Resolution 2004-167
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RESOLUTION NO. 04--1.6..7
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE COLLIER COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY IN AN AMOUNT NOT EXCEEDING
$10,000,000, AS REQUIRED BY SECTION 147(1) OF THE INTERNAL
REVENUE CODE, AS AMENDED; PROVIDING FOR OTHER RELATED
MATTERS.
Whereas, the Collier County Industrial Development Authority (the "Authority") is a
body corporate and politic of Collier County, Florida ("Collier County") created by Collier
County Resolution No. 79-34 duly adopted by the Board of County Commissioners on February
27, 1979 pursuant to Part III of Chapter 159, Florida Statutes, as amended, with the power to
issue revenue bonds for the purposes of financing a "project" as defined in Part II of Chapter 159,
Florida Statutes, as amended; and
Whereas, as set forth in the resolution of the Authority described below, Community
School of Naples, Inc., a Florida not for profit corporation, with certain facilities located within
the boundaries of Collier County, Florida, (the "Corporation") has requested the Authority to
issue its Educational Facilities Revenue Bonds (Community School of Naples, Inc Project) Series
2004 in an initial principal amount not to exceed $10,000,000 (the "Bonds") for the benefit of
the Corporation and to loan all or a portion of the proceeds thereof to the Corporation to finance
the costs of the Project; and
Whereas, Section 147(f) 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 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 notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on April 9, 2004 in the Naples Daily News, a newspaper of general circulation in
the County, and a copy of said notice is attached as Exhibit A (the "Notice") to the Authority
Resolution described below; and
Whereas, the Authority held a public hearing on April 26, 2004, pursuant to the Notice
and adopted a resolution ( the "Authority Resolution") authorizing the issuance of the Bonds, a
copy of which is attached as Exhibit A, and has recommended to the Board that it approve the
issuance of the Bonds in accordance with Section 147(f) of the Code; and
Whereas, for the reasons set forth above, the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
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Section 1. Approval of Issuance of the Bonds. This Board hereby approves the
issuance of the Bonds by the Authority for the purposes of Section 147(f) of the Code.
The Bonds shall not constitute a debt, liability or obligation of Collier County, its Board
of County Commissioners, officers, agents or employees, or the State of Florida or any 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, and interest on
the Bonds. No member of the Board of County Commissioners of Collier County 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
applicable to the project and the project shall be subject to all such regulations, including, but not
limited to, the Collier County Growth Management Plan, all concurrency requirements contained
therein, 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 any 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.
PASSED and Adopted this 11th day of May, 2004.
ATTEST:
Dwight E. Brock, Clerk
COLLIER COUNTY, FLORIDA BY
ITS BOARD OF COUNTY
COMMISSIONERS
~d
ency:
Item # I~K 7
Agenda 6 -I J - 0 LI
Date I'
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RESOLUTION NO. 2004-01
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 EDUCATIONAL FACILITIES
REVENUE BONDS (COMMUNITY SCHOOL OF NAPLES,
INC. PROJECT) SERIES 2004 IN AN INITIAL AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $10,000,000 FOR
THE PRINCIPAL PURPOSE OF FINANCING OR
REFINANCING CERTAIN COSTS INCURRED OR TO BE
INCURRED BY COMMUNITY SCHOOL OF NAPLES, INC. IN
CONNECTION WITH THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF CERT AIN EDUCATIONAL
FACILITIES; AUTHORIZING THE EXECUTION AND
DELIVERY OF A PRELIMINARY AGREEMENT BETWEEN
THE AUTHORITY AND THE CORPORATION; AND
PROVIDING FOR RELATED MATTERS.
WHEREAS, Community School of Naples Inc., a Florida not-for-profit corporation (the
"Corporation ") has applied to the Collier County Industrial Development Authority (the II Authority")
to issue a series of its private activity revenue bonds in the initial aggregate principal amount of not
to exceed $10,000,000 (the "Bonds") for the principal purpose of financing or refinancing certain
costs of acquisition of certain educational facilities (the "Project") to be owned and operated by the
Corporation and paying costs associated with the issuance of the Bonds; and
WHEREAS, the Corporation has requested that the Authority loan the proceeds of the
Bonds to the Corporation pursuant to Chapter 159, Parts II and III, Florida Statutes, or such other
provision or provisions of Florida law as the Authority may determine advisable (the" Act") in order
to accomplish the foregoing purposes; and
WHEREAS, the issuance of the Bonds and the loaning of the proceeds thereof to the
Corporation to finance the costs of the Project under loan agreements or other financing
agreements, and pursuant to the terms thereof which will provide that payments thereunder be at
least sufficient to pay the principal of and interest and redemption premium, if any, on such Bonds
and such other costs in connection therewith as may be incurred by the Authority, will assist the
Corporation and promote the public purposes provided in the Act; and
WHEREAS, the Corporation has submitted that certain Preliminary Agreement for the
Issuance of Private Activity Revenue Bonds of even date herewith (the "Preliminary Agreement")
relating to the issuance of the Bonds; and
WHEREAS, in order to satisfy certain of the requirements of Section 147(t) of the Internal
Revenue Code of 1986, as amended (the "Code"), the Authority did on the date hereof hold a public
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EXHIBIT A TO BCC RESOLUTION
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hearing on the proposed issuance of the Bonds for the purposes herein stated, which date is more
than 14 days following the first publication of notice of such public hearing in a newspaper of
general circulation in Collier County and which public hearing was conducted in a manner that
provided a reasonable opportunity for persons with differing views to be heard, both orally and in
writing, on the issuance of the Bonds and the location and nature of the Project, as more particularly
described in Exhibit A attached hereto; and
WHEREAS, it is intended that this Resolution shall constitute official action toward the
issuance of the Bonds within the meaning of the applicable United States Treasury Regulations in
addition to 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 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of the Act and other applicable provisions of law.
SECTION 2. PRELIMINARY STATEMENT. This Resolution is entered into to permit
the Corporation to proceed with the financing of the costs of the Project and to provide an
expression of intention by the Authority, prior to the issuance of the Bonds, to issue and sell the
Bonds and make the proceeds thereof available for such purposes, all in accordance with and subject
to the provisions of the Act, the Constitution and other laws of the State of Florida and the laws of
the United States of America, including the Code, and this Resolution, but subject in all respects to
the terms of the Preliminary Agreement.
SECTION 3. APPROVAL OF THE FINANCING. The financing of the costs of the
Project by the Authority 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 the general economic structure of Collier County, and will thereby serve the public
purposes of the Act and is hereby preliminarily approved, subject, however, in all respects to the
Corporation meeting the conditions set forth in the Preliminary Agreement to the sole satisfaction
of the Authority.
SECTION 4. EXECUTION AND DELIVERY OF PRELIMINARY AGREEMENT.
The Chairman or the Vice-Chairman is hereby authorized and directed to execute, for and on behalf
of the Authority, the Preliminary Agreement, in the form attached hereto as Exhibit" A", between
the Authority and the Corporation providing understandings relative to the proposed issuance of the
Bonds by the Authority to finance the costs of the Project in an aggregate principal amount not to
exceed the lesser of (a) $10,000,000 or (b) the amount determined by the Authority and the
Corporation to be necessary to accomplish the foregoing purposes.
SECTION 5. AUTHORIZATION OF THE BONDS. There is hereby authorized to be
issued and the Authority hereby determines to issue the Bonds, if so requested by the Corporation
and subject in all respects to the conditions set forth in the Preliminary Agreement, in an aggregate
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principal amount not to exceed $10,000,000 for the principal purpose of financing the costs of the
Project as described in the Preliminary Agreement. The rate of interest payable on the Bonds shall
not exceed the maximum rate permitted by law.
SECTION 6. GENERAL AUTHORIZATION. The Chairman and the Vice-Chairman
are hereby further authorized to proceed, upon execution of the Preliminary Agreement, with the
undertakings provided for therein on the part of the Authority and are further authorized to take such
steps and actions as may be required or necessary in order to cause the Authority to issue the Bonds
subject in all respects to the terms and conditions set forth in the Preliminary Agreement authorized
hereby.
SECTION 7. OFFICIAL ACTION. This resolution is an official action of the Authority
toward the issuance of the Bonds, as contemplated in the Preliminary Agreement, in accordance with
the purposes of the laws of the State of Florida and the applicable United States Treasury'
Regulations.
SECTION 8. LIMITED OBLIGATIONS. The Bonds and the interest thereon shall not
constitute an indebtedness or pledge of the general credit or taxing power of Collier County, the
State of Florida or any political subdivision or agency thereof but shall be payable solely from the
revenues pledged therefor pursuant to a loan agreement or other financing agreement entered into
between the Authority and the Corporation prior to or contemporaneously with the issuance of the
Bonds. The Authority has no taxing power.
SECTION 9. LIMITED APPROVAL. The approval given herein shall not be construed
as an approval or endorsement of approval of any necessary rezoning applications nor for any other
regulatory permits relating to the Project and the Authority shall not be construed by reason of its
adoption of this resolution to have waived any right of Collier County or estopping Collier County
from asserting any rights or responsibilities it may have in that regard.
SECTION 10.
EFFECTIVE DATE. This Resolution shall take effect immediately.
ADOPTED this 26th day of April, 2004.
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