Resolution 2001-340
RESOLUTION NO. 2001 - ~
16C 2
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN
PROGRAM; MAKING FINDINGS; AUTHORIZING THE LOAN APPLICATION;
AUTHORIZING THE LOAN AGREEMENT; ESTABLISHING PLEDGED
REVENUES; DESIGNATING AUTHORIZED REPRESENTATIVES; PROVIDING
ASSURANCE; PROVIDING FOR CONFLICTS AND SEVERABILITY, AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, Florida Statues provide for loans to local government agencies to finance
the planning, design administration and construction of water pollution control facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for
loans, to establish pledged revenues, to designate an authorized representative; to provide
assurances of compliance with loan program requirements; and to enter into a loan agreement;
and
WHEREAS, the State Revolving Fund loan priority list designates Project No.
CSI2059715P as eligible for available funding; and
WHEREAS, Collier County, Florida, intends to enter into a loan agreement with the
Department of Environmental Protection under the State Revolving Fund for project
financing.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS EX-OFFICIO THE
GOVERNING BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT
AS FOLLOWS:
SECTION I. The foregoing whereas clauses findings are incorporated herein by reference
and made a part hereof.
SECTION 2. The Board of County Commissioners of Collier County, Florida, as Ex-Officio
the Governing Board of the Collier County Water-Sewer District is authorized to apply for a
pre-construction loan to finance planning, design and administration to allow for an expansion
to the North County Water Reclamation Facility (NCWRF).
SECTION 3. The revenues pledged for the repayment of the loan are the Collier County
Water-Sewer District's net operating revenues and Wastewater System Development fees.
SECTION 4. The Division Administrator of the Collier County Public Utilities is hereby
designated the authorized representative to provide the assurances and commitments required
by the loan application.
SECTION 5. The Division Administrator of the Collier County Public Utilities is hereby
designated as the authorized representative to execute the loan agreement, which will become
a binding obligation in accordance with its terms when signed by both parties. The
Agreement is subject to approval by the County Attorney. The Division Administrator of the
Collier County Public Utilities is authorized to represent the Collier County Water-Sewer
District in carrying out the Collier County Water-Sewer District's responsibilities under the
loan agreement. The Division Administrator of the Collier County Public Utilities is
authorized to delegate responsibility to appropriate staff to carry out technical, financial, and
administrative activities associated with the loan agreement.
SECTION 6. The legal authority for borrowing moneys to construct this Project is pursuant to
Chapter 88-499, Laws of Florida, and Section 403.1835, Florida Statutes.
SECTION 7. Conflicts. All Resolutions or part of Resolutions in conflict with any of the
provisions ofthis Resolution are hereby repealed.
SECTION 8. Severability. If any Section or portion of a Section of this Resolution proves to
be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the
validity, force or effect of any other Section or part of this Resolution.
16C 2.
SECTION 9. Effective Date. This Resolution shall become effective immediately upon its
adoption.
PASSED AND DULY ADOPTED by majority vote this [ [ ~ day of ~,
2001.
ATTEST:
.'DWIGHT'E: BR,.OCK, Clerk
, Deputy ~¢A~
AppfiCefi'as to fora
~d legal sufficiency:
Thomas C. P
Assist~t Co~ Attorney
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA, AS
EX-OFFICIO THE GOVERNING, B.Q~
OF THE COLLIER COUNTY,WATER ~:.
SEWER DISTRICT ," '~'"
JAMES D. CA'I~TERiTh. D:,cHAIRMA
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY,
FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM
Page 2 of 2
- STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
- STATE REVOLVING FUND
- WASTEWATER FACILITIES
LOAN APPLICATION
Florida Department of Environmental Protection
Bureau of Water Facilities Funding
Twin Towers Office Building
2600 Blair Stone Road
Tallahassee, Florida 32399-2400
DEP Form 62-503.900(2) Effective Date 07-01-99
TABLE OF CONTENTS
Page
Number
LOAN APPLICATION
1
_ (1) SUBMITTAL ..............................................................................................................................................
(2) COMPLETING THE APPLICATION .......................................................................................................1
(3) ASSISTANCE ............................................................................................................................................. 1
-- PART I- ADMINISTRATIVE INFORMATION
1
(1) LOCAL GOVERNMENT APPLYING FOR LOAN ..................................................................................
(2) AUTHORIZED REPRESENTATIVE ........................................................................................................ 1
-- (3) PRIMARY CONTACT PERSON TO ANSWER QUESTIONS REGARDING THIS APPLICATION... 1
(4) ADDITIONAL PERSON(S) TO RECEIVE COPY OF DEPARTMENT CORRESPONDENCE ............ 2
(5) PROJECT NUMBER .................................................................................................................................. 2
.-- (6) LOAN AGREEMENT DATE ..................................................................................................................... 2
(7) PREAWARD COMPLIANCE .................................................................................................................... 2
(8) FEDERAL EQUIVALENCY REQUIREMENTS ...................................................................................... 2
-- I(A) PRECONSTRUCTION LOAN INFORMATION
2
(9) PRECONSTRUCTION ACTIVITIES ........................................................................................................
(10) PRECONSTRUCTION LOAN SCHEDULE ............................................................................................. 2
-- (11) PRECONSTRUCTION LOAN PROJECT COST ...................................................................................... 3
I(B) CONSTRUCTION LOAN INFORMATION
3
__ (12) CONSTRUCTION ACTIVITIES ...............................................................................................................
(13) CONSTRUCTION LOAN PROJECT COSTS ........................................................................................... 3
PART II - FINANCIAL INFORMATION
-- 4
(1) PRINCIPAL AMOUNT OFTHE LOAN ...................................................................................................
(2) LOAN TERMS AND REPAYMENT ......................................................................................................... 4
(3) LOAN REPAYMENT RESERVE .............................................................................................................. 4
-- (4) INFORMATION ON LIENS ...................................................................................................................... 4
(5) ACTUAL AND PROJECTED REVENUES .............................................................................................. 5
(6) LEGAL OPINION ON THE AVAILABILITY OF PLEDGED REVENUES ........................................... 5
- (7) INSTRUCTION TO LIST ATTACHMENTS ..................................................................... 5
(8) LOAN SERVICE FEE ............................................................................................. 5
PART III - APPLICANT ASSURANCES AND CERTIFICATION
-- 5
(1) RESOLUTION ............................................................................................................................................
(2) ASSURANCES AND CERTIFICATION .................................................................................................. 5
SCHEDULES
8
(1) SCHEDULE OF PRIOR AND PARITY LIENS ........................................................................................
(2) SCHEDULE OF ACTUAL REVENUES AND DEBT COVERAGE FOR
'- WATER AND SEWER SYSTEM PLEDGED REVENUE .................................................................. 9
(3) SCHEDULE OF PROJECTED REVENUES AND DEBT COVERAGE FOR
WATER AND SEWER SYSTEM PLEDGED REVENUE .................................................................. 10
LIST OF ATTACHMENTS ..................................................................................................................................... 11
DEP Form 62-503.900(2) Effective Date 07-01-99
LOAN APPLICATION
-- This form can be used to apply for a preconstruction loan or a construction loan. Preconstruction
loans provide financing for planning and designing small community projects and may be amended to
provide funds for construction of the designed project. Construction loans provide financing for
- construction projects; however, completion of planning and design and permitting is a prerequisite of
the construction loan application.
(1) SUBMITTAL. Submit the application and attachments to the Department of Environmental Protection,
MS 3505, Bureau of Water Facilities Funding, 2600 Blair Stone Road, Tallahassee, Florida 32399-2400.
-- (2) COMPLETING THE APPLICATION.
(a) This application consists of three parts: (I) ADMINISTRATIVE INFORMATION; (II) FINANCIAL
INFORMATION; and (III) APPLICANT ASSURANCES AND CERTIFICATION.
(b) All information provided on this application must be typed. Monetary amounts may be rounded.
(c) Forms and attachments to be submitted are denoted with italic print.
(3) ASSISTANCE.
Bureau of Water Facilities Funding staff are available to provide assistance. Please call 850/488-8163 or
-- SUNCOM 278-8163.
PART I - ADMINISTRATIVE INFORMATION
-- (1) LOCAL GOVERNMENT APPLYING FOR LOAN. Collier County, Florida
Federal Employer Identification Number. 59-6000558
- (2) AUTHORIZED REPRESENTATWE (Government official authorized by ordinance or resolution to sign or
attest loan documents).
Name James V. Mudd Telephone (941) 732-2575
Title Public Utilities Administrator
Mailing Address 3301 East Tamiami Trail
Naples, Florida 34112
(3) PRIMARY CONTACT PERSON TO ANSWER QUESTIONS REGARDING THIS APPLICATION.
Name Mark A. Brewer Telephone (941) 756-5800
Title Client/Project Manager Fax # (941) 756-0804
Employer Angie Brewer & Associates, L.C.
Mailing Address 9104 58th Drive East, Suite 101
Bradenton, Florida 34202
DEP Form 62-503.900(2) Page 1 of 11 Effective Date: 07-01-99
16C 2
(4) ADDITIONAL PERSON(S) TO RECEWE COPY OF DEPARTMENT CORRESPONDENCE. (If more
than one, attach the information (Attachment # ).
Name Thomas G. Wides Telephone (941) 732-2575
Title Director-Utilities Fiscal Operations Employer Collier County, Florida
Mailing Address 3301 East Tamiami Trail
Naples, Florida 34112
(5) PROJECT NUMBER ( listed on the Department's priority list). CS 12059715P
(6) LOAN AGREEMENT DATE. When do you expect to sign the Loan Agreement? September 30, 2001
(Allow time for Department preparation of agreement, applicant review, and commission meeting if applicable.)
(7) PREAWARD COMPLIANCE. Has an EPA Preaward Compliance Review Report been previously
submitted for this project? Yes. X__No. If "yes", identify the date submitted to the Department
If not, please complete the EPA form included with this application. (Attachment # N/A )
(8) FEDERAL EQUIVALENCY REQUIREMENTS. An applicant may have to comply with certain Federal
requirements for "equivalency projects." Note that projects sponsored by small communities, or for small
communities, are NOT designated as "equivalency projects." If the project is not to serve a small community, is
the project for which this application is to be submitted subject to "equivalency" requirements? __Yes.
X No. (Few loans involve federal equivalency project requirements. If in doubt, see Rule 62-
503.200(8) of the Florida Administrative Code or discuss the matter with the Department before answering this
question. Note that there are special assurances required under Part III of this application for equivalency
projects.)
IF YOU ARE APPLYING FOR A CONSTRUCTION LOAN, PROCEED TO SECTION I(B).
I(A) PRECONSTRUCTION LOAN INFORMATION.
(9) PRECONSTRUCTION ACTIVITIES. Attach a brief description of the scope of planning and design
activities to be financed by this loan. Include a list of any specialized studies to be performed. (Attachment
# A _) Are these specialized studies the same as the studies scheduled on Request for Inclusion on Priority
List Form? X Yes ~ No. If not, please explain. (Attachment # )
(10) PRECONSTRUCTION LOAN SCHEDULE.
(a) Provide proposed completion dates for the items below. (Please call Department staff to discuss time frames
needed to complete required tasks.)
Facilities plan adoption by the Local Government (including capital improvements
financing information, public hearings, infiltration/inflow analysis, and, if applicable,
interlocal agreements and specialized studies). Au~lust, 2002
Engineering design. Aullust, 2003
Certification of site availability for project construction and operation. August, 2003
-- DEP Form 62-503.900(2) Page 2 of 11 Effective Date: 07-01-99
(b) Do you anticipate that an interlocal agreement with another party will be necessary to implement the project?
Yes. X No. If"yes", list entities to be involved.
(11) PRECONSTRUCTION LOAN PROJECT COSTS. Is the cost information submitted for the
preconstruction loan priority list current? X Yes. No. If not, please explain and submit revised cost
information using the appropriate page of the Request for Inclusion on Priority List Form (Attachment #~).
Note that the disbursable amount, including the repayment reserve, will be limited to the priority list amount.
-- PRECONSTRUCTION APPLICANTS PROCEED TO PART II.
I(B) CONSTRUCTION LOAN INFORMATION.
(12) CONSTRUCTION ACTIVITIES.
(a) Attach a brief description of construction activities to be financed by this loan. Include a list of the
construction contracts (by title) corresponding to the plans and specifications accepted by the Department
(Attachment ~.). Also provide a proposed "start date" and "completion date" for each contract.
(b) Attach a copy of the Department letter(s) accepting the plans and specifications and all addenda (Attachment
#__}.
(c) Was the planning and design for this project financed with a preconstruction loan?
Yes. No. If"yes", give the preconstruction loan number. CS120
(d) Does this project involve an interlocal agreement with other local governments or other entities? Yes.
~ No. If "yes", attach a copy of the Department letter accepting the interlocal agreement. (Attachment
# ) Is the interlocal agreement, as accepted by the Department, fully executed and enforceable?
~ Yes. __ No. If "no", please explain (Attachment # __.).
(e) Has the Department accepted a clear site title certification for the project? Yes. No. If "yes",
provide evidence of such certification or its acceptance. (Attachment g.~) If no , explain. (Attachment
#
(0 Attach evidence that either a permit from the Department is .not required to authorize project construction or
that such a permit has been issued by the Department. (Attachment # ~)
(13) CONSTRUCTION LOAN PROJECT COSTS. Is the cost information submitted for the priority list current?
-- Yes. No. If "no", please explain and submit revised cost information (Attachment # ) using the
appropriate page of the Request for Inclusion on Priority List Form. Note that the disbursable amount, including
the repayment reserve, will be limited to the priority list amount.
- DEP Form 62-503.900(2) Page 3 of 11 Effective Date: 07-01-99
_ 16C 2'
PART II - FINANCIAL INFORMATION
(1) PRINCIPAL AMOUNT OF THE LOAN. The requested amount of the loan, including capitalized interest
(which is not disbursed), is $ 6,091,475 The estimate of the capitalized interest is
_ $ 228,200 Note that the disbursable amount will he limited to the priority list amount and
must be consistent with the information provided under PART I(A)(10) or PART I(B)(12), as appropriate, of
this application. Also note that the capitalized interest is an inexact estimate, and it is subject to adjustment by
._ the Department to reflect disbursement timing. The principal amount of the loan does not include the loan
service fee.
(2) LOAN TERMS AND REPAYMENT.
-- (a) Construction loans are amortized over not more than 20 years and preconstruction loans are amortized over
not more than 10 years, both with interest and principal paid semiannually. Do you want to repay in fewer
years? Yes. X No. If "yes", how many? years.
(b) Due to limitations on availability of State Revolving Fund revenues, a large (generally in excess of $10
million) loan amount may be provided in increments pursuant to the initial loan agreement and subsequent
_. amendments as well as the Florida Administrative Code. Each increment shall have a separate interest rate
as established in the agreement or amendment providing that increment. If in doubt about whether the
funding will be segmented, this matter should be discussed with Department staff.
-- (c) List all revenues that are to be pledged for repayment of this loan.
Net operating revenues and Wastewater System Development fees of the Collier Coun_ty Water-Sewer
.-- District's water and sewer utility systems after payment of debt service.
(Note: Typically, water and sewer system revenues are pledged, and the net revenues available for loan
repayment must equal at least 1.15 times the annual debt service unless special reserves are locally funded.
Rule 62-503.430(4), F.A.C., addresses pledged revenues and coverage requirements.
(d) If this is a preconstmction loan, will the same revenues be pledged for repayment of preconstruction
- activities and for construction activities? __X Yes. No. If not, please state what revenues
will be pledged for construction activities.
(3) LOAN REPAYMENT RESERVE. The Applicant will be required to maintain a Loan Repayment Reserve
-- Account to provide an interim remedy for any deficiency in pledged revenues. This reserve shall be no less than
0.03 times the total loan amount less the portion of the loan for capitalized interest and loan repayment reserve.
Loan proceeds will be provided to establish the minimum (0.03) reserve. In certain situations described in Rule
- 62-503.430(1), F.A.C., the loan recipient must contribute to the reserve. Is a reserve expected to be established
using any local funds? Yes. X No. If "yes," describe the locally funded reserve (Attachment
# ).
(4) INFORMATION ON LIENS.
(a) Describe all debt obligations having a prior or parity lien on the revenues pledged for this Loan
-- (Attachment # B .); see the following example:
City Name, Florida, Water and Sewer System Revenue Bonds, Series 1996, issued in the amount of
$10,000,000, pursuant to Ordinance No. 93-104, as amended and supplemented by Ordinance No. 96-156.
DEP Form 62-503.900(2) Page 4 of 11 Effective Date: 07-01-99
(b) Using the Schedule of Prior and Parity Liens (page 8 ), provide debt service information on each prior and
parity obligation. For the listed obligations, provide a copy of the ordinance(s), resolution(s), official
-- statement(s), or pages thereof, setting forth the definitions, use of proceeds, debt service schedule, pledged
revenues, rate covenants, provisions for issuing additional debt, provisions for bond insurance, and debt
rating (Attachment # C .).
(5) ACTUAL AND PROJECTED REVENUES.
_. (a) Complete the Schedule of Actual Revenues and Debt Coverage for Water and Sewer System Pledged
Revenues (page 9) for the past two fiscal years.
(b) Complete the Schedule of Projected Revenues and Debt Coverage for Water and Sewer System Pledged
~ Revenue (page 10), demonstrating the availability of pledged revenues for loan repayment.
(6) LEGAL OPINION ON THE AVAILABILITY OF PLEDGED REVENUES. All sources must be supported
by a written legal opinion (Attachment # D ) addressing the:
(a) Availability of the revenues to repay the loan;
(b) Right to increase rates at which revenues shall be collected to repay the loan; and
(c) Subordination of the pledge if pledged revenues are subject to a prior or parity lien.
(7) INSTRUCTION TO LIST ATTACHMENTS. Please complete the List of Attachments (page 11).
- (8) LOAN SERVICE FEE. A loan service fee is assessed on each loan. The fee is not part of the loan. It may be
paid at the time of loan agreement execution or it may be paid along with capitalized interest thereon no later
than by the time that the second semiannual loan repayment is due. Please check with Bureau of Water
- Facilities Funding personnel to establish the current year's loan service fee percentage and to obtain more
information on how the fee may be paid.
The loan service fee amount is $ 117,266
Will the loan service fee be paid directly to the Department upon loan execution? ~ Yes. X__ No.
PART III - APPLICANT ASSURANCES AND CERTIFICATION
(1) RESOLUTION. Provide a certified resolution (Attachment #E~) of the Applicant's governing body that:
(a) Authorizes this application;
(b) Establishes the pledged revenues; and
(c) Designates the Authorized Representative(s) to file the application, provide assurances, execute the loan
- agreement, and represent the Applicant in carrying out responsibilities (including that of requesting loan
disbursements) under the loan agreement.
_ (2) ASSURANCES AND CERTIFICATION. The Applicant agrees to comply with the laws, rule, regulations,
policies and conditions relating to the loan for this project. Items (o) through (u) are revolving loan program
requirements only for equivalency projects as defined in Rule 62-503.200(8) of the Florida Administrative Code.
Item (v) is a revolving loan program requirement for high-cost projects regardless of the Applicant's size.
- Applicants should seek further information from the Bureau of Water Facilities Funding staff as to the
applicability of the requirement if the necessary assurance is of concern. Specifically, the Applicant certifies
that it has complied, as appropriate, and will comply with the following requirements in undertaking the Project:
DEP Form 62-503.900(2) Page 5 of 11 Effective Date: 07-01-99
(a) Complete all facilities recommended in the approved facilities plan.
(b) The Archaeological and Historic Preservation Act of 1974, PL 93-291, and the National Historic Preservation Act of
1966, PL 89-665, as amended, regarding identification and protection of historic properties.
(c) The Clean Air Act, 42 U.S.C. 7506(c), which requires conformance with State Air Quality Implementation Plans.
(d) The Coastal Zone Management Act of 1972, PL 92-583, as amended, which requires assurance of project consistency
with the approved State management program developed under this Act.
(e) The Endangered Species Act, 16 U.S.C. 1531, et seq., which requires that projects avoid disrupting threatened or
endangered species and their habitats.
(f) Executive Order 11593, Protection and Enhancement of the Cultural Environment, regarding preservation, restoration
and maintenance of the historic and cultural environment.
(g) Executive Order 11988, Floodplain Management, related to avoiding, to the extend possible, adverse impacts associated
with floodplain occupancy, modification and development whenever there is a practicable alternative.
(h) Executive Order 11990, Protection of Wetlands, related to avoiding, to the extent possible, adverse impacts associated
with the destruction or modification of wetlands and avoiding support of construction in wetlands.
(i) The Fish and Wildlife Coordination Act, PL 85-624, as amended, which requires that actions to control natural streams
or other water bodies be undertaken to protect fish and wildlife resources and their habitats.
(j) The Safe Drinking Water Act, Section 1424(e), PL 93-523, as amended, regarding protection of underground sources of
drinking water.
(k) The Wild and Scenic Rivers Act, PL 90-542, as amended, related to protecting components or potential components of
the national wild and scenic rivers system.
(1) The federal statutes relating to nondiscrimination, including: The Civil rights Act of 1964, PL 88-352, which prohibits
discrimination on the basis of race, color or national origin; the Age Discrimination Act, PL 94-135, which prohibits
discrimination on the basis of age; Section 13 of the Federal Water Pollution Control Act, PL 92-500, which prohibits
sex discrimination; the Rehabilitation Act of 1973, PL 93-112, as amended, which prohibits discrimination on the basis
of handicaps.
(m) Executive Order 11246, Equal Employment Opportunity, which provides for equal opportunity for all qualified persons.
(n) Executive Orders 11625 and 12138, Women's and Minority Business Enterprise, which require that small, minority, and
women's business and labor surplus areas are used when possible as sources of supplies, equipment, construction and
services.
(o) The Coastal Barrier Resources Act, 16 U.S.C. 3501 et seq., regarding protection and conservation of the coastal barrier
resources.
(p) The Farmland Protection Policy Act, 7 U.S.C. 4201 et seq., regarding protection of agricultural lands from irreversible
loss.
(q) The Uniform Relocation and Real Property Acquisition Policies Act of 1970, PL 91-646, which provides for fair and
_ equitable treatment of persons displaced or whose property is acquired as a result of federal or federally assisted
programs.
(r) The Demonstration Cities and Metropolitan Development Act of 1966, PL 89-754, as amended, which requires that
projects be carded out in accordance with area wide planning activities.
(s) Section 306 of the Clean Air Act, Section 508 of the Clean Water Act and Executive Order 11738, which prohibit
manufacturers, firms, or other enterprises on the EPA's list of Violating Facilities from participating in the Project.
DEP Form 62-503.900(2) Page 6 of 11 Effective Date: 07-01-99
(t) Executive Order 12549, Debarment and Suspension, which prohibits any award to a party which is debarred or
suspended or is otherwise excluded from, or ineligible for, participation in federal assistance programs.
(u) The Davis-Bacon Act and related requirements of the Copeland Act and the Contract Work Hours and Safety Standards
Act which require compliance with labor standards for construction.
(v) Minority and Womens Business Enterprise participation in project work using numerical goals, established by the U.S.
Environmental Protection Agency, and to be set forth in the specifications for construction and materials contracts.
I, the undersigned Authorized Representative of the Applicant, hereby certify that all information contained
herein and in the attached is true, correct, and complete to the best of my knowledge and belief. I further certify
that I have been duly authorized to file the application and to provide these assurances.
Signed this Day of ,2001
Authorized Representative James V. Mudd
(signature) (name typed)
Attachments
THE REMAINDER OF THIS PAGE INTENTIONALLY HAS BEEN LEFT BLANK
DEP Form 62-503.900(2) Page 7 of 11 Effective Date: 07-01-99
SCHEDULE OF PRIOR AND PARITY LIENS
List annual debt service beginning two years before the anticipated loan agreement date and continuing at least
fifteen fiscal years. Use additional pages as necessary.
gl 02 #3
Identify Each
Obligation Water & Sewer Revenue Water & Sewer Taxable Water & Sewer
Bonds 1992 Refunding Revenue Refunding Bonds Series
Bonds Series 1994A 1994B
Coverage 125 % 125 % 125 %
Insured? X Yes No X Yes No X Yes No
Total Debt
Fiscal Annual Debt Service (Principal Plus Interest) Total Service Incl.
Year gl 02 #3 Debt Service Coverage
1996 $ $ $ $ $
1997 $ $ $ $ $
1998 $ $ $ $ $
1999 $7,347,768 $ 2,474,857 $2,063,950 $ $
2000 $ 913,960 $ 2,474,090 $2641,415 $ $
2001 $ 911,335 $ 2,473,465 $2640,615 $ $
2002 $ 909,880 $ 2,470,585 $2 642,475 $ $
2003 $ $ 2,470,490 $2 647,375 $ $
2004 $ $ 2,473,730 $2 630,035 $ $
2005 $ $ 2,474,505 $2,636,285 $ $
2006 $ $ 2,472,305 $2,639,945 $ $
2007 $ $ 2,472,155 $2,635,935 $ $
2008 $ $ 2,473,905 $2 ~644,847 $ $
2009 $ $ 2,471,880 $2,640,013 $ $
2010 $ $ 2,473,578 $2,637,262 $ $
2011 $ $ $5,112,263 $ $
2012 $ $ $5,112,200 $ $
2013 $ $ $5,112,425 $ $
2014 $ $ $5,112,412 $ $
2015 $ $ $5,111,913 $ $
2016 $ $ $2,896,162 $ $
2017 $ $ $2,060,413 $ $
2018 $ $ $2,061,675 $ $
2019 $ $ $2,063,475 $ $
2020 $ $ $2,065,550 $ $
2021 $ $ $2,057,638 $ $
DEP Form 62-503.900(2) Page 8A of 11 Effective Date: 07-01-99
SCHEDULE OF PRIOR AND PARITY LIENS
List annual debt service beginning two years before the anticipated loan agreement date and continuing at least
fifteen fiscal years. Use additional pages as necessary.
04 #5 #6
Identify Each Water & Sewer Water & Sewer SRF Loan CS 120597070
Refunding revenue Bonds Refunding revenue Bonds
Series 1999A Series 1999B
Obligation
Coverage 125 % 125 % 125 %
Insured? X Yes No Yes No Yes No
Total Debt
Fiscal Annual Debt Service (Principal Plus Interest) Total Service Incl.
Year 04 #5 #6 Debt Service Coverage
1996 $ $ $ $ $
1997 $ $ $ $ $
1998 $ $ $ $ $
1999 $ 163,375 $ 254,851 $1,060,598 $ $
2000 $ 335,700 $1,969,404 $1,060,598 $ $
2001 $ 333,020 $1,966,404 $1,060,598 $ $
2002 $ 335,220 $1,967,004 $1,060,598 $ $
2003 $1,247,160 $1,966,004 $1,060,598 $ $
2004 $1,246,160 $1,973,404 $1,060,598 $ $
2005 $ 822,347 $1,968,804 $1.060,598 $ $
2006 $ 817,648 $1,967,604 $1,060,598 $ $
2007 $ 826,518 $1,964,604 $1,060,598 $ $
2008 $ 818,318 $1,974,804 $1060,598 $ $
2009 - $ 819,318 $1,971,079 $1 060,598 $ $
2010 $ 818,363 $1,969,879 $1 060,598 $ $
2011 $ $1,970,979 $1 060,598 $ $
2012 $ $1,974,154 $1 060,598 $ $
2013 $ $1,979,179 $ $ $
2014 $ $1,977,569 $ $ $
2015 $ $1,967,319 $ $ $
2016 $ $1,971,094 $ $ $
2017 $ $ $ $ $
2018 $ $ $ $ $
2019 $ $ $ $ $
2O2O $ $ $ $ $
2021 $ $ $ $ $
DEP Form 62-503.900(2) Page 8B of 11 Effective Date: 07-01-99
16C 2
SCHEDULE OF PRIOR AND PARITY LIENS
List annual debt service beginning two years before thc anticipated loan agreement date and continuing at least
fifteen fiscal years. Use additional pages as necessary.
#7 #8 #9
Identify Each
Obligation SRF Loan CS120597090 SRF Loan CS120597100
Coverage 125 % 125 % %
Insured? Yes No Yes No Yes No
Total Debt
Fiscal Annual Debt Service (Principal Plus Interest) Total Service
. Incl.
Year #7 #8 #9 Debt Service Coverage
1996 $ $ $ $ $
1997 $ $ $ $ $
1998 $ $ $ $ $
1999 $886,480 $ $ $14,251,879 $17,814,849
2000 $886,480 $ $ $10,281,647 $12,852,058
2001 $886,480 $754,400 $ $11,026,317 $13,782,896
2002 $886,480 $1,508,800 $ $11,781,042 $14,726,302
2003 $886,480 $1,508,800 $ $11,786,907 $14,733,633
2004 $886,480 $1,508,800 $ $11,779,207 $14,724,008
2005 $886,480 $1,508,800 $ $11,357,819 $14,197,273
2006 $886,480 $1,508,800 $ $11,353,379 $14,191,724
2007 $886,480 $1,508,800 $ $11,355,089 $14,193,862
2008 $886,480 $1,508,800 $ $11,367,751 $14,209,689
2009 $886,480 $1,508,800 $ $11,358,167 $14,197,709
2010 $886,480 $1,508,800 $ $11,354,959 $14,193,699
2011 $886,480 $1,508,800 $ $10,539,120 $13,173,900
2012 $886,480 $1,508,800 $ $10,542,232 $13,177,790
2013 $886,480 $1,508,800 $ $ 9,486,884 $11,858,605
2014 $886,480 $1,508,800 $ $ 9,485,261 $11,856,576
2015 $886,480 $1,508,800 $ $ 9,474,512 $11,843,140
2016 $886,480 $1,508,800 $ $ 7,262,536 $ 9,078,170
2017 $886,480 $1,508,800 $ $ 4,455,693 $ 5,569,616
2018 $886,480 $1,508,800 $ $ 4,456,955 $ 5,571,194
2019 $ $1,508,800$ $ 3,572,275 $ 4,465,344
2020 $ $1,508,800$ $ 3,574,350 $ 4,467,938...
2021 $ $ 754,400 $ $ 2,812,038 $ 3,515,048
DEP Form 62-503.900(2) Page 8C of 11 Effective Date: 07-01-99
SC~'~D~JLE OF ACT~JAL REVEI~'ES ~ DE~T COVE~h~GE
FOR WATER AND SEWER SYSTEM PLEDGED REVENUE
(Provide information for the two fiscal years preceding the anticipated date of the SRF loan agreement.)
FY 1999 FY 2000
(a) Operating Revenues:
-~ Water Service 19,993,968 21,003,376
Sewer Service 22,290,871 24,126,991
..- (b) Interest Income (I) 4,357,000 6,544,805
(c) Other Income or
Revenue (Identify)
Misc. Reimb./Trans fers 1,721,363 2,757,022
(d) Total Revenues _48,993,202 54,432,184
(e) Operating Expenses
(excluding interest on debt,
depreciation, and other
non-cash items) (k) 21,028,375 23,354,400
-~ (f) Net Revenues
(f= d - e) 27,964,827 31,077,794
_~ (g) Debt Service (including
required coverage; should
reflect last column of
_ preceding page) 17,814,849 12,852,058
(h) Attach audited annual financial report(s), or pages thereof, and any other documentation
necessary to support the above information. Include any notes or comments from the audit
reports regarding compliance with covenants of debt obligations having a prior or parity lien on
the revenues pledged for repayment of the SRF Loan. (Attachment # F )
(i) Attach worksheets reconciling this page with the appropriate financial statements (for example,
backing out depreciation and interest payments from operating expenses). (Attachment # ~)
- (j) If the Net Revenues were not sufficient to satisfy the debt service and coverage requirement,
please explain what corrective action was taken. (Attachment # __)
- (k) Net Depreciation and amortization of $10,794,374 (FY 99) and $12,337,554 (FY 00) excluded.
(1) Reflects net funds available from 1999 refinancing.
DEP Form 62-503.900(2) Page 9 of 11 Effective Date: 07-01-99
16g 2
SCHF. DULE OF PROJECTED REVENUES AND DEBT COVERAGE
FOR WATER AND SEWER SYSTEM PLEDGED REVENUE
(Begin with the fiscal year preceding first anticipated semiannual loan payment.)
- FY 2002 FY 2003, FY 2004 FY 2005 FY 2006
(a) Water Operating Revenue 21,001,300 21,421,326 21,849,753 22,286,748 22,732,483
._ (b) Sewer Operating Revenue 24,176,100 24,659,622 25,152,814 25,655,871 26,168,988
(c) Interest Income 1,000,000 1,020,000 1,040,400 1,061,208 1,082,432
(d) Other Income or Revenue
~- (identify)
Misc. Reimb./Transfers 4,174,300 4,257,786 4,342,942 4,429,801 4,518,397
-- (e) Total Revenues 50,351,700 51,358,734 52,385,909 53,433,627 54,502,299
(f) Operating Expenses
_ (excluding interest on debt,
depreciation, and other non- 33,906,300 34,584,426 35,276,115 35,981,637 36,701,270
cash items)
(g) Net Revenues
-- (g = e - f) 16,446,400 16,774,308 17,109,794 17,451,990 17,801,030
(h) Revenue (including coverage)
pledged to debt service,
-- excluding SRF loans 10,406,455 10,413,786 10,404,161 9, 877,476 9,871,877
(i) Revenue (including coverage)
pledged to outstanding SRF 4,319,848 4,319,848 4,319,848 4,319,848 4,319,848
loans
(j) Revenue Available for this
SRF Loan (j = g - h - i) 1,719,097 2,040,674 2,385,785 3,254,666 3,609,305
(k) Identify the source of the above information and explain methods used to develop the projections
(Attachment # G). Include an explanation of any revenue and expense growth or other adjustments; for
example, any rate increases, service growth, inflation adjustments, expense adjustments reflecting the cost of
operating additional facilities, or other considerations.
-- NOTE: Collier County Utilities is under contract with a consultant who is reviewing the adequacy of Impact
Fees for Water and Sewer and User Fees for Water, Sewer and Effluent. Targeted completion date of the
study is the end of September 2001. It is anticipated that a large increase in Impact Fees will be
- recommended as a result of the study.
DEP Form 62-503.900(2) Page 10 of 11 Effective Date: 07-01-99
LIST OF ATTACHMENTS
Please list all attachments that you are including with this application form.
Attachment Number
Description of Scope A
Prior and Parity Liens on Pledged Revenues B
Debt Service Information on Each Prior and Parity Lien C
Legal Opinion on Pledged Revenues D
Resolution E
-- Audited Financial Statements/Collier County Summary Information from F
the 2002 Budget Workshop, June 21-22, 2001
Source of Information for Projected Revenues G
DEP Form 62-503.900(2) Page 11 of 11 Effective Date: 07-01-99
Attachment
- Pre-Construction Loan Application
Collier County
- Project Description
Collier County is seeking to access low-interest loan funding through a State Revolving
Fund (SRF) Pre-Construction Loan from the Florida Department of Environmental
Protection (FDEP). It is understood that these funds may be used to meet the
Administrative, Planning and Engineering requirements necessary to proceed with
Construction Loan funding for approved projects.
Therefore, this project will result in the preparation of a Facilities Plan and necessary
updates to evaluate the wastewater facilities needs for Collier County. It will also result
in the Design for all projects determined eligible by the FDEP. It is the intent of Collier
_ County to secure maximum eligibility for all anticipated wastewater construction projects
utilizing the lowest cost funding available.
,_ The opportunity to access this funding will be instrumental in allowing Collier County to
properly plan for, administer and design necessary projects. This process will provide for
the documentation of projects that are environmentally sound, technically feasible, cost-
_ effective, permittable, and implementable.
Preliminary planning efforts resulted in an estimated expansion of 10 MGD to 23.5 MGD
from the existing 13.5 MGD design capacity for the North County Regional Wastewater
Treatment Facility. The preliminary cost estimates relating to this expansion are
$50,000,000.
I-
Z
$13,090,000
Collier County Water-Sewer District (Florida)
Water and Sewer Revenue Bonds
Series 1992
Due: Jul.v i. as sho~n below'
Dated: July I. 1992
Thc Water and Sewer Revenue Bonds. Series 1992 (the "Seres 1992 Bonds") arc being issued by the Collier County Water-Sewer District (the
· 'District"l as full)' registered bonds in the name of Cede & Co.. as Bondholder and securities depositor,.' nominee of The Depository Trust
Company. New York. New York ("DTC"). Individual purchases will be made in book-entr'y form only through Direct Participants (defined
ns e ual to the principal amount of each maturity shown on this cover page. Interest on the Series 1992 Bonds is
herein) in denomina6o q ......... -~ · ...... ~ ,~,---after Pa,-ments of orincipol of premium if any.
1993 and semiannually on eden July ~ ann Janua, l , ,-~,~ - ~
payable, on Janua~.l. ,, .._. ,oo.~ n^,,4c ~m ~. ,,~ade to nurchasers by Direct Participants (See "BOOK-ENTRY-ONLY
SYSTEM" herein). Thc Citizens and Southern National Bank of Florida, Fort Laudcrdalc. Florida. will serve as Paying
Agent and Registrar for thc Series 1992 Bonds. The Series 1992 Bonds arc subject to optional and mandatory
redemption prior to their stated maturities as described herein
This cover page contains information for quick reference only. It is not a summary of thc issue. Investors must rcad thc entire Official Statement to
obtain information essential to thc making of an informed investment decision.
92 Bonds are being issued for thc purpose of (il paving a portion of the cost of acquiring the water, sewer and i~gation facilities of
Thc Series 19_ ~. ....... ,-,er,.,~ -r r'~,:e. Count'" tthe "County") as described hcrc n. (ii) making a &posit into thc Reserve
thc Pelican Bay Se~'~ccs u~v~s on ttnc ro,~b, ~ ,.,, ,-,,.,,,, · : x . ·
.... certain costs of issuance of thc Series 1992 Bonds· Thc Series 1992 Bonds arc being issued as Additional Bonds (as defined in
Account and (m) pay,ag ....... - ^^^ - ' -'--' ..... outstandino of thc District's Water and Sewer Revcnuc Bonds. Series 1985.
· ' with the ~o~ .)u) UUJ aggregate pnnctpa[ amuu., ~ . -
thc Resolution) on a pa?Ly · ~ '. ~ ~ ~ - .... a .L, r~;~,,.4~,', Wat~'r and w r Revenue Bonds Series 1991 (collectively. thc
thc Dist6ct's Water and bcv.'cr t<.cvcnuc rrojc,-~ ,.,u,~. ~ .,, '
"prior District Bonds") all issued by thc District pursuant to thc provisions at' Resolution No. CWS-85-5 adopted on July 30, 1985. as restated.
amended and supplemented (collectively, thc "Resolution").
The Series 1992 Bonds are secured by a pledge of, and a parity first lien on, the Pledged Funds (as defined in the Resolution), as provided in the
Resolution. See "SECURITY FOR THE SERIES 1992 BONDS." The Series 1992 Bonds shall not be deemed to constitute a general obligation or
pledge of the faith and credit of the District, the County, the State of Florida or any political subdivision thereof withih the meaning of any
constitutional, legislative or charter provision or limitation. Holders of the Series 1992 Bonds shall neser base the fight, directly or indirectly, lo
require or repel the exercise of any taxing power of the District, the County or any other political subdi*ision of the State of Florida for the payment
of the Seri~ 1992 Bonds. The Series 1992 Bonds and the obligations evidenced thereby do not constitute a lien upon any property of the District, the
County or the State of Florida. but shall constitute a parity first lien only on, and payable solely from, the Pledged Funds.
thc vinci al of and ntcrest on thc Scales 1992 ~onds will be insured by a municipal bond insurance policy to be issued by
Thc. p_aymcnt al P ~ ........ c: .... :.l ,-: ........"& simultaneously with thc deliver)' of thc Series 1992 Bonds. For a discussion of thc
Financial L, uaranty ~nsurancc ,..?mp.an~, [~ ,,,~.l,,.,~, .,:.,,,*. ..... &, ..... ~ 'LqCIPAL BOND INSURANCE" herein
terms and provisions of such pohcy, ,ncmmng thc um~tat,ons tncrcol, sec ~ - '
Financial Guarani)' Insurance
FGIC.. Company
In the opinion of Bond Counsel. under cxisting statutes, regulations, rulings and court decisions and assuming compliance with thc tax covenant
&scribed herein, interest on thc Scrics 1992 Bonds is cxcluded from gross income for Fcdcral income tax purposes, and is not a specific preference
item for purposes of thc Federal altcmativc minimum tax. Such intercst will be includable in thc calculation of a corporation's alternative
minimum taxable income. Sec. however, "TAX EXEMPTION" herein regarding certain other tax considerations. Bond Counsel is also
of the opinion that interest on the Series 1992 Bonds is exempt from taxation under existing laws of the State of Florida. except as to
estate taxes and taxcs reposed by Chapter 220. Florida Statutes. on interest, income or profits on debt obligations owned by
corporations, banks and savings associations. Sec 'TAX EXEMPTION" herein.
AMOUNTS, MATURITIES, INTEREST RATES AND PRICES OR YIELDS
S10,140,000 Serial Bonds
Price
Price Interest or
Interest or
Amount Maturity Rate Vie!d_ Amount Maturhy Rate Yield
$600.000 1993 3.20 % I(X)% $775.000 2000 5.50% 5.55%
595,000 1994 4.20 100 815.000 2001 5.70 I O0
620.000 1995 4.50 I OO 860,000 2002 5.80 100
645.000 1996 4.75 100 910.000 2003 5.90 100
680.000 1997 4.90 4.95 965.000 2004 5.90 5.95
705.000 1998 5.20 I00 600,000 2005 6.10 100
740.000 1999 5.375 5.40 630,000 2006 6. I $ 100
$2.,9S0,000 6.375% Term Bonds due July I, 2010 -- Price 100%
(Accrued interest to be added)
The Series 1992 Bond.~ are offered, in full book-ent~' form. when. as and if issued by the District and received by the Underwriters. subject to the
approval as to their legality by Nabors. G/Olin & Nickerson. P.A.. Tampa. Florida. ~ond Counsel. Certain legal matters will be passed on for the
District by Kenneth B. Cuyler. Esquire. Naples. Florida. Attorney to the District. Certain legal matters will be passed upon for the
Underwriters b)' their counsel. Bryant. Miller and Olive. P.A.. Tallahassee. Florida. Raymond James & Associates. Inc.. Boca
Raton. Florida is acting as Financial Advisor to the Count)' and the District It is expected that settlement for the
Series /99] Bonds will occur in New York. New York. on or abou~ July 14. 1~9~.
Smith Barney, Harris Upham & Co. Alex. Brown & Sons
Incorporated Incorporated
June 30. 1992
2
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16~ 2
_.Collier County Water-Sewer District (Florida)
$24,225,000 -~ $40,320,000
TaxabLe Water and Sewer Refunding Water and Sewer Refunding
- Revenue Bonds, Series 1994A Revenue Bonds, Series 1994B
Dated: JanuaD' 15, 1~4 Due: July !, as shown on the Inside Cover Page
lhe Taxable Water and Sewer Refunding Revenue Bonds, Seres 1994A (the "Series 1994A Bonds") and Ire Waler and Sewer Refunding Revenue
Bonds. Seres 1994B (the "Series 1~4B Bonds") (the Series 1~4A Bonds and Ire Series 1994B Bonds ~ing collectively refe~ed lo as Ire "Se~es
1994 Bonds") are being issued by the Collier County Water-Sewer Disthc~ (Irc "Disthct") as fully regislered ~nds and initially will
registered in Ire name of Cede & Co., ax nominee of The De~sito~ lmst Company. New York, New York ("DTC"). Indiddual
purchases will ~ made in ~k-ent~ form only in denominations of $5.~ and integral multiples thereof. Purchasem of Ire Seres 1994
Bonds alii not receive physical delive~ of ceflificates. Transfers of ownership interesl in the Seres 1994 Bonds will ~ effecled by
DTC ~k-ent%' system as descried he.in. Inlcrest on the Seres 1994 Bonds is payable on July I, 1994 and semiannually on
each Janua~ I and July I thereafter. Principal of, premium, if any. and interest on the Series 1994 Bonds ~11 ~ pa~ble by
First Union National Bank of ~odda, Miami, Florida, as Pa~ng Agent and Bond Registrar. The Seres 1994 Bonds are
subject to optional and mandato~ redemption prior to their stated maturities as dcscf~d herein.
This cover page contains info.arSon for quick reference only and is not a summaD' of this issue. Invcston must read thc entire Official Statement
to obt~n infomation essential lo thc ma~ng of ~ informed investment decision.
lhc Seres 1994 Bonds are ~ing issued ti) to advance refund all of the District's Wa~cr and Sewer Revenue Bonds, Scr¢s 1985 (thc "Seres 1985
Bonds"), all of thc District's Water and Sewer Revenue Project ~nd, seres 1987 (thc "Seres t98~ Bond"), and a ~nion of thc District's Water and
Sewer Revenue Bonds, Seres 1991 (thc "Series 1~1 Bon~") (collectively, thc "Refunded Bonds"), ~d (ii) to pay certain c~ls of i~uancc of thc
Scales 1994 Bonds. Thc Seres 1994 Bonds arc ~ing issued as Additional Bonds (as defined in thc Resolution) on a party with that ~nion of Irc Sedcs
1991 Bonds which is not refunded in connection Mth thc issuance of the Seres 1994 Bonds and thc Distrct's Water and Sewer Revenue Bon~,
1992 (collectively, thc "Prior District Bonds"), ~1 i~ucd by the Distfct pumuanl lo thc provisions of Resolution No. CWS-85-5 adopted on July 30,
1985, as restated, amended and supplemented (~llectivcly, thc
The Series 1~4 Bonds ~re ~umd by a pl~ge of and a ~ad~ fi~t lien on, the Pledg~ Funds (as defined in the Re~lutioa), as pro*ld~ in Ire
Resolution. S~ "SECURITY FOR ~E SERI~ !~4 BONDS." The ~res i~4 Bonds shall not be d~m~ Io constitute a genii obligation or
pledge of the faith and credit of ire Distdcq Collier Count, the State of ~odda or any politiml subdidslon of the State of Florida for t~ pa~enl of
the Series 1~4 Bonds. The ~des 1~4 Bonds and the obligations e~iden~d lhe~by do nol constitute = lien upon any pro~y of the Dislfic(, Collier
CounD' or the State of FIo~d~, but shall ~nstitule s parity flint lien only on, and payable solely fm~ the P~g~ Fund~
~c paymcm of thc principal of and interest on thc Seres 1994 Bonds ~511 ~ insured by a municipal ~nd insumn~ ~licy Io ~ issued by
Financial Guaranty Insurance Company {"Financi~ Guaranty") simultaneously a5th lhc dclivc~ of thc Seres 1994 Bonds. For a di~ussion oF thc
tc~s and provisions or such ~licy, including thc limitations thereof, see "MUNICIPAL BOND INSU~NCE" hernia.
~ F~eial Guar~ ~s~ee
~lC. ~mpany
FGIC is a regisler~ ~i~ mark u~ by ~nsncial Gu~n~ [nsu~n~ Compnny under li~n~ from Its parent compnay, ~[C Con.lion.
__ In ~e opinion of Bond Counsel, under ~s~ng statutes, re. lotions, rulings ~d court, decisions and ~suming compl~nc~
descend herein, i~terest on the Se~s 1994B Bonds is excludable from gro~ in.me for Federal income lax pu~s,
preference for pu~s of ~he Federal alternative minimum t~ im~sed on individuals and ~rations. Such inter,si, however, will
includable in the calculation of a co~ration's altcm~ti~c minimum la,able income. Sec "TAX EXEMPTION ~ SERI~ 1~4B
BONDS" herein regaling certain olh~r t~ considerations. Bond Counsel al~o is of Ih~ opinion thal inleres~ on the Series
~ 1994A Bond~ and the Sed~s 1994B Bonds is exempl from taxation under c~isling laws of lhe S1al~ of ~odda. except as
estate I~es and taxes im~sed by Chapter 220, ~o~da Stalmes, on interest, incom~ or profits on debt obligations
owned by co.rations, b~n~ and ~ngs ~s~iations, Interest on the Sedes 1~4A Bon~, however, will
included ~thin lhe gross income of the holders lhereof for pu~ses of Federal income t~ation.
Tht Striex 1~ ~o~ are offere~, ~htn. ~. ~n~ ~ i~ ~ the District a~ acctp~t~ by tht Un~t~,ri~er~. ~ub~ect to the
Nabor~. ~iblin · Nickerxo~. ~.. ~m~. F~oH~. ~on~ ~o~/. ~rtain /~ mat~er~ will ~ ~ on for
Cuyler. Esquire. ~pl~. FloH~. ~torn~ ~ the District. Ctr~ai~ /~1 mantrx will be ~ ~n for ~ht Un~t~Hter~ by thtir
counsel. ~/~o~. Fiel~. ~. Emmanuel. Smith · ~ler. ~.. Tampa. Flori~a. ~ymo~ ff~me~ · ~i~le~.
R~on. Flori~a i~ ~ctin$ ~ Financial Ads'i~or ~o Collier Count~' ~ ~ht Di~ic~. /t ix exp~cte~ ~hat
~on~x will ~ ~i/ablt for ~tlive~ ~o the un~e~,~itt~ in Ne~' York. Nt~ York. on o~ a~u~ Ftb~a~ 16. ~4.
- Smith Barney Shearson Inc.
Alex. Brown & Sons William R. Hough & Co.
-- Incorporated
Januar~ 25. 1994
New Issue m Full Book-Ent~
In the opinion of Bond Counsel, under ex/sUng statutes, regulations rulings and court decisions and subject to the condit/ons
described here~n under TAX EXEMPTION, interest on the Refunding Bonds ~s {z) excludable ~rom gross income for federal income tax
purposes, and iii) not on item of tax preference for purposes of the federal alternative,minimum tax imposed on individuals and
corpo, rot/o,n.s. Such interest, however, ~ be includable in the calculation df a corporat/on s alternative m/n/mum taxable income and
may oe su, ol.e~., to..o~,er feder, al in. come. t.a,x consequen, ces referred to herein under "TAX EXEMPTION." Bond Counsel is further of the
opinion mar me ~e~undlng oonas aha me income ~ereon are exempt from all present intangible personal property taxes imposed
pursuant to Chapter I99, Florida Statutes.
COLLIER COUNTY WATER-SEWER DISTRICT (FLORIDA)
$6,605,000
Water and Sewer Refunding Revenue Bonds, Series 1999A
$22,855,000
Water and Sewer Refunding Kevenue Bonds, Series 1999B
Series 1999A Bonds Dated Date: January 1, 1999 Due: July 1, as shown on the inside cover page
Series 1999A Bonds Delivery Date: Ianuary 21, 1999
Series 1999B Bonds Dated Date: April 1, 1999
Series 1999B Bonds Delayed Delivery Date: April 6, 1999
The Water and Sewer Refunding Revenue Bonds, Series 1§99A (the "Series 1999A Bonds") and the Water and Sewer Refunding
Reven. u.e Bonds, Series 1999B (the "Series 1999B Bonds," and tog,ether with the Series 1999A Bonds, the "Refunding Bonds") are being
issued by the Collier County Water-Sewer District (the "District' ) as fully registered bonds and initially will be registered in the name
of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). Individual purchases will be made in
book-entry form only in denominations of $5,000 and integral multiples thereof. Purchasers of the Refunding ,B_onds will not receive
physical delivery of certificates. Transfers of ownership interest in the Refunding Bonds will be effected by DTC s book-entry system as
described herein. Interest on the Refunding Bonds is payable on July 1, 1999 and-semiannually on each lanuary 1 and }uly I thereafter.
Principal of, premium, if any, and interest on the Refunding Bonds will be payable by First Union National Bank, }acksonville, Florida,
as Paying Agent and Bond Registrar.
The Series 1999A Bonds are not subject to redemption prior to their stated maturities. The Series 1999B Bonds are subject to
optional redemption prior to their stated maturities as described herein.
This cover page contains information for quick reference only and is not a summary of this issue. Investors must read the entire
Official Statement to obtain information essential to the making of an informed investment decision.
The Series 1999A Bonds are being issued, together with certain other legally available funds of the District, to (i) refund certain
of the District's currently outstanding Water and Sewer Revenue Bonds, Series 1992, and (ii) pay certain costs of issuance of the
Refunding Bonds. The Series 1999B Bonds are being issued, together with certain other legally available funds of the District, to
(i) refund all of the District's currently outstanding Water and-Sewer Revenue Bonds, Series 1991, and (ii) pay certain costs of
issuance of the Refunding Bonds. The Refunding Bonds are being issued as Additional Bonds (as defined in the Resolution ) on a parity
with the District's outstanding Water and Sewer Revenue Bonds, Series 1992 which remain outstanding following the delivery of the
Series 1999A Bonds, Taxable Water and Sewer Kefunding Revenue Bonds, Series 1994A, and Water and Sewer Refunding Revenue
Bonds, Series 1994B (collectively, the "Prior District Bonds"), all issued by the District pursuant to the provisions of Resolution
No. CWS-85-5 adopted on July 30, 1985, as restated, amended and supplemented (collectively, the "Resolution"}.
ON PARITY AND EQUAL STATUS WITH THE PRIOR DISTRICT BONDS, THE KEFUNDING BONDS ARE SECURED BY A
PLEDGE OF AND LIEN ON THE PLEDGED FUNDS (AS DEFINED IN THE RESOLUTrION)', AS PROVIDED IN THE RESOLUTION. SEE
· "SECURITY FOR THE REFUNDING BONDS" HEREIN. THE REFUNDING BONDS SHALL NOT BE DEEMED TO CONSTITUTE A
GENERAL OBLIGATION OR PLEDGE OF THE FAITH AND CREDIT OF THE DISTRICT, COLLIER COUNTY, THE STATE OF
FLORIDA OR ANY POLITICAL SUBDIVISION OF THE STATE OF FLORIDA FOR THE PAYMENT OF THE REFUNDING BONDS.
THE REFUNDING BONDS AND THE OBLIGATIONS EVIDENCED THEREBY DO NOT CONSTITUTE A LIEN UPON ANY PROPERTY
OF THE DISTRICT, COLL~.R COUNTY OR THE STATE OF FLORIDA, BUT SHALL CONSTITUTE A LIEN ONLY ON, AND PAYABLE
SOT.£I.Y FROM, THE PLEDGED FUNDS.
The payment of the principal of and interest on the Series 1999A Bonds will be insured by a municipal bond insurance policy to
be issued by Financial Guaranty Insurance Company simultaneously with the delivery of the Series 1999A Bonds. The payment of the
principal of and interest on the Series 1999B Bonds will be insured by a municioal bond insurance policy to be issued by Financial
Guaranty Insurance Company simultaneously with the delivery of the Series 19991] Bonds. For a discussion of the terms and provisions
of such policms, including the hm~tations thereof see "MUNICIPAL BON
....... . D INSURANCE" herein.
l~l Financial Guaranty Insurance
FGIC.
Company
FGIC is a register~l service mark used by Financial Guaranty Iasurance Company, a private ~mpany not af~listed with any U.S, Government agency.
The Refunding Bonds are offered when, as, and if issued by the District and accepted by the Underwriters, subject to the approval as
to their legulity by Nobors, G/b/in S, Nickerson, P.A., Tampa, Florida, Bond Counsel. Certain legal matters will be passed'on for the
District by David C. We/gel, Esq., Naples, Florida, Attorney to the District. Certain legal matters will be passed upon for the Underwriters
by their counsel, Bryant, Miller and Olive, PA., Tampa, Florida. William R. Hough 8' Co. Naples, F/or/da is acting as Financial Advisor
to the District. It is expected that the Series 1999A Bonds will be available for deliver½ on or about January 21, 1999 and that the
Series 1999B Bonds will be available for delivery on or about April ~, 1999. See "DELAYED DELIVERY RISKS"herein.
Raymond James & Associates, Inc. Salomon Smith Barney
Dated: January 8, 1999
WATER AND SEWE RIES 1999A
Amounts, Maturities, Interest ]~tes, ~nd Prices or Yields
$6,605,000 Serial Bonds _
Amoun~t (Jul~ 1) R~te Yield Amount (Jul~ 1) Rate
1,035,000 2004 3.75 100 785,000 2010 4.25
(Accrued Interest to be Added)
WATER AND SEWER REFIJNDI/~IG REYENUE BONDS, SERIES 1999B
Amount.~, l~int~ifies, Intem~t Rate~ and Prices or Yields
$22,855,000 Serial Bonds
Amount (July' 1) Rate Yield Amount (July 1) Rate Yield
4.00% 3.60% $1,360,000 2009 4.50% 4.30%
950,O00
200O
985,000 2001 4.00 3.67 ' 1,420,000 2010 4.50 4.45
1,025,000 2002 4.00 3.76 1,485,000 2011 4.50 4.55
1,065,000 2003 4.00 3.90 1,555,000 2012 4.50 4.65
1,115,000 2004 4.00 100 1,630,000 2013 4.70 4.75
1,155,000 2005 4.00 4.05 1,705,000 2014 5.00 4.82
1,200,000 2006 4.00 4.15 1,780,000 2015 5.125 4.92
1,875,000 2016 5.125 4.97
1,245,000
2007
4.O0
4.2O
1,305,000 2008 4.50 4.25
(Accrued Intereat to be Added)
COLLIER CO~ WATER-SEWER,DISTRICT
BOARD OF COUNTY COMMISSIONERS
Pamela $. M~'Ki~ Chairman
James D. Carter, Ph.D. Commissioner ....
COUNTY ADMINISTRATOR
Robert Femmd~
crz~ o~ vaz c'mcmt corot ~o zx-omoo
OF THE BOARD OF COUNTY COMMISSIONERS
~c~o, o~ m*~c~ ~.. ,ccoo~
James L. Mitchell, CIA, CFE, CBA
PUBLIC WORKS ADMINISTRATOR
coUNTY ATTORNEY/ATTORNEY TO THE DISTRICT
David c. wasa, Esq.
BOND COUNSEL
Tampa, Florida
Napka, Florida
INDgi~gNDENT CERTIFIED PUBLIC ACCOUNTANTS
KPMG P~at Mar~e, lg LLP
St. Petersburg, Florida
160 2
i No dealer, broker, salesman Or other person has been authoriZed by the District to give any
- information or to make any representations in connection with the Refunding Bonds other than as
contained in this Official Statement, and, if given or made, such information or representations must
not be relied upon as having been authorized by the District. This Official Statement does not
constitute an offer to seIl or the solicitation of an offer to buy, n6'r shall there'be any sale of the
Refunding Bonds.by any person in any jurisdiction in which it is unlaWful for such person to make
I such offer, solicitation or salel The information set forth herein has: been obtained from the District,
!- DTC, the Insurer,..a~nd 9ther sources which are believed to be reliable, but is n°t..guarante~d 'as to
accuracy or completeness, and is not to be construed as a representation by the District with respect
i to any information provided by others. The information and expressions of opinion stated herein are
~- subject to change, and neither the delivery of this Official Statement nor any sale made hereunder shall
create, under any circumstances, any implication that there has been no change in the matters
i described herein since the date hereof.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY
OVEKALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE
MARKET PRICE OF THE REFUNDING BONDS AT LEVELS ABOVE THAT WHICH MIGHT
OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILe!ZiNG, IF COMMENCED,
MAY BE DISCONTINUED AT ANY TIME.
All summaries herein of documents and agreements are qualified in their entirety by reference
to such documents and agreements, and all summaries herein, of the Refunding Bonds are qualified
in their entirety by reference to the fOrm thereofinci~.ded in the aforesaid documents and agreements.
I NO REGISTRATION STATEMENT RELATING TO THE REFUNDING BONDS HAS
- BEEN FILED WITH. THETM SECURITIES' AND 'EXCHANGE COMMISSION ~
"COMMISSION") OR WITH ANY STATE SECURITIES COMMISSION. IN MAKING ANY
i_ INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF
~ · THE DISTRICT AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND
RISKS INVOLVED. THE REFUNDING BONDS HAVE NOT BEEN APPKOVED OR
t DISAPPROVED. BY THE COMMISSION OK ANY STATE SECURITIES COMMISSION OR
· REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE-NOT PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY
_ REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE.
k [Remainder of page intentionally left blank]
16C
TABI.~'. OF CONTENTS
INTRODUCTION 1
The County and the Dimict '
The Refunding Bonds .................... ~ .............................. 2
Purpos~ of the Refunding Boads ' 2
Security for the Refunding Bonds .......................................... 2
~e Account ......................................................
Munidpal BOnd Insurance ............................................... 3
Redemption Provisions ............................... , .................. 4
Add/fional Bonds ...................................................... 4
ContinuinE D/sclosure 4
Additional Information .................................................. 4
DELAYED D~,IVERY RISKS ................................................ 4
Delayed Delivery ....................................................... 5
Bond Immrauce Radng Risks .............................................
lVhrket Value Risk .....................................................
Issuance of Legal Opinion ........... .................................... 6
DESCRIPTION OF THE R~ING BONDS .... 7
~ 7
Payment ofthe Bonds .................................................. 7
Exchange and Resistration of Transfer Bonds ................................ 7
Ownership of Bonds .................................................... 8
Rk-iDEMPTION PROVISIONS ................................................. 8
Optional Redemption ...................................................
Notic~ of RedemptiOn ................................................ -~.. 9
BOOK-ENTRY ONLY SYSTEM ............................................... 9
PLAN OF FINANCING ..................... ................................. 11
SECURITY FOR THE REFUNDING BONDS .................................. -.. 12
General ............................................................ 12
Rate Covenant ' 13
Disposition of Revenues ................................................ 14
~e Account ..................................................... 15
Subordinated Indebtedness .............................................. 15
ADDITIONAL BONDS ..................................................... 16
MUNI~ BOND INSURANCE ............................................ 17
ESTIMATED SOURCES AND USES OF FUNDS 19
2
COMBINED DEBT SERVICE SCHEDULE ..................................... 21
THE COUNTY .................................................... : .......22
Board of County Commissioners ......................................... 22
The County Administrator .............................................. 22
_ Budget Process ' 22
Annual Audit ........................................................ ~
_ THE DISTRICT ........................................................... 23
Background ......................................................... 23
Powers ............................................................. 23
_ Management ........................................................ 24
Billings and Collections ................................................ 24
Financial Records ..................................................... 25
THE SYSTEM ............................................................ 26
Existing Water System ................................................. 27
_ Existing Sewer System ................................................. 29
Water Rates and Charges '.. .............................................. 31
Sewer Rates and Charges ,. .............................................. 32
-- Reuse Irrigation Rates and Charges ....................................... 33
System Development Fees ...... : .... ...... '.~. ........ · .................. 34
Comprehensive Plan ................................................... 36
-- Capital Improvement Plan .............................................. 36
HISTORICAL REVENUES, EXPENSES
- AND DEBT SERVICE COVERAGE ..................................... 37
TAX EXEMPTION ........................................................ 38
,- Opinion ~ofBond Counsel ............................................... 38
Internal Revenne Code of 1986 .......................................... 38
Collateral Tax Consequences ............................................ 38
- Florida Taxes ........................................................ 39
Other Tax Matters .................................................... 39
Tax Treatment of Original Issue Discount .................................. 39
-- Bond Premium ....................................................... 40
FINANCIAL STATEMENTS ................................................. 40
-- YEAR 2000 COMPLIANCE ' 42
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS .............. 44
ENFORCEABILITY OF KEMEDIES ........................................... 44
2
RATINGS ...................................... ; ......................... 45
FIN~C~ ADVISOR ..................................................... 45
VERIFICATION OF MA~TICAL COMPUTATIONS ........................ 45
LITIGATION .............................................................
48
CONTING~ FEES .......................................................
nqVES~ POLICY .................................................... 48
CONTINUING DISCLOSURE .... ............................................ 50
AUTHORIZATION OF AND cF.~II~'tCATION
CONCERNING OFFICIAL STATEMENT ................................. 51
51
MIS~OUS ......................................... ' ...............
APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION
APPENDIX B GENERAL INFORMATION CONCERNING COI.I-IF-K COUNTY,
FLORIDA
APPENDIX C WATER-SEWER DISTRICTS OF COLLAR COUNTY AUDITED
FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED SEPTEMBER
30, 1997
APPENDIXD COl.l.ll:r.K COU1WrY WATER-SEWER DISTRICT UNAUDITED
FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED SEP'rEMBER
30, 1998
APPENDIX E-1 FORM OF BOND COUNSEL OPI2qION IiI~I~ATING TO SERIES 1999A
BONDS
APPENDIX E-2 FORM OF BOND COUNSRt. OPINION RELATING TO SERIES 1999B
BONDS
APPENDIX F-1 FORM OF CONTINUING DISCLOSURE CER'IIHCATE P-I:rI.ATING TO
SERIES 1999A BONDS
APPENDIX F-2 FORM OF CONTINUING DISCLOSURE CERTIFICATE RELATING TO
SERIES 1999B BONDS
APPENDIX G SPECIMEN BOND INSIJRANCE POLICY FOR SERIES 1999A BONDS
AND FOR SERIES 1999B BONDS
APPENDIX H FORM OF DlarI.AYED Dh'I.IVERY CONTRACT llF. LATING TO SERIES
1999B BONDS
160 2
...
The following is a genera1 summary of provisions of the Resolution. The suture, a~ ....
is not to be.consiSted a complete statement of the Resolution and, accord_ingly, is qualified
by reference thereto and is subject to the full text thereof. A copy of the Resolution may be
obtained upon request from the County.
Definitions
The complete definitions of all capitalized terms used herein are set forth in the
Resolution. For. purposes of this summary, the capit_a_lized terms herein'shall have the
following respective meanings:.
"Accreted Value" shall mean, as of any date of computation with respect to any
-- Capital Appreciation Bond, an, amcunt~ equal to the ..principal mount of such Capital
Appreciation Bond (the principal amount at its initial offering) plus the interest accrued on
thereof
-i such Capital Appreciation Bond from the date of delivery to the original purchasers
to the Interest Date next preceding the date of computafon or .the: date of computati°n ff an
Interest Date, such interest to accrue at a rate not exceeding the.legal rate, compounded
_ semiannually, plus, with respect to matters related to the payment upon redemption or
acceleration.of the Capital Appreciation. Bonds, if such date of computation shall not be an
, Interest Date, a portion.' of.the difference between the Accreted Value as of the immediately
- preceeding Interest Date. and the Accreted Value as of the immediately succeeding Interest
~ Date, calculated based on the assumption that Accreted Value. accrue dining anY semi-annual
- 1 period in equal daily amounts on the basis of a 360-day year.
"Additional Bonds"_ shall mean obiligations issued at any time under the provisions
of the Resolution, payable on a parity with the Bonds then outst_~nding.
,,Annual Debt Service" shall mean, at any time, the amount required to be deposited
in the:then current Bond Year into theIuterest Account, Principal. Account and Term Bonds
Kedemption Account,. as provided in the Resolution; ~provided, that in computing such
Annual Debt Service for any futura period, any Variable Rate Bonds shall be deemed to bear
- interest at all times to the maturity thereof at a constant rate of interest equal to the greater
of the Maxim~_nn Interest Rate of 110% of the actual rate of interest borne by such Variable
Rate Bonds on such date of calcualtion-
A-1
160 2
,, · ~ts"
S~m of ~c~ (~) ~ obfigafio~' ~d e'~~s~:°r °~'e~ences of ~dcbtc~ess
- ~ ~cs or~~s of or co~o~fio~ o~ed by ~c
isled or ~t~ ~ c~ r~c~c
U&tcd Smtc~. __.. · .. ~cLoc~G~v~ntS~l~~m~n~
of ~c~ ~) cc~ c~catcs of dcposi~ (iv)
_ ' of ~ Issu~ bY
"Bond Counsel" sh~ mc~ ~Y aRomcy at law or ~ of ~mcys, aOmi~cd to
_ practice ~ ~c Smtc of ~ofid~ of nafio~ st~g ~ ma~crs pc~o{~ to ~ciss~cc of
obligations by states ~d ~c~ po~fic~ sub&~sions-
: ' " me~ ~c.Scfics 1985 Bon~ auto.ed to beissucd'p~s~t't°
..... ,:Bonds": sh~
Resolution toge~er ~ ~Y ad~fiong Bon~ issued ~der'~e K~olufion.
,., ~ ~ BOn~, desi~ated by SupplementM
"a ' 1A pr~isfion ~nds. s~ me ~_~ ~.a.. e~ Bon~ ~dwM~h shall
Resolution of me [ssuex, -~ ~redempfion. ~ ~e caSe
be~,~t~est payable at ~~ or
~.~terest payable p~or to m~ or red.priori of suc~
- ~t~e, con~ble to-Bon~ Appreciation Bon~ o~y-d~g ~e' p~o(
Bon~; ~h Bon
· not ~clude Syst~:Developm~t Fees. . ...
ee~g ~ of reputation for ~ a
- . · ~,, ~me~ ~Y ~ . · ..... ~.t0.~e SysV
- ~d ~ed ~ ~e S~eot mon~ ~ ~ . · · -
........ ~a.a w~ ~ch Co~g En een m me ~esomuo~
c~ out ~c du~es
. - :,-
~ ',Cr~it Ba~. ~.m~.~ _ .', ~ 't or"o~ ~emt nqm~y ~ _
- ; fac~W, ~ dcsi~a~a m
Bon~. .
- . "Cr~t Facili~" sh~
a linc of cre&t or ~offier
- A-2
insurance policy issued by an Insunx), as approved in the Supplemental Resolution providing
for the issuance of such Bonds.
"Federal Securities" shall mean direct obligations of the United States of America
__ and obligations the principal of and interest on which are fully guaranteed by the United
States.of America, none of which:permit redemption prior to maturity at the option of the
obligor. Federal Securities shall include any certificates or any other evidences of a direct
~_ ownership interest in the aforementioned obhgations or in specified portions thereof. '
"Gross Revenues", shall mean all income and moneys received by the Issuer from
- the rates, fees, rentals, charges and other income, collected or received by the Issuer or
accrued to the Issuer, from the management or operation of the System, including Connection
Fees and the earnings and investment income derived from the investment of certoin moneys
under the Resolution; provided, however, that Gross Revenues shall not include (i) any
government grants, (ii) Special Assessments, or (iii) System Development Fees.
"Insurer" shall mean such person as shall be in the business of insuring or
guaranteeing the payment of principal of and interest on municipal securities and whose
.... credit is such that, at the _time of any action or consent required or permitted by the Insurer
pursuant to the terms of the Resolution, all municipal securities insured or guaranteed by it
are then rated, because of such insurance or guarantee, in one of the two most secure grades
- by one of the two most widely nationally recognized rating agencies which regularly rate the ....
credit of municipal §ecurifies.
- "Issuer" shall mean the Collier County Water-Sewer District, and also includes any
authority or other governmental entity to which may hereafter be transferred some or all of
the powers and responsibilities of the IssUer with respect to the ownership, financing,
- operation, enlargement, improvement and maintenance of the System.
"Maximum Annual Debt Service" shall mean~ at any time, the largest aggregate
mount in any bond year, of the Annual Debt Service, excluding all bond years that have
ended prior to the year in which the Maxim~_!m Annual Debt Service is computed.
"Maximum Interest Rate" shall mean, with respect to any particular series of
Variable Rate Bonds, a m~merical rate of interest that shall be set forth in a Supplemental
- Resolution of thc Issuer, which shall be the maximum rate of interest such Bonds may at any
particular time bear, not to exceed the rate of interest allowed under State law.
- "Net Revenues" shall mean Gross Revenues less Operating Expenses.
2
· -~-~---~', s~lme~u~e Issuers expenses,for
- r~ ~d r~l~~ ~ respect to ~e Syste~ ~d ~ ~clude, ~out hm~g ~e
gener~iW of ~e forego~ ~s~Ce pre~, s~eW bond pre~s, admini~fiOn
e~s, le~ ~d ~uee~E e~es ~d such o~reao~le e~emes
.... accordance ~ g~e~y acc~ted aCco~g p~cip~. ,"~a~g E~enses" Sh~ not
~ctude: e~enses, of ofi~ cons~cfio~ o~er ~:~ose necess~ to pr~ent:~
_ ~~ of ~oss Revenues, or ~y pro. sion for ~teres~ depreciafion.or'~o~fi°n-
"Pledged Funds" sh~ mean~ (1) ~e Net ~evenues, (2) ~e System Development
-- Fees;~ (3) ~e Speci~ Assessment. Proceed, ~d. (4)~-app~ed ~..accOrd~nce ~ ~e
pro~sions of ~e Resolufio~ ~. moneys; ~clu~g ~ves~enm.~ereof, ~ ~e ~ ~d
accosts established by ~e Resolufio~ .excep~ as for ~e Revenue F~d ~d ~e Operation
--~d M~ten~ce F~d.. '
_. ,'Prer~nded Obligations" Sh~-me~ ~Y bonds or'o~er obhgafions of'~y, state
of~e Uffi~d States of ~efica or of my agency, ~sw~men~W or loc~ gove~ent mt
of ~y,.such state (1) whCh ~e (A) not c~able prior to ma~W or ~') ~.to whch
· - ~ev~le ~cfiom ~ve ~ ~ven'to ~e fiduci~ for such bonds or o~er obhgafions
~ ~e obhg~ m ~ve ~e notice ofred~on ~dto c~ such.bon~ for redemption on
~eor ~tes ~e~ed ~ such:~cfio~, (2) w~ch ae sec~ed ~ to p~cip~, redemption
- p~~ d ~y, ~d ~ by a ~dco~i~g.o~yof ~h or Feder~ Sec~fies, seemed
~ ~e, ~ sa fo~. ~ ~e R~°l~o~:w~ ~ may be apphed only to ~e p~ent of
such p~cip~ of, redemption pre~ ff ~Y, ~d ~terest' on such bonds' or o~er
- obhgafio~ on ~e ma~W ~te or dates ~ereof or ~e specffied redemption ~te or dates
p~su~t:,to ~such ~evocable ~cfiong; as ~e c~e may be, ~d (3) ~ to ~.w~ch ~e
_ p~cip~ of ~d ~terest. on ~e ~Feder~ Sec~es, w~ch have been deposited ~ such ~d
.tong ~ '~Y c~h deposit ~ such ~d. ge s~cient to pay p~cip~ of, redemption
· · ' est ~ ~e bon~ or o~er ob~gafions o~ ~e mamW'~te or ~tes
- .~. ~o[ or on me rea~puvu ~.e P
~ere~ded Ob~gafions mint be rated ~ ~e h~est rang
to ~ clause (D above. Such . . --;~ m~o organizations oft~-
categ°~ by ~i~er of~e ~o most ~dely re~o~eu ~u~-~
- exempt obhgafio~.
"Refunding Secu~i~" sh~ me~. ~e, Feder~ Set.ties ~d ~ere~ded
- .Obhgafiom. '
~ "Rental :~d Replacement Fund Requirement". shall me~ ~ ~o~t of money
- '~ eq~al m $300,000, or tach o~er ~o~t ~ ma~ be ce~fied to ~e Issuer by ~e Co~g
: En~eers as req~ed by.~e Resolution.
A-4
_ "Reserve Account Requirement" shall mean, as of 'any. date of calculation, an
amount equal to the lesser of (1) Ma,_imf_ma Annual Debt' Service for all Outstanding Bontis,
or (2) 125% of the average annual debt service for all Outst_anding Bonds,~ as provided in
- Revenue Procedure 84-26 of the Internal Revenue Service.
· ts" shall mean any and all assessments agsinst property benefited
"Special Assessmen
-- by the System or any part thereof, but special assessments shall be subject to the'provisions
':and lien and pledge of the Resolution only if and to the extent provision for inclusion as part
_ of. the Pledged'Funds .has been made by a SuPplemental Resolution adopted by the Issuer.
Special Assessments shall include all assessments which have been levied by the Issuer in
regard t° the System on the date the first Series 1985 Bonds are issued.
-' "Special Assessments Proceeds" shall mean the proceeds of Special Assessments
pledged hereunder (principal and interest), whether paid at one time or in installments from
- time to time.
"System" shall mean' any and all water production, transmission, .treatment and
- distribution facilities and sewage collection, transmission, treatment and dispOSal facilities
now owned and operated'or hereafter owned and operate'd by the Issuer, which System shall
_ also include any' and all improvements, extensions and additions thereto hereafter constructed
or acquired either from the proceeds of Bonds or from anY other sources, together with all
property, real or Personal, tangible or intangible, now or hereafter owned Or used in.
connection therewith,
~ ""System 'Development FeeS" shall mean the charges imp°sed by the Issuer on
~ persons connecting to the System, or reserving capacity in the .System,~ which represent a pro
rata share of the costs of the System Which are attributable to the increased demand such
additional connections create upon the System. System Development Fees shall not include
~ Connection Fees.
_~ ,'Variable Rate Bonds" shall mean' Bonds issued with a variable, adjustable,
convertible or other similar rate which is not fixed in percentage for the entire term thereof
[ at the date of issue.
I Interehangeability, Negotiability and Transfer '
-i The Regislxar shall keep books for the registration of Bonds and for the registration
, of transfers of the Bonds. Each Bond shall be transferable only upon such books under such
, reasonable'regulations as the Issuer may prescribc, by the holder thereof in person or by his
'- attOrney, authorized in writing, upon surrender thereof together with a written instalment of
A-5
16C 2
transfer satisfactory to the Registrar duly executed and guaranteed by the holder or hi~
- authorized attorney. Upon the transfer of any such Bond, the Issuer shall issue, and cause
to be authenticated, in the name of the tranfferee a new Bond or Bonds of the same aggregat~
_ principal amount, series and maturity as the surrendered Bond.
For any exchange or transfer of Bonds, the Issuer or the Registrar may m .ake. a chargl
_ sufficient to reimburse it for any tax, fee, expense or other governmental.charge required t~
be paid with respect to such. exchange or transfer. The Issuer and the Registrar shall not b~
obligated to make any such exchange or transfer of Bonds of any series during the 15 day
- next preceeding an interest date on the Bonds of such series (other than Capital Appreciatio]
Bonds and Variable Rate Bonds), or, in the case of any proposed redemption of Bonds o
such series, during the 15 days next preceeding the date of the first mailing of notice of sucl
- redemption and continuing until such redemption date.
Bonds Mutilated, Destroyed, Stolen or Lost
In case any Bond shall become mutilated, destroyed, stolen or lost, the Issuer naa'
_ issue and deliver and the Registrar shall authenticate, a new Bond of like tenor as the Bon,
so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bon
upon surrender and cancellation of such mutilated Bond or in lieu of and substitution for th
~ Bond destroyed, stolen or lost, and upon the Holder furnishing the Issuer and the Registr~
proof bf his ownership thereof and satisfactory indemnity and comPlying with such oth¢
reasonable regulations and conditions as the Issuer or the Registrar may prescribe and ~payin
- such expenses as the Issuer and the Registrar may incur. All Bonds so surrendered shall b
cancelled by the Registrar. In the event any such Bond shall be about to mature or hay
matured, instead of issuing a duplicate Bond, the Issuer may pay the same without surrende
- thereof, if such Bonds were lost, stolen or destroyed.
Security for Bonds
The payment of the principal of or redemption price, if any, and interest on the Bond
- shall be secured equally and ratably by a pledge of and lien upon the Pledged Funds, i
accordance with the provisions of the Resolution; provided, however, a series of Bonds ma
be further secured by a Credit Facility or insurance'policy of an Insurer in addition to th
- security provided by the Resolution.
Construction Fund
The Issuer has agreed in the Resolution to estabhsh a Construction Fund, which sba
_ be used only for payment of the cost of the Projects. There shall be established within ti
Construction Fund a separate account for each Project. To the extent there are no oth~
A-6
- available funds held under the Resolution, amounts inthe Construction Fund shall be applied
to the payment of principal of and interest on Bonds when due.
-' If for any reason any proceeds of the Bonds are not necessary for or are not applied
to the payment of cost of a Project, then unapplied proceeds shall be deposited by the Issuer,
_ first, into another account of the Construction Fund in which the-Issuer determines there are
insufficient moneys present to pay the cost of the related Project; second, into the Reserve
Account in an _amount equal to any deficiency therein; and third, into the Renewal and
- Replacement Fund, in an amount equal to any deficiency therein; and fourth, into the Surplus
Fund.
Creation of Funds and Accounts;
Disposition of Revenues
- The following Funds and Accounts, among others, shall be created by the Resolution:
_ Revenue Fund;
- Operation and Maintenance Fund;
. sinking Fund, which shall consist of an Interest Account, a principal
_ Account, a Term Bonds Redemption Account and a Reserve Account;
. System Development Fees Fund;
. Special Assessments Fund
~- Renewal and Replacement Fund;
. Surplus Fund; and
Rebate Fund.
The Issuer shall deposit all Gross Revenues to the Revenue Fund and all Special
Assessment Fees into the Special.Assessments Fund. Revenues shall first be used, to the full
extent necessary, for payment of the Operating Expenses for the ensuing month.
._ Moneys on deposit in the Special Assessments Fund and those remaining in the
Revenue Fund after transferrals to the Operation and Maintenance Fund, shall be disposed
of first from the Special Assessments Fund and then from the Revenue Fund in the following
- manner:
(1) Deposits shall be made to the Interest Account in the Sinking Fund in the
a~mount which, together with the balance in said Account, equals the interest on all
Outstanding Bonds, except Capital Appreciation Bonds, accrued and unpaid and to accrue
to the end of the then current calendar month.
- (2) Funds shall'next be used for.deposit .in the Princip~ Account in the. Sinking
Fund in an _amount which, together with the balance :in said ACcount· equals the principal
_ mounts on all Outstanding Bonds (except Capital Appreciation Bonds) due and unpaid and'
that portion :of the principal.next due'which would have accrued on such Bonds:during the
then calenox month if such principal:mounts were deemed to. accrue in equal amounts from
the next preceeding principaipayment date.
· edfor deposit into the Tcnn Bonds Red ptt. on. c.c.o.unt
m~. Fundsshail next be us - -' '-:- the -,ear nrior to me nrsr snuang
installment, an amount which, together with the balance in said Account, equals the sinking
fund installments on all Outstanding Bonds due and unpaid and that portion of the sinking
- fund installments next due which would have accrued on such Bonds during the,.then
calendar month if such sinking fund installments were deemed to accrue in equal amounts
_ from the next preceeding sinking fund installment due date. The moneys in the Term Bonds
Redemption Account shall'be used for the purchase or redemption °tsthe Term Bonds
payable therefrom.
(4) Funds shall next be deposited into the Reserve Account in the amount
necessary to restore the funds on deposit therein to an amount equal to the Reserve Accounl
· ' al and interest payment date for the Bonds, money.'
i ~ .... ;,.~,~, or prior to each prmmp ....... .~.,,,,, i~. o.the Interest Account, tN
' in the Reserve Account at~ t,, ~v,~ -~ Account, when the moneys therein ar,
-i Principal Account and the Term Bonds Redemption
insufficient to pay the principal of and interest on the Bonds coming due, but only to th
, extent the moneys transferred from the Surplus Fund and from the. System.Development Fee
_ Fund for such purposes are inadequate to fully provide for such insufficiency. Sm-ph
moneys in the Reserve Account by reason of a decrease in the Reserve Accot~
, Requirement, shall be applied' by the Issuer, at its discrefion,'to the purchase or redemptk
-of outst.anding Bonds or for depositinto the Renewal and Replacement· Fund. Deficienci
shall be made up within 24 months.
- In. the .event the Issuer issues.Additional Bonds, the sum required to.be maintained
the Reserve Account shail be equal to the Reserve Account Requirement on all OutstandJ
· due in any ensuing year. The Issuer may fr
Bonds and on the Additional Bonds becoming deposit in the Reserve Account *
- a portion of the additional _amounts required to be on
result of the issuance of Additional Bonds over a period of 24 months or by deposit
therein a surety bond or insurance policy as provided in the Resolution.
- ited into the Renewal and.Replacement Fund
Funds shall next be dep_o_s _ ~ . Revenues derived from
_.. amoun~5)s)ufficient to pay one-twelfth of ave percent of the Gross is equal to
System during the preceeding fiscal year until the amount in such Fund
Renewal and Replacement Fund Requirement; provided, however, that (a) the Renewal
.... A,8
16C 2
, Replacement Fund Requirement may be increased or decreased as the Consulting Engineers
_i certify to the Issuer as necessary for the purposes ofthe Renewal and Replacement Fund, and
I (b) in the event that the Consulting Engineers certify that the Renewal and Replacement
~ Fund Requirement is excessive for the purposes of the Renewal and Replacement Fund, any
_ excess mount on deposit in the Fund may be transferred by the Issuer from the Renewal and
Replacement Fund for deposit into the Surplus Fund. The moneys in the Renewal and
Replacement Fund shall be used for the purpose of paying cost of major extensions, ..
- [ improvements or additions to, or the replacement or renewal of capital assets of, the System,
or extraordinary repairs of the System, provided on or prior to each principal and interest
payment date for the Bonds, moneys in the Renewal and Replacement Fund are to applied
-i for the payment into the Interest Account, the Principal Account, and the Term Bonds
~ Redemption Account when the moneys therein are insufficient to pay the principal of and
interest on the Bonds coming due, but only to the extent moneys transferred from the Surplus
-' Fund, the System Development Fees Fund and the Reserve Account for such purpose are
inadequate to provide for such insufficiency.
(6). Gross Revenues shall next be applied for the payment of any accrued debt
service on Subordinated Indebtedness incurred by the Issuer in connection with the System
- and in accordance with the proceedings authori~ng such Subordinated Indebtedness.
(7) Deposits shall next be made to the Interest Account, the Principal Account and
- the Term Bonds Redemption Account, in that order, in an amount sufficient, along with
moneys akead~'in such accounts, to equal, respectively, the interest, principal and sirddng
fund installment next coming due on the Bonds outstanding; provided, no deposit need to be
- made to the Principal Account or Term Bonds Redemption Account until a date one year
preceeding the due date of such principal amount or sinking fund installment.
(8) Any Gross Revenues remaining in the Revenue Fund after the foregoing
deposits shall be deposited in the Surplus Fund and applied to the payment into the Interest
- Account, the Principal Account and the Term Bonds Redemption Account when the moneys
therein are inmafficient to pay the principal of and interest on the Bonds coming due.
Moneys not required to meet such a deficiency may be applied for any lawful purpose in
-' connection with the System.
In the event the Issuer shall issue a series of Bonds secured by a Credit Facility, the
- Issuer may establish separate subaccounts in the Interest Account, the Principal Account and
the Term Bonds Redemption Account to provide for payment of the principal of and interest
_ of such series; provided payment from the Pledged Funds of one series of Bonds shall not
have preference over payment of any other series of Bonds. The Issuer may also deposit
moneys in such subaccounts at such other times and in such other amounts from those
A-9
2
provided in the Resolution as shall be necessary to pay such Bonds as'the same shall become
_ due, all as provided by the supplemental resolution authorizing such Bonds.
In the case of Bonds secured by a Credit Facility, amounts on deposit in the Sinking
- Fund may be applied as provided in the applicable supplemental resolution to reimburse, the
Credit Bank for amounts drawn under such Credit Facility to pay such Bonds or to pay the
purchase price of any such Bonds which are tendered by the holders thereofforpayment.
- The Issuer may also establish a separate subaccount in the Reserve Account for any series
of Bonds secured by a Credit Facility and provide a pledge of such subaccount to the
payment of such series of Bonds apart from the pledge provided by the Resolution.
System Development Fees
- There shall be deposited into the System Development Fees Fund all Systerr
Development Fees as received by the Issuer and such System Development Fees shall b{
- accumulated in the System Development Fees Fund and issued by the Issuer in the followin!
manner and order of priority: (1) for the payment into the Interest Account, the Principa
Account and the Term Bonds Redemption Account, when the moneys therein 'are
- insufficient, but only to the extent moneys transferred from the Surplus Fund for sucl
purpose is inadequate to provide for such insufficiency, (2) to pay the cost of acquirinl
and/or constructing extensions, improvements or additions to the System, and, (3) any othe
-' lawful purpose.
Investments
Moneys on deposit in the Construction Fund, the Revenue Fund, the Operation an,
- Maintenance Fund, the Special Assessments Fund, the Interest Account, the Princip~
Account, the Term Bonds Redemption Account, the Renewal and Replacement Fund, th
System Development Fees Fund and the Surplus Fund may be invested and reinvested ~
..... Authorized Investments maturing not later than the dates on which moneys will be neede,
for the purpose of such funds; provided, however, Authorized Investments in the Renew~
and Replacement Account and on deposit in the System Development Fees Fund shall b
- invested in Authorized Investments maturing not later than three years from the date c
' investment. Moneys on deposit in the Reserve Account shall be invested and reinvested i
Authorized Investments as described in clauses (i), (ii), (iii), (iv) and (v) of such definitiox
- which Authorized Investments shall mature not later than five years from the date c
investment, as provided in the Resolution. All Investments shall be valued at the lower c
cost or market value, which valuation shall occur at least on a quarterly basis.
All income and earnings received from the investment and reinvestment ofmone3
- on deposit in the Revenue Fund, the Principal Account, the Interest Account, the Ten
A-10
such income and other
-! Bonds Redemption Account, and the Reserve Account (to the extent
do not exceed the Reserve Account Requirement), the Renewal and
mounts in such Account and other mounts in such Fund do not exceed
Replacement Fund (to the extent the income
- the Renewal and Replacement Fund Requirement), the System Development Fees Fund and
in each account in the Consm~ction Fund shall be retained in such respective Fund or
the investment and reinvestment of moneys on..
_ i Account. However, income received from
i deposit in the Surplus Fund, the Renewal and Replacement Fund (to the extent that income
and other amounts in such Fund do exceed the Renewal and replacement Fund Requirement)
- and the Reserve Account (to the extent the income and other amounts in such Account do
exceed the Reserve Account Requirement) shall be transferred to the Revenue Fund and used
in the same manner as the money on deposit therein. Any and all income and earnings
- . received from the investment and reinvestment of moneys on deposit in the Special
~ Assessments Fund shall be transferred to the Interest Account and used in the same manner
i as other moneys on deposit therein.
! Separate Accounts
- The moneys required to be accounted for in each of the funds and accounts
established in the Resolution may be deposited in a single bank account, and funds allocated
- to such funds and accounts established in the Resolution may be invested in a common
investment.pool, provided that adequate accounting records are maintained to reflect and
· control the restricted allocation of the moneys on deposit therein and such investments for
- the various purposes of such funds and accounts as provided in the Resolution- '
:, The designation and establishment of the various funds and accounts in and by the
- i Resolution shall not be construed to require the establishment of anY completely
independent, self-balancing funds as such term is commonly defined and used in
_ governmental accounting, but rather is intended solely to constitute an earmarking of certain
revenues for certain purposes and to establish certain priorities for application of such
revenues as provided by the Resolution.
Rate Covenant
- The Issuer has covenanted in the Resolution that in each fiscal year it will fix,
establish and maintain such rates and collect such fees, rates or other charges for the product,
_ services and facilities of its System, and revise the same from time to time whenever
necessary, as will always provide in each fiscal year, (A) Net Revenues, System
, Development Fees and Special Assessment Proceeds adequate at all times to pay at least
._ 125% of the Annual Debt Service on all Outstanding Bonds becoming due in such fiscal
year, and (B) Net Revenues in each fiscal year adequate to pay at least 100% of the Annual
A-11
- Debt Service for all O~tst~t~g Bonds and a~y required deposks to the Reserve Account
coming due in such fiscal year.
- Issuance of Additional Bonds
_ No Additional Bonds on a parity with the Bonds shall be issued except, upon thc
conditions and in the manner provided in the Resolution. No such Additional Bonds shall
be issued unless the following conditions are complied with:
- Additional Bonds issued for the pu~.. o.se or refun.di~g
(A) Except in the case of ........ :~ on de,~osits into the vanom
Outstanding Bonds, the Issuer must certify that a ~s curium ,,, ,~- ~equired to have bees
- funds and accounts established by the Resolution and all payments
theretofore deposited or made by it under the provisions of the Resolution and that it is
currently in compliance with the covenants and agreements of the Resolution.
- . at I receeding year or any 12 consecutive months of th,
Durin~ the immedi e y p ~ - A~;,;,mal Bonds, as certified to th
(B) immediately preceeding the issuance o~ any ~"~' of the Net Revenues, a
_ 24 months
Issuer by an independent certified public accountant, the amount
adjusted, will be equal to 100% of, and when added to the System Development Fees a~
- Special Assessment Proceeds, as adjusted, received during such 12-month period will ~
~ual to 125% of, the Maximum Annual Debt Service on the Bonds then Outstanding a~
the Additional Bonds then proposed to be issued; provided that for the purpose
.... determining the Maximum Annual Debt Service under this paragraph, the interest rate,
Variable Rate Bonds then Outstanding if anY, shall be the Maximum Interest Rate; a
.... provided, further, that the interest rate on Additional Variable Rate Bonds then proposed
be issued, ff anY, shall be deemed to be the Maximum Interest Rate. For the purpose of t
subcapfion, the phrase ,'immediately preceeding Fiscal Year or 12 consecutive months of
24 months immediately preceeding the issuance of said Additional Bonds" shall
- "12 consecutive months."
sometimes referred to as
_ · tment of Net Revenues, the Special Assessment Proceeds and the Sys
The adj_.us .. .... ;,*~a by the foregoing paragraph CB) hereof to be mad,
Development ~'ees wmcn are p~tm~,, j
the Consulting Engineers shall be computed as follows:
(1) If the Issuer, prior to the issuance of the proposed Additional Bonds, shall i
iacreased the rates, fees or other charges for the services of the System, the Net Reve
- and the System Development Fees for the 12 consecutive months immediately prece~
the issuance of the Additional Bonds shall be adjusted to include the Net Revenues ma
_ System Development Fees which would have been derived in such 12 consecutive m
as if such increased rates, fees or other charges for the services of the System had b~
effect during all of such 12 consecutive months.
_ A-12
168 2
t ~- (2) If the. Issuer shall have acquired or has contracted to acquire any privately or
_~ ~publicly.ownedexisting water.and/or sewer system, the cOst of which shall be-paid from all
.or .part of the proceeds of the issuance of the proposed Additional Bonds, then the Net
t Revenues. derived from the System during the. 12 consecutive months, immediately
~ preceeding the iss~ance of said Additional Bonds shall be increased by adding to the Net
Revenues for such 12 consecutive months the Net Revenues which would have been derived
from the existing water system and/or sewer system had been a part of the System during
-' such. 12 consecutive months. ':
~ ~ (3) If the Issuer in connection with the issuance of Additional Bonds shall have
- entered into a contract (which contract shall be for a duration of not less than the final
maturity .of such Additional Bonds) with any public body whereby the Issuer shall have
,._ agreed to furnish services in connection with any. water system and/Or sewer system, then the
Net Revenues derived from the System during the 12 consecutive months immediately
preceeding .the issuance of the Additional Bonds shall be increased by the least mount
- which the public body shall guarantee to pay in any one year for the furnishing of the
services by the Issuer, after deducting from such payment the proportion of operating
expen__ scs and repair, renewal and replacement cost attributable in such year to such services.
(4) If' the Issuer shall have covenanted to levy Special Assessments against
property to be benefited by the improvements to the System, the cost of which shall be paid
- from the pro~.eeds of the proposed Additional Bonds, then the Special Assessments Proceeds
derived from the System during the 12 consecutive months immediately preceeding the
_ issuance of any Additional-Bonds shall be increased by an amount equal to 50% .of the least
amount which the Consulting Engineers estimate will be received in any one year from the
levy of the Special Assessments, such amount to be the total received from the installment
~- payments on the Special Assessments to be collected in such year plus the interest on the
unpaid portion of the Special Assessments;
- (5) In the event the Issuer shall be constructing or acquiring additions, extensions
or improvements to the System from the proceeds of such proposed Additional Bonds and
_ shall-have established fees, rates or charges to be charged and collected from use~,s of such
fbe~ilities when service is rendered, such Net Revenues and System Development Fees may
adJUStexl by adding thereto the Net R~enues and System Development Fees' estmated by
_ the :Consulting Engineers to be derived.during the first 12 months of operation after
cOmPletion of the consm~on or acquisition of said additions, extensions and improvements
to the System, from the proposed users thereOf to be financed by Additional Bonds together
- with other funds on hand or lawfully obtained for such purpose. Proposed users shall be
those users who are located in the service area of such facilities at the .time such adjustment
is made and who are required to utilize the services of such facilities subsequent to
'~"' construction.
In the e~v~nt any Additional Bonds are issued for the purpose of refuudiug any Bonds
_ then outstanding, the conditions of paras~ph B, above, shall not apply, provided that the
issuance of such Additional Bonds shall not result in an increase in the aunual debt., service
payments over the life of the Bonds so refunded.
Insurance
- The Issuer has covenanted under the Resolution that it will carry such insurance as
is ordinarily carried by private or public corporations owning and operating utilities similar
to the System with a reputable insurance' carrier or carriers, including public and product
- liability insurance in such amounts as the Issuer shall determine to be sufficient and such
other inmrance again~ loss or damage by fire, explosion (including underground explosion),
- hurricane, tornado or other hazards and risks, and said property loss or damage insurance
shall .at ail times be in an amount or amounts equal to the fair appraisal value of the
buildings, prop~ties, furniture, fixtures and equipment of the System or such other mount
- or amounts as the Consulting Engineers shall approve as sufficient.
The Issuer may establish certain minimnm levels of insurance for which the Issuer
- may self-in~qure. Such minimum levels of insurance shall be in amounts as recommended by
an insurance consultant.
Books and. Records
_ 'The Issuer will keep books, records.and accounts of the System, which shall be
separate and apart form all other books, records and accounts of the Issuer; holders of. not
less than 5% in aggregate principal amount of the Bonds Outstanding (or their duly
- authorized representatives) and any Insurer shall have the fight at all reasonable times to
inspect all books, records and accounts of the Issuer relating thereto.
- Annual Audit
The Issuer shall immediately after the close of each fiscal, year initiate an audit by a
reco~ized independent, firm of certified public accountants, of the books, records and
accounts of the System for the preceerling fiscal year, and the report of such Anmlnl Audit
certified by the public accountants'shall be furnished to the Issuer. The Clerk shallmail
upon request a copy of the Annual Audit to any holder of Bonds and the Insurer.
Annual Budget
The Issuer shall anmmlly~ prior to the'start of each fiscal'year, prepare and adopt an
Annual Budget. The Issuer shall mail copies of such Annual Budget and all resolutions
A-14
aufi~..'dzing increased cXllenditures for operation and maintenance-of-., tlac~y$,tem.'
kolder or, holders' of Bonds wh.o shall .file,his. ad&ess ,v~ith the .Clerk and ~eque. st ..-in, writing
that copies of all such Annual Budgets and resolUtiOnS be furnished him or them..
: ';'~ :~" ' ' : .... ¥~I12 - 4'm~~-~ .......
,., .: .The:Issuer ~ co '· ___ -- ~,, efficient mo economa _ .... ,0 -,~ssarv
, .condition and ~ ,operate .the:.s.am_c-m ~ ~-r -~,,ewals. repatrs .and repmcem~' ~
"~lso make expenditures for equipment.,ana ~m. -~,~ ,
for the econ°mical operation and maintenance of the System. .
i' :E~ents.ot'Default':' ': .... i.s~ali,~ach constitute an"Event°f Default: ~v.
..... ~' ~ ~wing- .... .'-' adc in the_p~yment cf..the principal of, sinking
- i, ..... "' (D . default shall be m .. .....,,,, Bond or subordinate indebtedness when
dmptionmi m'°r
- I due;
i (2) there shall occur various events or incidents of bankruptcy or insolvency; or
..... ',~, '~ ~,suershall default m the, due.and P : '--~ in'. the BondS', or m ..the
[~) m~ ~--o- =--+- and uroCsions contam~uk "-'--- written nttiCe-of
- Resolution, an~:such default, shall
been received from.the holdemof not less than 25%..of the
such default shalt have
principal mount of Bonds outstanding or the Insurer of such amount of BondS.
~' Remedies - . ".. ' "' .";; ," '" . .' '~,-'~- ~>.,'~olution or.any trustee
' ' ; issued under thc pr~mstons ox ,m~ ,-,~[ _~,,,, mandamus or
-- .'i:' ~,,~,holde~.of:B0rids ., ., --in eaait~ oysmg
of.competent Jurisdioti°Ih''l~r°te;t ~force any and all
_ . granl~d.and contained in the.Resoluti°n, and
~ther proceedingsin .any court
rigllts un&r the Laws oftheState g. Florida, or
may cafforce and compel the performance of alt dnfi~s required bythe Resolution or by any
applicable statutes to be performed by thc Issuer oF by.,anY'°fficer thereof.
BondS then outstanding may by a auly executed c~cate in writing appoint a trustee for
.holders of Bonds.issued.pursuant re.the Resolution,with authority to represent such
- - ' and, protecti°n of thc rights .of
Bon~lolders ia any legal proceedings for thc enforcement
- such Bondholders in any legal proceedings for thc enforcement and protection of the rights
A-15
of such Bondholders and such certificate shall be executed by such Bondholders or their duly
- authorized attorneys or representatives, and shall- be filed in the office ofthe Clerk.
No remedy conferred upon or reserved to the Bondholders by the Resolution is
- intended to be exclusive of any other remedy or remedies, and each and every such remedy
shall be ~rmulative, and shall be in addition to every other remedy now or hereafter existing
at law or in equity or by statute. Any delay or omission in exercising .any righf ~°r'power
accruing upon any default shall not impair any such right or poWer nor shall it be construed
.to be a waiver of any such default, or an acquiescence therein:
If an Event of Default shall happen and shall not have been remedied, the Issuer or
a trustee or receiver appointed for the purpose shall apply all Pledged Funds in the following
order: (1) to the payment of reasonable charges, expenses and liabilities of the trustee,
receiver and Registrar; (2) to the payment of reasonable and necessary Operating Expenses,
and for reasonable renewals, repairs and replacement of the System to prevent loss of Gross
Revenues; and (3) to the payment of the. interest and principal Or redemption price, if any,
then due on the Bonds, in the manner set forth in the Resolution.
Defeasance
,-- If the Issuer .qhall pay or cause to be paid to the holders of all Bonds the principal or
i'Sdempfion price, ff applicable, and interest due or to become due there,-m, at the times and
in the manner stipulated therein andin the.Resolution, then the pledge of the Pledged Funds,
- and all covenants, agreements and other obligations of the Issuer to the Bondholders, sh~il
thereupon, cease, terminate and become void and be discharged and satisfied.
- Any Bonds, whether at or prior to the maturity or redemption date of such Bonds,
shall be deemed to have been paid fi: (1) in case any such Bonds are to be redeemed prio~
to the maturity thereof, there shall have been taken all action necessary to call such Bond,.
- for redemption and notice of such redemption shall have been duly' given or provision shall
have been made for the giving of such notice, and (2) there shall have been deposited ir
- :irrevocable trust with a banking institutiOn or trust company by or behalf of the Issuer eithe~
moneys in an amount which shall be sufficient, or Refunding Securities, the principal of am
the interest on which when due will provide moneys which, together with the moneys, if any
- deposited with such bank or trust company at the same time shall be snfficient to pay
principal of or redemption price, ff any, and interest due and to become due on said Bond.'
on and prior to the redemption date or maturity date thereof, as the case may be.
For purposes of defensing the Issuer's Project Bond, the term "Refunding Securities
shall be deemed to include only direct, noncallable obligations of thc United States o
A-16
Modification or Amendment ' -~ ;'~' '~ ~
- .. ', The Issuer, from t~tn.~ tO'.time may ~supplement-,.,or. amend thg=R.esolutio,n.wi..thout
~onSent'ofthe,B~dholders.for,any of, the following purposes: (!).to cure. any amb~gmw or
-- formal defect.0r, omissi°n in the Resolution or to'corre~t .any inconsistent provisions in the
'Resolution or t° c~ .any matters or questions arising.under, the. Resolution,.(2)to:grant
-to the Bogclh01ders any additional rights,, reme~es,.Powe~s, antho..rity,orsecurity; (3) to add
] . to the cOnditions, limitations and restd'. ~ctiom on the :!ssu.an..~ ce of:Bonds under the Resolution,
(4). to addlt° the covenants and agreements of the Issuer in the Resolution o~er covenants
_ and agreemems thereafter to be observed by the Issuer; (5) to specify and determine any
other matters and things relative to such Bonds which are not contrary to or inconsistent with
the Resolution; (6) to authorize Additional Projects or to change or modify the description
- of any Project; and (7) to specify and determine matters necessary or desirable for the
issuance of Variable Bonds or Capital Appreciation Bonds.
- Subject to the terms and provisions contained in this paragraph and the above
paragraph, the holder or holders of not less than a majority in aggregate principal amount of
the Bonds then outstanding shall have the right to consent to and approve the adoption of
- such resolution as shall be deemed necessary or desirable by the Issuer for the purpose of
supplementing Or mending any of the terms or provisions contained in the Resolution;
_ provided, however, that if such modification or amendment will, by its terms, not take effect
so long~s any Bonds of any specified series or maturity remain outstanding, the consent of
the holders of such Bonds shall not be required. Any supplemental or amendato/2f resolution
.... which is adopted shall also require the written consent of the Insurer of any Bonds which are
outstanding at the time such a resolution take effect. No such resolution may be approved
or adopted which shall permit or require (1) an extension of the maturity of the principal of
- or the payment of the interest on any Bond, (2) reduction in the principal amount of any
Bond or the redemption price or the rate of interest thereon, (3) the creation of a lien or a
pledge created by the Resolution which adversely affects any Bondholders, (4) a preference
- or priority of any Bond or Bonds over any other Bond or Bonds, or (5) a reduction in the
aggregate principal amount of the Bonds required for consent to such supplemental or
amendatory resolution.
Consent of Insurer Where Bondholder Consent Required
- Each Insurer shall be deemed to be the holder of the Bonds insured by such Insurer.
(1) at all times for the purpose of any amendment, change or modification of the Resolution
- or the initiation by Bondholders of any action to be undertaken by a trustee at the
Bondholder's request and (B) following an Event of Default for all other' purposes.
A-1.7
ATTACHMENT D
__ September__, 2001 2
Don W. Berryhill, P.E., Chief
_ Bureau of Water Facilities Funding
Florida Department of Environmental Protection
M.S. #3505
2600 Blair Stone Road
Tallahassee, Florida 32399-2400
._ Re: State Revolving Loan Fund Application; Project 59714P
Collier County North Regional VVVVTP Expansion
_ Dear Mr. Berryhill:
I, the undersigned, am attorney for Collier County, Florida, and for the Collier
- County Water-Sewer District. The Collier County Water-Sewer District proposes to
borrow $5,864,000, excluding Capitalized Interest, from the State Revolving Fund for
the expansion of the County's North Regional Wastewater Treatment Plant. This loan
- is to be secured by the net operating revenues and Wastewater System Development
fees of the Collier County Water-Sewer District's water and sewer utility systems after
payment of debt service. I have been advised that sufficient net operating revenues
- will be available to be pledged against repayment of the loan.
The Collier County Water-Sewer District has the legal authority to increase
.- rates and charges to ensure repayment of this loan. Sufficiency of the revenues to
cover operation, maintenance and renewal and all outstanding debts are to be
reviewed annually by the District.
This pledge of revenues is subject to any additional obligations issued by the
District, which shall have a prior lien under the terms of the State Revolving Fund
- Preconstruction Loan Agreement and the following liens resulting from existing bond
issues:
- Collier County Water-Sewer District, $13,090,000, Water and Sewer Revenue Bonds,
Series 1992
- Collier County Water-Sewer District, $14,547,667, State Revolving Fund Loan, 1992
Collier County Water-Sewer District, $24,225,000, Taxable Water and Sewer Refunding
- Revenue Bonds, Series 1994A
Collier County Water-Sewer District, $40,320,000, Water and Sewer Refunding
- Revenue Bonds, Series 1994B
Collier County Water-Sewer District, $13,921,830, State Revolving Fund Loan, 1997
- Collier County Water-Sewer District, $22,238,677, State Revolving Fund Loan, 1998
Collier County Water-Sewer District, $6,605,000, Water and Sewer Refunding
Revenue Bonds, Series 1999A
Collier County Water-Sewer District, $22,855,000, Water and Sewer Refunding
Revenue Bonds, Series 1999B
Sincerely,
David C. Weigel
.... County Attorney and
District Attorney
cc: Angie Brewer & Associates, L.C.
ATTACHMENT E
16C 2
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
RESOLUTION NO.
RE: RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM; MAKING
FINDINGS; AUTHORIZING THE LOAN APPLICATION; AUTHORIZING THE
LOAN AGREEMENT; ESTABLISHING PLEDGED REVENUES; DESIGNATING
AUTHORIZED REPRESENTATIVES; PROVIDING ASSURANCE; PROVIDING
FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE DATE
WHEREAS, Florida Statues provide for loans to local government agencies to finance the
planning, design administration and construction of water pollution control facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for loans, to
establish pledged revenues, to designate an authorized representative; to provide assurances of
compliance with loan program requirements; and to enter into a loan agreement; and
WHEREAS, the State Revolving Fund loan priority list designates Project No. CS 12059715P
as eligible for available funding; and
WHEREAS, Collier County, Florida, intends to enter into a loan agreement with the
Department of Environmental Protection under the State Revolving Fund for project financing.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS EX-OFFICIO THE
GOVERNING BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT AS
FOLLOWS:
SECTION I. The foregoing findings are incorporated herein by reference and made a part hereof.
_ SECTION 2. The Board of County Commissioners of Collier County, Florida, as Ex-Officio the
Governing Board of the Collier County Water-Sewer District is authorized to apply for a pre-
construction loan to finance planning, design and administration to allow for an expansion to the
_ North County WRF.
SECTION 3. The revenues pledged for the repayment of the loan are the Collier County Water-Sewer
,_ District's net operating revenues and Wastewater System Development fees.
SECTION 4. The Division Administrator of the Collier County Public Utilities is hereby designated
the authorized representative to provide the assurances and commitments required by the loan
application.
SECTION 5. The Division Administrator of the Collier County Public Utilities is hereby designated
as the authorized representative to execute the loan agreement, which will become a binding
obligation in accordance with its terms when signed by both parties. The Division Administrator of
the Collier County Public Utilities is authorized to represent the Collier County Water-Sewer District
ATTACHIvlENT E
in cam~ng out the Collier Count), Water-Sewer District's responsibilities under the lo t.
The Division Administrator of the Collier County Public Utilities is authorized to delegate
_ responsibility to appropriate staff to carryout technical, financial, and administrative activities
associated with the loan agreement.
_ SECTION 6. The legal authority for borrowing moneys to construct this Project is Florida Statutes.
SECTION 7. Conflicts. All Resolutions or part of Resolutions in conflict with any of the provisions
_ of this Resolution are hereby repealed.
SECTION 8. Severability. If any Section or portion of a Section of this Resolution proves to be
invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, force or
- effect of any other Section or part of this Resolution.
SECTION 9. Effective Date. This Resolution shall become effective immediately upon its adoption.
PASSED AND DULY ADOPTED by the Board of County Commissioners of Collier County,
Florida, this ~ day of ,2001.
- ATTEST: BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA, AS
EX-OFFICIO THE GOVERNING BOARD
- DWIGHT E. BROCK, Clerk OF THE COLLIER COUNTY WATER -
SEWER DISTRICT
BY
-~ Deputy Clerk
BY
JAMES D. CARTER, PH.D. CHAIRMAN
Approved as to form and legal sufficiency:
David C. Weigel, County Attorney and District Attorney
COLLIER COUNTY, FLORIDA
WATER AND SEWER DISTRICTS
Combined Financial Statements
September 30, 2000
(With Independent Auditors' Report Thereon)
-- COLLIER COUNTY, FLORIDA
WATER AND SEWER DISTRICTS
Table of Contents
Page
_ Independent Auditors' Report 1
Combined Financial Statements:
_ Combined Balance Sheet 2
Combined Statement of Revenue, Expenses and
Changes in Retained Earnings 4
..... Combined Statement of Changes in Fund Equity 5
Combined Statement of Cash Flows 7
Notes to Combined Financial Statements 9
Supplementary Combining Information:
Combining Balance Sheet 26
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings 28
__ Combining Statement of Changes in Fund Equity 29
Combining Statement of Cash Flows 31
Supplemental Information (Unaudited):
Senior Obligation Bond Coverage 33
Subordinated Debt Bond Coverage 34
_ 2
P.O. Box 31002
St. Petersburg, FL 33731-8902
P.O. Box 1439
Tampa, FL 33601-1439
-- Independent Auditors' Report
Distinguished Members of the Board
of County Commissioners
Collier County, Florida:
We have audited the accompanying financial statements of the Collier County, Florida Water and Sewer Districts,
as of and for the year ended September 30, 2000, as listed in the table of contents. These financial statements are
-- the responsibility of Collier County, Florida's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
--- We conducted our audit in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis', evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in note l(a), the financial statements present only the Water and Sewer Districts of Collier County,
Florida, and are not intended to present fairly the financial position of Collier County, Florida, and the results of its
operations and' the cash flows of its proprietary fund types in conformity with accounting principles generally
accepted in the United States of America.
In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial
- position of the Collier County, Florida Water and Sewer Districts, as of September 30, 2000, and the results of its
operations and its cash flows for the year then ended in conformity with accounting principles generally accepted
in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The
combining financial statements listed in the table of contents are presented for purposes of additional analysis and
are no/a required part of the basic financial statements of the Collier County, Florida Water and Sewer Districts.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements
_ taken as a whole.
January 19, 2001
KPMG LLR KPMG LLP, a U,S. limit~l li~bilr~ partnership, is
a member of KPMG international, a Swiss mssocialio~
- COLLIER COUNTY, FLORIDA
WATER AND SEWER DISTRICTS
Combined Balance Sheet
September 30, 2000
Assets
Current assets:
Cash and investments $ 43,908,314
Receivables:
Trade, net 2~684,184
Unbi lled revenue
Interest I, 171,621
Due from other funds 1,314,430
14,903
Inventory 1,847,712
Prepaid costs 12,320
Total current assets 50,953,484
Restricted assets:
Cash and investments
Special assessments receivable: 76,524,462
Current
Deferred 773,472
Accrued interest 7,422,116
580,420
Notes receivable 250,639
Total restricted assets 85,551,109
Property, plant and equipment 503,489,876
Less accumulated depreciation (102,547,272)
Net property, plant and equipment 400,942,604
Other assets
2,566,150
Total assets $ 540,013,347
The notes to the combined financial statements are an integral part of this statement.
2
- 160 2
Liabilities and Fund Equity
Current liabilities:
Vouchers payable and accruals $ 201,501
Due to other funds 23,179
Current maturities of notes payable 196,143
Total current liabilities 420,823
Current liabilities payable from restricted assets:
Vouchers payable and accruals 4,331,418
Deferred revenue 2,891,312
Current maturities of notes payable 1,243,040
Current maturities of revenue bonds 3,924,000
Due to other governments 248,648
Accrued interest payable 1,653,593
Customer deposits 2,334
Retainage payable 1,123,305
Total current liabilities payable from restricted assets 15,417,650
Long-term liabilities:
Revenue bonds payable, less current maturities 76,837,336
Notes payable, less current maturities
22,125,523
Arbitrage rebate payable 23,909
Accrued compensated absences 470,868
Total~ long-term liabilities 99,457,636
Total liabilities 115,296,109
Fund equity:
Contributed capital 293,027,833
Retained earnings:
Reserved for:
Revenue bond retirement
9,301,987
Renewal and replacement 300,020
Unreserved 122,087,398
Total retained earnings 131,689,405
Total fund equity 424,717,238
Total liabilities and fund equity $ 540,013,347
-- 3
160 2
COLlieR CODNT¥, FLORIDA
WATER AND SEWER DISTRICTS
Combined Statemen! of Revenue, Expenses and
Changes in Retained Earnings
Year ended September 30, 2000
Operating revenue:
Charges for services
$ 47,066,719
Operating expenses:
Salaries and wages
Employee benefits 6,423,614
Contractual services 2,317,583
Materials, supplies and maintenance 2,038,744
Utilities 4,148,009
Purchased water 2,802,434
Other operating expenses 250,120
Depreciation and amortization 5,373,896
.~_1_ 2,337,554
Total operating expenses 35,691,954
Operating income
11,374,765
Non-operating revenue (expenses):
Interest income
Interest expense 6,544,805 '.
Miscellaneous revenue (5,439,172)
Loss on disposal of fixed assets .867,597
Grants and entitlements (48,738)
1,811
Total non-operating revenue (expenses) 1.926,303
Income before operating transfers 13,301,068
Operating transfers~.
Operating transfers in
Operating transfers out 12,315
(367,503)
Total operating transfers
(355,188)
Net income
12,945,880
Depreciation on contributed assets
7,231,858
Increase in retained earnings 20,177,738
Retained earnings at October 1, 1999
111,511,667
Retained earnings at September 30, 2000 $ 131,689,405
The notes to the combined financial statements are an integral part of this statement.
4
COLLIER COUNTY, FLORIDA
_ WATER AND SEWER DISTRICTS
Combined Financial Statements
September 30, 1999
(With Independent Auditors' Report Thereon)
RO. Box 31002
St. Petersburg, FL 33731-8902
P.O. Box 1439
Tampa, FL 33601-1439
Independent Auditors' Report
Honorable Pamela S. Mac'Kie and Distinguished Members
of the Board of County Commissioners
Collier County, Florida:
We have audited the accompanying combined financial statements of the Collier County, Florida Water and
Sewer Districts, as of and for the year ended September 30, 1999, as listed in the table of contents. These
financial statements are the responsibility of Collier County, Florida's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in note l(a), the combined financial statements present only the Water and Sewer Districts of
Collier County, Florida, and are not intended to present fairly the financial position of Collier County,
Florida, and the results of its operations and the cash flows of the proprietary fund types in conformity with
generally accepted accounting principles.
In our opinion, the combined financial statements referred to above, present fairly, in all material respects,
-- the financial position of the Collier County, Florida Water and Sewer Districts, as of September 30, 1999,
and the results of its operations and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole.
The combining financial statements listed in the table of contents are presented for purposes of additional
- analysis and are not a required part of the basic financial statements of the Collier County, Florida Water and
Sewer Districts. Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
February 11, 2000
KPMG LLf~ KPMG ~.a U.S. limited habil~y Oarmershi~, is
a member ~ K~G ~ern~l, a ~s as~ia~
COLLIER COUNTY, FLORIDA
WATER AND SEWER DISTRICTS
Table of Contents
~Page
Independent Auditors' Report 1
-- Combined Financial Statements:
Combined Balance Sheet 2
Combined Statement of Revenues, Expenses and
~ Changes in Retained Earnings 4
Combined Statement of Changes in Fund Equity 5
Combined Statement of Cash Flows 7
- Notes to Combined Financial Statements 9
Supplementary Combining Information:
.... Combining Balance Sheet 26
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings 28
-~ Combining Statement of Changes in Fund Equity 29
Combining Statement of Cash Flows 31
_ Supplemental Information (Unaudited):
Senior Obligation Bond Coverage 33
Subordinated Debt Bond Coverage 34
COLLIER COUNTY, FLORIDA
WATER AND SEWER DISTRICTS
Combined Balance Sheet
September 30, 1999
Assets
_ Current assets:
Cash and investments $ 34,411,195
Receivables:
Interest
- Trade, net 1,158,986
Unbilled 2,384,688
Due from other funds 1,509,139
58,693
- Due from other governments 200,000
Inventories
Prepaid expenses 1,611,588
12,320
- Total current assets 41,346,609
Restricted assets:
-, Cash and investments 65,838,422
Special assessments receivable:
Current
_ Deferred 814,095
Accrued interest 8,778,482
674,444
Notes receivable 327,058
- Total restricted assets 76,432,501
Property, plant and equipment 468,659,198
_~ Less accumulated depreciation (91,097,357)
Net property, plant and equipment 377,561,841
-- Other assets 2,731,129
Total assets $ 498,072,080
See accompanying notes to combined financial statements
2
- 160 2
Liabilities and Fund Equity
-- Current liabilities:
Vouchers payable and accruals $ 600,165
Due to other funds 617
.... Current maturities of notes payable 214,878
Total current liabilities 815,660
-- Current liabilities payable from restricted assets:
Vouchers payable 1,076,057
Deferred revenue 2,724,759
_ Current maturities of notes payable 1,197,135
Current maturities of revenue bonds 3,759,000
Due to other governments 269,680
Accrued interest payable 1,658,571
Customer deposits 94,104
Retainage payable 1,179,534
__ Total current liabilities payable from restricted assets 11,958,840
Long-term liabilities:
Revenue bonds payable, less current maturities 80,300,225
Notes payable, less current maturities 23,266,754
Accrued compensated absences 407,690
_ Total long-term liabilities 103,974,669
Total liabilities 116,749,169
-- Fund equity:
Contributed capital 269,811,244
._ Retained earnings:
Reserved for:
Revenue bond retirement 9,407,076
Renewal and replacement 300,020
-- Unreserved 101,804,571
Total retained earnings 111,511,667
-' Total fund equity 381,322,911
Total liabilities and fund equity $ 498,072,080
3
COLLIER COUNTY, FLORIDA 1,~ 2
WATER AND SEWER DISTRICTS
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended September 30, 1999
Operating revenues:
-- Charges for services $ 44,302,396
Operating expenses:
- Salaries and wages 5,787,568
Employee benefits 2,250,513
Contractual services 1,814,227
4_ Materials, supplies and maintenance 3,535,999
Uti lities 2,439,182
Purchased water 228,081
,_ Other operating expenses 4,972,805
Depreciation 10,539,527
Amortization 254,847
~_ Total operating expenses 31,822,749
Operating income 12,479,647
.... Non-operating revenues (expenses):
Interest income 4,357,000
Interest expense (5,684,712)
_ Gain on disposal of fixed assets 120,931
Grants and entitlements 212,875
Total non-operating (expenses) (993,906)
Income before operating transfers 11,485,741
Operating transfers:
-- Operating transfers in 111,294
Operating transfers out (100,398)
_ Total operating transfers 10,896
Net income 11,496,637
_. Depreciation on contributed assets 4,925,528
Increase in retained earnings 16,422,165
-- Retained earnings at October 1, 1998 95,089,502
Retained earnings at September 30, 1999 $ 111,511,667
See accompanying notes to combined financial statements
- 4
Attachment F
PUBLIC UTILITIES
Collier County Summary
Information From The
2002 Budget Workshop
- June 21-22, 2001
Aug-09-O!
OB:~gA
Collier County Public Wks
County. Water & Sewer District Operations
Utilities (408)
160
P.03
^pptopriation Unit
Ope:~g D~panm~m:
U~lifie. s Financ=
UtiliZes
Water
PILT
fndirc~t ~st Alloc~on
Subtoml-~ado~
~e~e-Commg~ncy
R~e~e-Me~Pay Plan Adi-
~e~c-Capi~
K~c-C~b Flow
To (410) D~t gvc
To (411) W~ Imp
To (412) W~r Curl
To (414) S~ Cpd
~u~fi~ Dc~topmcm
To (301) F~iH~m
To (0U l) G~ Fund
Sub~]-~nsf~
FY 99/00 FY 00/01 FY 00/01 FY 01/02 FY 01/fl2
Aelusl Adopmd Fortwaxst Current Expandcd
. Exp/R~v Bud~{?~t .. Exp/Rev Service Service
748,120 336300 339,600 361,300 0
1,681,062 2,825.000 2,818,600 3,114,100 171,200
0 798,800 716,600 758,300 706,400
9,162,227 10,550,400 11.170,000 12,280,1~0 230,500
9,581,772 10,952.100 11,055,300 12,851,500 445,000
t .527,300 1,620,800 1,620J500 1,74.1,300 0
846,500 1,130,900 t,I 30,900 1,246,600 0
23,546381 28,214300 28,8~I,800 32,353,200 1,553,100
35,g77 60,000 60,000 60,000 0
0 2,843,500 0 1,617,700 132,000
0 0 0 656.400 0
0 2,606,000 0 0 0
0 6,043,300 0 8,088,300 401,200
35,877 ~ 1,552,800 60.000 10,422,400 533,200
8,373,900 9393:000 9,393,000 7,760,400 0
0 ! 0,700,000 0 0 0
4,500,000 3,355,000 3,355,000 4,126,700 0
2,500,000 11,400,000 11,400,000 18,512,000 0
0 139,000 139,000 0 0
147,200 0 0 0 641,600
169,500 250,000 250,000 O 0
- ""'""" '-15'690700" 35,237,000 24.537,000. 30,399,100 641,600
39,273,455 75,00a,700 :53,448..800 73.174,700 2,727,900
.ny 01;02 %
Tolal Budget
Bu_dg. ct. Change
361,300 · 7.2%
3,285,300 16.3%
1,464,700 83.4%
[2.510,600 18.6%
13,296,500 21.4%
1,7a1,300 7.4%
1,246,600 10.2%
33,906,300 20.2%
60,000 0.0%
1,749300 -38.5%
656,400 N/A
0 .100.0%
8,489,500 40.5%
10,955,600 -5.2%
7,760,400 -17,4%
0 - 100.0%
4,126,700 23.0%
l&5 t 2,000 62.4%
fl -100.0%
641,600 NIA
0 -100.0%
31,040,?00 -11.9%
75,902,600 1.2%
E-2
Aug-09-O!
O~:OOA
Collier County Public Wks
County Water & Sewer District Operations (Cont.)
Utilities (408)
Utilities Financial Opcrations
W~t~r Ot~etado~
wastcwater Opcraeons
FY 99/00 FY 00/01 FY 00/01 FY 01/02 FY 01t02
Actual Adopted Fot~ast Current Exp~ded
,Exp~=v Budget Exp/Rcv $~vicc Service
219,074 12,5,100 710,300 159,300 0
188,956 288,500 284.200 262,000 0
21,006,722 20,829, 100 20,951,000 21,001,300 0
24,188,214 23,984,200 23,103,800 24,}76,£00 0
Subtotal-Operations
RcimhdTnm~fers
Carry For,,vatd
lntcrcsffMisc,
Revenue R~crv¢
Total Revcuuc
45,602,966 4~,226,900 45,049,300 4.5,598,700 0
500,000 1,075,000 1,075,000 3,753,000 0
0 30,584,100 33,905,300 27,850,800 0
1,572,627 400,000 1,300,000 1,000,0{30 0
0 (2,281,300) 0 (12,329,900) 0
47,67~,593 75,004,700 81,329,600 75,902,600 0
P.04
22
FY 01/02 %
Total Budget
Budge3_ Cl~.ange
159,300 27.3%
262,000 -9.2%
21,001,300 0.8%
24,176,100 0.8%
45,598,700 0.8%
3,75 3,0¢~0 249. ! %
27,880.800 4.8%
1,000,000 150.0%
(2,329,900) 2.1%
75,902,600 1.2%
Total Positions
9.0 3.0 3.0 3.0 0.0
0.0 10,0 9.0 9.0 7.0
38.0 38.0 39.0 39,0 3-0
89.0 95.0 95.0 96.0 2.0
115.0 120.0 [ 20.0 120.0 4.0
251.0 266.0 266.0 267.0 t 6.0
3.0 0.0%
16.0 60.0%
42.0 10.5%
98.0 3
124.0 3.3%
283.0 6.4%
z
0
n
n
<~
Z
0