BCC Minutes 09/30/1986 S
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Naple., Florida, September 30, 198&
LET IT BE REMEMBERED, that the Board of County Commis.ioner. in
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and for the County of Collier, and also acting as the Board of Zoning
Appeals and a. the governing board(.) of such special districts as
have been created according to 1aw and having conducted business
herein, .et on this date at 2:30 P.M. in SPECIAL SESSIOR in Building
"F" of the Courthou.e Complex, Eaet Naples, rlorida, with the
following .ember. pre.ent:
CHAIRMAN. 30hn A. Pistor
VICI-CHAIRMAN: Anne Goodnight
Frederick 3. Voss
Max A. Ha...
ABSENT: C. C. "Red" Holland
, ALSO PRBSBNT: 3..es C. Oi1es, Clerk; Maureen Kenyon, Deputy
Clerk, Reil Dorrill, As.i.tant County M.nage~; and Ken Cuyler, County
Attorney.
AGENDA
1. Resolution Amending Resolution No. 85-107 to add a new
.ection establishing a rebate fund relating to the Capital
Im~rovement Refunding Bonde.
2. Resolution Amending Resolution No. 8&-173 and 8&-174
establishing a rebate fund relating to Public Park and
Recreation MSTU General Obligation Refunding Bonds.
Tape .1
RESOLUTION 88-188 AMENDIN~ RESOLUTION NO. 85-107 ADDING A HEN SECTIOR
ESTABLISHING A REBATE I'UND RELATIRO TO THE CAPITAL IMPROVEMEN'r'-'
UI'UNDIRG BONDS - ADOPTED
County At~rney Cuyler .tated that he has gone over these resolu-,
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tions with the Board members, adding that one of the resolu~ions pri-
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098 PACE 35
"September 30, 198&
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aar11y establishes a rebate fund which i. a mechanism to handle the
arbitrage considerations that w111 be part of the new legislation.
Clerk Giles questioned if this i. for both funds that are being
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handled at the closing on Thursday, to which County Attornex Cuyler
replied affirmatively.
Oounty Attorney Cuyler stated that this is for the B,8 mUHon fund
and the $29 million fund.
Clerk Giles stated that he under.tands that & months after the
bonds are issued, the interest earnings will have to be tracked and
compared with the interest expense, to which County Attorney Cuyler
stated that he believes that this is correct, adding that Bond Counsel
had indicated to him a period of 6 months and he assumes that the &
months is from the date of closing and, under those circumstances, the
arbitrage is unrestricted for the first 6 month period and thereafter,
calculation is done on a yearly basis of exactly what the eXcess ear-
nings are and on a five year basi8, it is paid back to the Federal
Government if there is anything to pay.
Mr. Cuyler stated that Bond Counse1 wante4 thie aechanism put into
the resolution to be sure it w.~ part of the documentation and then .s
far as the actual impleme~tation of the rebate fund, the way in which
it works and exactly what the calculations will be will be determined
from the 1988 tax legielation. He stated that this ie the only change
that will be made to the emaller resolution amending Reeolution
8ð-l01, adding that the larger of the two resolutions amends
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September 30, 1986
Resolution 8S-173 and Resolution 8S-114 and adds Section 4.01H to the
authorizing resolution. He stated that this is exactly the same
wording that i8 in the other resolution regarding establishing
the rebate fund and the general mechanism to handle the arbitrage. He
noted that this resolution provides for the sign-off on the insurance
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company that was requested by the insurance company and Resolution
8S-174 relates to Section 3, which was amended to add additional
language to the 8inklng fund language. He stated that there are also
two schedules attached to the larger resolution which are simply the
final clean copies from the last special meeting.
Co.-lssloner Voss aoved, seconded by CO__issioner Goodnight and
carried 4/0, that Resolution 8S-188 amending Resolution 8ð-l07 adding
a new section establishing a rebate fund relating to the Capital
Iaprovement Refunding Bond31 be adopted. (See Pages ~ 9 - '¢I
RESOLUTION 8S-189 AMENDING RESOLUTION 8d-173 AND 86-174 ESTABLISHING A
REBATE :rmm RELATING TO PUBLIC PARX AND RECREATION MSTU GIIfERAL
OBLIGATION REFURDINO BONDS - ADOPTED
Co.-lssloner Voss moved, seconded by Comäissioner Goodnight and
carried 4/0, that Resolution 8S-189 amending Resolution 8S-173 and
8S-174 e.tablishing a reb~te fund relating to Public Park and
Recreation MSTU General Obligation Refunding Bonds be ado~ted.
County At~ney Cuyler stated that for the record he would like to
indicate that this material was handed out to the Board members and
was discussed with the Board members prior to the special meeting for
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098 PACt 37
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September 30, 1986
several day.. He stated that a. part of the closing that will be
handled this ~eek, there is a C~rtiflè.te *~ to Public Meetings and
the signer. ot the Certificate indicate th~t they certify individually
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and collectively no two or more members meeting privately ~gether
reached any prior conclusidn .s to whether the actions taken by the
County with respect to the Bonde and .ecurity therefore or the appli-
cation of the proceeds thereof, should br should not be taken by the
County or should or should not b_ recd~enð.~ as an action to be taken
or not to be taken by the County. He stated that this means that
there has been no Sunshine Law ~iblatibh. Øe stated that the
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Certifip.te simply means that the Board members, with regards to these
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issue., have not talked privately out the scope of the public meeting.
He atated that he does not need any action by way of a vote, but he,
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needs the signature of each Qf the Commissioners. (See Pages,
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September 30, 1985
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There being no turther business for the Good of the County, the
meeting was adjourned by Order of the Chair - Time: 2:39 P.M.
BOARD or COUNTY COMMISSIONERS/
BOAR]:) or ZONING APPEALS/IX ¡'
,OFFICIO GOVERNING BOARD(S) ,OP
~PECIAL DISTftICTS UNÐER'ITS '
dONTROL
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PISTOR,' CHAIRMAN
ATTEST s ,~u"~....'
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