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Resolution 2001-233 16L 3 RESOLUTION NO. 2001-2...1L. A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF REVENUE BONDS IN AN AMOUNT NOT EXCEED $4,500,000 BY THE COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY. WHEREAS, on June 6, 2001 a public hearing was held by the Collier County Industrial Development Authority (the "Authority") with regard to the issuance of the Authority's Variable Rate Demand Revenue Bonds (Redlands Christian Migrant Association, Inc. Project) Series 2001 in an aggregate principal amount not to exceed $4,500,000 (the "Bonds"); and WHEREAS, at the conclusion of said hearing the Authority adopted its Resolution 2001- 01 approving the issuance of the Bonds, a copy of which is attached hereto as Exhibit "A"; and WHEREAS, the proceeds of the Bonds will be used by the Authority to make a loan to Redlands Christian Migrant Association, Inc. (the "Borrower") to finance the cost of acquisition, construction and equipping of educational and social service center facilities located at 402 West Main Street, Immokalee, Florida, within Collier County, Florida and to pay the costs of issuance of the Bonds (all of the property financed and refinanced with proceeds of the Bonds being owned and operated by the Borrower); and WHEREAS, the Bonds will not be an obligation of the County, and will be payable solely from funds of the Borrower; and WHEREAS, pursuant to the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), as a prerequisite to the issuance of the Bonds, it is necessary that the Board of County Commissioners of Collier County, Florida approve the issuance thereof after said public hearing; and WHEREAS, the Board of County Commissioners desires to evidence approval of the issuance of the Bonds solely to satisfy the requirements of the Code. NOW, THEREFORE, be it resolved by the Board of County Commissioners of Collier County, Florida that: Section 1. The Board of County Commissioners hereby approves the issuance of the Bonds solely for purposes of Section l47(f) of the Code. Section 2. The Bonds shall not constitute a debt, liability or obligation of Collier County, Florida, its Board of County Commissioners, or any officers, agents or employees thereof, or of 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, Florida, the State of Florida or any political subdivision thereof is pledged to payment of the principal of, premium, if any, and interest on the Bonds. No member of the 16l 3 Board of County Commissioners of Collier County, Florida or any officer, agent or employee thereof shall be liable personally on the Bonds by reason of their issuance. Section 3. This approval shall in no way be deemed to abrogate any regulations of Collier County, Florida, and any and all projects contemplated to be financed with the Bonds shall be subject to all such regulations, including, but not limited to, the Collier County Growth Management Plan, all concurrency requirements contained therein, the Collier County Land Development Code, and all applicable impact fee regulations. Section 4. 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 5. This Resolution shall take effect immediately upon its adoption. . PASSED and Adopted this 12th day of June, 200 l. ...... AT1:EST: , /.cDWight E. Brock, Clerk "I .,..... . . At~st.... to Chat......., ~ . J.~ign.wr~ tml1~ :. . By: Lv.- ~ rkl t Deputy Clerk COLLIER COUNTY, FLORIDA BY ITS BOARD OF COUNT COMMISSIONERS er, Ph.D., Chairman [SEAL] .... Approved as to form and legal sufficiency: 16l 3 Execution Copy RESOLUTION 2001-01 A RESOLUTION OF THE COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REGARDING THE OFFICIAL ACTION OF THE AUTHORITY WITH RESPECT TO THE ISSUANCE OF ITS NOT TO EXCEED $4,500,000 VARIABLE RA TE DEMAND REVENUE BONDS (REDLANDS CHRISTIAN MIGRANT ASSOCIATION, INC. PROJECT), SERIES 2001 FOR THE PURPOSES OF FINANCING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING AND EQUIPPING EDUCA TIONAL AND SOCIAL SERVICE CENTER FACILITIES TO BE OWNED AND OPERA TED BY REDLANDS CHRISTIAN MIGRANT ASSOCIATION, INC.; AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF AGREEMENT BY AND BETWEEN THE AUTHORITY AND THE CORPORATION; AND PROVIDING FOR RELATED MATTERS. WHEREAS, Redlands Christian Migrant Association, Inc., a Florida not-for-profit corporation (the "Corporation"), has applied to the Collier County Industrial Development Authority (the "Authority"), to issue its private activity revenue bonds in the initial aggregate principal amount of not to exceed $4,500,000 in one or more series (the "Bonds") for the principal purpose of financing certain costs of acquisition, construction and equipping of certain educational and social service facilities (the "Project") to be owned and operated by the Corporation; 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; and WHEREAS, on June 6, 2001 the Issuer conducted a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, with respect to the issuance of the aforementioned bonds; and WHEREAS, the issuance ofthe Bonds under the Act in one or more issues or Series in such amounts of tax-exempt and/or taxable bonds not exceeding an aggregate principal amount of $4,500,000 and the loaning of the proceeds thereof to the Corporation to finance a portion of the costs of the Project under a loan agreement or other financing agreements, and pursuant to the terms thereofwhich 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 EXHIBIT A TO Bee RESOLUTION 16l 3 WHEREAS, the Corporation has submitted a Memorandum of Agreement (the "Memorandum of Agreement") relating to the issuance of the Bonds and the payment of costs and expenses of issuance; and WHEREAS, in order to satisfy certain of the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Authority did on the date hereofhold a public 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 provides a reasonable opportunity for persons with differing views to be heard, both orally and in writing, on the issuance of such Bonds and the 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 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, IT IS DETERMINED AND RESOLVED BY THE COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, THAT: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution, hereinafter called "Resolution" is adopted pursuant to the provisions ofthe 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 and refinancing ofa portion 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 to finance and refinance a portion of the costs of the Project, all in accordance with and subject to the provisions of the Act, the Constitution and other laws ofthe State of Florida, including the Internal Revenue Code of 1986, as amended and this Resolution, but subject in all respects to the terms of the Memorandum of Agreement hereinafter referred to. SECTION 3. APPROVAL OF THE FINANCING. The financing of a portion of the costs ofthe 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 Memorandum of Agreement to the sole satisfaction of the Authority. SECTION 4. EXECUTION AND DELIVERY OF MEMORANDUM OF AGREEMENT. The Chairman or the Vice-Chairman is hereby authorized and directed to execute, for and on behalf of the Authority, the Memorandum of Agreement between the Authority and the Corporation providing understandings relative to the proposed issuance of the Bonds by the 2 16l 3 Authority to finance a portion of the costs of the Project in an aggregate principal amount not to exceed the lesser of (a) $4,500,000 or (b) the amount determined by the Authority, the Corporation to be necessary to accomplish the foregoing. 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 Memorandum of Agreement attached hereto, in one or more issues or Series of such revenue bonds in an aggregate principal amount not to exceed $4,500,000 for the principal purpose of financing a portion ofthe costs of the Project as described in the Memorandum of Agreement. The rate of interest payable on the Bonds shan 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 Memorandum of 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 Memorandum of 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 Memorandum of 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 thereofbut shall be payable solely from the revenues pledged therefor pursuant to a loan agreement or other financing agreement entered into by and between the Authority, 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 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 to have estopped Collier County from asserting any rights or responsibilities it may have in that regard. 3 16L 3 SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately. ADOPTED this 6th day of June, 2001. COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY Isl Chairman 4