Insert Social Security or Other
Identifying Number of Assignee
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute
and appoint
as attorney to register the transfer of the said Bond on
the books kept for registration thereof with full power
of substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: Signature (s) must be
guaranteed by a member firm
of the New York Stock Exchange
or a commercial bank or trust
— company.
fir
NOTICE: The signature to this
assignment must correspond with the
name of the Registered Holder as it
appears upon the face of the within
Bond in every particular, without
alteration or enlargement or any
change whatever and the Social
Security or other identifying
number of such assignee must be
supplied.
28 00.1 ;3.1
•
The following abbreviations , when used in the inscription
on the face of the within Bond , shall be construed as though
they were written out in full according to applicable laws
or regulations:
TEN COM -- as tenants in common
TEN ENT -- as tenants by the entireties
JT TEN -- as joint tenants with right of
survivorship and not as tenants
in common
UNIF GIF MIN ACT --
(Cust . )
Custodian for
under Uniform Gifts to Minors Act of
(State)
Additional abbreviations may also be used though not
in list above.
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the Issue described
in the within-mentioned Resolution.
DATE OF AUTHENTICATION:
Registrar
By:
Authorized Officer
�
().t X35
29
rr
ARTICLE III
REDEMPTION OF BONDS
SECTION 3 . 01 . PRIVILEGE OF REDEMPTION . The terms
of this Article III shall apply to redemption of Bonds
other than Capital Appreciation Bonds or Variable Rate
Bonds . The terms and provisions relating to redemption
of Capital Appreciation Bonds and Variable Rate Bonds shall
be provided by Supplemental Resolution.
SECTION 3 . 02 . SELECTION OF BONDS TO BE REDEEMED .
The Bonds shall be redeemed only in the principal amount
of $5 , 000 each and integral multiples thereof . The Issuer
shall , at least sixty ( 60 ) days prior to the redemption
date (unless a shorter time period shall be satisfactory
to the Registrar) notify the Registrar of such redemption
date and of the principal amount of Bonds to be redeemed .
For purposes of any redemption of less than all of the
Outstanding Bonds of a single maturity , the particular
Bonds or portions of Bonds to be redeemed shall be selected
not more than forty-five ( 45) days prior to the redemption
date by the Registrar from the Outstanding Bonds of the
maturity or maturities designated by the Issuer by such
method as the Registrar shall deem fair and appropriate
and which may provide for the selection for redemption
of Bonds or portions of Bonds in principal amounts of $5 , 000
and integral multiples thereof .
The Registrar shall promptly notify the Issuer and
Paying Agent ( if the Registrar is not the Paying Agent
for such Bonds ) in writing of the Bonds or portions of
Bonds selected for redemption and , in the case of any Bond
selected for partial redemption , the principal amount thereof
to be redeemed.
SECTION 3 . 03 . NOTICE OF REDEMPTION. Notice of such
redemption, which shall specify the Bond or Bonds (or portions
thereof) to be redeemed and the date and place for redemption,
shall be given by the Registrar on behalf of the Issuer ,
and (A ) shall be filed with the Paying Agents of the Bonds
and ( B) shall be mailed first class , postage prepaid , at
least thirty ( 30 ) days prior to the redemption date to
all Holders of Bonds to be redeemed at their addresses
as they appear on the registration books kept by the Registrar.
Such notice shall further state that on such redemption
date there shall become due and payable upon each Bond
to be redeemed the Redemption Price thereof , or the Redemption
Price of the specified portions of the principal thereof
in the case of Bonds to be redeemed in part only , together
with interest accrued thereon to the redemption date , and
30
On 1 :3G
I) •
that from and after such date interest thereon shall cease
to accrue and be payable . Failure to mail notice to the
Holders of the Bonds to be redeemed , or any defect therein ,
shall not affect the proceedings of redemption of such
Bonds.
SECTION 3 . 04 . REDEMPTION OF PORTIONS OF BONDS . Any
Bond which is to be redeemed only in part shall be surrendered
at any place of payment specified in the notice of redemption
(with due endorsement by , or written instrument of transfer
in form satisfactory to the Registrar duly executed by ,
the Holder thereof or his attorney duly authorized in writing )
and the Issuer shall execute and the Registrar shall authenticate
and deliver to the Holder of such Bond , without service
charge , a new Bond or Bonds , of any authorized denomination ,
as requested by such Holder in an aggregate principal amount
equal to and in exchange for the unredeemed portion of
the principal of the Bonds so surrendered .
SECTION 3 . 05 . PAYMENT OF REDEEMED BONDS . Notice
of redemption having been given substantially as aforesaid ,
the Bonds or portions of Bonds so to be redeemed shall ,
on the redemption date , become due and payable at the Redemption
Price therein specified , and from and after such date (unless
the Issuer shall default in the payment of the Redemption
Price ) such Bonds or portions of Bonds shall cease to bear
interest . Upon surrender of such Bonds for redemption
in accordance with said notice , such Bonds shall be paid
by the Registrar and/or Paying Agent at the appropriate
Redemption Price , plus accrued interest . All Bonds which
have been redeemed shall be cancelled and destroyed by
the Registrar and shall not be reissued.
31 00 "?'"
1c� 1
40 411
ARTICLE IV
SECURITY, SPECIAL FUNDS AND
APPLICATION THEREOF
SECTION 4 . 01 . BONDS NOT TO BE INDEBTEDNESS OF ISSUER.
The Bonds shall not be or constitute general obligations
or indebtedness of the Issuer as "bonds " within the meaning
of any constitutional or statutory provision , but shall
be special obligations of the Issuer , payable solely from
and secured by a lien upon and pledge of the Pledged Funds ,
in the manner and to the extent provided in this Resolution .
No Holder of any Bond shall ever have the right to compel
the exercise of any ad valorem taxing power to pay such
Bond , or be entitled to payment of such Bond from any moneys
of the Issuer or the County except from the Pledged Funds
in the manner and to the extent provided herein.
The Pledged Funds shall immediately be subject to
the lien of this pledge without any physical delivery thereof
or further act , and the lien of this pledge shall be valid
and binding as against all parties having claims of any
kind in tort , contract or otherwise agninnt thQ IaQUQC .
SECTION 4 . 02 . SECURITY FOR BONDS . The payment of
the principal of or Redemption Price , if applicable , and
interest on the Bonds shall be secured forthwith equally
and ratably by a pledge of and lien upon the Pledged Funds .
The Issuer does hereby irrevocably pledge the Pledged Funds
to the payment of the principal of or Redemption Price ,
if applicable , and interest on the Bonds , subject to the
application thereof for the purposes and on the conditions
permitted by the Resolution.
SECTION 4 .03 . CONSTRUCTION FUND. The Issuer covenants
and agrees to establish a special fund in a bank , trust
company or such other entity in the State , which is eligible
under the laws of the State to be a depository for county
funds , to be known as the "Water and Sewer System Construction
Fund , " which shall be used only for payment of the Cost
of the Project . Moneys in the Construction Fund , until
applied in payment of any item of the Cost of a Project
in the manner hereinafter provided , shall be subject to
a lien and charge in favor of the Holders of the Bonds
and for the further security of such Holders .
There shall be paid into the Construction Fund the
amounts required to be so paid by the provisions of this
Resolution , and there may be paid into the Construction
Fund , at the option of the Issuer , any moneys received
32
41 41
for or in connection with a Project by the Issuer from
any other source .
The Issuer shall establish within the Construction
Fund a separate account for each Project , the Cost of which
is to be paid in whole or in part out of the Construction
Fund . The I.:suer hereby agrees to establish in the Construction
Fund a separate account for the Initial Project.
The proceeds of insurance maintained pursuant to this
Resolution against physical loss of or damage to a Project ,
or of contractors ' performance bonds with respect thereto
pertaining to the period of construction thereof , shall
be deposited into the appropriate account of the Construction
Fund.
Any moneys received by the Issuer from the State or
from the United States of America or any agencies thereof
for the purpose of financing part of the Cost of a Project
shall be deposited into the appropriate account of the
Construction Fund and used in the same manner as other
Bond proceeds are used therein ; provided that separate
accounts or subaccounts may be established in the Construction
Fund for moneys received pursuant to the provisions of
this paragraph whenever required by Federal or State law.
The Issuer covenants that the acquisition , construction
and installation of each Project will be completed without
delay and in accordance with sound engineering practices .
The Issuer shall make disbursements or payments from the
Construction Fund to pay the Cost of a Project upon the
filing with the Clerk of certificates signed by an Authorized
Issuer Officer and by the Consulting Engineers , stating
with respect to each disbursement or payment to be made :
(A) the item number of the payment , (B) the name and address
of the Person to whom payment is due , (C ) the amount to
be paid , (D) the Construction Fund account from which payment
is to be made , (E) the purpose , by general classification ,
for which payment is to be made , and ( F ) that ( i ) each
obligation , item of cost or expense mentioned therein has
been properly incurred , is in payment of a part of the
Cost of a Project and is a proper charge against the account
of the Construction Fund from which payment is to be made
and has not been the basis of any previous disbursement
or payment , or ( ii) each obligation , item of cost or expense
mentioned therein has been paid by the Issuer , is a reimbursement
of a part of the Cost of a Project , is a proper charge
against the account of the Construction Fund from which
payment is to be made , has not been theretofore reimbursed
to the Issuer or otherwise been the basis of any previous
disbursement or payment and the Issuer is entitled to reimbursement
thereof . The Clerk shall retain all such certificates
33 t )t ) l $))
10 11
of the Authorized Issuer Officers and the Consulting Engineers
for seven ( 7 ) years from the dates of such certificates .
The Clerk shall make available the certificates at all
reasonable times for inspection by any Holder of any of
the Bonds or the agent or representative of any Holder
of any of the Bonds.
Notwithstanding any of the other provisions of this
Section 4 .03, to the extent that other moneys are not available
therefor , amounts in the Construction Fund shall be applied
to the payment of principal and interest on Bonds when
due.
The date of completion of a Project shall be determined
by the Consulting Engineers which shall certify such fact
in writing to the Governing Body. The Consulting Engineers
may perform such tests relating to the Project as they
deem necessary in order to make such certification. Promptly
after the date of the completion of a Project , and after
paying or making provision for the payment of all unpaid
items of the Cost of such Project , the Issuer shall deposit
in the following order of priority any balance of moneys
remaining in the Construction Fund in ( 1 ) another account
of the Construction Fund for which the Consulting Engineers
have stated that there are insufficient moneys present
to pay the Cost of the related Project , ( 2 ) the Reserve
Account , to the extent of a deficiency therein , ( 3 ) the
Renewal and Replacement Fund , to the extent of a deficiency
therein, and (4) the Surplus Fund .
SECTION 4 . 04 . CREATION OF FUNDS AND ACCOUNTS . The
Issuer covenants and agrees to establish with a bank , trust
company or such other entity in the State , which is eligible
under the laws of the State to be a depository for county
funds the following funds and accounts:
(A) The "Water and Sewer System Revenue Fund."
(B) The "Water and Sewer System Operation and Maintenance
Fund" .
(C) The "Water and Sewer System Sinking Fund . " The
Issuer shall maintain four separate accounts in the Sinking
Fund : the " Interest Account , " the " Principal Account , "
the "Term Bonds Redemption Account" and the "Reserve Account . "
(D) The " Water and Sewer System System Development
Fees Fund . "
(E) The "Water and Sewer System Special Assessments
Fund."
34 ()t).N4 ()
0 •
(F) The "Water and Sewer System Renewal and Replacement
Fund. "
(G) The "Water and Sewer System Surplus Fund . "
Moneys in the aforementioned funds and accounts , until
applied in accordance with the provisions hereof , shall
be subject to a lien and charge in favor of the Holders
of the Bonds and for the further security of such Holders .
SECTION 4.05. DISPOSITION OF REVENUES.
(A) Into the Revenue Fund , the Issuer shall deposit
promptly, as received , all Gross Revenues . Into the Special
Assessments Fund , the Issuer shall deposit promptly , as
received, all Special Assessment Proceeds .
Operation and Ma.1sitenance Fund . Moneys in Revenue
Fund shall first be used each month to deposit in the Operation
and Maintenance Fund such sums as are necessary to pay
Operating Expenses for the ensuing month . Amounts in the
Operation and Maintenance Fund shall be paid out from time
to time by the Issuer for reasonable and necessary Operating
Expenses ; provided , however , that no such payment shall
be made unless the provisions of Section 5 . 03 hereof in
regard to the current Annual Budget are complied with .
(B) All moneys at any time on deposit in the Special
Assessments Fund and any deposits remaining in the Revenue
Fund after the aforementioned transferrals to the Operation
and Maintenance Fund shall be disposed of by the Issuer
on or before the twenty-fifth ( 25th ) day of each month ,
commencing in the month immediately following the delivery
of any of the Bonds to the purchasers thereof , or such
later date as hereinafter provided , first from the Special
Assessments Fund and then from the Revenue Fund in the
following manner and in the following order of priority:
(1) Interest Account . There shall be deposited to
the Interest Account the sum which , together with the balance
in said Account , shall equal the interest on all Bonds
Outstanding (except as to Capital Appreciation Bonds) accrued
and unpaid and to accrue to the end of the then current
calendar month . Moneys in the Interest Account shall be
applied by the Issuer for deposit with the Paying Agents
the interest on the Bonds on or prior to the date the same
shall become due.
(2) principal Account . There shall be deposited
to the Principal Account the sum which , together with the
balance in said Account , shall equal the principal amounts
on all Bonds Outstanding due and unpaid and that portion
35
of the principal next due which would have accrued on such
Bonds during the then current calendar month if such principal
7 amounts were deemed to accrue during such period of time
(assuming that a year consists of twelve ( 12 ) equivalent
calendar months having thirty ( 30 ) days each) in equal
amounts from the next preceding principal payment due date ,
or , if there be no such preceding payment due date from
a date one year preceding the due date of such principal
amount . Moneys in the Principal Account shall be applied
by the Issuer for deposit with the Paying Agents the principal
of the Bonds on or prior to the date the same shall mature .
Serial Capital Appreciation Bonds shall be payable from
the Principal Account in the Bond Years in which such Bonds
mature and monthly payments into the Principal Account
on account of such Bonds shall commence in the first month
of the respective Bond Years in which such Bonds mature.
(3) Term Bonds Redemption Account . Commencing in
the month which is one year prior to the first Sinking
Fund Installment , there shall be deposited to the Term
Bonds Redemption Account the sum which , together with the
balance in such Account, shall equal the Sinking Fund Installments
on all Bonds Outstanding due and unpaid and that portion
of the Sinking Fund Installments of all Bonds Outstanding
next due which would have accrued on such Bonds during
the then current calendar month if such Sinking Fund Installments
were deemed to accrue during such period of time ( assuming
that a year consists of twelve ( 12 ) equivalent calendar
months having thirty (30) days each) in equal amounts from
the next preceding Sinking Fund Installment due date , or ,
if there be no such preceding Sinking Fund Installment
due date , from a date one year preceding the due date of
such Sinking Fund Installment . Moneys in the Term Bonds
Redemption Account shall be applied by the Issuer for deposit
with the Paying Agents the amount required to purchase
or redeem the Sinking Fund Installments on or prior to
the date the same shall be purchased or redeemed .
Amounts accumulated in the Term Bonds Redemption Account
with respect to any Sinking Fund Installment ( together
with amounts accumulated in the Interest Account with respect
to interest, if any, on the Term Bonds for which such Sinking
Fund Installment was established ) may be applied by the
Issuer , on or prior to the sixtieth ( 60th ) day preceding
the due date of such Sinking Fund Installment , (a) to the
purchase of Term Bonds of the Series and maturity for which
such Sinking Fund Installment was established , or (b) to
the redemption at the applicable Redemption Prices of such
Term Bonds , if then redeemable by their terms . The epplionbla
Redemption Price (or principal amount of maturing Term
Bonds ) of any Term Bonds so purchased or redeemed shall
be deemed to constitute part of the Term Bonds Redemption
36 0011?
imnmaaIIIIIIIIIIIIIIIIEIIIMIIIIIIIIIIIIIIIIIIIIMMIMIIIIEIIIINIII
41 •
Account until such Sinking Fund Installment date , for the
purposes of calculating the amount of such Account . As
soon as practicable after the 60th day preceding the due
date of any such Sinking Fund Installment , the Issuer shall
proceed to call for redemption on such due date , by causing
notice to be given as provided in Section 3 . 03 hereof ,
Term Bonds of the Series and maturity for which such Sinking
Fund Installment was established ( except in the case of
Term Bonds maturing on a Sinking Fund Installment date )
in such amount as shall be necessary to complete the retirement
of the unsatisfied balance of such Sinking Fund Installment .
The Issuer shall pay out of the Term Bonds Redemption Account
and the Interest Account to the appropriate Paying Agents ,
on or before the day preceding such redemption date ( or
maturity date ) , the amount required for the redemption
(or for the payment of such Term Bonds then maturing ) ,
and such amount shall be applied by such Paying Agents
to such redemption (or payment) . All expenses in connection
with the purchase or redemption of Term Bonds shall be
paid by the Issuer from the Operation and Maintenance Fund.
(4) Reserve Account . There shall be deposited to
the Reserve Account such sum, if any , as will be necessary
to restore the funds on deposit therein to an amount equal
11 to the Reserve Account Requirement . On or prior to each
principal and interest payment date for the Bonds ( in no
event earlier than the twenty-fifth (25th) day of the month
next preceding such payment date ) , moneys in the Reserve
Account shall be applied by the Issuer to the payment into
the Interest Account , the Principal Account and the Term
Bonds Redemption Account , when the moneys therein shall
be insufficient to pay the principal of and interest on
the Bonds coming due , but only to the extent the moneys
transferred from the Surplus Fund and from the System Development
Fees Fund for such purposes pursuant to Sections 4 . 05 ( B ) ( 8 )
and 4 . 06 , respectively, hereof shall be inadequate to fully
provide for such insufficiency . Whenever there shall be
surplus moneys in the Reserve Account by reason of a decrease
in the Reserve Account Requirement , such surplus moneys
shall be applied by the Issuer , at ito diacrotion , oithor
to the purchase or redemption of Outstanding Bonds or for
deposit into the Renewal and Replacement Fund.
Upon the issuance of any Additional Bonds under the
terms , limitations and conditions as herein provided , the
Issuer shall increase the sum required to be accumulated
and maintained on deposit in the Reserve Account to be
at least equal to the Reserve Account Requirement on all
Outstanding Bonds and on the Additional Bonds becoming
due in any ensuing Bond Year . Such required sum may be
paid in full or in part from the proceeds of such Additional
Bonds or may be accumulated in equal monthly payments in
37
vow
the Reserve Account over a period of years , not to exceed
five (5) years , from the date of delivery of the issuance
of the Additional Bonds , as determined by Supplemental
Resolution.
Notwithstanding the foregoing provisions , in lieu
of the required deposits into the Reserve Account , the
Issuer may cause to be deposited into the Reserve Account
a surety bond or an insurance policy issued by a reputable
and recognized insurer for the benefit of the Bondholders
in an amount equal to the difference between the Reserve
Account Requirement and the sums then on deposit in the
Reserve Account , if any , which surety bond or insurance
policy shall be payable to the Paying Agent (upon the giving
of notice as required thereunder ) on any interest payment
date on which a deficiency exists which cannot be cured
by funds in any other fund or account held pursuant to
this Resolution and available for such purpose . The insurer
providing such surety bond or insurance policy shall be
an insurer whose municipal bond insurance policies insuring
the payment , when due , of the principal of and interest
on municipal bond issues results in such issues being rated
in the highest rating category by either Standard & Poor ' s
Corporation or Moody ' s Investors Service or their successors ,
or any insurer who holds the highest policyholder rating
accorded insurers by A. M. Best & Company, or any comparable
service . If a disbursement is made from a surety bond
or an insurance policy provided pursuant to this paragraph ,
the Issuer shall either reinstate the maximum limits of
such surety bond or insurance policy immediately following
such disbursement or deposit into the Reserve Account from
the Pledged Revenues , as herein provided , funds in the
amount of the disbursement made under such policy , or a
combination of such alternatives.
Whenever the amount in the Reserve Account , together
with the amount in the other accounts of the Sinking Fund ,
is sufficient to fully pay all Outstanding Bonds in accordance
with their terms ( including principal or applicable sinking
fund Redemption Price and interest thereon) , the funds
on deposit in the Reserve Account shall be transferred
to the other accounts of the Sinking Fund .
(5) Renewal and Replacement Fund . There shall be
deposited to the Renewal and Replacement Fund such sums
as shall be sufficient to pay one-twelfth ( 1/12 ) of five
percent ( 5%) of the Gross Revenues derived from the System
during the preceding Fiscal Year until the amount accumulated
in such Fund is equal to the Renewal and Replacement Fund
Requirement ; provided , however , that ( a) such Renewal and
Replacement Fund Requirement may be increased or decreased
as the Consulting Engineers shall certify to the Issuer
38 ()()1 .1.1
• •
is necessary for the purposes of the Renewal and Replacement
FunC , and (b) in the event that the Consulting Engineers
shall certify that the Renewal and Replacement Fund Requirement
is excessive for the purposes of the Renewal and Replacement
Fund such excess amount as may be on deposit therein may
be transferred by the Issuer from the Renewal and Replacement
Fund for deposit into the Surplus Fund . The moneys in
the Renewal and Replacement Fund shall be applied by the
Issuer for the purpose of paying the cost of major extensions ,
improvements or additions to , or the replacement or renewal
of capital assets of , the System, or extraordinary repairs
of the System; provided , however , that on or prior to each
principal and interest payment date for the Bonds ( in no
event earlier than the twenty-fifth (25th) day of the month
next preceding such payment date ) , moneys in the Renewal
and Replacement Fund shall be applied for the payment into
the Interest Account , the Principal Account , and the Term
Bonds Redemption Account when the moneys therein are insufficient
to pay the principal of and interest on the Bonds coming
due , but only to the extent moneys transferred from the
Surplus Fund , the System Development Fees Fund and the
Reserve Account for such purpose pursuant to Sections 4 .05 (B) (4) ,
4 . 05 (B) (8) and 4 . 06 , respectively, hereof shall be inadequate
to fully provide for such insufficiency.
In the event the Issuer receives a Government Grant ,
the terms of which require that the Issuer establish a
revenue generation system as provided in Section 403 . 1838 ,
Florida Statutes , and by applicable regulations promulgated
thereunder , the Issuer shall establish a separate account
within the Renewal and Replacement Fund , System Development
Fees Fund or Surplus Fund into which sufficient moneys
from such respective Fund shall be deposited annually by
the Issuer to satisfy the conditions of said Government
Grant . The use and withdrawal of moneys from such account
shall be governed by the terms of the Government Grant
and applicable law.
(6) Subordinated Indebtedness . Gross Revenues shall
next be applied by the Issuer for the payment of any accrued
debt service on Subordinated Indebtedness incurred by the
Issuer in connection with the System and in accordance
with the proceedings authorizing such Subordinated Indebtedness .
(7) Binking Fund . There shall be deposited to the
Interest Account , the Principal Account and the Term Bonds
Redemption Account , in that order , sufficient moneys such
that the amounts on deposit therein shall equal , respectively,
the interest , principal and Sinking Fund Installment next
coming due on the Bonds outstanding ; provided , however ,
no deposit need be made to the Principal Account or Term
39 ()x) 1 .1
•
IP •
Bonds Redemption Account until a date one year preceding
the due date of such principal amount or Sinking Fund Installment .
(8) Surplus mind . The balance of any Gross Revenues
remaining in said Revenue Fund shall be deposited in the
Surplus Fund and applied to the payment , on or prior to
each principal and interest payment date for the Bonds
( in no event earlier than the twenty-fifth ( 25th ) day of
the month next preceding such payment date) , into the Interest
Account , the Principal Account and the Term Bonds Redemption
Account when the moneys therein shall be insufficient to
pay the principal of and interest on the Bonds coming due .
Moneys not required to meet such a deficiency may be applied
for any lawful purpose in connection with the System, including ,
but not limited to , purchase or redemption of Bonds , payment
of Subordinated Indebtedness and improvements , renewals
and replacements to the System ; provided , however , that
none of such revenues shall ever be used for the purposes
provided in this paragraph (8) unless all payments required
in paragraphs (1 ) through (6) above of this Section 4 . 05 (B) ,
including any deficiencies for prior payments , have been
made in full to the date of such use .
(C) Whenever the amount in the Reserve Account, together
with the other amounts in the Sinking Fund , is sufficient
to fully pay all Outstanding Bonds in accordance with their
terms ( including principal or applicable Redemption Price
and interest thereon) , no further deposits to the Sinking
Fund need be made .
If on any payment date the Gross Revenues are insufficient
to deposit the required amount in any of the funds or accounts
or for any of the purposes provided above , the deficiency
shall be made up on the subsequent payment dates .
SECTION 4 . 06 . SYSTEM DEVELOPMENT FEES FUND . The
Issuer shall deposit into the System Development Fees Fund
all System Development Fees as received and such System
Development Fees shall be accumulated in the System Development
Fees Fund and applied by the Issuer in the following manner
and order of priority:
(A) For the payment on or prior to each principal
and interest payment date ( in no event earlier than the
twenty-fifth ( 25th) day of the month next preceding such
payment date ) into the Interest Account , the Principal
Account and the Term Bonds Redemption Account , when the
moneys therein are insufficient to pay the principal of
and interest on the Bonds coming due , but only to the extent
moneys transferred from the Surplus Fund for such purpose
pursuant to Section 4 . 05 (B) ( 8 ) hereof shall be inadequate
to fully provide for such insufficiency.
40 ( )! ) 146
411,
(B) To pay the cost of acquiring and/or constructing
extensions , improvements or additions to the System in
accordance with the plans and specifications provided by
the Consulting Engineers and the requisitions for disbursement
of moneys provided by the Issuer .
(C) To be used for any other lawful purpose relating
to the System.
SECTION 4 .07 . INVESTMENTS. The moneys in the Construction
Fund , the Revenue Fund , Operation and Maintenance Fund ,
the Special Assessments Fund , the Principal Account , the
Interest Account , the Term Bonds Redemption Account , the
Renewal and Replacement Fund , the System Development Fees
Fund and the Surplus Fund shall be invested and reinvested
by the Issuer in Authorized Investments , maturing not later
than the dates on which such moneys will be needed for
the purposes of such fund or account ; provided , however ,
Authorized Investments in the Renewal and Replacement Fund
and the System Development Fees Fund shall mature no later
than three (3 ) years from the date of investment . Moneys
in the Reserve Account shall be invested in such obligations
as provided in clauses ( 1 ) , ( 2 ) , ( 3 ) , ( 4 ) and ( 5 ) of the
definition of Authorized Investments , maturing no later
than ten (10) years from the date of investment. All investments
shall be carried at cost.
Any and all income received from the investment of
moneys in the Surplus Fund , the Renewal and Replacement
Fund (only to the extent such income and the other amounts
in such Fund exceed the Renewal and Replacement Fund Requirement)
and the Reserve Account ( only to the extent such income
and the other amounts in such Account exceed the Reserve
Account Requirement) , shall be deposited upon receipt thereof
in the Revenue Fund . Any and all income received from
the investment of moneys in the Special Assessments Fund
shall be deposited upon receipt thereof into the Interest
Account; provided , however, the Issuer may accumulate investment
earnings in the special account established pursuant to
section 4 . 06 hereof . Any and all income received from
the investment of moneys in the Revenue Fund , the Principal
Account , the Interest Account , the Term Bonds Redemption
Account , the Reserve Account (to the extent such income
and the other amounts in such Account do not exceed the
Reserve Account Requirement ) , the Renewal and Replacement
Fund ( to the extent such income and the other amounts in
such Fund do not exceed the Renewal and Replacement Fund
Requirement ) , the System Development Fees Fund and in each
separate account of the Construction Fund shall be retained
in such respective Fund or Account.
41 ()i)14
•
Nothing in this Resolution shall prevent any Authorized
Investments acquired as investments of or security for
funds held under this Resolution from being issued or held
in book-entry form on the books of the Department of the
Treasury of the United States.
SECTION 4 . 08 . SEPARATE ACCOUNTS. The moneys required
to be accounted for in each of the foregoing funds and
accounts established herein may be deposited in a single
bank account , and funds allocated to the various funds
and accounts established herein may be invested in a common
investment pool , provided that adequate accounting records
are maintained to reflect and control the restricted allocation
of the moneys on deposit therein and such investments for
the various purposes of such funds and accounts as herein
provided.
The designation and establishment of the various funds
and accounts in and by this Resolution shall not be construed
to require the establishment of any completely independent ,
self-balancing funds as such term is commonly defined and
used in governmental accounting , but rather is intended
solely to constitute an earmarking of certain revenues
for certain purposes and to establish certain priorities
for application of such revenues as herein provided.
00148
42
VW 110
ARTICLE V
COVENANTS
SECTION 5 . 01 . GENERAL . The Issuer hereby makes the
following covenants , in addition to all other covenants
in this Resolution , with each and every successive Holder
of any of the Bonds so long as any of said Bonds remain
Outstanding.
SECTION 5 . 02 . OPERATION AND MAINTENANCE. The Issuer
will maintain or cause to be maintained the System and
all portions thereof in good condition and will operate
or cause to be operated the same in an efficient and economical
manner , making or causing to be made such expenditures
for equipment and for renewals , repairs and replacements
as may be proper for the economical operation and maintenance
thereof.
SECTION 5. 03 . ANNUAL BUDGET. The Issuer shall annually
prepare and adopt , prior to the beginning of each Fiscal
Year , an Annual Budget in accordance with applicable law.
No expenditure for the operation and maintenance of the
System shall be made in any Fiscal Year in excess of the
amount provided therefor in the Annual Budget , (A) without
a written finding and recommendation by an Authorized Issuer
Officer , which finding and recommendation shall state in
detail the purpose of and necessity for such increased
expenditures , and (B) until the Governing Body shall have
approved such finding and recommendation by resolution .
No such increased expenditures in excess of twenty percent
( 20 % ) of the amounts provided therefor in the Annual Budget
shall in any event be made except upon the further certification
of the Consulting Engineers that such increased expenditures
are reasonable and necessary to the continued operation
of the System.
If for any reason the Issuer shall not have adopted
the Annual Budget before the first day of any Fiscal Year ,
other than the first Fiscal Year , the preliminary budget
for such year , if it be approved by the Consulting Engineers ,
or otherwise the Annual Budget for the preceding Fiscal
Year , shall be deemed to be in effect for such Fiscal Year
until the Annual Budget for such Fiscal Year is adopted.
The Issuer may at any time adopt an amended Annual
Budget for the then current Fiscal Year , but no such amended
Annual Budget shall supersede any prior budget until it
shall be approved by the Consulting Engineers as reasonable
and necessary.
43 001,19
• e
The Issuer shall mail copies of such Annual Budgets
and amended Annual Budgets and all resolutions authorizing
increased expenditures for operation and maintenance to
any Holder or Holders of Bonds who shall file his address
with the Clerk and request in writing that copies of all
such Annual Budgets and resolutions be furnished to him
and shall make available all such Annual Budgets and resolutions
authorizing increased expenditures for operation and maintenance
of the System at all reasonable times to any Holder or
Holders of Bonds or to anyone acting for and on behalf
of such Holder or Holders .
SECTION 5 . 04 RATES . Commencing with the Fiscal Year
beginning on October 1 , 1986 , the Issuer shall fix , establish
and maintain such rates and collect such fees , rates or •
other charges for the product , services and facilities
of its System, and revise the same from time to time , whenever
necessary , as will always provide in each Fiscal Year ,
(A) Net Revenues , System Development Fees and Special Assessment
Proceeds adequate at all times to pay in each Fiscal Year
at least one hundred twenty-five percent ( 125 %) of the
Annual Debt Service on all Outstanding Bonds becoming due
in such Fiscal Year and ( B) Net Revenues in each Fiscal
Year adequate to pay at least one hundred percent ( 100 % )
of the Annual Debt Service on all Outstanding Bonds becoming
due in such Fiscal Year . Such rates , fees or other charges
shall not be so reduced so as to be insufficient to provide
adequate Net Revenues , System Development Fees and Special
Assessment Proceeds for the purposes provided therefor
by this Resolution.
SECTION 5 . 05 . BOOKS AND RECORDS . The Issuer shall
keep books , records and accounts of the revenues and operations
of the System , which shall be kept separate and apart from
all other books , records and accounts of the Issuer , and
the Holders of not less thin five percent (5%) in aggregate
principal amount of the Bonds Outstanding or the duly authorized
representatives thereof shall have the right at all reasonable
times to inspect all books , records and accounts of the
Issuer relating thereto.
SECTION 5 . 06. ANNUAL AUDIT. The Issuer shall , immediately
after the close of each Fiscal Year , cause the books , records
and accounts relating to the System to be properly audited
by a recognized independent firm of certified public accountants ,
and shall require such accountants to complete their report
of such Annual Audit in accordance with applicable law .
Such Annual Audits shall contain , but not be limited to ,
a balance sheet , an income statement , a statement of changes
in financial position , statement of changes in retained
earnings , a statement of the number and classification
of users and services of the System and rates associated
44 ( ) ) l5()
ID •
with such services , a statement of insurance coverage ,
and any other statements as required by law or accounting
convention , and a certificate by such accountants disclosing
any material default on the part of the Issuer of any covenant
or agreement herein . Each Annual Audit shall be in conformity
with generally accepted accounting principles . A copy
of each Annual Audit shall regularly be furnished to any
Insurer and to any Holder of a Bond who shall have furnished
his address to the Cler . and requested in writing that
the same be furnished to him.
SECTION 5 . 07 . NO MORTGAGE OR SALE OF THE SYSTEM .
The Issuer irrevocably covenants , binds and obligates itself
not to sell , lease , encumber or in any manner dispose of
the System as a whole or any substantial part thereof (except
as provided below) until all of the Bonds and all interest
thereon shall have been paid in full or provision for payment
has been made in accordance with Section 9 .01 hereof.
The foregoing provison notwithstanding , the Issuer
shall have and hereby reserves the right to sell , lease
or otherwise dispose of any of the property comprising
a part of the System in the following manner , if any one
of the following conditions exist : (A) such property is
not necessary for the operation of the System , ( B ) such
property is not useful in the operation of the System ,
(C ) such property is not profitable in the operation of
the System , or (D) in the case of a lease of such property ,
will be advantageous to the System and will not adversely
affect the security for the Bondholders.
Prior to any such sale , lease or other disposition
of said property: (1) if the amount to be received therefor
is not in excess of one-fourth ( 1/4 ) of one percent ( 1 %)
of the value of the gross plant of the System at original
cost , the Utilities Administrator or other Authorized Issuer
Officer shall make a finding in writing determining that
one or more of the conditions for sale , lease or disposition
of property provided for in the second paragraph of this
Section 5 . 07 have been met ; or ( 2 ) if the amount to be
received from such sale , lease or other disposition of
said property shall be in excess of one-fourth ( 1/4 ) of
one percent ( 1 % ) of the value of the gross plant of the
System at original cost , the Utilities Administrator or
other Authorized Issuer Officer and the Consulting Engineers
shall each first make a finding in writing determining
that one or more of the conditions for sale , lease or other
disposition of property provided for in the second paragraph
of this Section 5 . 07 have been met , and the Issuer shall ,
by resolution, duly adopt , approve and concur in the finding
of the Utilities Administrator or other Authorized Issuer
Officer and the Consulting Engineers .
45 00151
• 40
The proceeds from such sale , lease or other disposition
shall be deposited , first , into the Renewal and Replacement
Fund to the extent necessary to make the amount therein
equal to the Renewal and Replacement Fund Requirement ,
and , second, into the Surplus Fund.
The transfer of the System as a whole from the control
of the Governing Body to some other board or authority
which may hereafter be created for such purpose and which
constitutes a governmental entity , obligations issued by
which are exempt from Federal income taxation under Section
103 (a) of the Code , shall not be deemed prohibited by this
Section 5 . 07 and such successor board or authority shall
fall within the definit :on of " Issuer " in Section 1 . 01
hereof.
Notwithstanding the foregoing provisions of this Section
5 . 07 , the Issuer shall have the authority to sell for fair
and reasonable consideration any land comprising a part
of the System which is no longer necessary or useful in
the operation of the System and the proceeds derived from
the sale of such land shall be disposed of in accordance
with the provisions of the fourth paragraph of this Section
5.07 .
The Issuer may make contracts or grant licenses for
the operation of , or grant easements or other rights with
respect to , any part of the System if such contract, license,
easement or right does not , in the opinion of the Consulting
Engineers , as evidenced by a certificate to that effect
filed with the Issuer , impede or restrict the operation
by the Issuer of the System, but any payments to the Issuer
under or in connection with any such contract , license ,
easement or right in respect of the System or any part
thereof shall constitute Gross Revenues .
SECTION 5 . 08 . INSURANCE . The Issuer will carry such
insurance as is ordinarily carried by private or public
corporations owning and operating utilities similar to
the System with a reputable insurance carrier or carriers ,
including public and product liability insurance in such
amounts as the Issuer shall determine to be sufficient
and such other insurance against loss or damage by fire ,
explosion ( including underground explosion ) , hurricane ,
tornado or other hazards and risks , and said property loss
or damage insurance shall at all times be in an amount
or amounts equal to the fair appraisal value of the buildings,
properties , furniture , fixtures and equipment of the System ,
or such other amount or amounts as the Consulting Engineers
shall approve as sufficient.
46 001 52
• •
The Issuer may establish certain minimum levels of
insurance for which the Issuer may self-insure . Such minimum
levels of insurance shall be in amounts as recommended
in writing by an insurance consultant who has a favorable
reputation and experience and is qualified to survey risks
and to recommend insurance coverage for Persons engaged
in operations similar to the System.
The proceeds of any such insurance (except for proceeds
of any use and occupancy insurance ) shall be held in the
Construction Fund and applied in accordance with the requisition
procedure provided in *Section 4 . 03 hereof to the necessary
costs involved in such repair and replacement and , to the
extent not so applied , shall ( together with proceeds of
any such use and occupancy insurance ) be deposited . into
the Revenue Fund as Gross Revenues .
SECTION 5 . 09 . NO FREE SERVICE . The Issuer will not
render , or cause to be rendered , any free services of any
nature by its System or any part thereof , nor will any
preferential rates be established for users of the same ,
class , and in the event the Issuer or the County , or any
department , agency , instrumentality , officer or employee
thereof , shall avail itself of the System or services provided
by said System or any part thereof , the same rates , fees
or charges applicable to other customers receiving like
services under similar circumstances shall be charged the
Issuer , the County and any such department, agency, instrumentality,
officer or employee . The revenues so received shall be
deemed to be Gross Revenues derived from the operation
of the System , and shall be deposited and accounted for
in the same manner as other Gross Revenues.
SECTION 5 . 10 . NO IMPAIRMENT OF RIGHTS . The Issuer
will not enter into any contract or contracts , nor take
any action , the results of which might impair the rights
of the Holders of the Bonds and will not permit the operation
of any competing water or sewer service facilities in the
Districts provided , however , the Issuer reserves the right
to permit the ownership and operation of water or sewer
service facilities or both by itself or by others in any
territory which is not in any service area now or hereafter
served by the System.
SECTION 5 . 11 . COMPULSORY WATER AND SEWER CONNECTIONS.
In order better to secure the prompt payment of principal
and interest on the Bonds , as well as for the purpose of
protecting the health and welfare of the inhabitants of
the District , and acting under authority of the general
laws of Florida , the Issuer will require (A) every owner
of each lot in the Issuer which abuts upon any street or
public way containing a sewer line forming a part of the
47 ( )() l 53
,
•
sewer facilities of the System and upon which lot a building
shall subsequently be constructed for residential , commercial
or industrial use , to connect such building to such sewer
facilities and to cease to use any other method for the
disposal of sewage waste or other polluting matter , and
(B) every owner of each lot in the Issuer which abuts upon
any street or public way containing a water line forming
a part of the water facilities of the System and upon which
lot a building shall subsequently be constructed for residential ,
commercial or industrial use , to connect such building
to such water facilities.
SECTION 5 . 12 . ENFORCEMENT OF CHARGES . The Issuer
shall compel the prompt payment of rates , fees and charges
imposed for service rendered on every lot or parcel connected
with the System , and to that end will vigorously enforce •
all of the provisions of any ordinance or resolution of
the Issuer having to do with sewer and water connections
and charges , and all of the rights and remedies permitted
the Issuer under law , including the requirement for the
making of a reasonable deposit by each user , the requirement
for disconnection of all premises delinquent in the payment ,
and the securing of injunction against the disposition
of sewage or industrial waste into the sewer facilities •
of the System by any premises delinquent in the payment
of such charges .
SECTION 5 . 13 . UNIT WATER AND SEWER BILLS . In every
instance in which a building or structure on a lot is connected
to the sewer facilities of the System , which building or
structure is also connected to the water facilities of
the System and receives water therefrom , the Issuer shall
submit to the owner or occupant of such lot a single bill
for both water and sewer service and shall refuse to accept
payment for either the water charge alone or sewer charge
alone without payment of the other.
SECTION 5 . 14 . COLLECTION OF SPECIAL ASSESSMENTS .
The Issuer shall proceed diligently to perform legally
and effectively all steps required in the imposition and
collection of the Special Assessments . The Issuer shall
diligently proceed to collect such Special Assessments
and shall exercise all legally available remedies now or
hereafter available under State law, including foreclosure ,
to enforce such collections.
SECTION 5.15. RE—ASSESSMENTS. If any Special Assessment
shall be either in whole cr in part annulled , vacated or
set aside by the judgment of any court , or if the Governing
Body shall be satisfied that any such Special Assessment
is so irregular or defective that the same cannot be enforced
or collected , or if the Governing Body shall have omitted
48 001 5.1
• •
to make such Special Assessment when it might have done
so , the Governing Body shall take all necessary steps to
cause a new Special Assessment to be made for the whole
or any part of said improvement or against any property
benefited by said improvement , and in case such second
Special Assessment shall be annulled , said Governing Body
shall obtain and make other Special Assessments until a
valid Special Assessment shall be made.
SECTION 5 . 16 . COLLECTION OF SYSTEM DEVELOPMENT FEES.
The Issuer shall proceed diligently to perform legally
and effectively all steps required in the imposition and
collection of the System Development Fees . Upon the due
date of any such System Development Fees , the Issuer shall
diligently proceed to collect the same and shall exercise
all legally available remedies to enforce such collections
•
now or hereafter available under State law.
SECTION 5 . 17 . CONSULTING ENGINEERS. The Issuer shall
at all times employ ConsuLting Engineers , whose duties
shall be to make any certificates and perform any other
acts required or permitted of the Consulting Engineers
under this Resolution , and also to review the construction
and operation of the System , to make an inspection of the
System at least once a year , and , not more than sixty (60)
or less than forty-five ( 45 ) days before the end of each
Fiscal Year, to submit to the Issuer a report with recommendations
as to the proper maintenance , repair and operation of the
System during the ensuing Fiecal Year , including recommendations
for expansion and additions to the System to meet anticipated
service demands , and an estimate of the amount of money
necessary for such purposes. Co;?ies of such reports , recommendations
and estimates made as hereinabove provided shall be filed
with the Issuer for inspection by Bondholders , if such
inspection is requested.
SECTION 5 . 18 . ARBITRAGE . The Issuer at all times
will comply with the requ ;. rements of Section 103 ( c ) of
the Code and any applicable rules and regulations promulgated
thereunder . The Issuer agrees to take no action which
may render the interest on any of the Bonds subject to
Federal income taxation.
49
11111.
ARTICLE VI
SUBORDINATED INDEBTEDNESS AND
ADDITIONAL BONDS
SECTION 6 . 01 . SUBORDINATED INDEBTEDNESS. The Issuer
will not issue any other obligations , except under the
conditions and in the :manner provided herein , payable from
the Pledged Funds or the Gross Revenues or voluntarily
create or cause to be created any debt, lien, pledge, assignment,
encumbrance or other charge having priority to or being
on a parity with the lien thereon in favor of the Bonds
and the interest thereon . The Issuer may at any time or
from time to time issue evidences of indebtedness payable
in whole or in part out of Pledged Funds and which may
be secured by a pledge of Pledged Funds ; provided , however ,
that such pledge shall be , and shall be expressed to be ,
subordinated in all respects to the pledge of the Pledged
Funds created by this Resolution . The Issuer agrees to
pay promptly any Subordinated Indebtedness as the same
shall become due.
SECTION 6. 02. ISSUANCE OF ADDITIONAL BONDS. No Additional
Bonds , payable pari passu with the Bonds then Outstanding
pursuant to this Resolution , shall be issued except upon
the conditions and in the manner herein provided . The
Issuer may issue one or more Series of Additional Bonds
for any one or more of twee following purposes : (A) financing
the Cost of completion of the Initial Project , (B) financing
the Cost of an Additional Project , or the completion thereof ,
or (C ) refunding any or all Outstanding Bonds or of any
Subordinated Indebtedness of the Issuer .
No such Additional Bonds shall be issued unless the
following conditions are complied with:
(1) Except in the case of Additional Bonds issued
for the purpose of refunding Outstanding Bonds , the Issuer
shall certify that it is current in all deposits into the
various funds and accounts established hereby and all payments
theretofore required to have been deposited or made by
it under the provisions of this Resolution and have complied
with the covenants and agreements of this Resolution.
(2) The Consulting Engineers shall certify to the
Issuer that the amount of the Net Revenues during the immediate
preceding Fiscal Year or any twelve (12) consecutive months
selected by the Issuer of the twenty-four (24) months immediately
preceding the issuance of said Additional Bonds , adjusted
as hereinafter provided , will ( a ) be equal to at least
one hundred percent (100 %) of the Maximum Annual Debt Service
50
0015E;
of the Outstanding Bonds and the Additional Bonds then
proposed to be issued , and (b) when added to the Special
Assessment Proceeds and the System Development Fees , adjusted
as hereinafter provided , received by the Issuer during
such 12-month period , te equal to at least one hundred
twenty-five percent (125%) of the Maximum Annual Debt Service
of the Outstanding Bonds and the Additional Bonds then
proposed to be issued.
For the purpose of determining the Maximum Annual
Debt Service under this rection 6 . 02 , the interest rate
on pari passu additional Variable Rate Bonds then proposed
to be issued shall be deemed to be the Maximum Interest
Rate applicable thereto.
For the purpose of this Section 6.02, the phrase "immediately
preceding Fiscal Year or the twelve (12) consecutive months
of the twenty-four ( 24 ) months immediately preceding the
issuance of said Additional Bonds" shall be sometimes referred
to as "twelve (12) consecutive months ."
The Net Revenues , the System Development Fees and
the Special Assessment Proceeds calculated pursuant to
the foregoing paragraph ( 2 ) of this Section 6 . 02 may be
adjusted , at the option of the Issuer, as follows:
(A) If the Issuer , prior to the issuance of the proposed
Additional Bonds , shall have increased the rates , fees
or other charges for the product , services or facilities
of the System, the Net Revenues and the System Development
Fees for the twelve ( 12 ) consecutive months immediately
preceding the issuance of said Additional Bonds shall be
adjusted to show the Net Revenues and the System Development
Fees which would have been derived from the System in such
twelve ( 12 ) consecutive months as if such increased rates ,
fees or other charges for the product , services or facilities
of the System had been in effect during all of such twelve
(12) consecutive months .
(B) If the Issuer shall have acquired or has contracted
to acquire any privately or publicly owned existing water
and/or sewer system , the cost of which shall be paid from
all or part of the proceeds of the issuance of the proposed
Additional Bonds , then the Net Revenues derived from the
System during the twelve (12) consecutive months immediately
preceding the issuance of said Additional Bonds shall be
increased by adding to the Net Revenues for said twelve
( 12 ) consecutive months the Net Revenues which would have
been derived from said exifting water and/or sewer system
as if such existing water and/or sewer system had been
a part of the System during such twelve ( 12 ) consecutive
months . For the purposes of this paragraph , the Net Revenues
51 ( )(). 5
derived from said existing water and/or sewer system during
such twelve ( 12 ) consecutive months shall be adjusted to
determine such Net Revenues by deducting the cost of operation
and maintenance of said existing water and/or sewer system
from the gross revenues of said system.
(C) If the Issuer , in connection with the issuance
of Additional Bonds , shall enter into a contract ( with
a duration not less than the final maturity of such Additional
Bonds) with any public or private entity whereby the Issuer
agrees to furnish services in connection with any water
and/or sewer system , then the Net Revenues of the System
during the twelve (12) consecutive months immediately preceding
the issuance of said Additional Bonds shall be increased
by the least amount which said public or private entity
shall guarantee to pay in any one year for the furnishing
of said services by the Issuer , after deducting therefrom
the proportion of operating expenses and repair , renewal
and replacement cost attributable in such year to such
services .
(D) If the Issuer covenants to levy Special Assessments
against property to be benefited by the improvements , the
cost of which shall be paid from the proceeds of the proposed
Additional Bonds , then the Special Assessment Proceeds
derived from the System during the twelve (12) consecutive
months shall be increased by an amount equal to eighty
percent ( 80 % ) of the least amount which the Consulting
Engineers estimate will be received in any one year from
the levy of said Special Assessments , said amount to be
the total received from the installment payments on the
Special Assessments plus the interest paid on the unpaid
portion of the Special Assessments . The estimate of the
Consulting Engineers shall be based upon the preliminary
assessment roll filed with the Issuer prior to the construction
of such improvements .
(E) In the event the Issuer shall be constructing
or acquiring additions , extensions or improvements to the
System from the proceeds of such Additional Bonds and shall
have established fees , rates or charges to be charged and
collected from users of :3uch facilities when service is
rendered , such Net Revenues and System Development Fees
may be adjusted by adding thereto the Net Revenues and
System Development Fees estimated by the Consulting Engineers
to be derived during the first twelve (12) months of operation
after completion of the construction or acquisition of
said additions , extensions .and improvements from the proposed
users of the facilities to be financed by Additional Bonds
together with other funds on hand or lawfully obtained
for such purpose.
52 ()( ) 15S
41 •
Additional Bonds shall be deemed to have been issued
pursuant to this Resolution the same as the Outstanding
Bonds , and all of the other covenants and other provisions
of this Resolution (except as to details of such Additional
Bonds inconsistent therewith) shall be for the equal benefit ,
protection and security of the Holders of all Bonds issued
pursuant to this Resolution . All Bonds , regardless of
the time or times of their issuance , shall rank equally
with respect to their lien on the Pledged Funds and their
sources and security for payment therefrom without preference
of any Bonds over any other.
In the event any Additional Bonds are issued for the
purpose of refunding any Bond.3 then Outstanding , the conditions
of paragraph ( 2 ) of thin Section 6 . 02 shall not apply ,
provided that the issuance of such Additional Bonds shall
not result in an increase in the aggregate amount of principal
of and interest on the Outstanding Bonds becoming due in
the current Bond Year and all subsequent Bond Years . The
conditions of paragraph ( 2 ) of this Section 6 . 02 shall
apply to Additional Bonds issued to refund Subordinated
Indebtedness.
In the event that the total amount of Series 1985
Bonds herein authorized to be issued are not issued simultaneously,
such Series 1985 Bonds which are subsequently issued shall
be subject to the conditions of paragraph (2) of this Section
6 .02 .
If at any time the Issuer shall enter into an agreement
or contract for an ownership interest in any public or
privately owned water and/or sewer system or for the reservation
of capacity therein whereby the Issuer has agreed as part
of the cost thereof to pay part of the debt service on
the obligations of such public or privately owned water
and/or sewer system issued in connection therewith , such
payments to be made by the Issuer shall be junior , inferior
and subordinate in all respects to the Bonds issued hereunder ,
unless such obligations (when treated as Additional Bonds )
shall meet the conditions of paragraph (2) of this Section
6 . 02 , in which case such obligations shall rank on parity
as to lien on the Pledged Funds with the Bonds .
SECTION 6 . 03 . BOND ANTICIPATION NOTES . The Issuer
may issue notes in anticipation of the issuance of Bonds
which shall have such terms and details and be secured
in such manner , not inconsistent with this Resolution ,
as shall be provided by Supplemental Resolution of the
Issuer .
53 (g) 159
41/
ARTICLE VII
DEFAULTS AMID REMEDIES
SECTION 7 .01. EVENTS OF DEFAULT. The following events
shall each constitute an "Event of Default" :
(A) Default shall be made in the payment of the principal
of Sinking Fund Installment , redemption premium or interest
on any Bond or Subordinated :indebtedness when due .
(B) There shall occur the dissolution or liquidation
of the Issuer , or the filing by the Issuer of a voluntary
petition in bankruptcy , or the commission by the Issuer
of any act of bankruptcy , or adjudication of the Issuer
as a bankrupt , or assignment by the Issuer for the benefit
of its creditors , or appcintment of a receiver for the
Issuer , or the entry by the Issuer into an agreement of
composition with its creditors , or the approval by a court
of competent jurisdiction of a petition applicable to the
Issuer in any proceeding fcr its reorganization instituted
under the provisions of the Federal Bankruptcy Act , as
amended , or under any similar act in any jurisdiction which
may now be in effect or hereafter enacted.
(C) The Issuer shall default in the due and punctual
performance of any other of the covenants , conditions ,
agreements and provisions contained in the Bonds or in
this Resolution on the part of the Issuer to be performed ,
and such default shall continue for a period of thirty
(30) days after written notice of such default shall have
been received from the Holders of not less than twenty-five
percent ( 25 %) of the aggregate principal amount of Bonds
Outstanding or the Insurer of such amount of Bonds .
SECTION 7 . 02 . REMEDI)3S. Any Holder of Bonds issued
under the provisions of this Resolution or any trustee
or receiver acting for such Bondholders may either at law
or in equity, by suit , action , mandamus or other proceedings
in any court of competent jurisdiction , protect and enforce
any and all rights under the Laws of the State of Florida ,
or granted and contained in this Resolution , and may enforce
and compel the performance of all duties required by this
Resolution or by any applicable statutes to be performed
by the Issuer or by any officer thereof.
The Holder or Holders of Bonds in an aggregate principal
amount of not less than twenty-five per centum ( 25 % ) of
the Bonds then Outstanding may by a duly executed certificate
in writing appoint a trustee for Holders of Bonds issued
pursuant to this Resolution with authority to represent
54
• •
such Bondholders in any legal proceedings for the enforcement
and protection of the rights of such Bondholders in any
legal proceedings for the enforcement and protection of
the rights of such Bondholders and such certificate shall
be executed by such Bondholders or their duly authorized
attorneys or representatives , and shall be filed in the
office of the Secretary.
SECTION 7 . 03 . REMEDIES CUMULATIVE . No remedy herein
conferred upon or reserved to the Bondholders is intended
to be exclusive of any other remedy or remedies , and each
and every such remedy shall be cumulative , and shall be
in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute .
SECTION 7 . 04 . WAIVER OF DEFAULT. No delay or omission
of any Bondholder to exercise any right or power accruing
upon any default shall iirpair any such right or power or
shall be construed to be a waiver of any such default ,
or an acquiescence therein ; and every power and remedy
given by Section 7 . 02 to the Bondholders may be exercised
from time to time , and as often as may be deemed expedient.
SECTION 7 . 05 . APPLICATION OF MONEYS AFTER DEFAULT .
If an Event of Default shall happen and shall not have
been remedied , the Issuer or a trustee or receiver appointed
for the purpose shall apply all Pledged Funds as follows
and in the following order :
A. To the payment of the reasonable and proper charges ,
expenses and liabilities of the trustee or receiver and
Registrar hereunder;
B. To the payment of the amounts required for reasonable
and necessary Operating Expenses , and for the reasonable
renewals , repairs and replacements of the System necessary
to prevent loss of Gross Revenues , as certified by the
Consulting Engineer;
C. To the payment of the interest and principal
or Redemption Price , if applicable , then due on the Bonds ,
as follows:
(1) Unless the principal of all the Bonds shall have
become due and payable , all such moneys shall be applied:
FIRST : to the payment to the Persons entitled
thereto of all installments of interest then
due, in the order of the maturity of such installments ,
and , if the amount available shall not be sufficient
to pay in full any particular installment , then
to the payment ratably , according to the amounts
55
1110
due on such installment , to the Persons entitled
thereto, without any discrimination or preference;
SECOND : to the payment to the Persons entitled
thereto of the unpaid principal of any of the
Bonds which shall have become due at maturity
or upon mandatory redemption prior to maturity
• ( other than Bonds called for redemption for the
payment of which moneys are held pursuant to
the provisions of Section 9 . 01 of this Resolution) ,
in the order of their due dates , with interest
upon such Bonds from the respective dates upon
which they became due , and , if the amount available
shall not be sufficient to pay in full Bonds
due on any particular date , together with such
interest , then to the payment first of such interest ,
ratably according to the amount of such interest
due on such date , and then to the payment of
such principal , ratably according to the amount
of such principal due on such date , to the Persons
entitled thereto without any discrimination or
preference; and
THIRD : to the payment of the Redemption Price
of any Bonds called for optional redemption pursuant
to the provisions of this; Resolution.
(2) If the principal of all the Bonds shall have
become due and payable , all such moneys shall be applied
to the payment of the principal and interest then due and
unpaid upon the Bonds , with interest thereon as aforesaid ,
without preference or priority of principal over interest
or of interest over principal , or of any installment of
interest over any other installment of interest , or of
any Bond over any other Bond , ratably , according to the
amounts due respectively for principal and interest , to
the Persons entitled thereto without any discrimination
or preference .
OW 62
i y
56
•
ARTICLE VIII
SUPPLEMENTAL RESOLUTIONS
SECTION 8 .01. SUPPLEMENTAL RESOLUTION WITHOUT BONDHOLDERS'
CONSENT . The Issuer , from time to time and at any time ,
may adopt such Supplemental Resolutions without the consent
of the Bondholders (which Supplemental Resolution shall
thereafter form a part hereof ) for any of the following
purposes:
(A) To cure any ambiguity or formal defect or omission
or to correct any inconsistent provisions in this Resolution
or to clarify any matters or questions arising hereunder .
(B) to grant to or confer upon the Bondholders any
additional rights , remedies , powers , authority or security
that may lawfully be granted to or conferred upon the Bondholders.
(C) To add to the conditions , limitations and restrictions
on the issuance of Bonds under the provisions of this Resolution
other conditions , limitations and restrictions thereafter
to be observed.
(D) To add to the covenants and agreements of the
Issuer in this Resolution other covenants and agreements
thereafter to be observed by the Issuer or to surrender
any right or power herein reserved to or conferred upon
the Issuer.
(E) To specify and determine the matters and things
referred to in Sections 2 . 01 , 2 . 02 or 2 . 09 hereof , and
also any other matters and things relative to such Bonds
which are not contrary to or inconsistent with this Resolution
as theretofore in effect , or to amend , modify or rescind
any such authorization , specification or determination
at any time prior to the first delivery of such Bonds .
(F) To authorize Additional Projects or to change
or modify the description of any Project.
(G) To specify and determine matters necessary or
desirable for the issuance df Variable Rate Bonds or Capital
Appreciation Bonds.
SECTION 8.02 . SUPPLEMENTAL RESOLUTION WITH BONDHOLDERS'
AND INSURER' S CONSENT. Subject to the terms and provisions
contained in this Section 8 . 02 and Section 8 . 01 hereof ,
the Holder or Holders of not less than a majority in aggregate
principal amount of the Bonds then Outstanding shall have
the right , from time to time , anything contained in this
57
Resolution to the contrary notwithstanding , to consent
to and approve the adoption of such Supplemental Resolution
or Resolutions hereto as shall be deemed necessary or desirable
by the Issuer for the purpose of supplementing , modifying ,
altering , amending , adding to or rescinding , in any particular ,
any of the terms or provisions contained in this Resolution ;
provided , however , that i.E such modification or amendment
will , by its terms , not take effect so long as any Bonds
of any specified Series or maturity remain Outstanding ,
the consent of the Holders of such Bonds shall not be required
and such Bonds shall not be deemed to be Outstanding for
the purpose of any calculation of Outstanding Bonds under
this Section 8 . 02 . Any Supplemental Resolution which is
adopted in accordance with the provisions of this Section
8 . 02 shall also require the written consent of the Insurer
of any Bonds which are Outstanding at the time such Supplemental
Resolution shall take effect . No Supplemental Resolution
may be approved or adopted which shall permit or require
( A ) an extension of the maturity of the principal of or
the payment of the interest on any Bond issued hereunder ,
(B ) reduction in the principal amount of any Bond or the
Redemption Price or the rate of interest thereon , (C ) the
creation of a lien upon or a pledge of other than the lien
and pledge created by this Resolution which adversely affects
any Bondholders , (D) a preference or priority of any Bond
or Bonds over any other Bond or Bonds , or ( E ) a reduction
in the aggregate principal amount of the Bonds required
for consent to such Supplemental Resolution . Nothing herein
contained , however , shall be construed as making necessary
the approval by Bondholders or the Insurer of the adoption
of any Supplemental Resolution as authorized in Section
8 .01 hereof.
If at any time the Issuer shall determine that it
is necessary or desirable to adopt any Supplemental Resolution
pursuant to this Section 8: . 02 , the Clerk shall cause the
Registrar to give notice of the proposed adoption of such
Supplemental Resolution and the form of consent to such
adoption to be mailed , postage prepaid , to all Bondholders
at their addresses as they appear on the registration books .
Such notice shall briefly set forth the nature of the proposed
Supplemental Resolution and shall state that copies thereof
are on file at the offices of the Clerk and the Registrar
for inspection by all Bondholders'. The Issuer shall not ,
however , be subject to any liability to any Bondholder
by reason of its failure to cause the notice required by
this Section 8 . 02 to be mailed and any such failure shall
not affect the validity of such Supplemental Resolution
when consented to and approved as provided in this Section
8 .02 .
58 l( ) I G1
® •
Whenever the Issuer shall deliver to the Clerk an
instrument or instruments in writing purporting to be executed
by the Holders of not less than a majority in aggregate
principal amount of the Bonds then Outstanding , which instrument
or instruments shall refer to the proposed Supplemental
Resolution described in such notice and shall specifically
consent to and approve the adoption thereof in substantially
the form of the copy thereof referred to in such notice ,
thereupon , but not otherwise , the Issuer may adopt such
Supplemental Resolution in substantially such form , without
liability or responsibility to any Holder of any Bond ,
whether or not such Holder shall have consented thereto .
If the Holders of not less than a majority in aggregate
principal amount of the Bonds Outstanding at the time of
the adoption of such Supplemental Resolution shall have
consented to and approved the adoption thereof as herein
provided , no Holder of any Bond shall have any right to
object to the adoption o:E such Supplemental Resolution ,
or to object to any of the terms and provisions contained
therein or the operation thereof , or in any manner to question
the propriety of the adoption thereof , or to enjoin or
restrain the Issuer from adopting the same or from taking
any action pursuant to the provisions thereof .
Upon the adoption of any Supplemental Resolution pursuant
to the provisions of this Section 8 . 02 , this Resolution
shall be deemed to be modified and amended in accordance
therewith, and the respective rights , duties and obligations
under this Resolution of the Issuer and all Holders of
Bonds then Outstanding shall thereafter be determined ,
exercised and enforced in all respects under the provisions
of this Resolution as so modified and amended.
SECTION 8 . 03 . AMENDMENT WITH CONSENT OF INSURER ONLY.
If all of the Bonds Outstanding hereunder are insured as
to payment of principal and interest by an Insurer or Insurers ,
the Issuer may enact one or more Supplemental Resolutions
amending all or any part of Articles IV , V , VI and VII
hereof with the written consent of said Insurer or Insurers
and the acknowledgment by said Insurer or Insurers that
its insurance or guaranty policy will remain in full force
and effect . The consent of the Holders of any Bonds shall
not be necessary . The foregoing right of amendment , however ,
does not apply to any amendment to Section 5 . 18 hereof
with respect to the exemption of interest on said Bonds
from Federal income taxation nor may any such amendment
deprive the Holders of any Bond of right to payment of
the Bonds from , and their lien on , the Pledged Funds .
Upon filing with the Clerk of evidence of such consent
•
59 OO165
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•
• s
of the Insurer or Insurei:s as aforesaid , the Issuer may
adopt such Supplemental Resolution . After the adoption
by the Issuer of such Supplemental Resolution , notice thereof
shall be mailed in the same manner as notice of an amendment
under Section 8.02 hereof.
•
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60
41 4111
AR ICLB IX
MISCELLANEOUS
SECTION 9 . 01 . DEFEASANCE . If the Issuer shall pay
or cause to be paid or there shall otherwise be paid to
the Holders of all Bonds the principal or Redemption Price ,
if applicable , and interest due or to become due thereon ,
at the times and in the manner stipulated therein and in
this Resolution , then the pledge of the Pledged Funds ,
and all covenants , agreements and other obligations of
the Issuer to the Bondholders , shall thereupon cease , terminate
and become void and be discharged and satisfied . In such
event , the Paying Agents shall pay over or deliver to the
Issuer all money or securities held by them pursuant to
the Resolution which are not required for the payment or
redemption of Bonds not theretofore surrendered for such
payment or redemption.
Any Bonds or interest installments appertaining thereto,
whether at or prior to the maturity or redemption date
of such Bonds , shall be deemed to have been paid within
the meaning of this Section 9 . 01 if (A) in case any such
Bonds are to be redeemed prior to the maturity thereof ,
there shall have been taken all action necessary to call
such Bonds for redemption and notice of such redemption
shall have been duly given or provision shall have been
made for the giving of such notice , and (B ) there shall
have been deposited in irrevocable trust with a banking
institution or trust company by or on behalf of the Issuer
either moneys in an amount which shall be sufficient , or
Refunding Securities the principal of and the interest
on which when due will provide moneys which , together with
the moneys , if any, deposited with such bank or trust company
at the same time shall be sufficient , to pay the principal
of or Redemption Price , if applicable , and interest due
and to become due on said Bonds on and prior to the redemption
date or maturity date thereof , as the case may be . Except
as hereafter provided , neither the Refunding Securities
nor any moneys so deposited with such bank or trust company
nor any moneys received by such bank or trust company on
• account of principal of or Redemption Price , if applicable ,
or interest on said Refunding Securities shall be withdrawn •
or used for any purpose other than , and all such moneys
shall be held in trust for and be applied to , the payment ,
when due, of the principal of or Redemption Price, if applicable ,
of the Bonds for the payment or redemption of which they
61
00111)1 1j' 1
IP •
were deposited and the interest accruing thereon to the
date of maturity or redemption.
For purposes of determining whether Variable Rate
9onds shall be deemed to have been paid prior to the maturity
the redemption date thereof , as the case may be , by
;le deposit of moneys , or specified Refunding Securities
and moneys , if any , in accordance with this Section 9 . 01 ,
the interest to come due on such Variable Rate Bonds on
or prior to the maturity or redemption date thereof , as
the case may be , shall be calculated at the Maximum Interest
Rate ; provided , however , that if on any date , as a result
of such Variable Rate Bonds having borne interest at less
than the Maximum Interest. Rate for any period , the total
amount of moneys and specified Refunding Securities on
deposit for the payment of interest on such Variable Rate
Bonds is in excess of the total amount which would have
been required to be deposited on such date in respect of
such Variable Rate Bonds is in order to satisfy this Section
9 . 01 , such excess shall be paid to the Issuer free and
clear of any trust , lien , pledge or assignment securing
the Bonds or otherwise existing under this Resolution.
In the event the Bonds for which moneys are to be
deposited for the payment thereof in accordance with this
Section 9 . 01 are not by their terms subject to redemption
within the next succeeding sixty ( 60 ) days , the Issuer
shall cause the Registrar to mail a notice to the Holders
of such Bonds that the deposit required by this Section
9 . 01 of moneys or Refunding Securities has been made and
said Bonds are deemed to be paid in accordance with the
provisions of this Section 9 . 01 and stating such maturity
or redemption date upon which moneys are to be available
for the payment of the p:: incipal of or Redemption Price ,
if applicable , and interest on said Bonds .
Nothing herein shall be deemed to require the Issuer
to call any of the Outstanding Bonds for redemption prior
to maturity pursuant to any applicable optional redemption
provisions , or to impair the discretion of the Issuer in
determining whether to exercise any such option for early
redemption.
In the event that the principal of or Redemption Price ,
if applicable , and interest due on the Bonds shall be paid
by an Insurer or Insurers , the pledge of the Pledged Funds
and all covenants , agreements and other obligations of
the Issuer to the Bondholders shall continue to exist and
such Insurer or Insurers shall be subrogated to the rights
of such Bondholders .
C;1'r
62 OUl Wi
4100
SECTION 9 . 02 . CAPITAL APPRECIATION BONDS . For the
purposes of (A) receiving payment of the Redemption Price
if a Capital Appreciation Bond is redeemed prior to maturity,
or ( B) receiving payment of a Capital Appreciation Bond
if the principal of all Bonds becomes due and payable under
the provisions of this Resolution , or (C ) computing the
amount of Bonds held by the Holder of a Capital Appreciation
Bond in giving to the Is:;uer or any trustee or receiver
appointed to represent the Bondholders any notice , consent ,
request or demand pursuant to this Resolution for any purpose
whatsoever , the principal amount of a Capital Appreciation
Bond shall be deemed to be its Accreted Value .
SECTION 9 . 03 . SALE OF BONDS . The Bonds shall be
issued and sold at public or private sale at one time or
in installments from time to time and at such price or
prices as shall be consistent with the provisions of the
Act , the requirements of this Resolution and other applicable
provisions of law.
SECTION 9 .04 . VALIDATION AUTHORIZED. Burt L . Saunders ,
Esquire , Counsel for the Issuer , is hereby authorized and
directed to institute appropriate proceedings for the validation
of the Series 1985 Bonds :in the Circuit Court for Collier
County , and the proper officers of the Issuer are hereby
authorized to verify on behalf of the Issuer any pleadings
in such proceedings.
SECTION 9 . 05 . SEVERABILITY OF INVALID PROVISIONS .
If any one or more of the covenants , agreements or provisions
of this Resolution shall be held contrary to any express
provision of law or contrary to the policy of express law ,
though 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 and provisions of this Resolution
and shall in no way affect the validity of any of the other
covenants , agreements or provisions hereof or of the Bonds
issued hereunder.
SECTION 9 . 06 . REPEAL OF INCONSISTENT RESOLUTIONS .
All ordinances , resolutions or parts thereof in conflict
herewith are hereby superseded and repealed to the extent
of such conflict.
SECTION 9 . 07 . EFFECTIVE DATE . This Resolution shall
take effect immediately upon its adoption.
63 n1) 16
•
This Resolution adopted after motion , second and roll
call vote as follows:
Chairman Voss Aye
Commissioner Goodnight Aye
Commissioner Hasse Seconded and Aye
Commissioner Holland Aye
Commissioner Pistor Motioned and Aye
DATED: July 30 , 1985.
COUNTY WATER—SEWER DISTRICT,
BY THE BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLOIRDA, ACTING •
-
AS THE EX—OFFICIO GOVERNING BODY OF
THE COUNTY WATER—SEWER DISTRICT
•
• Chairman
\
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• •
40,
Approved as to Form
and Legal Sufficiency
County Attorney
001.7(
64
S
•4
STATE OF FLORIDA:
°4,7"';A: COLLIER COUNTY : •
I , William J . Reagan , Clerk of the Board of County
Commissioners , Collier County , Florida, acting as the Ex-Officio
Clerk of the Governing Body of the County Water-Sewer District,
do hereby certify that the above and foregoing is a true
copy of:
RESOLUTION NO. CWS-85-5 •
,;•-
A RESOLUTION AUTHORIZING THE ISSUANCE
BY THE COUNTY WATER- SEWER DISTRICT
OF NOT EXCEEDING $ 82, 500 , 000 IN THE
AGGREGATE PRINCIPAL AMOUNT OF WATER
AND SEWER REVENUE BONDS , SERIES 1985
TO FINANCE THE COST OF REFUNDING CERTAIN
OUTSTANDING OBLIGATIONS OF THE DISTRICT
AND CONSTRUCTING AND ACQUIRING CERTAIN
ADDITIONS , EXTENSIONS AND IMPROVEMENTS
TO THE DISTRICT ' S WATER AND SEWER SYSTEM ;
.PLEDGING - THE NET REVENUES AND SYSTEM
DEVELOPMENT CHARGES TO SECURE PAYMENT
OF THE PRINCIPAL OF AND INTEREST ON
SAID BONDS ; PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SAID BONDS; AND PROVIDING
FOR AN EFFECTIVE DATE FOR THIS RESOLUTION.
•
adopted by said Board in session on the 30th day of
July , 1985.
WITNESS my hand and official seal this 1st day
of August , 1985, in Naples , Collier County, Florida.
Cl k of th. : •ar• o
Commission • - , C•.11
Florida, acting a- the' EX-Offic;io •
Clerk of the Governin :Bbdy..of ,the .
County Water-Sewer Dist r ick• ;;:`,
ti