Ordinance 2004-78
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ORDINANCE NO. 2004 - 78
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
LIMITED GENERAL OBLIGA TION BONDS
(CONSERV A TION COLLIER PROGRAM) FROM TIME
TO TIME PAYABLE FROM THE LEVY OF AN AD _
V ALOREM TAX LEVIED UPON ALL TAXABLE REAL
PROPERTY IN THE COUNTY IN AN AMOUNT NOT TO
EXCEED ONE-QUARTER OF ONE MILL FOR THE
PRINCIPAL PURPOSE OF ACQUIRING CERTAIN
ENVIRONMENT ALLY SENSITIVE LANDS WITHIN "
THE COUNTY; PROVIDING FOR VARIOUS RIGHTS
AND REMEDIES OF THE BONDHOLDERS; PROVIDING ;;J
THAT THE BONDS AUTHORIZED HEREUNDER WILL
BE LIMITED GENERAL OBLIGATIONS OF THE
COUNTY; AND PROVIDING AN EFFECTIVE DATE.
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BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA:
SECTION 1. DEFINITIONS. When used in this Ordinance, the following
terms shall have the following meanings, unless the context clearly otherwise requires:
"Act" shall mean Chapter 125, Florida Statutes, Article VII, Section 12 of the
Florida Constitution, and other applicable provisions of law.
"Board" shall mean the Board of County Commissioners of Collier County,
Florida, and any successor thereto.
"ßond Resolution" shall mean the resolution of the County providing for the
security for the Bonds. the flow of funds, the rights and remedies of the Bondholders and
various other terms and details relating to the Bonds, as the same may be amended or
supplemented from time to time.
"Bonds" shall mean limited general ohligation honds relating to "Conservation
Collier" (as described in the Referendum Resolution) issued by the County pursuant to
this Ordinance, payable from the Limited Ad Valorem Tax.
"Cost" when used in connection with a Project, shall, to the extent permitted hy
the Act, mean (I) the County's cost of physical construction; (2) costs of acquisition by or
for the County of such Project or any portion thereof; (3) any costs of land and interests
therein and the cost of the County incidental to such acquisition (including, without
limitation, title insurance and related costs and costs associated with the examination,
survey and any remediation required with respect to such land); (4) the cost of any
indemnity and surety bonds and premiums for insurance during construction; (5) all
interest due to be paid on Bonds and other obligations relating to the Project during the
period of construction of the Project and a reasonable period subsequent to completion of
construction as the County may determine; (6) engineering, architectural, legal, financial
advisory and other consultant fees and expenses; (7) costs and expenses of the financing
incurred for the Project, including fees ~lTld expenses of any paying agenL registrar,
municipal bond insurer, credit bank or depository: (8) payments, \vhen due (whether at
the maturity of principal or the due date of interest or upon redemption) on any interim or
temporary indebtedness of the County incurred for the Project; (9) costs of machinery,
equipment, technology, supplies, spare parts, furniture and any other items required by
the County for the commencement of operation of the Project; and (10) any other costs
properly attributable to such construction or acquisition or to the issuance of the Bonds
which finance the Project, as determined by generally accepted accounting principles and
shall include reimbursement to the County for any such items of Cost heretofore paid by
the County prior to the issuance of the Bonds or other obligations issued to finance the
Project. The Bond Resolution may provide for additional items to be included in the
aforesaid Costs.
"County" shall mean Collier County, Florida, a political subdivision of the State
of Florida.
"Limited Ad Valorem Tax" shall mean the ad valorem tax levied on all taxable
property within the County in an amount not to exceed one-quarter (1/4) of one mill to
pay the annual debt service on the Bonds as approved by the qualified electors of the
County voting in the November 5,2002 bond referendum election.
"Project" shall mean the acquisition of certain environmentally sensitive lands by
the. CQunty and any additional capital improvements or working capital costs related
thereto which may be financed with proceeds of the Bonds under the Act. The
description of each Project shall be set forth in the Bond Resolution or supplemental
resolution authorizing the issuance of Bonds which shall finance the Costs of such
Project.
"Referendum Resolution" shall mean Resolution No. 2002-265 adopted by the
Board on June 11, 2002.
The words "herein," "hereunder," "hereby," "hereto," "hereof," and any similar
terms shall refer to this Ordinance.
Words importing the singular number include the plural number, and vice versa.
SECTION 2.
follows:
FINDINGS. The Board hereby finds and determines as
(a) Pursuant to the Referendum Resolution, the County ordered the holding of
a bond referendum election to determinc if the qualified elcctors of the County would
approve the issuance of not exceeding $75,000,000 principal amount of limited general
ohligation bonds payable from ad valorem tax to be levied in an amount not to exceed
one-quarter (1/4) of one miU on all taxable property within the County for the principal
purpose of financing the acquisition of certain environmentally sensitive lands within the
Coullty in ordcr to protcct watcr rcsourccs, wildlifc habitat and public opcn spacc suitable
for rcsource bascd recreation.
(b) On November 5, 2002, a bond referendum election was held alld the
issuance of not exceeding $75,000,000 principal amount of limited general obligation
bonds payable from the Limited Ad Valorem Tax was approved by a majority of the
qualified electors of the County voting in said referendum election.
(c) It is in the best interests of the citizens and consistent with the goals and
purposes of "Conservation Collier" as described ill the Referendum Resolution to acquirc
environmentally sensitive lands from time to time to protect water resources, wildlife
habitat ancI/or public open space suitable for resource based recreatioll.
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(d) It shall be necessary and desirable to issue Bonds from time to time to
finance and refinance the Costs of Projects and such Bonds shall be payable from the
Limited Ad Valorem Tax as provided herein and in the Bond Resolution.
SECTION 3. ISSUANCE OF BONDS. (a) The Board shall have the
power and it is hereby authorized to provide pursuant to the Bond Resolution, at one time
or from time to time in series, for the issuance of Bonds of the County payable from the
Limited Ad Valorem Tax as provided in the Bond Resolution for one or more of the
following purposes: (I) paying all or a part of the Cost of one or more Projects, (2)
refunding Bonds or refinancing other indebtedness of the County incurred to finance or
refinance Projects, (3) funding a debt service reserve account, (4) capitalizing interest on
the Bonds, and (5) paying costs of issuance relating to the Bonds. The principal of and
interest on each series of Bonds shall be payable from the Limited Ad Valorem Tax, as
determined pursuant to the Bond Resolution. The County may secure each series of
Bonds with the Limited Ad Valorem Tax in the manner and to the extent provided in the
Bond Resolution. Such Limited Ad Valorem Tax shall immediately be subject to the
pledge granted in the Bond Resolution without any physical delivery thereof and such
pledge shall be valid and binding as against all parties having claims of any kind in tort,
contract or otherwise against the County.
(b) The Bonds of each series shall be dated, shall bear interest at such rate or
rates, shall mature at such time or times not exceeding the time periods allowed under the
Referendum Resolution, may be made redeemable before maturity, at the option of the
County, at such price or prices and under such terms and conditions, all as shall be
determined by the Board pursuant to the Bond Resolution.. The Board shall determine the
form of the Bonds, the manner of executing such Bonds, and shall fix the denomination
or denominations of such Bonds and the place or places of payment of the principal and
interest, which may be at any bank or trust company within or without the State of
Florida. In case any officer whose signature or a facsimile of whose signature shall
appear on any Bonds shall cease to be such officcr before the delivery of such Bonds,
such signature or such facsimile shall nevertheless be valid and sufficient for all purposes
the same as if he or she had remained in office until such delivery. The Board may sell
such Bonds in such manner and for such price as it may determine to be in the best
interests of the County in accordance with the terms of the Bond Resolution. Tn addition
to the Limited Ad Valorem Tax, the Bonds may be secured by such credit enhancement
as the Board determines to be appropriate pursuant to the Bond Resolution. The Bonds
may be issued as capital appreciation bonds, current interest bonds, term bonds, serial
bonds, variable fate bonds or any combination thereof, all as shall be determined pursuant
to thc Bond Resolution.
(c) Prior to the preparation of definitivc Bonds of any series, the Board may,
undcr likc restrictions, issue interim receipts, intcrim certificates or tcmporary Bonds
exchangeable for definitive Bonds when such Bonds have been executed and are
available for delivery. The Board may also provide for the replacement of any Bonds
which shall become mutilated, or bc destroyed or lost. Bonds may be issued without any
other proceedings or the happening of any other conditions or things than those
proceedings, conditions or things which are specifically required by this Ordinance.
(d) The proceeds of any series of Bonds shall be used for such purposes, and
shall be disbursed in such manner and under such restrictions, if any, as the Board may
provide pursuant to the Bond Resolution.
(e) The Bond Resolution may also contain such limitations upon the issuance
of additional Bonds as the Board may decm proper, and such additional Bonds shall bc
isslIed under such restrictions and limitations as Illay he prescribcd hy such Bond
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Resolution. The Bond Resolution may contain such provisions and terms relating to the
Bonds and Limited Ad Valorem Tax as shall not be inconsistent herewith.
SECTION 4. LIMITED GENERAL OBLIGATIONS OF THE
COUNTY. The faith, credit and taxing power of the County shall be pledged for the full
and prompt payment of the principal of and interest on the Bonds; provided, that such
pledge is a limited obligation of the County which shall not exceed one quarter (1/4) of
one mill of ad valorem taxes. A direct annual tax not in excess of one quarter (1/4) of
one mill shall be levied upon all taxable property of the County to make such payments.
No Holder or Holders of the Bonds shall ever have the right to compel the full faith,
credit and taxing power of the County in amount greater than the Limited Ad Valorem
Tax. Provision shall be included and made in the annual budget and tax levy for the levy
of the Limited Ad Valorem Tax hereinbefore provided. Whenever the County shall, in
any fiscal year, have irrevocably deposited in the sinking fund established under the Bond
Resolution any moneys derived from sources other than the aforementioned Limited Ad
Valorem Tax, said Limited Ad Valorem Tax may be correspondingly diminished; but any
such diminution must leave available an amount of such Limited Ad Valorem Tax, after
allowance for anticipated delinquencies in collection, fully sufficient, with such moneys
so deposited from other sources, to assure the prompt payment of principal, interest and
other related charges falling due prior to the time that the proceeds of the next annual
Limited Ad Valorem Tax levy will be available. Such Limited Ad Valorem Tax shall be
levied and collected at the same time, and in the same manner, as other ad valorem taxes
of the County are assessed, levied and collected.
SECTION 5. TRUST FUNDS. All moneys received pursuant to the
authority of this Ordinance, whether as proceeds from the sale of Bonds or the Limited
Ad Valorem Tax, shall be deemed to be trust funds, to be held and applied solely as
provided in this Ordinance and in the Bond Resolution. Such Limited Ad Valorem Tax
may be invested by the County, or its designee, in such manner as provided in the Bond
Resolution.
SECTION 6. REMEDIES OF BONDHOLDERS. Any holder of Bonds,
except to the extent the rights herein given may be restricted by the Bond Resolution,
may. either at law or in equity, by suit, action, mandamus or other proceeding, protect
and enforce any and all rights under the laws of the State of Florida or granted hereunder
or under such resolution, and may enforce and compel the performance of all duties
required by this part, or by such resolution, to be performed by the County or the Board
or by any officer thereof.
SECTION 7. ALTERNA TIVE METHOD. This Ordinance shall be
deemed to provide an additional and alternative method for the doing of the things
authorizcd hereby and shall be regarded as supplemental and additional to powers
conferred by other laws, and shall not be regarded as in derogation of any powers now
existing or which may hereafter come into existence. This Ordinance, being necessary
for the welfare of the inhabitants of the County, shall be liberally construed to effect the
purposes hereof.
SECTION 8. SEVERABILITY. If any section, paragraph, clause or
provision of this Ordinance shall be held to be invalid for any reason, such invalidity
shall not effect the validity or enforcement of any of the remaining provisions hereof.
This Ordinance shall take precedence over and supersede any other ordinance or
resolution of the County to the extent of any conflict or inconsistency therewith.
SECTION 9. EFFECTIVE DATE. A ccrtified copy of this Ordinance
shall he filed in the Department of State by the Clerk within ten days after enactment by
the Board and shall take effect upon filing.
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PASSED AND DULY ADOPTED by the Board of County Commissioners of Collier
County, Florida, this 14th day of December, 2004.
A ITEST:
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Dwight E. Bf,O~~!rLHR,1<
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DEPG,·.y <C[E.ItIt:.~.·, .' ro-.. '.: f
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Approved as to form and legal sufficiency:
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Michael W. Pettit
Chief Assistant County Attorney
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
BY, Don!/l(¡'::f5(AI~
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This ordinance filed with the
Secretary of State's Office the
.l2!bdoy of r'\.ß~tInt.h.PA Z oa.C¡
and acknGW!::>Ó::;ement of that
tiling received this ~ day
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OQp Cleric ~.I' i --">
STATE OF FLORIDA)
COUNTY OF COLLIER)
I, DWIGHT E. BROCK, Clerk of Courts in and for the
Twentieth Judicial Circuit, Collier County, Florida, do
hereby certify that the foregoing is a true and correct
copy of:
ORDINANCE 2004-78
Which was adopted by the Board of County Commissioners
on the 14th day of December 2004, during Regular Session.
WITNESS my hand and the official seal of the Board of
County Commissioners of Collier County, Florida, this 16th
day of December, 2004.
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DWIGHT E. BR09~~>\,":"''''~''''-1~?:'; .'
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County CommisS1iû~:"":s.,\,h::~:.!!f'..:; ,':
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By: Linda A. Houtzer.
Deputy Clerk