Resolution 1991-154 s,
FEBRUARY 12, 1991
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4« T _ :'; RESOLUTION N0. 91- 154
A RESOLUTION AUTHORIZING A DRAW OF NOT TO
EXCEED $1,000,000 ON THE LINE OF CREDIT WITH
SUN BANK, NATIONAL ASSOCIATION, IN ORDER TO
FINANCE THE COSTS OF RENOVATIONS OF THE MAIN
COUNTY LIBRARY; AUTHORIZING THE ISSUANCE OF A
NOTE OR NOTES TO SECURE THE REPAYMENT OF SAID
DRAW PURSUANT TO WHICH THE COUNTY WILL
COVENANT TO BUDGET AND APPROPRIATE SUFFICIENT
LEGALLY AVAILABLE NON-AD VALOREM REVENUES TO
PAY SUCH NOTE OR NOTES AND TO PROVIDE OTHER
SECURITY THEREFOR; AUTHORIZING THE EXECUTION
AND DELIVERY OF OTHER DOCUMENTS IN CONNECTION
WITH SAID DRAW ON THE LINE OF CREDIT; AND
PROVIDING FOR AN EFFECTIVE DATE FOR THIS
�' RESOLUTION.
~ BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
4/32: COUNTY, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to the provisions of Chapter 125, Florida
Statutes and other applicable provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined
' -" f and declared:
(A) That the County has heretofore obtained a $20,000,000
, y °y line of credit (the "Line of Credit") from Sun Bank, National
- Association (the "Bank") the
proceeds
to finance or refinance thecostsofvarious icapitalch d projbe ects n
the County. p j in
(B) That there is presently a need to finance improvements
to the main County library within the County, all in accordance
with the plans and speciffication§ on filo or to bo on filo with the
County, as the same may be modified from time to time (the "Oeriee
G Project ") .
(C) That the costs of the Series G Project in an amount not
to exceed $1,000,000 shall be financed or refinanced from amounts
drawn on the Line of Credit.
(D) That amounts drawn on the Line of Credit to finance the
Series G Project shall be repaid solely from a covenant to budget
and appropriate legally available non-ad valorem revenues and
moneys derived from library impact fees. The ad valorem taxing
power of the County will never be necessary or authorized to pay
said amounts.
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E RECTION 3. AUTHORIZATION OP THE SERIES G PROJECT. The
,
Ml County does hereby authorize the acquisition and construction of
`1 the Series G Project.
SECTION 4. AUTHORIZATION OF DRAW ON LINE OF CREDIT TO
FINANCE OR REFINANCE THE COST OF THE SERIES a PROJECT. The County
does hereby approve a draw or draws on the Line of Credit in tho
aggregate amount of not to exceed $1,000,000 for the purpose of
providing the County with sufficient funds to finance or refinance
the costs of the Series G Project. The Chairman (or Vice-Chairman
in his absence or unavailability) and the Clerk (or a Deputy Clerk
in his absence or unavailability) are hereby authorized to execute,
seal and deliver on behalf of the County a Series G Note or Notes
and other documents, instruments, agreements and certificates
necessary or desirable to effectuate the draw on the Line of Credit
as provided in the Line of Credit Agreement, dated as of 1
February 27, 1990 (the "Line of Credit Agreement") ,g ) , between the
County and the Bank. The draw or draws shall be made at such time
or times as shall be determined by the Clerk, or his designee. The
Note or Notes securing the draws for the Series G Project shall
bear interest at a Variable Rate (as defined in the Line of Credit
Agreement) and shall have a Final Maturity Date (as defined in the
Line of Credit Agreement) of not greater than February 28, 1992.
SECTION 5. SECURITY FOR SERIES G NOTE OR NOTES. The
Series G Note or Notes shall be secured in the manner provided
therefore in the Line of Credit Agreement. The County hereby
pledges and
g grants a lien on the library impact fees.
SECTION 6. GENERAL AUTHORIZATION. The Chairman, Vice-
Chairman and Clerk of the Board and other employees or agents of
the County are authorized to execute and deliver such documents,
. instruments and contracts, and are hereby authorized and directed
to do all acts and things required hereby as may be necessary for
the full, punctual and complete performance of all the terms,
covenants, provisions and agreements herein contained, or as
otherwise may be necessary or desirable to effectuate the purpose
and intent of this Resolution.
SECTION 7. REPEAL OP INCONSISTENT DOCUMENTS. All
ordinances, resolutions or parts thereof in conflict herewith are
hereby superseded and repealed to the extent of such conflict.
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FEBRUARY 12, 1991
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SECTION 8. EFFECTIVE DATE.
1.,- ,• effect immediately upon its adoption.
This Resolution shall take
•' +.• ADOPTED this /
t't `' • day of , 1991. 1
•
BOARD or COUNTY COMMI88IONER8
[ 5'. (SEAL)_; OF COLLIER COUNTY, FLORIDA
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•ATRICIA ANNE GOODNIGH CHAIRPERSON
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ATTEST: iL "`' _
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'''° .t PProvd cs to form & legal sufflelrne9
- County Attorn.y
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