Agenda 02/12/2019 Item #11C02/12/2019
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, acting as the ex-officio governing
board of the Collier County Water-Sewer District, (1) accepts the Plan of Finance to fund utility
infrastructure expansion in the northeast service area, and (2) approves a Reimbursement
Resolution regarding reimbursement of expenditures relating to the construction of water,
wastewater and irrigation water utility infrastructure to the User Capital Funds prior to receipt of
Revenue Bond proceeds.
OBJECTIVE: To approve the Plan of Finance developed by the County’s Financial Advisors to fund
utility infrastructure expansion in the northeast service area and provide a vehicle to reimburse various
user fee capital expenditures relating to expansion of the Collier County Water-Sewer District (CCWSD)
prior to receipt of revenue bond proceeds.
CONSIDERATIONS: The Board of County Commissioners (Board) has taken multiple actions in fiscal
2018 and 2019 in preparation for the anticipated utility service needs in the northeast area of Collier
County, including:
• April 24, 2018, agenda item 16C7 - approved an amendment to Contract 04-3673 with Carollo
Engineering to update the design of the northeast water and wastewater treatment facilities
• July 10, 2018, agenda item 11B - granted permission to advertise a resolution to expand the
CCWSD service area
• September 11, 2018, agenda item 17B - adopted Resolution 2018-148 expanding the CCWSD
service area
• January 22, 2019, agenda item 16C3 - authorized budget amendments to pre-purchase water,
wastewater and irrigation water pipes necessary for underground utility construction within the
boundaries of the Big Corkscrew Island Regional Park (BCIRP) in advance of park construction
• January 22, 2019, agenda item 16C4 - approved selection committee rankings and authorized
negotiations with Mitchell and Stark for the design/build Contract Number 18-7474
Regional utility infrastructure expansion in the northeast service area will provide potable water,
wastewater and irrigation water services to new customers in developments including, but not limited to,
Hyde Park Village (f/k/a Collier Lakes), Rivergrass Village (f/k/a Rural Lands West), the Immokalee
Road Rural Village (f/k/a State Road 846 Land Trust), Hogan Island Village and the BCIRP. Each of
these developments is in various stages of review with Growth Management.
Funding the new utility infrastructure will necessitate issuing revenue bonds in the not to exceed amount
of $85 million, including construction, debt service reserves and bond closing costs. The County’s
financial advisors, PFM Financial Advisors LLC, developed a Plan of Finance which was reviewed and
unanimously endorsed by the Finance Committee on November 20, 2018 (attached). The funding plan
timeline (attached) includes approval of a revenue bond at the March 12, 2019 Board meeting.
Initial construction costs incurred prior to issuance of bonds will come from existing cash balances within
the User Fee Capital Funds. This Reimbursement Resolution will allow any CCWSD cash expended
from User Fee Capital Funds prior to the receipt of bond proceeds to be reimbursed from those proceeds
when received.
Initial construction cost estimates are summarized as follows.
11.C
Packet Pg. 319
02/12/2019
Location User Fee Impact Fee User Fee Impact Fee User Fee Impact Fee User Fee Impact Fee
Segment 1
Entrance Road (39th Avenue NE)$4,216,000 $527,000 $527,000 $527,000 $4,743,000 $5,270,000
Segment 2
Park Site - Through Park $14,508,000 $1,170,200 $502,000 $502,000 $15,678,200 $16,180,200
Segment 3
Plant Site Pipes $7,440,000 $954,800 $0 $0 $8,394,800 $8,394,800
Plant Site Plants $1,984,000 $5,580,000 $9,641,000 $0 $7,564,000 $0 $19,189,000 $5,580,000 $24,769,000
Segment 4 (41st Avenue NE)
Rural Lands West & Hyde Park Village $2,867,500 $2,867,500 $2,867,500 $2,867,500 $5,735,000 $8,602,500
Segment 5
Immokalee Road Rural Village $1,100,500 $1,100,500 $1,100,500 $1,100,500 $2,201,000 $3,301,500
Hogan Island Village $3,410,000 $3,410,000 $3,410,000 $3,410,000 $6,820,000 $10,230,000
Total Cost Estimate $1,984,000 $39,122,000 $9,641,000 $10,030,000 $15,971,000 $0 $27,596,000 $49,152,000 $76,748,000
Full Cost (Design, Construction, Overhead and Contingency)
Water Wastewater IQ Total GRAND
TOTAL
Construction for the full facility is planned to begin in 2022 and will require additional financing.
Adjustments will be made based on actual permitting activity and forecast demand at that time.
FISCAL IMPACT: There is no fiscal impact related to this item. Expenditures from Water User Fund
(412) and Wastewater User Fee Fund (414) will be reimbursed when revenue bond proceeds are received.
After the Bond Resolution is approved by the Board, anticipated on March 12, 2019, Bonds will be issued
and proceeds will be deposited in the Water/Wastewater Bond Fund (415) where projects related to the
expansion will be recorded and tracked. Debt service will increase in each of the next 20 fiscal years,
funded by a combination of user fees (Fund 408), water impact fees (Fund 411) and wastewater impact
fees (Fund 413). Advance payment of impact fees to fund the incremental debt service expense for the
initial debt service payments are anticipated through Developer Agreements and/or Interlocal Agreements
which are in process. An impact fee rate study by PRMG is also underway and will be brought to the
Board for review and approval at a future meeting. The User Fee rates per Resolution 2018-129, adopted
by the Board on July 10, 2018 (agenda item 17F), are anticipated to be sufficient to provide t he user fee
portion of incremental debt service through fiscal 2021. Should no development occur following
construction of the utility infrastructure, a worst-case scenario would require an additional increase in
user fees of approximately 2.5 percent effective with fiscal 2020.
GROWTH MANAGEMENT IMPACT: This item meets current Growth Management Plan standards
to ensure the adequacy and availability of viable public facilities.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to
form and legality, and requires majority vote for approval. -JAK
RECOMMENDATION: That the Board, as ex-officio the governing board of the Collier County
Water-Sewer District: 1) accepts the funding plan; 2) approves the Reimbursement Resol ution; 3)
authorizes the County Manager, or his designee, to finalize the Plan of Finance; and 4) authorizes staff to
bring a Bond Resolution to the Board of County Commissioners for approval at a later meeting.
Prepared By: Joe Bellone, Financial Operations Support Division Director, Public Utilities Department
ATTACHMENT(S)
1. CCWSD Long-term capital planning memorandum_Oct 2018 (PDF)
2. Collier W-S 2019 Bond Distribution List Timetable (PDF)
3. Resolution - Reimbursement Water-Sewer (PDF)
11.C
Packet Pg. 320
02/12/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.C
Doc ID: 7817
Item Summary: Recommendation that the Board of County Commissioners, acting as the ex -
officio governing board of the Collier County Water-Sewer District, (1) accepts the Plan of Finance to
fund utility infrastructure expansion in the northeast service area, and (2) approves a Reimbursement
Resolution regarding reimbursement of expenditures relating to the construction of water, wastewater and
irrigation water utility infrastructure to the User Capital Funds prior to receipt of Revenue Bond proceeds.
(Joseph Bellone, Financial Operations Support Division Director, Public Utilities Department)
Meeting Date: 02/12/2019
Prepared by:
Title: – Solid and Hazardous Waste
Name: Sarah Hamilton
01/18/2019 10:53 AM
Submitted by:
Title: Division Director - Operations Support – Public Utilities Operations Support
Name: Joseph Bellone
01/18/2019 10:53 AM
Approved By:
Review:
Public Utilities Operations Support Joseph Bellone Additional Reviewer Completed 01/18/2019 11:07 AM
Public Utilities Planning and Project Management Tom Chmelik Additional Reviewer Completed 01/18/2019 12:05 PM
Public Utilities Department Sarah Hamilton Level 1 Division Reviewer Completed 01/22/2019 5:31 PM
Public Utilities Department George Yilmaz Level 2 Division Administrator Review Completed 01/25/2019 4:03 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 01/25/2019 4:29 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 01/28/2019 4:54 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 02/01/2019 3:07 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 02/04/2019 10:18 AM
Board of County Commissioners MaryJo Brock Meeting Pending 02/12/2019 9:00 AM
11.C
Packet Pg. 321
2222 Ponce De Leon Blvd
Third Floor
Coral Gables, FL
33134
786-671-7480
www.pfm.com
October 11, 2018
To: Collier County Water-Sewer District, FL
From: PFM Financial Advisors LLC
Re: Capital Improvement Program – Future Funding Needs
The Collier County Water-Sewer District (“CCWSD” or “District”) anticipates significant
capital investment to become necessary over the next several years. A portion of these
improvements are known to be needed in the near-term (next 6-12 months), while
another large portion may be necessary in the next 24-36 months, depending on the
pace and scale of development throughout the County. The purpose of this
memorandum is to outline a near-term plan of finance, as well as summarize
alternatives for the longer-term capital investments that are still relatively uncertain as
far as timing and amount.
Summary of Capital Expansion Plans
It is our understanding that the District anticipates near-term capital needs in the
approximate amount of $77 million. This would include funding for water, wastewater,
IQ Program, and advance pipes projects. Notice to proceed on these projects will be
sought during the first quarter of 2019, with completion occurring by the end of 2019.
These projects are relatively certain to be necessary, and as such necessitate a funding
strategy that locks in interest rates as quickly as possible. In addition to these projects,
there are approximately $104 million of capacity projects that may need to begin as
early as 2022, followed by an additional $44 million of projects that would be necessary
to begin in 2025. Both of those projects, totaling approximately $148 million, are
expected to be placed in service three years after the anticipated start date.
Source: Collier County Water-Sewer District
Project Type Summary Category
Pre-construct NEUF Assets $41,005,064 Near-term
Interim (Temporary) $13,609,000 Near-term
Pipes to Developments $22,134,000 Near-term
SubTotal (Near-Term) $76,748,064
4 mgd NEWRF remaining assets needed in 2025, start in 2022 $104,038,936 Long-Term
5 mgd NERWTP remaining assets needed in 2028, start in 2025 $43,756,000 Long-Term
SubTotal (Long-Term) $147,794,936
Grand Total $224,543,000
11.C.1
Packet Pg. 322 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
Plan of Finance – Collier County Water-Sewer District
October 11, 2018
As such, the District is in the process of identifying a funding strategy for both near-term
and longer-term improvements. Near-term projects are considered almost certain in
that the District knows they will require this funding. The longer-term improvements
may have to remain more flexible, as the timing of their need is dependent on a host of
variables, most important of which is the speed of building and development in those
areas.
Summary of Municipal Market Conditions
During 2018, the interest rate environment has seen a significant upward shift from the
historically low rates seen in the municipal market for the last several years. This is
primarily a result of a tightening credit environment and the desire from the Fed to
control inflationary risks by periodically increasing the Fed Funds Rate, which has
periodically increased by 25 basis points (0.25%) since 2015 to its current level of
2.25%. The pace of future increases will largely be dependent on the strength of the
economy and inflationary measures. While not directly correlated to the municipal
market, the Fed Funds rate is a policy tool that is largely viewed as a gauge for broader
interest rates such as US Treasuries, to which municipal rates are generally correlated.
Increases to the Fed Funds Rate has a direct impact on short-term yields, but not
necessarily long-term yields (10+ years), resulting in a gradual “flattening” of the yield
curve. The chart below and associated table show this effect on the municipal yield
curve over the last twelve months, with the short-end of the yield curve increasing
significantly (75-100 bps) and the longer-end with a more modest increase.
Source: Thomson Reuters
11.C.1
Packet Pg. 323 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
Plan of Finance – Collier County Water-Sewer District
October 11, 2018
While interest rates have risen significantly over the course of the last twelve months,
we believe it is important to maintain perspective about the current interest rate
environment and its relevance in developing an appropriate plan of finance. The chart
below illustrates the range of municipal rates over the past ten years. As evidenced in
the chart and as described above, short-term rates are closer to their highs over this
timeframe, while long-term rates (10+ years) remain at or near their averages. This
would suggest that for municipal issuers there are still significant advantages to locking
in long-term rates, while maintaining perspective that, historically speaking, overall
borrowing rates remain attractive.
Preliminary Plan of Finance
Our recommendation for the District’s financing plan would be to lock in the borrowing
rates for the known project costs. The District currently has senior debt service
obligations that extend to 2036, and can issue new bonds that “wrap” around that
existing debt service. This debt service structure would lock in rates along the longer
end of the yield curve and minimize the near-term debt service impact. The chart below
illustrates the proposed structure for the initial approximation of $77 million of known
costs.
11.C.1
Packet Pg. 324 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
Plan of Finance – Collier County Water-Sewer District
October 11, 2018
Furthermore, the20-year term length on the proposed 2019 issuance would amortize
the debt faster than a traditional 30-year bond issuance, while still maintaining capacity
to amortize the additional longer-term capital requirements to be issued at a future date.
It should also be noted that for purposes of this memorandum, we included $13 million
of projects that necessitate funding closer to 2021. Our reasoning is that projects
expected to be spent within three years of issuance were included in order to lock in the
borrowing costs for those amounts as well. Should that portion of the projects not
become necessary, the District would have the option of redirecting unspent bond
proceeds towards other projects, or defeasing outstanding bonds. Based on current
market conditions, we believe the County can lock in a borrowing rate at or below
4.00%.
For the longer-term capital investments that are less certain as to timing and amount,
we would not suggest issuing long-term bonds at this time. Rather, the District has
several funding alternatives once those requirements more fully materialize. Flexible
funding alternatives might include, but not limited to the following listed below. A
summary matrix is also provided on the following pages.
Commercial Paper (CP) Program. Similar to the County’s prior Commercial
Paper programs (general fund), this mechanism provides a funding source that
can be drawn upon as needed. The Program can be established on a stand-
alone basis or through the Florida Association of Counties. CP Programs require
a broker-dealer to remarket the paper in increments of 30-270 days, with the
interest rate variable upon each remarketing. In addition, a liquidity provider
(usually in the form of a letter of credit) is necessary to ensure that investors will
receive their principal if/when the paper can’t be remarketed. This provides
flexible funding that can be drawn as dictated by the project schedule, and repaid
on relatively short notice.
Line of Credit. A line of credit functions by making a set amount of capital
available to an issuer for an agreed-upon period of time. The term of a line of
credit is typically separated in two segments, the draw period and the repayment
period. The draw period typically ranges from 18 to 24 months, and the
repayment period usually requires payment within five years of the closing date.
So for example, if the draw period is 24 months the repayment period would be
36 months, for a total term of five years. Unutilized fees (amounts not drawn) are
generally lower than a Commercial Paper Program and fixed (e.g. 10 basis
points), while the interest rates on the drawn amounts are variable and pegged to
an index at the time the line is established. Prepayment is flexible in that it can
be made at any time and without penalty.
Flexible Drawdown Bond Program. This Program functions in a similar manner
to the CP Program described above; however, in this case one investor (typically
a commercial bank) purchases a note at the time of each draw. Draws can be
flexible as dictated by the project need. There is a fee for maintaining the
11.C.1
Packet Pg. 325 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
Plan of Finance – Collier County Water-Sewer District
October 11, 2018
program (the “undrawn fee,” similar to the letter of credit fee in a CP program),
and the interest rate on drawn amounts is pegged to a specific variable rate
index at the outset of the program. Repayment terms are flexible and can be
made on short notice. While the program is a variable rate mode, there isn’t the
risk of a failed remarketing like there would be in a CP Program.
Delayed Draw Term Loan (DDTL). Pursuant to a DDTL agreement with a bank,
the District would lock in an interest rate reflective of the current market
environment, with advances funded on predetermined future date(s). On the
funding date(s), the District will make draw(s) on the DDTL for a qualified tax-
exempt use. Beyond costs of issuance, there are typically no commitment fees
during the undrawn period or an upfront fee. Prior to execution of the DDTL, the
term loan draw/repayment dates/amounts can be highly customized. Importantly,
after execution of the DDTL, any modification of draw/repayment schedule may
result in significant breakage penalties. Prepayment options can vary and are
negotiated at the outset.
Forward Delivery Bonds. Forward Delivery Bonds are similar to a traditional
bond issuance. The District would issue the bond with an anticipated funding
date sometime in the future (ranging from 3-12 months). The interest rate is
fixed for the desired term of the financing (10-20-30 years) according to current
market conditions. A forward delivery spread, or premium, is added to the
normal borrowing cost in order to account for the forward nature of the bond.
The bonds can be sold to traditional investors through a negotiated public
offering, or some banks have been willing to purchase the bonds directly on a
forward basis. Typically, publicly-offered bonds allow the issuer to extend the
final maturity over a longer period (15+ years), while a direct bank purchase may
require that the final maturity is shorter.
WIFIA Loan Program. The Water Infrastructure Finance and Innovation Act is a
relatively new federal loan program established for the benefit of eligible water
and wastewater infrastructure projects. As with any federal program, there are a
host of requirements related to eligible projects, including certain laws and
regulations. One important caveat is that depending on the project type, EPA
may impose limitations on the percentage of the project that can be funded with
the WIFIA loan. The benefits of a WIFIA program include low cost of capital,
flexible repayment terms, and that the interest rate is locked at closing, while
project draws can be made over time instead of all at once. If the District
determined that the project(s) fit the criteria, this could be something that is
revisited in the future. WIFIA is a competitive application process estimated to
require 9-12 months of lead time.
11.C.1
Packet Pg. 326 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
Plan of Finance – Collier County Water-Sewer District
October 11, 2018
In conclusion, the District would have several alternatives for funding the longer-term
capital needs. However it is relatively difficult to project which program would be best
suited until such time that the project amounts and timing are better understood. For
the near-term projects, we would advise that the District lock in the costs of funds as
quickly as possible, as those projects are unlikely to change in amount or timing. As a
result, the District will secure that portion of funding and have certainty around the
annual debt service obligations, allowing for additional long-term capital planning over
the next twelve months as the other projects potentially materialize. Furthermore, as
segments of the longer-term projects become more certain, the District would have the
flexibility to fund them on a periodic basis. This approach would serve to lock in costs of
funds through an “averaging” basis, whereby fixed interest rates can be locked in
periodically. If rates move up during that timeframe, the District will have routinely
locked rates along the way, and conversely if rates go lower the District will have
maintained flexibility in locking periodically.
We look forward to discussing the details of the plan of finance and flexible funding
options with your team.
Commercial Paper Line of Credit
Flexible Drawdown
Program
Delayed Draw
Term Loan
Forward Delivery
Bonds
WIFIA Loan
Program
Draw period (up to)5 years 3 years 4 years 1 year 1 year 3 years
Repayment Term (up
to)5 years 5 years 30 years 30 years 30 years 35 years
Funding Flexibility
Maximum. As
needed
Maximum. As
needed
Maximum. Typically
monthly, as needed
None.
Predetermined
funding schedule
None.
Predetermined
closing date
Varying. Can be
drawn as needed
Provider and/or
Ancillary
Requirements
Letter of Credit,
Broker-Dealer Commercial Bank Broker-Dealer Underwriter Underwriter Federal, EPA
Rate/Index
established
Upon each
remarketing date
Index/Spread
established at
closing
Index/Spread
established at
closing
Fixed rate
established at
closing
Fixed rate
established at
closing
Fixed rate
established at
closing
Carrying Cost
(undrawn)
Equal to letter of
credit and
remarketing fee 10-30 basis points 10-30 basis points None None None
Variable Index Basis
Varying based on
term (30-270 days).
Average ~0.75%
~80% of LIBOR (1-
mo currently at
2.27%)
~80% of LIBOR (1-
mo at 2.27%) or
SIFMA (1.56%)
Equivalent MMD
rates plus forward
spread.
Equivalent MMD
rates plus forward
spread.
US Treasury rate of
similar maturity (avg
life)
Fixed Rate Basis N/A N/A N/A MMD Yield Curve MMD Yield Curve US Treasury Yield
Prepayment Option Flexible Flexible Flexible
Typical 5 or 10 year
par call
Typical 5 or 10 year
par call Flexible
Lead Time (months,
approx)3-6 3-6 3-6 3-6 3-6 9-12
SHORT-TERM FUNDING ALTERNATIVES MATRIX
11.C.1
Packet Pg. 327 Attachment: CCWSD Long-term capital planning memorandum_Oct 2018 (7817 : Plan of Finance to fund Northeast Service Area and
COLLIER COUNTY WATER-SEWER DISTRICT, FLORIDA
TIMETABLE & DISTRIBUTION LIST
WATER AND SEWER REVENUE BONDS, SERIES 2019
December 11 Distribute Financing Timetable and Distribution List FA
December 14 Distribute RFP for Ancillary Services FA
December 21 Receive Ancillary Services Bids FA
January 7 Distribute Draft Reimbursement Resolution BC
January 14 Distribute Draft Series Resolution BC
January 21 Distribute 1st Draft of POS / NOS / SNOS BC/DC
January 25 Conference call to discuss first draft documents ALL
Time: 10:00AM, Dial: 1-877-577-9567 code: 3127470407
January 29 Distribute 2nd Draft of Bond Documents DC/BC
January 30 Submit Reimbursement Resolution for Agenda Package ALL
Feburary 12 Board Approval of Reimbursement Resolution COUNTY
February 18 Circulate 1st draft engineers report and rate study CE
February 20 Distribute Credit Packages to Rating Agencies FA
March 1 Circulate 2nd draft engineers report and rate study CE
March 1 Submit Series Resolution for Agenda package ALL
Wk of March 4 Rating Calls (TBD) FA/COUNTY
March 11 Circulate Final engineers report and rate study CE
March 12 Board Approval of Series Resolution County
March 13 Receive Ratings FA/COUNTY
March 15 Working group call – finalize documents ALL
Time: 10:00AM, Dial: 1-877-577-9567 code: 3127470407
March 18 Advertise Notice of Sale in Bond Buyer BC
March 19 Send POS/NOS to Printer; Post Electronically DC
April 2 Accept Bids (Pricing)/Award Bid ALL
April 8 Print/Post OS DC
April 16 Pre-Closing - 11:00 am ALL
April 17 Closing ALL
LEGEND:
COUNTY Collier County, FL FA PFM Financial Advisors LLC
BC Nabors, Giblin & Nickerson, P.A. DC Bryant Miller Olive
CE PRMG
11.C.2
Packet Pg. 328 Attachment: Collier W-S 2019 Bond Distribution List Timetable (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement
COLLIER COUNTY WATER-SEWER DISTRICT, FLORIDA
TIMETABLE & DISTRIBUTION LIST
WATER AND SEWER REVENUE BONDS, SERIES 2019
Issuer- Collier County Collier County Government Complex
3301 East Tamiami Trail, Building F
Naples, FL 34112
Mark Isackson 239-252-8717 239-403-2366 fax MarkIsackson@colliergov.net
Corporate Financial Planning & Management Services, County Manager’s Office
Crystal Kinzel 239-252-6299 239-252-2096 fax Crystal.Kinzel@Collierclerk.com
Clerk of Courts & Comptroller
Derek Johnssen 239-252-7863 239-252-2096 fax derek.johnssen@collierclerk.com
Director, Finance & Accounting
Edith Manuel 239-252-7868 Edith.Manuel@collierclerk.com
Finance Manager
Susan Usher 239-252-8810 SusanUsher@colliergov.net
Sr Budget Analyst
Jeffrey A. Klatzkow, Esq. 239- 252-8400 239-252-6300 fax Jeffreyklatzkow@colliergov.net
County Attorney
Collier County Public Utilities
3339 East Tamiami Trail, Suite 302
Naples, FL 34112
Joseph Bellone 239-252-2351 josephbellone@colliergov.net
Director, Operations Support
Amia Curry 239-252-6028 Amia.Curry@colliercountyfl.gov
Sarah Hamilton 239-252-2624 Sarah.Hamilton@colliercountyfl.gov
3339 East Tamiami Trail, Suite 305
Naples, FL 34112
Tara Castillo 239-252-2539 Tara.Castillo@colliercountyfl.gov
Senior Budget Analyst
Financial Advisor PFM Financial Advisors LLC
2222 Ponce de Leon Boulevard
Third Floor
Coral Gables, FL 33134
Sergio Masvidal 786-671-7480 masvidals@pfm.com
Pete Varona 786-671-7481 varonap@pfm.com
Nicklas Rocca 407-406-5773 roccan@pfm.com
11.C.2
Packet Pg. 329 Attachment: Collier W-S 2019 Bond Distribution List Timetable (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement
COLLIER COUNTY WATER-SEWER DISTRICT, FLORIDA
TIMETABLE & DISTRIBUTION LIST
WATER AND SEWER REVENUE BONDS, SERIES 2019
Bond Counsel Nabors, Giblin & Nickerson, P.A.
2502 Rocky Point Drive, Suite 1060
Tampa, Florida 33607
Steve Miller 813-281-2222 813-281-0129 fax smiller@ngn-tampa.com
Michael Broschart 813-281-2222 813-281-0129 fax Mbroschart@ngn-tampa.com
Mimi Garner 813-281-2222 813-281-0129 fax mgarner@ngn-tampa.com
Disclosure Counsel Bryant Miller Olive
One Tampa City Center, Suite 2700
Tampa, Florida 33602
Duane Draper, Esq. 813-273-6677 813-223-2705 fax ddraper@bmolaw.com
Debbie Lichty 813-222-1724 813-223-2705 fax dlichty@bmolaw.com
Alecia M. Ingram, Esq. 813-273-6677 813-223-2705 fax aingram@bmolaw.com
Paying Agent TD Bank, N.A.
1006 Astoria Boulevard
Cherry Hill, NJ 08003
David C. Leondi 856-685-5107 856-685-5267 fax david.leondi@td.com
Underwriter [Winner of Competitive Sale]
Printer [ImageMaster]
1182 Oak Valley Drive
Ann Arbor, MI 48108
11.C.2
Packet Pg. 330 Attachment: Collier W-S 2019 Bond Distribution List Timetable (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement
COLLIER COUNTY WATER-SEWER DISTRICT, FLORIDA
TIMETABLE & DISTRIBUTION LIST
WATER AND SEWER REVENUE BONDS, SERIES 2019
E-mail Listing
MarkIsackson@colliergov.net
Crystal.Kinzel@Collierclerk.com
derek.johnssen@collierclerk.com
Edith.Manuel@collierclerk.com
SusanUsher@colliergov.net
Jeffreyklatzkow@colliergov.net
josephbellone@colliergov.net
Amia.Curry@colliercountyfl.gov
Sarah.Hamilton@colliercountyfl.gov
Tara.Castillo@colliercountyfl.gov
masvidals@pfm.com
varonap@pfm.com
roccan@pfm.com
smiller@ngn-tampa.com
Mbroschart@ngn-tampa.com
mgarner@ngn-tampa.com
ddraper@bmolaw.com
dlichty@bmolaw.com
aingram@bmolaw.com
david.leondi@td.com
11.C.2
Packet Pg. 331 Attachment: Collier W-S 2019 Bond Distribution List Timetable (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement
RESOLUTION NO.
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
ACTING AS THE EX-OFFICIO GOVERNING BOARD OF
THE COLLIER COUNTY WATER-SEWER DISTRICT
REGARDING REIMBURSEMENT OF CERTAIN COSTS
RELATING TO THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF VARIO US UTILITY CAPITAL
IMPROVEMENTS; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Collier County Water-Sewer District (the "District") has incurred
and/or will incur various costs in relation to the acquisition, construction and renovation
of capital improvements to the utility infrastructure primarily located in the northeast area
of Collier County, Florida (the "County"); and
WHEREAS, the District has determined it is in its best interest to reimburse such
costs from proceeds of tax-exempt debt; and
WHEREAS, the United States Department of Treasury has issued various
regulations in regard to reimbursement of governmental costs through the issuance oftax
exempt debt;
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, ACTING AS THE EX-OFFICIO GOVERNINGBOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT:
SECTION 1. It is the intent of the District to reimburse various costs and
expenditures relating to the acquisition, construction and equipping of various utility
capital improvements primarily located in the northeast area of the County, as generally
described in Exhibit A attached hereto and more particularly described in the plans and
specifications on file with the County, as the same may be amended and supplemented
from time to time. The District has paid for, and/or reasonably anticipates that it will pay
for, such costs and expenditures from moneys on deposit in the Water and Sewer
Enterprise Fund. It is reasonably expected that reimbursement of such costs and
expenditures shall come from the issuance of tax-exempt debt which is not expected to
exceed $85,000,000 aggregate principal amount. It is currently the intention of the
District to principally secure such tax-exempt debt by a pledge of and lien upon the user
fees and utility impact fees received by the District. The expenditures to be reimbursed
shall be consistent with the County's and District's budgetary and financial policy as
being the type of expenditures which shall be paid on a long-term basis.
11.C.3
Packet Pg. 332 Attachment: Resolution - Reimbursement Water-Sewer (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement Resolution)
11.C.3
Packet Pg. 333 Attachment: Resolution - Reimbursement Water-Sewer (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement Resolution)
EXHIBIT A
General Description of the Project
Pipes
The expansion of the northeast utility infrastructure includes construction of potable water
transmission mains, wastewater collection force mains and irrigation water transmission mains in
five segments to be completed by the end of calendar 2020:
• Segment 1: a potable water transmission main, wastewater collection force main and
irrigation water main along 39th Avenue from Immokalee Road to the Big Corkscrew
Island Regional Park (BCIRP), connecting with existing mains on Immokalee Road and
39th Ave.
• Segment 2: continuation of the segment 1 pipes through the BCIRP to the northeast utility
site, with the addition of potable water mains, wastewater force mains and irrigation water
mains within the BCIRP to provide utility services to the park.
• Segments 4 and 5: water transmission mains, wastewater collection force mains and
irrigation water transmission mains north from the utility site along 20th Street NE, 47th
Avenue NE and 16th Street NE to serve the Immokalee Road Rural Village; north along
Everglades Boulevard to serve Hogan Island Village, and east along 41st Avenue NW to
serve Hyde Park Village and Collier Village.
Treatment, Storage and Pumping Facilities
Expansion of the utility vertical facilities necessary to provide potable water, wastewater and
irrigation water production and treatment at the CCWSD owned northeast utility site included in
Segment 3 of the design/build project are:
• A 7.5 MG potable water storage tank, high service pump and chemical booster station (in
advance of a permanent regional potable water treatment plant anticipated to be online by
2028).
• Two interim 0.75 MGD wastewater treatment package plants, with discharge of effluent to
Rapid Infiltration Basins (RIBs) (in advance of a regional wastewater treatment plant
anticipated to be online by 2025).
• An irrigation water storage tank, high service pump station and chemical treatment facility.
Long lead time pipes necessary to complete construction within the BCIRP are on order to
complete underground utility infrastructure prior to construction of the park itself.
11.C.3
Packet Pg. 334 Attachment: Resolution - Reimbursement Water-Sewer (7817 : Plan of Finance to fund Northeast Service Area and Reimbursement Resolution)