BCC Minutes 04/30/1985 S
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Naples, Florida, April 30, 1985
LET IT BE REMEMBERED, tnat a majority of the Board having given
approval and the Cler~ having given proper notice in accordance with
Ordinance No. 75-16, the Board of County co~issioners in and for the
County of Collier .et in SPlCIAL IBSSIO. on this date at 4100 P.M. in
Building "F" of the Courthouse Complex, East Naples, Florida, with the
following members pr~sentl
CHAIRMAN: Frederick J. Vo.s
VICE-CHAIRMAN I Anne Goodnight
M/.IX A. Hasse
C. C. "Red" Holland
ABSENT I John A. pistor
ALSO PRES~NTI William J. Reagan, Clerk! James C. Gil~s, Fiscal
Officer! Maureen Kp.nyon. D~puty Clerk: Donald B. Lusk. County Manager,
Neil Dorrill, Assistant County Ma~ager Ken Cuyler, Assistant County
Attorney, Nancy Israelson, Administrative Assistant to the Board.
AGENDA
1. Consideration of sale of Collier County, Florida, Capital
Improvement R~v.nue Refunding Bonds saries 1985 and
consideration of adoption of a resolution relating thereto.
RK80LUTIOK 85-107 AUTHORIZINO ISSUANCE or $29,625,000 CAPITAL
IMPROVKMD"I' u;varuz REFUIIDINO BOtrDS, SBRIES 1985, TO rINAJlCB COST or
UJ'UJfDllfO CERTAIN OUTSTAJlDINO OBLIOATIONS or THZ COtnlTY. RESOLUT I 011
85-108 IUPPLEKEIITINO aBSOLUTION 85-107 - ADOPTED
Mr. Dave Fischer of Fischer, Johnson, Allen ~ Burke/Southeastern
Municipal Securities, stated that he is one of the financial advisors
for Collier County. lie reported that the bond refunding of the old
issue and the new money has entered the market this date and has been
successfully marketed, adding that thare are still some bonda left, but
it is called a successful offering. He stated that there have been two
offerings in the last two daya which was Brevard County and Orange
County, adding that Collier County and the other two offerings were
Triple "A". He noted that Collier County had a true intereat cost of
9.3414 which includes the coupon coat and the issuance cost which means
a savings of $640,744.28 on the present valu~ basis and the future
value savings will be $2,543,269.97. He noted that when the issue was
first bein~ discussed, it would have been a savings of approximately
$220,000 and by waiting there was an extra benefit of $420,000 .s the
market went in their favor. He referred to a graph ahowing the
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'00f. 086w/728 April 30, 1985
comparison of interest rates between the Collier County, Orange County,
and Brevard County issues, noting that COllier County did a little
better than the others because it has one of the better names in the
State. He stated that most of the coupons were sold to private
investor.. He i~ðicated that the goals have been accomplished and
there it ~ow a pure security of sales tax. He reported that in the
future there will be .ore leverage to talk about resource recovery and
therft will be a nice security to back that up.
Mr. To. Giblin of Nabors, Giblin ~ Stephen, the County Bond
Counsel, stated that he needs approval of two Reaolutions, adding that
Resolution 85-107 is the bond resolution which a~thori%es the issuancft
of the bond and also secures the bond with the pledge of the Sales Tax.
He stated that Resolution as-lOB lays out the ter~ and the details of
the bond, such as the interest rate and reduction provisions. He
stated that there are a numbcr of attachments to Resolution 85-10B, one
being a disclosure letter which is required by Statute fro~ William R.
Hough ~ Co., another attachment is a Purchase Contract which is
submitted by the Underwriters, and an Escrow Deposit Agree.ent which
relates to the refunding of the old bond issue. lie noted that there is
also a Custody of Funds Agreement which i. an agreement that was
required by the Insurer which aSKS that the sales tax be put into a
special fund to be h(ld by Sun Bank and that the moncy be issued from
that fund pursuant to direction from the Clerk's office. He noted that
there is also the Official Statement, which is an attachment, and is
also needed for the Underwriters to sell the bonds.
Co..issioner Goodnight moved, seconded by Co..issioner Rasse and
carried unanimously, that Resolution 85-107 authorizing the issuance of
not exceeding '29,625,000 Capital Iaprove.ent Revenue Refunding Bonds,
Series 1985, of the COunty to finance the cost of refunding certain
outstanding obligations of the County be adopted.
Co..iesioner Ooodnight .oved, se,onded by Co..issioner Rasse and
carried unanimously, that Resolution 85-108 supple.enting a resolution
.nti~~;; -~esolution authorizing the issuance by the County of not
exceeding $29,625,000 Capital I.prove.ent ~evenue Refunding Bonds,
Series 1985 of the County to finance the cost of refunding certain
outstanding obligations of the Coun~y be adopted.
Mr. Peter Ze~t, Vice President of William R. Hough ~ Co., stated
that the bonds were marketed at 10:00 A.M. and Collier County received
a better interest and sold more bonds than Brevard County. lie noted
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April 30, 1985
that Brevard County had an i.sue of $44 Dillion and Orang. County had
an i..u. of $12 aillion. He extended his appreciation to Clerk Reagan,
Fi.cal Officer Gile., County Manager Lusk, Assistant County Manager
Dorrill, ~nd County Attorney Saunders for their help. He presented a
check to Fiscal Officer Oiles for $300,000.
Mr. Fischer stated that Sun Bank will provide all functions and it
will cost $51,000 until the bOnds are retired. He stated that they
will have an acc~ptance fee, an escrow fee, etc. and they will be
t~"stee, paying agent, registrar, and transfer agent. He stated that
he leels that all fees are very fair.
Fiscal Officer Giles stated that the Underwriters represented the
county's interest quite wdll in negotiating the fces.
Mr. Fischer stated that the closing would be in St. Petersburg on
May 29, 1985, at lOIOO A.M., subject to epproval. He noted that the
Chairman of the Board, the Clerk, and the County Attorney will need to
be present for the closing.
NOTE: NO DOCUMENTS IN CLERK TO BOARD OFFICE AS OF MAY 8, 1985.
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There being no further business, the ~eeting was adjourned by
Order of the r.hair - Ti.el 4:25 P.M.
BOARD OF COUNTY COMMISSIONERS
BOARD OF ZONING APPEALS/EX-
OFFICIO GOVERNING BOARD{S) OF
SPECIAL DISTRICTS UNDER ITS
CONTROL
F'E~~~' VOSS, CHAr....
ATTEST I
WILLIAM J. REAGAN, CLERK
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