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BCC Minutes 12/20/1985 S .. - .. December 20, 1985 Naples, Florida, December 20, 1985 LET IT BE REMEMBERED, that the Board of County Commissioners in and for the County of Collier RECONVENED IN SPECIAL SESSION on this. date at 9100 A.M. in Building "F" of the Courthouse Complex, East Naples, Florida, with the following members preb~ntl CHAlJU.IANI John A. Pistor VICE CHAIRMAN: Anne Goodnight Frederick J. Voss Max Hasse C. C. "Red" Holland ALSO PRESENT: Williaa J. Reagan, Clerk: James C. Giles, Fiscal Officer: Maureen Kenyon, Deputy Clerk: Donald B. Lusk, County Manager: Neil Dorrill, Assistant County Manager: Burt Saunders, County Attorney: Tc~ Crandall, Utilities Administrator: Nancy Israelson, Administrative Assistant to the Board: and Deputy Chief Ray Barnett, Sheriff's Department. Tape t1 Itea .8 COUNTY ATTORNEY AND BOND COUNSEL DIRECTED TO CLOSE THE RESOURCE RECOVERY BOND ISSUE UNLESS THEY GET POSITIVE INFORMATION REGARDING THE TAX BILL AS TO WHY THEY SHOULD NOT CLOSE THEN IT IS TO BE BROUGHT BACK TO THE BOARD. RESOLUTION 85-276 AUTHORIZING ISSUANCE OF NOT TO EXCEED $90,000,000 IN BONDS FOR THE RESOURCE RECOVERY FACILITY - ADOPTED County Attorney Saunders stated that he wants the Commission to be aware, even though the closing for the 1985 escrow solid waste deal is proceeding, it may turn out that the financing may not have to be done this year, as he is still waiting for some word from Congress as to the effective date of the proposed tax changes. He stated that if the effective date is changed from January 1, 19B6, to a later date or if it becomes clear that this project is grand fathered because of the steps the Board has taken to date, then the proceeding for financing this year can be stopped and c~n be done at a more leisurely pace after the first of the year. He stated that in the event that this deal has to be closed, he would like the Bond Counsel, Mr. Tom Giblin, to go throush the documents that need approval. Mr. Tom Giblin stated that the first document is the bond reslou- ti~n which authorizes the issuance of up to $90,000,000 in bonds, ð1ding that the bond issue is split up into two different series with the first one being approximately a $70,000,000 issue which is Series A &O~K 091 p~r·r 528 Page 13 åO~K 091 p~r,[ 529 and will be 'secured by revenues derived from the project itself and the second one is approximately a $17,000,000 issue, Series B, which will be paid by guarantees that Westinghouse is making. He stated that the money that the County is looking at in terms of providing money to pay debt service on the bonds is $70,000,000 and not $90,000,000. He noted that the bond resolution authorizes the execution of the Indenture of Trust which is the basic document securing the Bonds which is Exhibit C. He noted that the first two Exhibits A and ~ are the Bond Purchase Agreement and a disclosure letter from the investm~~t banker.. Fiscal Officer Giles questioned if these are i.!ldustrial revenue bonds or special revenue bonds, to which Mr. Giblin replied that they are industrial develop~ent revenue bonds and the County has no obliga- tion at all to pay the bonds, adding that the only obligation the County will have is to pay the service fees when and if the project comes on line and those will be used by the company to help pay the December 20, 1985 debt service. Commissioner Voss questioned whether this bond issue is grand- fathered in or not, is there any reason why the deal would not close this year? Mr. Giblin stated that there is a lot of work to be done on the bond issue and a lot of documentation that needs to be put in place, adding that he will shortcut some of the documentation if a deal has to be made this year and then put it into escrow and come up with the other documentation after the first of the year. County Manager Lusk questioned if the Board will need another meeting when it gets down to the point of whether to close or not, to which Mr. Giblin stated if the resolution is approved, he can close the deal and there will not be another meeting necessary, unless they should decide not to close and then the Board would be informed. County Attorney Saunders stated that the Commission could consider delegating that authority either to the County Manager or himself to make such a decision. Co~nty Manager Lusk stated that if it is decided not to close this deal, the Commission should make that decision Lnd a meeting could be calleë. Fiscal Officer Giles questioned if Congress can adjourn without setting an effective date on this matter, to which Mr. Giblin replied affirm3tively, adding that the way the House has left the effective date ~f the Act is to appoint a five member committee to determine the effe~tive date, but they do not need to report on that until December Page 14 - - - - - .. December 20, 1985 31, 1985, which is too late for the purposes of the County. Commissioner Voss questioned if the Commission could direct Mr. Giblin to go ahead and close unless there is positive assurance from Congress that the effective date will not be January 1, 1986. County Attorney Saunders stated that this cOI~ld be directed but County Manager Lusk would like to have another mee~ing where such action would be taken. County Manager Lusk stated that this is all right with him, but he would like a positive assurance defined. Mr. Giblin stated that a positive assurance would be an official statement from the House and Senate which is unlikely to be given this year. Clerk Reagan questioned if there has been an analysis of flow funds and if everyone is comfortable with it? Mr. Giblin stated that the terms of the bonds will be set and he can sign off and feel comfortable. He stated that there will be some loose ends with the Indenture an~ those are things that will be looked at again next year. He stated that one of the purposes of doing an escrow transaction is that changes can be made and more documents can be handled next year. Clerk Reagan questioned if he plans on validation of these bonds, to which Mr. Giblin replied affirmatively, adding that there are about 30 conditions precedent to coming out of escrow and one is validation. He stated that other conditions range from having a loan agreement, suitable mortgage, energy sale agreement, permitting, and engineering must be finished. He stated that all of these conditions must be met before the money would actually be spent. Clerk Reagan questioned if this would put the County at a dis- advantage to issue $90,000,000 worth of bond a and then go back to the bargaining table when it is already known that the bonds are issued, to which Mr. Giblin stated that the County is covered in the sense that the escrowed monies will take care of paying the bonds off if escrow was broke because certain conditions could not be met. Mr. Giblin stated that the County would not be out of pocket any money and all the peopl~ involved in the transaction have agreed to defer fees and make it contingent upon the transaction coming out of escrow. He stated that in terms of bargaining position, he does not know. Clerk Reagan questioned if the deal does not happen and all the bonds are paid back out of escrow, has everybody, including paineWebber ag~eed to defer? &OOK 091 p~r,[ 530 Page 15 ___._n._._.. .__~~.,,_ lOOK 091w.r531 County Attorney Saunders stated that this is correct, adding that the only cost of issuance that cannot be deferred would not exceed $78,000 and Westinghouse has Agreed to assume that responsibility if the deal does not go through. Clerk Reagan stated that in t!'''1 beginning it ...as always the opinion that the vendor would hire the underwriter and there would be no type of liability on the part of Collier County and questioned, if by the County hiring their own underwriter and creating the dummy corporation, is there any possibility that the County is creating problems for themselves i~ the future? Mr. Giblin stated that he does not see any problem with that, adding that for everyone that has a contingent fee lined up that there be an agreement between all parties. Clerk Reagan questioned when he and the Chairman sign bond. and all the documents that go alon3 with it, who are for? December 20, 1985 all the they acting Mr. Giblin stated that they are really acting on their own and on behalf of the County, adding that there is no liability to payoff the bonds on the part of the County other than from the escrowed monies. He stated that if something should happen to the escrowed monies, there still is no responsibility, as that is the responsibility of the trustee. In answer to Fiscal Officer Giles regarding the risk of the water and sewer bond issue, Mr. Giblin stated that it is a little different situation because on the water and sewer bond issue, money can bß made from the escrow, but the Treasury Regulations are such that money cannot be made from this res'Jurce recovery bond issue, adding that all arbitrate profits have to ~e rebated to the government and the at-risk rules are not that germanr to what is being done. Mr. Giblin stated t~.at he would suggest that a contract be obtained from everyone ';hat excepts to get paid on a contingency basis prior to closing, which is scheduled for December 30 and 31, 1985. He stated that he would recommend not proceeding unless all contracts have been signed indicating that all fees are deferred until the transaction comes out of escrow. Commissioner Voss aoved, seconded by Commissioner Goodnight and carri~d 4/1, (Co..issioner Holland opposed), that the County Attorney and Bond Counsel go ahead and close the Resource Recovery Bond Issue unle.s they get positive information regarding the tax bill as to why Page 16 - - - ""..,~~......~.~--"~,.._--~"..........<"-,..".."""""----,,,,,_.~,.,,.,;..,.., - - - December 20, 1985 they should not close and if that determination i. .ade, then it will be brought back to the Board for a final deci.ion. Co.mi..ioner Vo.. moved, .econded by Co..issioner Goodnight and carried 4/1, (Commi..ioner Holland oppo.ed) that Re.olution 85-276 authorizing the is.uance of not to exceed $90,000,000 in bonds for the Resource Recovery facility be adopted. NOTE I Document not received in office of Clerk of the Board as of 1/13/86. ..... Rece.., 9.15 A.M. - Reconvened. 10.35 A.M. ***** Tape .2 It.. .9 DISCUSSION RE WATER AND SEWER ADVANCE REFUNDING ISSUE _ CONTINUED TO 12/26/85 AT 2100 P.M. Mr. Toby Wagner, Financial Advisor of Southeastern Municipal Bonds and Fischer, Jo~nson, Allen & Burke, Inc., stated that this item reg~rds the possible sale of $35 million in utility bonds. He noted due to the tax reform bill being mandated by Congress, he is trying to complete a transaction regarding refunding th( outstanding water and sewer district bonds and he has been working w;th PaineWebber and A. G. Edwards on this transaction. He noted that a proposal has been presented that he feels is not in the best interest of the County to accept at this point in time. He stated that he was hopeful that the exposure to the County would be a very limited one and it turns out that the exposure is larger than what was anticipated. He reported that he cannot recommend a transaction but he is continuing to work with PaineWebber to see if they can improve the situation and he is willing to continue working over the next several days to bring and complete a transaction before year end. He stated that there is no official action that needs to be taken this date. Mr. John Muse of paineWebber stated that he informed the Commisoion the previous day that he was in the market with the bonds and would be prepared to underwrite this date, adding that he had a proponal and the bonds had been marketed successfully. He stated that the conditions and the assumptions under which they were operating which involved the marketing 01 the bonds was the disbursement of the risk with respect to the County on this issue. He stated that the prob1em is not doing the refunding but there is a bond validation pro~leln and he is uncertain as to what the cost to the County might be r~garding the financing and what the risks might be later on in the &oOK 091 PAr.L 532 Page 17 &oOK 091PAG[533' December 20, 1985 year. He noted that he has established a 180 day period during which the validation proceeding was going to be tested or allow the appeal to proceed and at the end of that period of time, if the validation was upheld, the existing bonds would be defeased at that time and then proceed into a normal course of action with respect to the financing. He reported that in the event that the appeal was successful, the County would have to call those bonds and pay back the bondholders with interest, adding that the idea is that the proceeds of the bond would be put into an escrow which has been structured and the earnings would payoff all the interest and all the cost of issuance. He noted that the assumptions used in structuring that escrow were aggressive, adding that it assumed that he would be transferring proceeds from the existing reserve funds as well as the earnings. He noted that late yesterday it was determined that there would be certain funds unavail- able to hedge this risk during the escrow period and therefore, the exposure of the Counly goes from nothing to approximately $1 millioð today and it is his position that this was not the intention of the bond issue and he agrees with the financial advisor that it would not bp prudent to underwrite th~se bonds and expose the County to potential risk. He stated that he would like to remarket the bonds on Monday, December 23, 1985, and given a succesful resolution to the problem over the weekend and they would know on Tuesday whether there is a need to reconvene and the idea would be that on possibly Thursday, December 26, 1985, there be a meeting and he would have a new proposal. He reported that the idea is to completely eliminate risk to the County during the escrow period and restructuring of the financing would require such. Commissioner pistor stated that the idea is that the County does not have a million dollar exposure and able to get the best financial advantage for the County which is what will be done if the bonds are sold on Monday and brought back to the Board on Thursday for approval. Mr. Wagner stated that if they come back to the Commission this year it is going to be on the premise that the County's exposure has been drastically reduced. Co~issioner Pistor .tated that this .eetinq will have to be continued until Thur.day, Decellber 26, 1985, at 3100 P.M. unle.. other"ise notified. ***** Rece.., 10150 A.M. until Dece.ber 26, 1985 ***** Page 18 - - - "'.'·.,."·.··~...,__.__>..>=."_"'.'M_~~.."".... .' '''''''..·."·_··...,......___"___,,._...,,"~.__~....,,,N..·..,...._,_.....~ - - - December 26, 1985 Naples, Florida, December 26, 1985 LET IT BE REMEMBERED, that the Board of County Commissioners in and for the County of Collier RECONVENED IN SPECIAL SESSION on this date at 2100 P.M. in Building "F" of the Courthouse Complex, East Naples, Florida, with the following members present I VIce CHAImiAN: Anne Goodnight Frederick J. Voss Max Hasse ABSENT I John A. pistor C. C. "Red" Holland ALSO PRESENT: William J. Reagan, Clerk: James C. Giles, Fiscal Officer: Maureen Kenyon, Deputy Clerk: Donald B. Lusk, County Manager: Neil Dorrill, Assistant County Manager: Burt Saunders, County Attorney: Tom Crandall, Utilities Administrator: Don Mohler, Utilities Business Añministrator Nancy Israelson, Administrative Assistant to the Board: and Dob Melene, Sheriff's Department. Tape n Itell no RESOLUTION 85-277 AUTHORIZING THE ISSUANCE OF $70,400,000 SOLID WASTE REVT.NUE BONDS (RESOURCE RECOVERY OF COLLIER, INC. PROJECT) SERIES 1985A AND $17,600,000 SOLID WASTE REVENUE BONDS (RESOURCE RECOVERY OF COLLIER, INC. PROJECT) SERIES 19858 - ADOPTED Mr. Tom Giblin stated that the first tranøaction is the Resource Recovery Bond Resolution which has six Exhibits A-F, attached. He stated that the resolution authorizes two series of bonds: the first series is for $70,400,000 which is Series "A" and is basically payable from ~roject revenues which include the tipping fees paid by the County pursuant to the service contract and the second series which is Series "B" iß for $17,600,000 and is basically a corporate issue and is payable from a corporate guarantee which will be given by Westinghouse Corporation, adding that it is the equity that they are putting into the R~source Recovery Project. He stated that the bond resolution authorizes the issuance of the bonds and it also authorizes the i~suance of several of the underlying documents. He stated that £xhibit "A" is the Disclosure Letter that is required by Law an~ has been submitted by PaineWebber: Exhibit "B" is the Bond Purchase Agreement pursuant to which paineWebber will be purchaBing the bonds: Exhibit "e" is the Indenture of Trust which secures Series "A" bonds: m~ 091 PAr.[ 534 Pa~! 19 aOGIC 091PAr.r535 December 26, 1985 Exhibit "D" is the Indenture of Trust which secure Series "B" bonds: Exhibit "E" is the Remarketing Agreement between the County and paineWebber pursuant to which they will market the bonds if they are ever tendered by the holders of those bonds: and Exhibit "F" is the Official Statement pursuant to which the bonds will be issued. He stated that he would need the Board to adopt the bond resolution which in turn would authorize the execution of all the necessary docu~ents to complete the transaction in New York next week. CC' ..ty Manager Lusk questioneð what the interest rate would be, to which Mr. Giblin stated that the interest rate authorized in the bond resolution is not exceeding 7-1/21, noting that the bonds will actually be marketed on December 27, 1985, by paineWebber County Attorney Saunders stated that Bill Montrone is estimating that the initial interest rate will be 71. In answer to Fiscal Officer Giles, Mr. Giblin stated that the bond a~tually matures on December 1, 2008, and the first interest payment period which is approximately 6 months long is from December 31, 1985, through June 30, 1986. He stated that at that time another interest rate will be established, adding that there is a mechanism set up in the Indenture by which the County keeps rolling over the bond, in essc~ce, and there are several different periods that are set up. Co..issioner Voss aoved, seconded by Co..issioner Hasse, that Re.olution 85-277 authorizing the i..uance of $70,400,000 Solid Wa.te Revenue Bond. (Re.ource Recovery of Collier, Inc. Project) Series 1985A and $17,600,000 Solid Wa.te Revenue Bond. (Resource Recovery of Colli~r, inc. Project) Series 1985B be adopted. Mr. Giblin stated that the key in terms of how the bonds rollover and establish an interest rate is the next period as it is set up which will be from July 1, 1986, through October 1, 1986, and the interest rate is established by the marketing agent and it is whatever it takes to sell ~he bonds at par, at neither a discount or premium, so it will be a market rate under that situation. Fiscal Officer Giles questioned if the interest rates revalued semi-annually throughout the life of the issue, to which Mr. Giblin stated that there are three initial interest payment dates to start off, which is the escrow period which i. the time that the bonds are sitting in escrow waiting for all the conditions precedent to be met. He noted that the three dstes are July 1, 1986: October 1, 1986: and February 1, 1987, adding that if the conditions are not met by February Page 20 - - - - .. - December 26, 1985 1, 1987, the transaction busts and the bondholders are paid off. In answer to Fiscal Officer Giles regarding conditions being met and interest rates, Mr. Giblin stated that there is a choice at the time that the conditions are met and this would be a joint decision between the County and Westinghouse as to how the interest rate should be established at that time. He stated that it could be a variable rate or a fixed rate mode. He noted that if this were an insured deal or a "Letter of Credit" backing it up, a fixed rate would be about 9\ at this time. He stated that one of the conditions for coming out of the escrow period is to qet a "Letter of Credit" and if one cannot be obtained to basically enhance the deal, it will fall apart. He stated that after the first six months new interest rates will be re-established. He noted that if ùll conditions are met, escrow can be broken on any of the above-mentioned dates. He stated that if they cannot show that they can make more money on the investments than what is b.!ing paid on the bonds, then the deal will fall apart and bond- holders will be made whole and no one will be out-of-pocket. County Manager Lusk questioned if the $88 million includes the money that the County will need for certain site improvements, to which County Attorney Saunders replied that it will include some of it, but the electrical interconnect is not included, adding that this would probabLY be a separate revenue bond issue and the revenues would be the rev~nues of the landfill. He stated that this item would not be included in the industrial development bond issue. Fiscal Officer Giles stated that this is an issuance of Collier County and questioned how Collier County is protected from liability through the Resource Recovery of Collier, Inc., to which Mr. Giblin stated that there are statements throughout the bond itself and the indenture that this is not a general obligation of the County, does not involve any taxing power, and is strictly a question of paying off the bondholders from the revenues derived from a loan agreement which is going to be drafted in the future. He stated that it is revenues derived {rom the project, and that is all. He stated that the way the service agreement is str~ctured, there is a cap and if the cap is exceeded, Westinghouse has to pick up the difference. County Attorney Saunders stated that Westinghouse has the primary obligation to pay the debt service and these are non-recourse bonds, adding that the bondholders cannot go against Collier County if Westinghouse fails to meet their obligation. He stated that the County &OO~ 091wr536 Page 21 --....,...-""'---....""'-,............... "~...,"""-- lOOK 091m[537 December 26, 1985 has an obligation to pay through the tipping fee enough money to cover debt service, operations and maintenance an~ profit, but the tipping fees are capped as provided in the service agreement. Fiscal Officer Giles stated that he has not seen where Westinghouse is named in the documents. County Attorney Saunders stated that Resource Recovery of Collier, Inc. has been transferred to Shawmut, adding that it is now a wholly owned subsidiary of Shawmut. He stated that Westinghouse will be executing a partial assignment agreement whereby they assume all the rights and obligations under the service agreement that is executed by Shawmut and Resource Recovery of Collier, Inc. Upon call for the question, the .otion carried 2/1, (Co.aissioner Ha..~ Opposed). NOTE I Dccuaent not received in office of Clerk of the Board as of 1/13/86. Ite. III J, 1'/ /::) /- RESOLU'l'ION CWS 85-13 AUTHORIZING THE FIRST AMENDED AND RESTATED WATER ~I.( AN::> SEWER REVENUE BOND RESOLUTION - ADOPTED . /, ' ~ Mr. Giblin stated that this item is the utility transaction and he '~e~ø approval of the first amended and restated water and sewer revenue bond resolution. He stated that there is also a smaller resolution that needs to be approved which contains the actual terms of th~ bond issue and has several exhibits attached to it. He stated that the first resolution is basically a restatement of the bond resolution which was adopted by the County Water/Sewer District on July 30, 1985, adding that there were several minor changes which were required by the insurance company. Mr. Bob Wagner of Southeastern Municipal Bonds stated that last week there was a plan to proceed with the financing of the water and sewer and it was his recommendation that the proposal be rejected at that time. He stated that since that time, he proceeded in a way that he can now appear before the Board with a proposal that would make financial sense for Collier County. He stated that paineWebber went ahead with the marketing earlier this week and they have been able to complete it, adding that this plan does not have the complicated escrow provision that was in the previous plan. He stated that an offering on an issue of $24,240,000 has been made for the water and sewer revenue bonds, Series 1985. He stated that by accomplishing this transaction, the County will be able to recover the cost of issuance in regard to Page 22 - - - .. .. .. December 26, 1985 these bonds from the funds that are put into escrow and the earnings on that will enable the County to recover the cost. He stated that if this is not done until after the first of the year, the tax law elminates the County's ability to recover these costs. He stated that he feels that it is in the County's best interest to proceed and accomplish this prior to January 1, 1986. He noted that the bonds that were sold have coupons bearing from 1987 of 6.30\ up to 8-3/4\ in the year 2015, adding that they are very much in line with other bonds issued that have been offered in the last five business days. He stat~d that he feels that the County has gotten a fair price for the bonds and in addition to that, the underwriting costs are substantially less than they would have been under normal conditions. He stated that PaineWecher has cut their fee substantially as far as management fee goes. He stated that the spread for take-down is very much in line with ~~ner issues that are in the market at this time and in accordance with that, he feels that the issue has been a satisfactory issue from the County's standpoint. He stated that there is one down side to this, adding that the County is going to the Supreme Court and no one can predict the outcome of that decision. He stated that in the event that it should be adverse to Collier County, there will be $24,240,000 of bonds outstanding that would be declared by the courts to be illegal, which means that the County would have to take some action. He stated that to accomplish the repayment of those bonds at that time, it would be necessary to issue another bond issue to repay those invalid brnds. He stated that there would be cost of issuance of the I. ~ issue, but all the cost would be reduced to a minimum. He stated that the changes of prevailing in the suit are so substantial that the County should proceed at this time. In answer to Commissioner Hasse, County Attorney Saunders stated that the $24 million covers all the outstanding bond issues that the district now has, adding that there is no new money involved in this. He stated that in some instances, the interest rate will be higher than it was, adding that the purpose is to consolidate the separate water districts and the separate sewer areas into a unified County Water and Sewer District, which is for m~nagement and operation purposes. Mr. Wagner stated that under existing law, the County is allowed to earn sufficient monies to payoff the interest on the bonds, together with the cost of issuance on the bonds from the proceeds of the bond issue from the escrow account that is to be created. aooK 091 PA'.[ 538 Page 23 'O~K 091P1'.r539 Ta~ '2 December 26, 1985 Mr. Giblin stated that he needs approval from the Governing Board of the Water and Sewer District of the aforementioned resolutions. Co.mis.ioner Voss aoved, seconded by Commissioner Haase and d. I Y carried unanimously, that Resolution CWS-85-l3 autnorizing the First Amended and Restated Water and Sewer Revenue Bond resolution be adopt_d. NOTE. Docu.ent not received in office of Clerk of the Board as of 1/13/86. fu,. C.-I 'I, fV~ It.. n 2 J 3'¿" RESOLCTION CWS-85-l4 AMENDING IN CERTAIN RESPECTS AND RESTATING IN ENTIRr.TY RESOLUTION CWS-85-5 OF THE COUNTY WATER-SEWER DISTRICT - AOOPTEr> Mr. Giblin stated that this is the resolution with exhibits att~~öed to it, which n~eds authorization from the Governing Board of the Water and Sewer District for the issuance of the $24,240,000 in bonds. Commissioner Voss aoved, .econded by eommis.ionrr Ha.se and L"3..t- carried unaniaou.ly, that Resolution CWS-85-l4 amending certain respects and restating in ita entirety Resolution CWS-8S-5 of the County Water-Sewer Di.trict be adopted. NOTEr Document not received in office of Clerk of the Board a. of l/13/86. ~, C.-l~,f~ ~ Itn 113 <:..w.s- gS-',s- NESOLUTI07 .1 ITI AUTHORIZING THE ISSUANCE OF $24,240,000 OF WATER AND SEWER REVENUE BONDS, SERIES 1985 FOR THE PURPOSE OF REFUNDING ITS OUTSTANDING LONG TERM OBLIGATIONS - ADOPTED Mr. Giblin stated that this resolution should be adopted by the Board of County Commissioners of Collier County, ad~ing that this I agrees with the insurance company that in the event that the bonds are & found to be invalid that the County will issue the bonds and make the . bondholders of this issue whole. Commissioner Voss moved, seconded by Commissioner Hasae and ~,. <.vVS-<¡J"",-I$' ~. V~~ carried unaniaously, that Reaol~li.~ 8S 276 authorizing the issuance of ~( $24,240,000 of Water and Sewer Revenue Bonds, Series 1985, for the ( V purpose of refunding its outstanding long term obligations be adopted. NOTE I Document not received in office of Clerk of the Board as of 1/13/86. (\.&-, ~ -Iq, ýt. éf3? * * * * * * Page 24 - -- - * .. .. ~ December 26, 1985 Commissioner Hasse questioned if every member of the Commission was notified of the change in the time of the meeting to 2100 P.M. when it was originally advertised for 3100 P.M.? County Attorney Saunders stated that Commissione~ pistor was not called as he is in pittsburgh and, therefore, there was no point in' calling him. Administrative Assistant to the Board Israelson indicated that Comm~ssioner Holland was notified. Commissioner Hasse questioned 1£ it is proper to change a meeting time with such a short notice? ~ounty Attorney Saunders stated that he called all the news media to let them know, and then local civic associations were called. He stat~~ tnat he tried to get the word out to as many people as possible and this is all legal. He stated that he posted a new notice on the bulletin board on the first floor of Building "F". Commissioner Hasse stated that these meetings should not be changed on such a short notice. There being no further business for the Good of the County, the meeting was officially adjourned by Order of the Chair at 2:47 P.M. As the meeting was originally scheduled for 3:00 P.M., the County Attorney requested that the recording secretary stay until 3:00 P.M. to indicate fer the record if anyone appeared at that time for the meeting. No one made an appearance at 3100 P.M., and therefore, the recording secretary left the meeting room at 3105 P.M. BOARD OF COUNTY COMMISSIONERS/ BOARD OF ZONING APPEALS/EX OFFICIO GOVERNInG BOARD(S) OF SPECIAL DISTRICTS UNDER ITS CONTROL '\ lildA ATTt;&fI~., "(.. WILL~AM.J~ ~GÞ¡-~, CLERK ;,'~:. J, ~. .,;., '.,.. ~':" ~~~:'J"~~C ThÔ~~'.....nut..·..¡froved by the DCC on- ~~.. 7"'¿<1""~ no presente4: 'I ~ '~or as corrected ¿/" . &oOK 091 p~r,[ 540 Page 25