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Resolution 2003-247 RESOLUTION NO. 03-247 RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AMENDING AND SUPPLEMENTING A RESOLUTION ENTITLED "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA AUTHORIZING THE ISSUANCE BY COLLIER COUNTY, FLORIDA OF $120,000,000 IN AGGREGATE PRINCIP AL AMOUNT OF COLLIER COUNTY, FLORIDA GAS TAX REVENUE BONDS, SERIES 2003 IN ORDER TO PROVIDE FUNDS FOR THE PRINCIPAL PURPOSES OF FINANCING THE COSTS OF VARIOUS TRANSPORTATION IMPROVEMENTS WITHIN THE COUNTY AND REFINANCING CERT AIN INDEBTEDNESS; PLEDGING THE MONEYS RECEIVED BY THE COUNTY FROM THE HEREIN DESCRIBED GAS TAX REVENUES TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS; PROVIDING FOR THE ISSUANCE OF ADDITIONAL BONDS; PROVIDING FOR CERTAIN ADDITIONAL MATTERS IN RESPECT TO SAID BONDS; AND PROVIDING FOR AN EFFECTIVE DATE FOR THIS RESOLUTION"; AUTHORIZING THE ISSUANCE OF THE COLLIER COUNTY, FLORIDA GAS TAX REVENUE BONDS, SERIES 2004 IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT EXCEEDING $51,000,000; ADDING THE CONSTITUTIONAL GAS TAX TO THE PLEDGED FUNDS; PROVIDING FOR V ALIDA TION OF THE SERIES 2004 BONDS; AND PROVIDING AN EFFECTIVE DATE. 16F5 BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA: SECTION 1. FINDINGS. It is hereby found and determined that: (A) On February 25, 2003, the Board of County Commissioners (the "Board") of Collier County, Florida (the "Issuer") duly adopted Resolution No. 2003-89 (the "Resolution"), the title of which resolution is quoted in the title of this Supplemental Resolution, for the purposes described therein, including authorizing the issuance of the Collier County, Florida Gas Tax Revenue Bonds, Series 2003 (the "Series 2003 Bonds") in order to finance all or a portion of the costs of certain road and other transportation related capital improvements and to refund certain outstanding obligations ofthe Issuer. (B) The Issuer has additional road and other transportation related capital improvements (the "2004 Proj ect") that must be acquired and constructed in order to improve the health, safety and general welfare of the citizens of the Issuer. (C) The Issuer deems it to be in its best interests to issue its Collier County, Florida Gas Tax Revenue Bonds, Series 2004 (the "Series 2004 Bonds") for the principal purpose of financing all or a portion of the Costs of the 2004 Project, a general description of which 2004 Project is set forth in Exhibit A attached hereto. (D) The Series 2004 Bonds shall be secured by a pledge of and lien on the Pledged Funds as provided in the Resolution on parity with the Series 2003 Bonds and any Additional Bonds issued pursuant to the Resolution. The Pledged Funds shall include the Gas Tax Revenues, including any increase thereto enacted by Ordinance Nos. 2003-34, 2003-35 and 2003-36. SECTION 2. DEFINITIONS. When used in this Supplemental Resolution, the terms defined in the Resolution shall have the meanings therein stated, except as such definitions may be hereinafter amended or defined. SECTION 3. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is adopted pursuant to the provisions of the Act (including the Horne Rule Ordinance) and the Resolution. SECTION 4. AUTHORIZATION OF THE 2004 PROJECT. The Issuer hereby authorizes and approves the acquisition and construction of the 2004 Project. The 2004 Project is generally described in Exhibit A attached hereto, as more particularly described in the plans and specifications on file with the Issuer. The 2004 Project may be subsequently amended by the Issuer from time to time. 2 16F5 SECTION 5. DESCRIPTION OF THE SERIES 2004 BONDS. The Issuer hereby authorizes the issuance ofa Series of Bonds in the aggregate principal amount of not exceeding $51,000,000 to be known as the "Collier County, Florida Gas Tax Revenue Bonds, Series 2004," for the principal purpose of financing the Costs of the 2004 Project; provided, however, the Chairman is authorized to modify the Series designation of such Bonds to more accurately reflect the timing of the issuance of the Series 2004 Bonds. The Series 2004 Bonds shall be dated as of their date of delivery, shall be issued in the form of fully registered Bonds in the denomination of $5,000 or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity preceded by the letter "R", shall bear interest from the dated date, payable semi-annually, on June I and December 1 of each year. The Series 2004 Bonds shall bear interest at such rates (not to exceed the maximum rate permitted by law), shall mature on June 1 of each of the years (not exceeding 40 years from the date of issuance) and in the principal amounts corresponding to such years, and shall have such redemption provisions as shall be set forth or provided for in a Supplemental Resolution to be adopted by the Board prior to the issuance of the Series 2004 Bonds. The Series 2004 Bonds shall be secured by a lien on and pledge of the Pledged Funds as provided in the Resolution. The Series 2004 Bonds may be sold at public or negotiated sale and may be secured by such credit enhancement as provided by Supplemental Resolution. The Series 2004 Bonds may be issued as capital appreciation bonds, current interest bonds, term bonds, serial bonds, variable rate bonds or any combination thereof. SECTION 6. APPLICATION OF SERIES 2004 BOND PROCEEDS. The proceeds derived from the sale of the Series 2004 Bonds shall be applied by the Issuer to fund the Reserve Account, to pay the Costs of the acquisition and construction of the 2004 Project and to pay costs of issuance of the Series 2004 Bonds, including any credit enhancement. SECTION 7. AMENDMENTS TO RESOLUTION. (A) Section 1.01 of the Resolution is hereby amended by adding the following definition of "Constitutional Gas Tax." "Constitutional Gas Tax" shall mean the two-cent fuel tax imposed pursuant to Article IX, Section 16, Florida Constitution, and Sections 206.41 and 206.47, Florida Statutes. (B) The definition of "Gas Taxes" as set forth in Section 1.01 of the Resolution is hereby amended in its entirety to read as follows: "Gas Taxes" shall mean, collectively, the Seventh Cent Gas Tax, the Ninth Cent Gas Tax, the Five Cents Local Option Gas Tax, the Six Cents Local Option Gas Tax, the Constitutional Gas Tax, and any other gas tax 3 16F5 imposed and/or received by the Issuer which is specifically pledged hereunder by the Issuer pursuant to Supplemental Resolution. SECTION 8. T AXING POWER NOT PLEDGED. The Series 2004 Bonds shall not be deemed to constitute a general obligation debt of the Issuer or a pledge of the faith and credit of the Issuer, but such Series 2004 Bonds shall be payable solely from the Pledged Funds and any moneys received from credit enhancers of the Series 2004 Bonds, all in accordance with the terms of the Resolution. The issuance of the Series 2004 Bonds shall not directly or indirectly or contingently obligate the Issuer to levy or to pledge any form of ad valorem taxation whatever therefor. No holder of any such Series 2004 Bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the Issuer to pay any such Series 2004 Bonds or the interest thereon or to enforce payment of such Series 2004 Bonds or the interest thereon against any property ofthe Issuer, nor shall such Series 2004 Bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer, except the Pledged Funds in accordance with the terms of the Resolution. SECTION 9. TRUST FUNDS. All moneys received pursuant to the authority of the Home Rule Ordinance and the Resolution, whether as proceeds from the sale of the Series 2004 Bonds or the Pledged Funds, shall be deemed to be trust funds, to be held and applied solely as provided in the Hone Rule Ordinance and in the Resolution. Such Pledged Funds may be invested by the Issuer, or its designee, in such manner as provided in the Resolution. SECTION 10. REMEDIES OF BONDHOLDERS. Any holder of Series 2004 Bonds, except to the extent the rights herein given may be restricted by the 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 under the Horne Rule Ordinance or the Resolution, and may enforce and compel the performance of all duties required by the Home Rule Ordinance or by the Resolution, to be performed by the Issuer or the Board or by any officer thereof. SECTION 11. VALIDATION. The County Attorney is hereby authorized and directed to institute appropriate proceedings for validation of the Series 2004 Bonds pursuant to Chapter 75, Florida Statutes. Bond Counsel, Nabors, Giblin & Nickerson, P.A. is hereby authorized to assist the County Attorney in all matters relating to such validation proceedings. SECTION 12. SEVERABILITY AND INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly 4 16F5 prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Series 2004 Bonds. SECTION 13. RESOLUTION TO CONTINUE IN FORCE. Except as herein expressly provided, the Resolution and all the terms and provisions thereof are and shall remain in full force and effect. SECTION 14. EFFECTIVE DATE. This Supplemental Resolution shall become effective immediately upon its adoption. nUL Y ADOPTED, in Regular Session this 29th day of July, 2003. BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA (SEAL) :f~~ Chairman '1 ~ 2'1 - ATTEST: . ~., ,., ',t/.n , ~\.( ""---~~~~'}j:.. Clerk Attest IS to ChI1run', ': -signature only. APPROYED AS TO FORM AND LEGAL. SUFFICIENCY: Ja&uj~~ County Attorney -> 5 16F5 EXHIBIT A GEl\ERAL DESCRIPTION OF THE 2004 PROJECT Transportation ClIPital Proiects Collier Blvd (Davis to US41) Goodlette Frk (PRR-GGPKWY) 13th Street Bridge Minor Tumlane Immokalee Rd, CR951/43rd Ave NE Immk Master Mitg. Coconut Creek Estates GG PKWY, 6 la'ne Airport/Santa Bar Eastf\Nest Livingston Rd, US41/Livingston Whippoorwill Lane Ph I Livingston Rd, GGP!PRR County Barn Road Planning Consultants Pine Ridge Road Gllodlette Rd, 4 lane PRR/Vanderbilt Imm Rdf Oil Well to SR29 Logan 81vd PRR-Irnmk Livingston RdExtension VBR (Cllllier-Wilson Blvd Rattlesnake Polly to eR951 Advanced ROW Trame Signals Majllr Reconstruction/Resurfacing Airport Rd Median Master Mitigation North 11th Street Airport Rd-CR 890 to Vanderbilt Livingston Rd, PPRlImm (CR 862 to CR 1\96) Santa Barbaro. 6 lane Davis!PRR GG Blvd, 4 lane CR951fWilson Blvd Vanderbilt Bch. 4 lane Airport/eR9S1 Radio Rd, 4 lane Santa BarlSR84 Radio Rd, 6 laning, Airport/Livingston Radio Rd, 6 laning, Livingston/Santa Barbara :--iN MSTU Rd (Livingston Rd,lmm - Lee Co line) eR95l,4 lane GGBflmm Rd Vanderbilt Beach Rd Immokalee Rd, 6 lane US41/1-75 Tumlane Bridge Structure Golden Gate Pkwy, 6 lane Goodlctte/CR31 13 Street Improvements Immokalee Rd 75-CR951 Airport RdfEnterprise Ave Inter. Impr eR951 Monitoring Collier Blvd Davis S to US41 Collector/Minor Arterial Rds Santa BB Davis-Rattlesnake Goodlette rrk VBR - lmmk Vanderbilt Drive Wigg-BBR Green Blvd Ext Liv-SBB Collier Blvd GBB-Green Green Blvd Sunsbine - SBB Davis Intersection Pine Ridge Rd Logan-Collier Wilson Blvd -lmmk-GGB Golden Gate Blvd Wilson-Everglades Collier Blvd - Ouvis-GGPKWY GG Estates E,W CdI' Stdy GG PKWY US41-Goodlette