Agenda 10/25/2011 Item #16K210262011 Item 16.K.2.
EXECUTIVE SUMMARY
Regent by due Collier Country Industrial Devdopmmt Authority for approval of a
rewlutbu embossing We Authority w Issue revmse bonds to refund bends previously
Wined for hmb cs" revision at Naples Community Hospital.
OBIECTIVE: To accomplish the necessary approvals to malumbe a proposed revenue bond
issue by be Collier County Idumid Development Authority (the "Authority) to be used by
Naples Community Hospital, Inc., ("NCH") to refund all m a pot0on of be outannd'mg (a)
Collier County Industrial Develapmart Amhotity Heals Core FuOiria Revenue Bonds (NCH
Healthcare Systsm, Inc. Obligated Group), Series 2002 (the "2002 Bends") and (b) Collie
County Industrial Developmevl Authority Healthcare Fadtties Revenue Bonds (Naples
Community Hospital, Inc. Project), Series 2004 (the "1A04 Bonds'
BACKGROUND: On Nonanber 26, 2002, the Authority issued mvem w bonds in the original
amount of $12,150,000, with to proceed; being IamW to NCH on be used m purchase coal
rewvate the forma Pace Warehouse located n the intervention of Piet Ridge Road and Naples
Boulevard. The building is used to bases vormus support functions such as billing, fimamce,
accounting. materials marugetven4 and warehousing. The mrteut outstanding bdmtt on the
2002 bonds is appmdnately$9,000, 000. As required by the intend Reventhe Code. taxe empt
Private activity bonds must be approved by the "elaaed representative ", which in to case of a
vonclo ter county in Florida is the Bared of County Covwisaionera. The issuance of the 2002
Bads sees sppoved by the Bond on August 24, 2002 by Resolution 20(32-401 (copy armsed).
Cm August 31, 2004, the Authority issued revenue bonds in the original amount of
$31, 000, 000, with the proceeds being loaned to NCH m be used to fines the construction,
renovation, and equipping of an aspersion of the North Collier Hospital fxilities located on
Immokalee Roed The Pjat consisted of cone[netug and equipping a six -story patent answer,
a 500 w parking facility, and the renovation and relocation of terms exisbig services d the
North Collier Hospital Campna. This expertness increased the capa ay of the North Naples
Faeitiry Bon 119 beds to 201 beds, and included two operating rooms and a causes
catreteriraton laboraory. As a runs of this expansion the North Collier fmilites will becamea
fall service Mlity, offering virtually all of the medical ami smgial services tut ere offered in
the dowmomn fwflity. The cement outstanding Means on the 2004 bonds is approximady
$35, 000, 000. The in urea of the 2004 Bonds was approved by the Bared on June 22, 2004 by
Resolutions 2W0 216 hmpy aaeched).
BOND ISSUE REN n Y IINDBR CON m RATION• The 2002 and 2004 Bonds were
typically structured for bonds of this type issued between 2000 arid 2WS. that is, they are
variable raw bonds, wis moonset ran weekly miler a remakeing agreement, and seemed by a
lar ofcrWt sawed by a ban th m iwestcent ®ode rating. While they one advaotagmm
sanctions n the now of ismance, they carry the mAk of interest rate Increaser, along with
rcnahtetiog efu info bass in fees JP Morgan Chase Busk (tor "Beaks iris a6'aed and 2004
li issue of refunding bode in amounts NCH w refund ton min buss on 2002 and 2004
Bade at a fixed interest cox that will save NCH about $1,000,000 in interact per year fm the
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10/25/2011 Item 16.K.2.
next IS years. This would be a private placement where the Bank would hold the Bonds for its
own account. There would be no public offering, thus NCH would save additional costs.
The Authority met on October 11, 2D11, and heard presentations from NCH officials.
The meeting was noticed by publication in the Naples Daily News in accordance with the
regulations for such notice contained in the Internal Revenue Code, inviting attendance,
participation, and comments from members of the public. No members of the public attended
the meeting or submitted comments. At the conclusion of the public hearing the Authority
determined to proceed with the financing and adopted a resolution evidencing such approval (the
"Authority Resolution "). The notice published in the Naples Daily News is attached as Exhibit
A to the Authority Resolution.
Federal tax law requires two approvals for the issuance of the bonds. First, the Authority
must hold a public burring, and must adopt a resolution in favor of issuing the bonds, as
described above. Following this approval, the governing body of the issuer's jurisdiction must
also approve the bond issue, as explained above. A Resolution for the Book to adopt is
attached, and the Authority Resolution is attached to the proposed County Resolution as an
exhibit.
As are all revenue bonds of this type, these bonds are based on revenues of the project
and are not obligations of the County. There is no pledge of any trees, nor a pledge of any
revenues except the revenues of NCH. Neither the County, the Board, the Authority, nor any
^ officer of the County is liable for their payment. Further, the Resolution expressly provides that
this approval by the Board does trot abrogate any County or City regulations, including land use
regulations.
FISCAL IMPACT: The; program does not require any contribution from the Board of County
Commissioners or any other County agency. On the other hand, the refunding of the 2002 and
2004 facilities bas a positive fiscal impact on community healthcare by treeing up funds that
would otherwise be spent on interest expenses for other healthcare needs. NCH has a significant
impact on the local economy, with in manual budget expense of approximately $500 million.
LEGAL CONSIDERATIONS: This item was reviewed by the County Attorney, is legally
sufficient for Board action, and requires a majority vote. -JAK
GROWTH MANAGEMENT IMPACT The adoption of the attached resolution will have no
adverse growth management consequences. The facilities that were constructed with the
Proceeds of the 2002 and 2004 Bonds were authorized by the zoning in existence at the time of
construction, and constructed in accordance with all County growth management regulations,
and were subject to the LDC, the Growth Management Plan, concurreney requirements, and the
payment of impact fees.
RECOMMENDATION- The Board of County Commissioners adop¢ the atmehed Remlution.
Prepared bun Donald A. Plekworth, Counsel
^ Collier County Industrial Development Authority
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10125/2011 Item 16.K.2.
16L2' ,s
RESOLUTON NO. B2. 407
A RESOLUTION OFTHE BOARD OFCOUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE AND SALE
OF REVENUE BONDS RY THE COLLIER COUNTY INDUSTRIAL
DEVELOPMENT AUTRORITT, AS REQUIRED BY SECTION 141(0 OF
THE INTERNAL REVENUE CODE, AE AMENDED; AND PROVIDING
FOR OTHER RELATED MATTERS.
Wberi the Collier Covpry housing Devcapmmt Authority (ace "Audsonty') is a body
RXhuate ad Pohtic OfC011iv County, Florida ("CORIM County') crated by Collier County
Resolution No. 7934 duly w oped by the Board of Century Compassionate On Febfuvy 27. 1979
pursuantto PartDIol'Chaptef 159,Florida Stawtmuamended,tn Nepowvwimemvvuc
bonds for the portents of fimncwg a "Minot" an def M is Part 11 ofCholl 159, Florida StaNtes,
as amerced; and
Whams, NCH Healthwte System, IN. (the "COROra ion') a Fonda not- far -profit
wrpomtion. his requested the Aud ority b Issue its Ho lth Cue Facilities Revmua Bonds (.YCH
HeslNaa System, Inc. Obligated Group. Series 20(E in an amount not to exceed S 14,011 Ban:
" Bonds ")f or the purpose craning a loan to the Coryoation fortheptuposeofprovlding sio
acquire contain boal property in Collier County, Florida and the building theme of approxhNlel
108,000 equam fact watch We bean and will continue m be used tO house cents, admimswtiro and
support fwslitles of the Connotation phe "F t and No certain expenses taco
connection with the instance of the Beds; aN pry cart intentional an
Vitiations, Section 147(f)ofthe Internal Revenue Cade of 1986, as attended (the "COde'7. �.
provides that the dactcd legislative body of the govepmental not which b isjunsdi Lion over the
some in which tM facility finmced with the pmcucte of OV cmpt bonds is looted is W approv e
the issuance of such bonds after a public binding; and
Whereas, due Board Of County ChristWonca OfC011ier Cowry, Florida (the "Boats ") is
the elected legislative body of rise County; and
Wberen, the Audeonty ewaed a hadde of public hearing no consider approval of the
BOOM and the ]Nation ed notate of the Project to be pubbbod on or before August 26, 2002 in the
Nelples Daily News, a newspaper ofgeOVtl urea Mi COBfer<ounty and a copy of said nonce
ached to the Authority Resolution descricoll in(thei "Notie); aM
Wh ness, the Authonty held a public hewing on SepUmber 9, 2002, pursuant to the Notice
out adopted a resolution ( NC'•Aphority Resolution'') barbarizing We issuance of the Bonds, a copy
ofwMehisattachedhc uExhibitAadhat recommmdd tithe HOaN Net it apppve the
tuuwceoffe BadsatwsoAwOew ith Sxfion147(0of0 Cade;cod
Whwae, fat the reasons set fah above, it appeals to the Board slat the approval of due
issionect and bale of such Bonds as rrquihad by Section 147(1) of the Cade is in the beat Peanuts of
Colliw Cowry,
NOW, THEREFORE, Be 11 Resolved by the Board ofCou try Commieviwas of Collier
County. Fluids, Nat:
Sepion 1. Approwl0fItsuancefrhe9Ony. This Baartl hereby epppvw [he lgeuance
of *"ends by the Authority for the potterer deunbed in ace Notice pussuatl b Second 147(f) of
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10/25/2011 Item 16.K.2.
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Me Code. The Bonds aM14l be isaued to such aggregstc pnnciP4 amoun4 bear interest 4such rye
rat s, mature in each ass cant or amounts end be aubjsel to redemption as art approved by Me
Auonry without the plainer pmvu ofthia Board,
lTe Bonds shad not codtimte a debt, liability or obligation OfCouiv Cowry, the Board
,
enyoffic . agent or employs of Collis Cowry, Me But of Florida or any political subdivision
tcNamf, but shall be Payable solely sod the mvewas provided threaten, and neither Me Buts and
tlit nor any nixing power of Copier County mME Sutc OfFlonda or any polleml aub &vision
Nemofis Pledged m Na pwy ant ofMePcmcipah o[Prcolum.bleary. and interest Of Me Bantle.
No member thNe Boyd e. my olfica or empbya Nvmf"I be liable Personally an Me Bonds
by reemn hflhe'vivamce
This eppanval shall in no way be decmetl m abrogue any MWehod OtOONa Couory Nr
MY portiorm of the Protect loured within Me regulatury, judadieson ofC Iher County. The Projst
shall be subject to W such sgWsdou, hxladlag, but not fiddled d, the Colber Cowry Omwth
Dec Igppm mt Codeend all ureun sy reguhrowers sentenced therein rand the Collier County Land
Section 2. SevembBoY If enry rezGpq pya® ells, clause orpmvision Of Us Resolution
Shall be held to be invalid or ineffective frrany, mason, the rcmaindwof this Resoluson shall
continue to full force end effect, it being expressly hereby found and dslarM that the remei chr of
Nis Resolution would have been adopted desph a the invalidity or (tecsys
paragraph, claus or provision, me ass of such seethe,
Section 3. Eg ow Ones, This Resolution Step take Mectimmediyely uEssubs
adoptidy and any Provisions ofany previous solutions in covflict with to Provisions hermfare
hereby superseded.
^ PASSED and Adapt l this 24th May ofSepte46a, 2W2.
COLLIB.R WlINIY, FIX) IDA BY
ITS BOARD OF COUNTY
COMMISSIONERS
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10/25/2011 Item 16.K.2.
16L2
RESOLUTION N0.2002 -N
AN INDUCEMENT RESOLUTION OF THE COLLIER
COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
REGARDING THE OFFICIAL ACTION OF THE
AUTHORITY WITH RESPECT TO THE PROPOSED
ISSUANCE BY THE AUTHORITY OF ITS HEALTH CARE
FACILITIES REVENUE BONDS INCH HEALTHCARE
SYSTEM, MC. OBLIGATED GROUP) SERIFS 2W2 IN AN
INITIAL AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED 510,000,000 FOR THE PRINCIPAL PURPOSE OF
FINANCING CERTAIN COSTS MCGEEED OR TO BE
INCURRED BY NCH HEALTHCARE SYSTEM INC. ( THE
"CORPORATION") IN CONNECTION WITH THE
ACQ UISRION OF CERTAIN HEALTH CARE FACILITIES;
AUTHORIZING THE EXECUTION AND DELIVERY OF A
PRELIMINARY AGREEMENT BETWEEN THE
AUTHORITY AND THE CORPORATION; AND
PROVIDING FOR RELATED MATTERS.
WHEREAS NCH Heslthcme System Inc., a Florida rid- for -profit wrpornow(the ^
"Corporation ") has applied to the Collier County Industrial Development Authority (the
"Ainhoriy ") to issue a aeries of its private activity revenue bonds in dw initial aggregate
principal amount of not to exceed S14,000,000 (the "Series 2002 Bonds ") for the principal
Purpose of financing certain costs of acquisition Of cation health care facilities (the
"Project) 0 be owned and operated by the Corporation and paying cents associated with
the issuance of the Serves 2002 Bonds; and
WHEREAS, the Corpomhoa has requested that the Authority loan the pracwds of
the Bonds to the Corporation pursuant to Chapter 15% Pam 11 and 111, Florida Stead" On
such Other provision or provisions ofFlorida law u the Authority may determine advisable
(the "Act ") in other to accomplish the foregoing Purposes; and
WHEREAS, the issuance of the Bonds and the loaning ofthe proceeds thwu jr, the
Corporation to finance the once of the Proj «t under lean agreements or other financing
agreements, and Pursuant to the terns thereofwhich will Provide that payments thereunder
be at least sufficient m pay the principal of and interior and redemption premium, if any, on
such Bonds and such Othtt now in connection therewith as may be incurred by the
Authority, will assist the Corporation and promote the Public Purposes provided in the Act;
and
BXHIBIT "A" TO BCC
RESOLOTION
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WHEREAS, the Coporation hest submitted the Preliminary Agreement (the
"Prclimivary AgreemevC'7 relatmgtotheissuanceoftheBwds, attechedfieretoa Exhibit A;
and
WHEREAS, in order to country certain ofthe re uireme Of Section 1471f) of the
Internal Revenue Code of 1966, as amended (the "Cade"), me Authority did w the dam
hereof hold a public hearing on the prepesed issuance of the Series 2002 Bonds for the
partitions herein stated, which date is more than 14 days following the firs[ publication or
notice of such public hearing in a newspaper of Secret cimuletiOn in Collier Contrary and
whichpublic bearing was conducted in a meanmtlmtpmvided unnameable opportunity for
Persons with differing views in be heard, birth orally said m Among, On the issuance of the
Series 2002 Bonds and the location and nature of the Project, as more particularly desc bed
in the notice of public hearing enached hereto as Exhibit B; tied
WHEREAS, it is intended that Oust Remind on that constitute offool action toward
the issuance of the Series 2002 Bonds within the meaning of the applicable United Borrow
Treasury Regulations in addition m any other action that may have heretofore been taken by
the Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY, THAT:
SECTION I. AUTHORITY FOR THIS RESOLUTION. This Resolutions
is adopted pursuant to the provisions ofthe Act and otherapplicable provisions of Jew.
SECTION 2. PRELIMINARY STATEMENT. This Resolution is entered
into w permit the Coryomtiov to posited with the financing Of me torts of the Projat and
to provide an expression of intention by the Authority, prim to the issuance of the Bonds, to
imuc and sell the Bonds and make the proceeds thereof available for such purposes, all in
aoedance with and subject to the provisions of the Act, the Construction said other laws of
the State of Florida and the laws of the United Shares of America, including the Coda and
this Resolution, but subjOm in all respats to the harem of the Preliminary Agreemen,
SECTION S. APPROVAL OF THE FINANCING. The fimeatdng of do
costs Of the P ri by the Authority through the issuance Of the Boards, pumuant m the Act
will promote the economic development, prespedty, health and welfare of the citb s of
Colter County, will promote the general economic structure of Collier County, and will
thereby serve the public purposes of the Act and u hereby preliminarily appmvml, subject,
however, in all respects 10 the Coronation mating the conditions ons set forth in the Preliminary
Agreement to the sole sarisfention of the Authority.
2
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16L2 '
SECTION 4. EXECUTION AND DELIVERY OFPRELIMIN'ARY
AGREEMENT. The Chdrmen orere Vice- Chaimun is hereby autharizedand directed to
acute,foraManbehalfofthe Authority,the Preliminary Agreement,inmeformanwc d
heretoa hibil "A ",betty m6eAUNOrityend Ne COTOo ooprovidingwdentandi es
relative to the proposed issuance of the Bonds by the Authority to finance the costs of the
Project in an aggregme principal amount not to exceed the leaser of (a) $16,000,000 of (b)
the amount determined by the Authority and the Corporation to be necessary to accomplish
the foregoing purposes.
SECTIONS. AUTHORIZATION OF THE BONDS. There is hereby
authorized to be issued and the Authority hereby detemena to issue the Bonds, if so
restricted by the Corporation all subject in all fespems to the conditions set forth m me
Preliminary Agreement inan aggregate principal amoumnotto exceed $14,000,000 forthe
principal purpose of financing the cash of the Project m described in the Preliminary
Agreement. The rate ofimemst payable an the Bonds shall not exceed the maximum rate
permitted by law.
SECTION 6. GENERAL AU'TIIORIZATION. The Chairman andthe
V imChahman are hereby Brother authorized to Proceed, upon execution of the Preliminary
Agreenn, with the undertakings provided for therein an the pmt of the Authority all are
further authorized Or mine such deps all actions as may be requited in necessary in order to
wan the Authority in issue the Bonds subject in all retpech to the terms and washroom set
forth in the Preliminary Agreement authorized hereby.
SECTION ]. OFFICIAL ACTION. This resolution is an official achoom of
the Authority toward the issuance of the Series 2002 Balls, as wnremplmed in the
Preliminary Agreement in eccordevce with the purposes of the laws of the Stare of Florida
and the applicable United Status Treasury Regulations.
SECTIONS. LIMITED OBLIGATIONS. The Bonds and the interest
thereon shall not wrutimte an adebtedness m pledge Of the general credit or faxing power
ofCalher County, the Sate ofFlonda or my political subdivision or agency floomfbnt shall
be payable solely tram the revenues pledged therefor pmsumn to a loan agreement or other
financing agreement entered into between the Authority and the Corporation prior to or
contemporaneously with fire issuance of the Bands. The Authority has no axing power.
SECTION R. LIMITED APPROVAL. The approval gives herein shall not
be command as an approval or eodorsemant of approval of my necessary ramming
applicatiom ref for any other regulatory permits relating to the project and the Authority
skull not be consnuN by mason of its adoption of this resolution to have waived any right
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IU21oo
of Collie Ccuary or esmpping Collier County, from asserting any n9hta or realwnsbilitiee
it may have in that regp
SECTION I0. EPPECTTI'E DATE. TIus ResoluHOa ahall fans af( ,immediately,
ADOPTED ties 9111 &Y of September, 2002.
COLLIER COUNTY INDUSTRIAL
DEVELOPIYIENT AUTNORTI'Y
(SEAL)
IN
ATTEST:
1.It Hunnv rcy. Chaim�an
Secretary
^
^
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10125/2011 Item 16.K.2.
16KZ-
RESOLUTION NO.lk -�
A RESOLUTION OF THE BOARD OF COUNTY COMMIBRIDNERR OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE AND SALE
OF REVENUE BONDS By ME COLLIER COUNTY INBUSTRI H,
DEVELOPMENT AUTHORITY, AS REQUIRED By SECTION 11710 OF
THE INFERNAL REVF.NIM CODE, AS AMENDED AND FROVH)WG
MR OTHER RELATED HATTERS.
WHEREAS, des Collin cowry Iotlos DevebpiRm Audwi(We'Authmity ^)ism
fitly w,gvc¢ and Iul i kc of Collies CmwY, Floods ("Calker Couory^) ermM by Collin County
Resolution No. 79.34 duly Wopktl b/Me Board orCounly Commiatioven un Fatuity 2),19]9
Punuem b Pan UI of chit 159, FlOntla Suai as amv@4 wink We pxxrb iavue nvanoa
bonds( Weputpnes of flouncing a ^gOlm" as defioad in Pan R of Paddler 159, Flonda Cations,
o amended; and
WHEREAS, NCH HeelWsart System, Inc. lthe'COrpoMion7 a Floods Iwt- fmymfin
mgwndon, hm n9lsated the Authority to June its FRnhil Cart Fecilitke Fulsome Bolls (NCH
lienhhorc SYSnm,lic. Obliytd Oroup), Senn 200d (We `BOnds'T fn We pupae ofnuking a
Iwnto the the Au ionw Resoceorteindwea tfe Cagwauo ayoNemetsoflM P lean
desctibM in usts Auth u"Remlution Bonds bebw all ro pY q,atin expenses i,cuned in
<mucttan will We inuenee of,hc BOMS; and
WHEREAS, Section I47(O of We Insisted Assets Costs of 1986, as awookid (Ne
'Cocial. Notifies lit the elected leeitluiw bOdY Oohs yovenua null unit which hue itvi dicmn
over We true in which ne utility ! ed with the ptocnds of lo-asopt bonds In haatd is to
approve the iasuutce Oftook Wide near Public boring; sound
WHEREAS can Board of County COmmiuio ofcollie County. Flondt(Ihs`Bard")
s the ekned task i nive 0.tlY of the Couiry; uW
WHEREAS. Ws Authority mused a noon ofa pooh, hating W covid oa,poo nl Of the
Bwds Bud Ibe kandi" W nouns offt %o/ol to be pubWhsd on w hfnte "Y 26.3pp4 0 dm'
Naples Only Nsvrt, eawygpn ofyisrel cimuhdon in Collin CO". all a COPY of said notice
n vusold to the AuWmity Reassi desctibd herein Ohe "Nodes ");and
WHEREAS, Ns Au ioncy held a Wblit hmiog On jute 9, 2000. Punueq to We Nmas
eW adopted a tesolmion (the •AWhadty Rewlutini') amhml'n Weis
Of wh4h is ranched heecm as Pshlbil A, and has temmm<MN to We Board thou itan prow, a espy
yanmce of We BoMe m aOavdanu wit Scdw l a](O trusts Code; and
eppmve We
WHEREAS, for Ih owns an Toll arid h appms W Be Bid Val th appco d of use
masse W rein of twb Bonds u mquhed by Scant di oflhe Code is In the hour inprtsls of
Collin County.
NOW, THEREFORE, BE IT RESOLVED By THE ERT RO OF MkINTV
COMMISSIONERS OF ['BLUER COUNTY, FLORBIA, Wes
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Seclioaf AP Oaaf Of&TWO 90 /rM Buhr. This Baud lumby appeovu the issuance
of the Bands by the Ambmity for the Parposu described in the N oc paramount m Sorrento 19](f) of
the Code. The EaMs stall be imd in since aggregeu Pomipl ammm, beer form at such rare
or rates, mmue in such amount or amount and he anbjw on retlmption as R yhpmved by the
Authority without the fustbn approved Of this Board
The Bloods shall art conaitile a Lebo liability or obligation of Colter County, to Board,
soy officer, agent Or employee of Collier County, the State of Florida or my political subdivision
thermh but shall be payable soWy farm the tewnuu provlEM therefor, aM neither the faith and
credit o Wry taxing power of Collier Country Or rte State of Florida Or my political subdivision
thereof is Pledged m the paymmn ofd a pincipa of premitunq ifmry, and iatcrtst on the Borth.
NO member Of the BOW Or my officer Or mplayee thereof shall be Bible pmomlly on the Bords
by rvaeon Oftheir issuance.
This mrPmval shall In or way be coerced in abrogate any regulations; of C011fm Contrary for
any portions Of the Project looped within ar regwittary jurimmucto ofConier couruy. The Parjxl
Stull be subject to ell such reguations, including, but out limped to, the Collin County Growth
Mannesmann Plan and all concmremy reyuimmmu contamM therein and the Collins Campy Lund
Developmem Code.
Section 2, Severobilny If my srctioa paragraph. clause or provision of this Resolution
stroll be held to be invalid or ineffective for my reamn. the remainder of gas lboulutiet shag
Continue in M fnrec and client, it bang expressly thereby Found and decWad that the remainder of
this Resolmim would have been tantrum aeapile the invalidity orinefimivmess of such session,
paragraph, clause or provision.
Secfiml Fffenroel e. This Resolution strut tale effect immediately upon as
adoption, and try provivons of any previous RmlYgma in wOBiet with the provisions hermfine
hereby supemedid.
PASSED and Adopted this MW clay of )me .2WC.
ATTEST: COLLBSR COUNTY. FLORIDA BY
Dwight f, story. Clerk MS BOARD OF COUNTY
ya 924Gv` COMMISSIONERS
pulq DamaF u, Numen
Est 'LO:Chatrvn's
ISEAftQ�.;.... n
we
t_2
Appo.eem�ar•Ah m,d asniBcimhcy: .o=ars
Daw;d e. weyel. camrr rat - _ �- ,iD -Oy
i„ ee
2
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10/25/2011 Item 16.K.2.
16K2
RESOLUTION NO. 2004AT
AN INDUCEMENT RESOLUTION OF THE COLLIER
COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
REGARDING THE OFFICIAL ACTION OF THE
AUTHORITY WITH RESPECT TO THE PROPOSED
ISSUANCE BYTHE AUTHORITY OF ITS HEALTH CARE
FACILITIES REVENUE BONDS (NCH HEALTHCARE
SYSTEM, INC. OBLIGATED GROUP) SERIES 2004 IN AN
IMTb%L AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED T5(),M 0 FORTIEPRINCIPAL PURPOSE OF
FINANCING CERTAIN COSTS INCURRED OR TO BE
INCURRED BY NCH HEALTHCARE SYSTEM INC. (THE
"CORPORATION") IN CONNECTION WITH THE
ACQUISITION, CONSTRUCTION, RENOVATION AND
AUTKORIG OF CERTAIN HEALTH CARE FACILITIES;
AUTHORIZING THE G E AGREEMENT AND DELIVERY OF A
PRELIMINARY AGREEMENT BETWEEN THE
AUTHORITY AND THE CORPORATION; AND
PROVIDING FOR RELATED MA'TfER3,
WIIEREAS,NCHHallhcme Mw Co U y 9Floridatrot- fm -pmfltc Awbo ao (Br
"Cwpauim") hu applied s the Collin County Into" Developuant Aulharity iiw
"Awhaity") b issue o cries of iu private activity (tIt mmue bolo ui Use i* eggteeuf
financial woaal of not to oath 750,000,000 (the tBandy) for g o prhuipoo pupae of
Manning feria cons of mmmiuim, mwvadon and alalppiog of ca d hewth cue
fvillti v (the °PROjmtua nc be owvcd ood out by tlse Coryoration and paying mug
8690n106d WItl111W 19911BIICC OfdIC BOnd9; Bnd
WHEREAS, the "Project ", as docnbed in 0u apphoadion wnsisa of
wlu iucting, rarovuing and equipping health oar: facilities, includin& unithow
limitation, a six -Nay pnBmt tows, a 500 car puking facility, and the rmavuion aM
relocation ofcatain existing arvicea u th NoM Collin Hospiwl Cunpw and b pay
cartoon mpmses inowW in cwnation with the issuance of the Banda: and
WNs 0t1mo, the GarpaaInznhas roCnWrhuthers 11 and loonkarida da
o(the Binds b We CotporaBOO P'maant to Chapter 159, Pars 11 uw ID, Florida
Swures, orvi t blear to Acim a pro W ac ampindds law re do AuNOdty mp
damni�rc edvivbie (We Act") in order b acmwpliah the [orcgoiog pwposo; aw
EXHIBIT A TO COUNTY
RESOLUTION
Packet Page -2ssb-
10125/2011 Item 16.K.2.
16K2
WHEREAS, der issuance of flue Bowie and tb Iomu6 ofthe proceeds Nernfto
Nc Coryorain bfioang leaded an now; under loan aWill P aotlar
financings beat Insist w b Be the LamaIhl ofang he Willndassuthatpryvmus
thereraderfwet Inns such Rangebpryflu prmdpelwindintact and assumption
premiom.ithe Authority. BOrdownsthe ativ coon inn lion Werenlic omaybe
ircwrcd by the Act; aed will miss the Corporation and promote the public paptas
provided in the Act; eM
WHEREAS, w ordorb satiety main of Section 147(0 of On
laternal Revenue Cads of 1956, as eaanded (the 'Cage'), the Aabaity Man the dm
heteofhold a public hewing an the leoposW however of to Bands for the purpwn
herein scared, which date In mart don 14 days following lee Bass publication of notion of
such public hearing as a nenapepa of govern circWOiov in Collier County saw which
public hearing was conducted in anoan tlrprovided amenable opportunity for
persons each diffcnng vkea to W band, both truly and in Writing, on the isaueoa "are
Bough and the locaien wed wrote of the Project, W more patinlaty Camribed in the
raga of public huing sunning bereb as Exhibit A; and
WHEREAS, it ishandled that this Resolution shaft cauotuk official actin
bWsuy Regulations in Banda to any ter wants edaapPbrk Urdted gates
,-� by the Corporation;
iv additianroary other want lhoary nave hmeorare ben ulo-n
by flue Caparetion;
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY, THAT:
n
SECTION 1. AUTHORTT FOR THIS RESOLUTION. Thu
Roobmnn is edoWed punumtb the pmvuieos of the An ast odor weplkaWc
provuwnwBlaw.
SECTIONL FRELAfDiARY STATEMENT. This Resolution is
rowed mb an permit the Corporation 0 wocad with the financing ofthe coax of rue
Project end in provide we espression of mention by the AuNaity, factor an the ueuevce of
the Bad; to ivue and sell the Beach sod maketba par :cgs flvnfavrabk forsudn
papoaes,all m ecrordevicewith and subject b the provinbos ofda Aµ flue Connotation
aM other teen of flue Sae of Florida end the have ofthe United St oe ofArnetim,
including the Codn, and this Reooiutiort but subject in all reapece to the tens of the
Preliminary Ageonnd.
Packet Page -2551-
10/25/2011 Item 16.K.2.
16KZ
SECTION]. APPROVAL OFTNE FINANCING. Thefiranlydngofthe
cO ofthe Prejwtbythe Awmrity Wmnglltheirsuanwof We Bond;Pursuanttothe
Act,will Promotedrox miicdevolopbeo[,pmspesity,6 andwe ofdu
citWeua of Collie Camay, will probom the ganaol ecovvmic swerure oFC011iu County,
and will thereby save We Pubgo puryuao an to AG ad le herebying &aivvily
approved,aubjwt, harasses,
Agr nelllapw tithe Coaporatimbeniagthe mvd'Noric su
[ast in the Preliminay Agreemanl to for mlesatufec0oo efdw Authority.
SECTION 4. AUTIORIZATION OF TDE BONGS. Those is hereby
aulMriaed b be issued and the Augbriry hereby dekemlines W burns Use Boadi if se
retueaad by We Corporal and subject in all respects to the coMitions car foM in to
Pra weary Agrzesiest, in an aggregek principal sooner: Iwt to exceed 550,000,000 for
the principal pivptae offioancing db crew of the Project as described in to Preliminary
Agreemenl. The rare of interest payable on the Eur10s shall nor exwW We maeinu m raze
peabWd by law.
SECTIONS. GENERAL AUTIDRIZATION. The Chairmen and the
ViceChairman we hereby foster auNOrUedi on proved, neon exwmfon of the
Prelireinery Agrmneru, with We nn sawcinga provided for theaeW on be put of Ne
Authority and aR fmtha BIYIIpi6d to take such suips and nation as story be regalld or
necessary in order in curse the Authority an base the BOVda subject Well respects tithe
icons and wdinons act fvrN W the Preliminary Agrcement evrhorizd herby.
SECTION 6. OFFICIAL ACTION. TWS resolution is an official action of
the Authority bwud the issuance of No Bonds, as cavmnplated in the Preliminay
Agraernest, in mmWance with the purposes¢ of $a laws of to Store of Florida and to
applicable Unwed Source Treuluy Raguleoun.
SECTION 7. LIMITED OBLIGATION& The Bolls and to honest
season owl net wnatimc an wobtdoeu w Pledge of to gconal craft W =4
power of Collier County, one Stare ofPlorida or any Political subdivision or agency
thereof but shell be payable solely from the revenues Pldgd therefor pursuant b a loon
sincerest m other financing egreammt entered I= berwcen We Authority ed the
Cmpmuivn Prior b Or conteslponoeously whh the resume Of be Bonds. The AUdwrity
hat no losing power.
SECTION& LIgDTED APPROVAL The approval given herein Nall
net be wrutrued as an approval or andonrmest of approval of any necessary rezoning
eppliptiovs nor for MY Odhc OORAI ry Perot mWOng b be Project and We Authority
awl net be cmunud by mason of in aeoptim of Nu resolution to have weird my right
—Packet Page 2552-
n
n
10/25/2011 Item 16.K.2.
16KZ
ofCollia Coumy ar euo0pia6 Collis Comity Item eaaerdng mry si�m u respotuibilitiu
it may have in dmt Mo d.
SECTION 9. EFFECTIVE DATE. mus Resolution a ltake cffw
immediately.
ADOPTED 9W day of Joint, 3000.
��ORpPb
y"
st� e�oHlono�/;j•.�
Alice J. Secrtuy
— Packet
10125/2011 Item 16.K.2.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.x.2,
Item Summary: Request bythe Collier County Industrial Development Authority for
approval of a resolution authorizing the Authority to issue revenue bonds to refund bands
previously issued for healthcare facilities at Naples Community Hospital.
Meeting Date: 10/25/2011
Prepared By
Name: CrotteauKathynell
Title. Legal Secre+ary,County Attorney
10/I ]2011 10'.05:29 AM
Approved By
Name: Klatvinx]eR
Tide: County Atmi
Data 10/17R01133433 PM
Tmne: IsacksonMark
Title r Director orp Financial and Mgmt Svs,CMO
Dale: 10/18/3011 1036'.08AM
Name :ealy o
Tide: County Manager
Dam: 10/I8C01I I1'19 01 AM
Packet Page -2554-
10/25/2011 Item 16.K.2.
RESOLUTION NO. 2011 -_
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
APPROVING THE ISSUANCE AND SALE OF REVENUE
BONDS BY THE COLLIER COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY, AS REQUIRED BY
SECTION 147(Q OF THE INTERNAL REVENUE CODE,
AS AMENDED; AND PROVIDING FOR OTHER
RELATED MATTERS, AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Collier County Industrial Development Authority (the "Authority ")
is e body corporate and politic of Collier County, Florida ( "Collier County") created by
Collier County Resolution No. 79 -34 duly adopted by me Board of County Commissioners
on February 27, 1979 pursuant o Part III of Chapter 159, Florida States, as amended, with
the power to issue revenue bonds for the purposes of financing orrefinancing the costs ofa
"project" as defined in Parts II and III of Chapter 159, Florida States, as amended; and
WHEREAS, Naples Community Hospital, Inc. and its sole member,NCH Healthcare
System, Inc. and NCHMD, Inc. (the sole member of which is NCH Healthcare System, Inc.)
each a Florida nut - for-profit corporation (collectively, the " Coporation ), has requested the
AuNOrity to issue its Healthcare Facilities Revenue Bonds, Series 2011A (NCH Healthcare
System Projecf, (the "Bonds') for the principal purpose of making a loan to the Corporation
to refund the Authority's outstanding (i) Healthcare Facilities Revenue Bands (NCH
Healthcare System, Inc, Obligated Group), Sedes2002 and (ii) Hcalthcam F=flities Revenue
Bonds (Naples Community Hospital, Inc Project), Series 2004 (collectively, the "Refunded
Bonds ") and to pay certain expenses incurred in connection with the Issuance of far Bonds;
and
WHEREAS, Section 147(t) of the Internal Revenue Code of 1986, as amended (the
"Code "), provides that the elected legislative body of the governmental unit which has
jurisdiction over the area in which the facility financed or refinanced with the proceeds of
tax - exempt bonds is located is to approve the issuance of such bonds after a public hearing;
and
WHEREAS, the Board of County Commissioners of Collier County, Florida (the
"Board ") is the elected legislative body of the County; and
WHEREAS, the Authority caused anotice of a public hearing to consider approval of
the Bonds and the refunding of the Refunded Bonds to be published on September 26, 2011
in the Naples Daily News, a newspaper of general circulation in Collier County, a copy of
said notice being attached to the Authority Resolution described herein (the "Notice "); and
Packet Page -2555-
10125/2011 Item 16.K.2.
WHEREAS, the Authority held a public hearing on October 11, 2011, pursuant to the
Notice and adopted a resolution (the "Authority Resolution ") authorizing the issuance ofthe
Bonds, a copy, of which is attached as Exhibit A to the Authority Resolution, and has
recommended to the Board that it approve the issuance of the Bonds in accordance with
Section 147(t) ofthe Code; and
WHEREAS, for the reasons set forth above, it appears to the Board thatthe approval
of the issuance and sale of such Bonds, as required by Section 147(f) of the Code, is in the
best interests of Collier County,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, THAT:
SECTION 1. APPROVAL OF ISSUANCE OF THE BONDS. This Board hereby
approves the issuance ofthe Bonds by the Authority for the purposes described in the Notice
pursuant to Section 147(f) of the Code. The Bonds shall be Issued In such series, in such
aggregate principal amount (not to exceed $48,000,000), bear interest at such rate or rates,
mature in such amount or amounts and be subject to redemption as are approved by the -
Authority without the further approval of this Board.
The Bonds shall not constitute a debt, liability or obligation of Collier County, the
Board, any officer, agent or employee of Coll tar County, the State of Florida or my political
subdivision thereof, but shall be payable solely from the revenues provided therefor, and
neither the faith and credit nor any taxing power of Collier County or the State of Florida or
any political subdivision thereof is pledged to the payment of the principal of, premium, if
any, andintereston the Bonds, No member of the Board or any officer or employee thereof
shall be liable personally on the Bonds by reason of their issuance.
This approval shall in no way be deemed to abrogate any regulations of Collier
County within the regulatory Jurisdiction of Collier County, including but not limited to, the
Collier County Growth Management Plan and all wncurrency requirements containedtherem
and the Collier County Land Development Code.
SECTION 2. SEVERABILITY. If any section, paragraph, clause or provision of
this Resolution shall be held to be invalid or ineffective for my reason, the remainder of this
Resolution shall continue in full force and effect, it being expressly hereby found and
declared that the remainder of this Resolution would have been adopted despite the invalidity
or ineffectiveness of such section, paragraph, clause or provision.
SECTION 3. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its adoption, and any provisions of any previous resolutions in conflict with the
provisions hereof are hereby superseded.
Packet Page 2556-
10/25/2011 Item 16.K.2.
THIS RESOLUTION ADOPTED after motion, second and majorityvom on this the 25th
day of OCmber, 2011.
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
Hy: By:
, Deputy Clerk FRED W. COYLE, CHAIRMAN
Approved form and
IcSal fflc y:
/b 1
Jeffrey t plecz
unt y
Coy
Packet Page -255]-
AN INDUCEMENT RESOLUTION OF THE. COLLIER
REGARDING THE OFFICIAL AC AUTHORITY
TION OF THE
AUTHOR= WITH RESPECT TO THE PROPOSED
ISSUANCE BY THE AUTHORITY OF ITS
FACILITIES REVENUE BONDS, SERIES 201 IN (NC 1
HEALTHCARE SYSTEM PROTECT) IN AN AGGREGATE
PRINCIPAL AMOUNT OF NOT EXCEEDING 848,000,000
FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR
A PORTION OF THE OUTSTANDING (A) COLLIER
COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
HEALTHCARE FACILITIES REVENUE BONDS (NCH
HEALTHCARE SYSTEM, INC. OBLIGATED GROUP),
SERIES 2002 AND (B) HEALTHCARE FACILITIES
REVENUE BONDS (NAPLES COMMUNITY OS THE
INC. PROJECT). SERIES 2004;
EXECUTION AND DELIVERY OF A PRELIMINARY
AGREEMENT BETtvE THE IT RED ED AND AND
THE
MATTERS.
WHEREAS, Naples Community UnTical, Inc., a Florida not - for-profit corporation,
the sole member of wM1i-h is NCH Healthcare System, Inc., a Florida noVEr- profit
corporation (collstively, the "Corporation") has applied to foe C ryferycnue boom me
Development Authodty (the "Atumnty.) to issue its private Sons p�ro(I)of
aggregme priurinal amount 01 not to exceed 548,=000 (the "Bonds ") for N,u n healthcare
refinancing certain costs of conswe' n renovation and ead pg o OrpumG
fieihties (the "Refunded Bonds Projects ")which are round vnd operated uracr Nee on
an affiliate ofthe Corporation, by refundingall or a portion ofthe outs'antling(A) Collier
or Ceunry Industrial Oevempri Authority Healthcare Facilities Revenue Roods (NCH
Healthcare System, Inc Obligated Group), Series 2002 and (B) Healthcore Facilities
Revenue Bonds (Naples community Hospital,
end project) t he ksuance of the Soars; and
"Refunded Bonds and (11) paY'mg wss esecl e
WHEREAS, the Corporation has requested that the Authority loan the proceeds of
the Bends to the Coyoration pursuant to Chapter 159, Parts 11 and Itl,tle"rrd Statutes, or
such other provision or provisions of Florida law as the Authority They
(the ^Any to order to accomplish the Lnegomg Publoses', and
EXHIBIT A TO
COUNTY RESOLUTION
Packet Page -2558-
10/25/2011
Item
16.K.2
RESOLUTION NO. 2011 -02
AN INDUCEMENT RESOLUTION OF THE. COLLIER
REGARDING THE OFFICIAL AC AUTHORITY
TION OF THE
AUTHOR= WITH RESPECT TO THE PROPOSED
ISSUANCE BY THE AUTHORITY OF ITS
FACILITIES REVENUE BONDS, SERIES 201 IN (NC 1
HEALTHCARE SYSTEM PROTECT) IN AN AGGREGATE
PRINCIPAL AMOUNT OF NOT EXCEEDING 848,000,000
FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR
A PORTION OF THE OUTSTANDING (A) COLLIER
COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
HEALTHCARE FACILITIES REVENUE BONDS (NCH
HEALTHCARE SYSTEM, INC. OBLIGATED GROUP),
SERIES 2002 AND (B) HEALTHCARE FACILITIES
REVENUE BONDS (NAPLES COMMUNITY OS THE
INC. PROJECT). SERIES 2004;
EXECUTION AND DELIVERY OF A PRELIMINARY
AGREEMENT BETtvE THE IT RED ED AND AND
THE
MATTERS.
WHEREAS, Naples Community UnTical, Inc., a Florida not - for-profit corporation,
the sole member of wM1i-h is NCH Healthcare System, Inc., a Florida noVEr- profit
corporation (collstively, the "Corporation") has applied to foe C ryferycnue boom me
Development Authodty (the "Atumnty.) to issue its private Sons p�ro(I)of
aggregme priurinal amount 01 not to exceed 548,=000 (the "Bonds ") for N,u n healthcare
refinancing certain costs of conswe' n renovation and ead pg o OrpumG
fieihties (the "Refunded Bonds Projects ")which are round vnd operated uracr Nee on
an affiliate ofthe Corporation, by refundingall or a portion ofthe outs'antling(A) Collier
or Ceunry Industrial Oevempri Authority Healthcare Facilities Revenue Roods (NCH
Healthcare System, Inc Obligated Group), Series 2002 and (B) Healthcore Facilities
Revenue Bonds (Naples community Hospital,
end project) t he ksuance of the Soars; and
"Refunded Bonds and (11) paY'mg wss esecl e
WHEREAS, the Corporation has requested that the Authority loan the proceeds of
the Bends to the Coyoration pursuant to Chapter 159, Parts 11 and Itl,tle"rrd Statutes, or
such other provision or provisions of Florida law as the Authority They
(the ^Any to order to accomplish the Lnegomg Publoses', and
EXHIBIT A TO
COUNTY RESOLUTION
Packet Page -2558-
10/25/2011 Item 16.K.2.
WHEREAS, the issuance of the Bonds and the loaning oft The proceeds thereof to he
ReffuunndedB Bonds under Ion or other financing agreements, and purmentt to he terms rthereof
Which will provide that payments thereunder beat least suflicicnuo pay the principal o fend
and redemption premium, if any, on such Bonds and such other costs in connection
Interest therewith as may be incurred by the Authority, will assist the Corporation and promote he
public purposes provided in the Act; and
WHEREAS. In order to satisfy certain of the requirements of Section
did on he date
Internal Revenue Code of 1986, as amended (he "Code"), The Authority berate
hereof hold a public hearing on he proposed issuance of the Bonds for the purposes
stated, which tlme is more the f days following vla[onhenf CollorCOOnry of d wA eM1 public
public hearing In a newspaper o genera
hearing was conducted In a menerhat provided areazo^ Ne tmance of the Bonds and the
differing views to be heard, both orally and in writing.
location and nature of the Project, as more particularly described in the notice of public
hearing attached hereto as Exhibit A. and
WHEREAS, it is intended that this Resolution shell constitute offend action oward
the issuance of the
dditon Bonds
o Within the meaning of the
action that may have freshen n been States
ke by he
Regulations in e
Ro
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY, THAT:
SECTION I. AUTHORITYFORTHISRESOLOTION. This Resolution is
adopted pursunl to the provisions of the Act and other applicable provisions of law.
SECTION I. t PRELIMINARY T refinancing TEE enttthe Rosts of rite Refunded
into o permit the Corpora far emcee ovide an CxPrcaslnn of intention
Bonds projects byrefunding the Relunded Bonds and top'
he Avhoriry, Prior issuanccof the Bonds, to issue and sell the Bonds and mekmhc
b it in accordance with and subject to the
prmecds hereof available for such Purposes, a
Of
provisions of he Act, the Constitution and other laws of his ResolfForida and tje laws all
the United States of America, including the Cade, an d
respects to he terms of he Preliminary Agreement of corn date herewith between the
Authority and he Corporation.
SECTION]. APPROVAL OF THE REFUNDING. Therefinncingofthe
costs of the Refunded Bonds Projects by refunding the Refunded Bonds by the Authority
Pachot Page ¢559-
10125/2011 Item 16.K.2.
through the Issuance of the Bonds, pursuant to the Act, will promote the economic
development, prosperity, health and welfare of the citizens of Collier County, will Promote
thegeneml aconomic structureof Collier County, and will thereby serve the publicputposu
of the Act end is her preliminarily approved, subject, however, in all respond to the
of the Act meeting
the conditions set forth in the Psliminary Agreemenl to the Sole
satisfaction of the Authority.
SECTION O. AUTHORIZATION OF THE BONDS. There is heieby
authorized m be issued and the Authority hereby SO
requested by the Corporation end eubject in p¢I Vnpowinollo conditions Set
sas,000A00 for the
Preliminary Agreement, In an aggrega a principal
principal Purposes efrefin inning the costs of the Refunded Bonds Projects by refunding the
Refunded Bonds as described in the Prclimttmry Agreement. The rate of interest payable on
the Bonds shall not exceed the maximum rate permitted by law.
SECTION 5. GENERAL AUTHORIZATION. The Chairman and dad Vice- Chairman ere her furM1er authorized to proceed, upon execution Orin Preliminary
Agreement- with the undertakings provided. for therein on the pan of the Amiwriry and are
further authorized to take such steps and actom as may be required or necessary in order t0
cause the Authority to issue the Bonds subject haebyspects to the terms and conditions set
forth in the Preliminary Agreement au u
SECTION 6. OFFICIAL ACTION. Thisco apple ated an official te Preliminary
the Authority Icon the issuance of the Bonds, a @e Code and
Agreement, macccrdancewith be purposes of the laws of the Stale of Florida,
the applicable United Stems Treasury Regulations.
SECTION 0. LIMITED OBLIGATIONS. The Bonds and the interest
Collier County. the Stem ofFlor Florida or any political calsubd vision a alg ncyttherwfbucshall be
payable solely from the revenues pledged therefor ptirma^t to a loan agreement of other
financing agreement entered into between the AWwriry and the Corporation prior to or
1 win, the issuance orne Bonds. The Authority has no taxing power .
wntcmSECTIOs y
SECTION B. LIMITED APPROVAL-
dcron appmvalgivasonini arribonotbc
onswed as an aPProwl or endorsement of approved ofe ^Y ^oped Bonds retuning projects an ti the
nor for any other regulatory permits relatdesado the
Ipneofthiv resolution to have waived
Authority Shall not be aonswed by reason of any rights or
any right of Collier County or estopping Collier County from asserting
responsibilities it may have N that Veto
Packet Page 2560
10/25/2011 Item 16.K.2.
SECTION 9. EFFECTIVE DATE. This Resaluden shall take effect
Immediately.
ADOPTED this 116 day of October, 2411.
COLLIER COUNTY INDUSTRIAL
DEVELOPMENT ORITY
SEAL)
Dhaitman
AI"TESL
Secrets
Packet Page -2561-
APLCS DAILY NEWS
N,pL,. FU, 114
Affidavit of Publication
State of Florida
CODI,Ues of Collie end Lea
,rsignedrRY ev nA,"m"P, Ftnm^�1Y
evlo,d neMw6,r of N, NIUD& PiIY N,w,.
N,Ad„n,i,4AcAu ftIed n N,PIm, In Celbw CwmY.
Lay Wp
Flv�N, d'um,PP, rC,11, AOS � doMefFlorid,p�M1n
IN, '"c a ,Any If
PLIL C
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eb,d 11 wo P`
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10/25/2011 Item 16.K.2.
EXHIBIT A TO
AUTHORITT RESOLUTION
Packet Page -2562-