Resolution 2006-178
RESOLUTION NO. 06-178
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE COLLIER COUNTY EDUCA TIONAL
FACILITIES AUTHORITY IN AN AMOUNT NOT EXCEEDING
$35,000,000, AS REQUIRED BY SECTION 147(f) OF THE INTERNAL
REVENUE CODE, AS AMENDED; PROVIDING FOR OTHER RELATED
MATTERS AND PROVIDING AN EFFECTIVE DATE.
Whereas, the Collier County Educational Facilities Authority (the "Authority") is a body
corporate and politic of Collier County, Florida ("Collier County") created by Collier County
Resolution No. 99-177 duly adopted by the Board of County Commissioners on March 23, 1999
pursuant to Chapter 243, Florida Statutes, as amended (the "Act"), with the power to issue
revenue bonds for the purposes of financing a "project" as defined in the Act; and
Whereas, as set forth in the resolution of the Authority described below, Ave Maria
University, Inc. (the "Corporation"), a Florida not for profit corporation, with certain facilities
located within the boundaries of Collier County, Florida, has requested the Authority to issue its
Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2006 in an
initial principal amount not to exceed $35,000,000 (the "Bonds") for the benefit of the
Corporation and to loan all or a portion of the proceeds thereof to the Corporation to finance the
costs of the Project; and
Whereas, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"),
provides that the elected legislative body of the governmental unit which has jurisdiction over the
area in which the facility financed with the proceeds of tax exempt bonds is located is to approve
the issuance of such bonds after a public hearing; and
Whereas, the Board of County Commissioners of Collier County, Florida (the "Board") is
the elected legislative body of the County; and
Whereas, the Authority caused notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on June 6, 2006 in the Naples Daily News, a newspaper of general circulation in the
County, and a copy of said notice is attached as Exhibit A (the "Notice") to the Authority
Resolution described below; and
Whereas, the Authority held a public hearing on June 21, 2006, pursuant to the Notice
and adopted a resolution (the "Authority Resolution") authorizing the issuance of the Bonds, a
copy of which is attached as Exhibit A, and has recommended to the Board that it approve the
issuance of the Bonds in accordance with Section 147(f) of the Code; and
Whereas, for the reasons set forth above, the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
Section 1. Approval of Issuance of the Bonds. This Board hereby approves the
issuance of the Bonds by the Authority for the purposes of Section I 47(f) of the Code.
The Bonds shall not constitute a debt, liability or obligation of Collier County, its Board
of County Commissioners, officers, agents or employees, or the State of Florida or any political
subdivision thereof, but shall be payable solely from the revenues provided therefor, and neither
the faith and credit nor any taxing power of Collier County, the State of Florida or any political
subdivision thereof is pledged to the payment of the principal of, premium, if any, and interest on
the Bonds. No member of the Board of County Commissioners of Collier County or any officer
or employee thereof shall be liable personally on the Bonds by reason of their issuance.
This approval shall in no way be deemed to abrogate any regulations of Collier County
applicable to the project and the project shall be subject to all such regulations, including, but not
limited to, the Collier County Growth Management Plan, all concurrency requirements contained
therein, and the Collier County Land Development Code.
Section 2. Severability. If any section, paragraph, clause or provision of this
Resolution shall be held to be invalid or ineffective for any reason, the remainder of this
Resolution shall continue in full force and effect, it being expressly hereby found and declared
that the remainder of this Resolution would have been adopted despite the invalidity or
ineffectiveness of such section, paragraph, clause or provision.
Section 3.
adoption.
Effective Date. This Resolution shall take effect immediately upon its
PASSED and adopted this 25th day of July, 2006.
ATTEST:
Dwight E. Brock, Clerk
COLLIER COUNTY, FLORIDA BY
ITS BOARD OF COUNTY
COMMISSIONERS
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Frank Halas, Chairman
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. Deoutv Clerk, ,"., .
'no f;'!H!: hi!) "nd.fUR ..
[SEAL] 11g1lltlJrtotll "
AP~~an~~:ie?~~.?-/hr.
David C. Weigel, County Attorney
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RESOLUTION NO. 2006-01
AN INDUCEMENT RESOLUTION OF THE COLLIER
COUNTY EDUCATIONAL FACILITIES AUTHORITY
REGARDING THE OFFICIAL ACTION OF THE AUTHORITY
WITH RESPECT TO THE PROPOSED IssuANCE BY THE
AUTHORITY OF ITS EDUCATIONAL FACILITIES
REVENUE BONDS (AVE MARIA UNIVERSITY, INC.
PROJECT), SERIES 2006 IN AN INITIAL AGGREGATE
PRINCIP AL AMOUNT NOT TO EXCEED $35,000,000 TO BE
USED FOR THE PRINCIPAL PURPOSE OF (i) FINANCING
AND REFINANCING COSTS OF ACQUISITION,
CONSTRUCTION AND EQUIPPING OF CERTAIN
EDUCATIONAL FACILITIES TO BE LOCATED IN COLLIER
COUNTY, FLORIDA AND (ii) P A YINO A PORTION OF THE
COSTS ASSOClATED WITH THE ISSUANCE OF THE
BONDS; AUTHORIZING THE EXECUTION AND DELIVERY
OF A PRELIMINARY FINANCING AGREEMENT BETWEEN
THE AUTHORITY AND THE BORROWER; PROVIDING FOR
RELATED MA TIERS AND AN EFFECTIVE DATE.
.,-
.f
WHEREAS, Ave Maria University, Inc., a Florida not for profit corporation (the
"Borrower") has applied to the Collier County Educational Facilities Authority (the "Authority")
to issue a series of its private activity revenue bonds in the initial aggregate principal amount of
not to exceed $35,000,000 (the "Bonds") to be used for the principal purpose (the "Principal
Purpose") of (i) financing and refinancing costs of acquisition, construction and equipping of
certain educational facilities to be located in Collier County, Florida described below and (ii)
paying a portion of the costs associated with the issuance of the Bonds (the "Project"); and
WHEREAS, the "Project", as described in the application filed by the Borrower consists
of the acquisition, construction and equipping of educational facilities to be located at Oil Well
Road and Camp Keais Roads including site development, construction of infrastructure
(including roads and utilities), landscaping, project design and' engineering work and
construction of buildings that may include a student activities building, a central utility plant, a
library, a science, math & technology building, undergraduate and graduate housing, an oratory
and additional buildings needed to fulfill the anticipated curricular needs of the Borrower and
paying a portion of the costs associated with the issuance of the Bonds; and
WHEREAS, the Borrower has requested that the Authority loan the proceeds of the
Bonds to the Borrower pursuant to Chapter 243, Part I Florida Statutes, or such other provision
or provisions of Florida law as the Authority may determine advisable (the "Act") in order to
accomplish the foregoing purposes; and
-..../
1
EXHIBIT A TO
COUNTY RESOLUTION
WHEREAS, the issuance of the Bonds and the loaning of the proceeds thereof to the
Borrower to finance the costs of the Project under loan agreements or other financing
agreements, and pursuant to the terms thereof which will provide that payments thereunder be at
least sufficient to pay the principal of and interest and redemption premium, if any, on suc~
Bonds and such other costs in connection therewith as may be incurred by the Authority, wur
assist the Borrower and promote the public purposes provided in the Act; and
WHEREAS, the Borrower has submitted the Preliminary Financing Agreement (the
"Preliminary Agreement") relating to the issuance of the Bonds; and
WHEREAS, in order to satisfy certain of the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended (the "Code"), the Authority did on the date hereof
hold a public hearing on the proposed issuance of the Bonds for the purposes herein stated,
which date is more than 14 days following the first publication of notice of such public hearing
in a newspaper of general circulation in Collier County and which public hearing was conducted
in a manner that provided a reasonable opportunity for persons with differing views to be heard,
both orally and in writing, on the issuance of the Bonds and the location and nature of the Project
as more particularly described in the notice of public hearing attached hereto as Exhibit A; and
WHEREAS, it is intended that this Resolution shall constitute official action toward the
issuance of the Bonds within the meaning of the applicable United States Treasury Regulations
in addition to any other action that may have heretofore been taken by the Borrower.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY, THAT:
SECTION I. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of the Act and other applicable provisions of law.
SECTION 2. PRELIMINARY STATEMENT. This Resolution is entered into to permit
the Borrower to. proceed with the financing of the costs of the Project and to provide an
expression of intention by the Authority, prior to the issuance of the Bonds, to issue and sell the
Bonds and make the proceeds thereof available for such purposes, all in accordance with and
subject to the provisions of the Act, the Constitution and other laws of the State of Florida and
the laws of the United States of America, including the Code, and this Resolution, but subject in
all respects to the terms of the Preliminary Agreement.
SECTION 3. APPROV AL OF THE FINANCING. The financing of the costs of the
Project by the Authority through the issuance of the Bonds, pursuant to the Act, will improve
educational opportunities for the citizens and residents of Collier County, will promote the
economic development, prosperity, health and welfare of the citizens of Collier County, will
promote the general economic structure of Collier County, and will thereby serve the public
purposes of the Act and is hereby preliminarily approved, subject, however, in all respects to the
Borrower meeting the conditions set forth in the Preliminary Agreement to the sole satisfaction
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of the Authority.
SECTION 4. EXECUTION AND DELIVERY OF PRELIMINARY AGREEMENT.
The Chairman or the Vice-Chairman is hereby authorized and directed to execute, for and on
behalf of the Authority, the Preliminary Agreement of even date herewith between the AuthoritY
and the Borrower providing understandings relative to the proposed issuance of the Bonds by the
Authority in an aggregate principal amount not to exceed the lesser of (a) $35,000,000 or (b) the
amount determined by the Authority and the Borrower to be necessary to accomplish the
toregoing purposes.
SECTION 5. AUTHORIZATION OF THE BONDS. There is hereby authorized to be
issued and the Authority hereby determines to issue the Bonds, if so requested by the Borrower
and subject in all respects to the conditions set forth in the Preliminary Agreement, in an
aggregate principal amount not to exceed $35,000,000 for the Principal Purpose as set forth
herein. The rate of interest payable on the Bonds shall not exceed the maximum rate permitted
by law.
SECTION 6. GENERAL AUTHORIZATION. The Chairman and the Vice-Chairman
are hereby further authorized to proceed, upon execution of the Preliminary Agreement, with the
undertakings provided for therein on the part of the Authority and are further authorized to take
such steps and actions as may be required or necessary in order to cause the Authority to issue
the Bonds subject in all respects to the terms and conditions set forth in the Preliminary
Agreement authorized hereby.
SECTION 7. OFFICIAL ACTION. This resolution is an official action of the Authority
toward the issuance of the Bonds, as contemplated in the Preliminary Agreement, in accordance
with the provisions of the laws of the State of Florida and the applicable United States Treasury
Regulations.
SECTION 8. LIMITED OBLIGATIONS. The Bonds and the interest thereon shall not
constitute an indebtedness or pledge of the general credit or taxing power of Collier County, the
State of Florida or any political subdivision or agency thereof but shall be payable solely from
the revenues pledged therefor pursuant to a loan agreement or other financing agreement entered
into "between the Authority and the Borrower prior to or contemporaneously with the issuance of
the Bonds. The Authority has no taxing power.
SECTION 9. LIMITED APPROVAL. The approval given herein shall not be construed
as an approval or endorsement of approval of any necessary rezoning or other land use or
development applications nor for any other regulatory permits relating to the Project and the
Authority shall not be construed by reason of its adoption of this resolution to have waived any
right of Collier County or to have estopped Collier County from asserting any rights or
responsibilities it may have in that regard.
SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately.
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ADOPTED this 21st day of June, 2006.
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COLLIER COUNTY EDUCATIONAL
FAC"2IES AUTH02Y ,/
By: ~,{t1~ ~
Chairma
4
Naples Daily News
Naples, FL 34102
Affidavit of publication
Naples Daily News
--------------------------------------------------+------------------------
.
PICKWORTH, DONALD P.A.
5150 TAMIAMI TRL N #502
NAPLES FL 34103
J;:?-'lf.~+:... Harriett 8ushol1,
:.{ if}."? '.'Y COMMIS~ION F D!)2346f,' '\',
.,:.~&.~. July 2~ 2007
f ,?I':.!~''f.".'' ..1M~F1lTHrIIT~vr\~"( I"Jt;' "'...,
NOnCE OF PUBLIC MEETING AND HEARING
COLLIER COUHTY EDUCATIONAL
FAClunES AUTHORITY
=T:I ~~~~~~~ftw~~f:nal F=llItles Authority
larlng on June Zl, Z4lO6 at1lfob lit. mHtlng illiG
after a pr&I:tIcabl.. In the COllier ~u~ s~
~o~~c jeVelopment Council Board Room 3050
JUI4, tg~h,oe DrlbV," Sultl 1.201 Naples, Florida
---' J e VI PU IIc CDmmlllTt concerning the
I:~ ssuo.nce by the A~ of not Ixceed
011:iro.ooo Inhlal 'lIIlrtl~e principal IlmDunt .
Marla un=;alr:c~JeIe~)Aev, enUI BonOI (Ave
rIe. (the "lIondi"l ll1e . n one or mortl ...
be loaned to AVe' Martl'8=:. the 80ndI wUI
notdfor.p~rDlIt corl!oratLon (the .aOi~w:.~'o~:~
~:n;.:1 ~Itn ~er ~vallab'e monle. ~f trle
1.... and . I p IDaI ~ of: (l) flnMc.
t~ end !!!.'!!!i no :,sn Of -::=Ion. __true-
to be '~~~fr~PIon&l tacllllRd.KItIes .
COli " . In
.r.~ed 1I e rrow,r nc u nil site evel~'
~:~~ ~~'~~ft~~~ ~an~:ml'~~t~~J.!ncludIKo
IlId engIneerlno WO& ~~o......t In
that Il!&V InclUde a.stu nt actlvltle.
~~ral utility plant, I I brIIry, a sclenc :
.......~ bul\cllno. undl(llradua. and gra ate
=~~ ~l1IlJJl r tor~~d :3~~~Ulld nu
the Borrower; 01) pall~ a po,rtlon of costs
a'Dcl.ted wi tile Issuance of the Bonds Tile
BdCll1ertd.d.hall blllayable l4lIely from the revenues
ve by the AutllOr Ity from a loan a
IInd other financing CIOeuments b.twe.37::~!
tIlortlY IIIId the BOmlWIr. SUch lIonclIend the Inter
est ttiereon shall not constitute an Indebtedness Di
!l1.!.AIUthorltY within tile. meanln~f any constltu.
~'l::r-' p/'Ovlllon or IImltatlon or II the gen.
..... creCllt or talllno IIOWer of thlt A :lflty Collier
Coul nty, the 5tII:e of FI.ortortda or any JK! Itlcaf iubdlvl-
I on Dr .laltency thereof. IUUllIlCI of the Bonds Ihall
be sub/lCt to several condltlDllI Including satlsfK.
::t documentation. the lPJ!l'9Val till boriCI counsel
II ~the ~th..xempt .tatuS of tM Interest on all or
~r~a1lororthe~~~g~ rKelpt of necessary &p.
The afortllftlntloned meetll1ll and he~ shall be
open to the publiC and all penonl who may be In-
tl..sted wllr bI given an opportunity to be. Merd
concerning the same. Wrlttit\ comments may also
be IIIbmltted Pl10r to the meltlno at the Dmce of
COUnsel to the AutIlorltY. 5150 Moith Tamlaml TraiL
~~r:~apl", Florida 34103. AttentlCll1: Donald
ALL PERSONS FOR OR AGAINST SAID APPROVAL
CAN BE HEARD AT SAlD TIME AND P\ACE. IF A P€Il
SON DECIDES TO APPEAL ANY DECISION MADE BY
THE AUTtlOlIITY WITH RESPECT TO SUCH MEETING,
(5ltlE WILL NEED TO ENSURE THAT A VERBATIM RE.
CORD OF SUCH HEARIHG OR MEETING 15 MADE
WHICH RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON WHICH THE APPEAL IS IlASED.
In accordllllCe with the AmwIcans with DI.abllltles
A~"""'I n. needing a special accommodatIon to
c pate In this procHdlng sllould contact the
fn !vIdUal Dr llQeIICY publishing this notice no later
than lIVen c1aV' prlor to the Pt'1lceedl at the ad
dr... qlven In this notice. Telepllone: "!:s:1263-aoeO
(Attention: Donald A. Pickworth.)
!!.'!"I~t1~ Is given purlllallt to lectlon 147(1) 01
w.. ...emaJ IIevenue COcIe, II lllnencled.
COLLIER COUNTY EllUCA TIONAI.
FACILITIES AUTHORITY
Is! Donald A. Pickworth
Jun..'
..Na...1393I36.
REFERENCE: 0107B4
59250522
NOTICE OF PUBLIC MEE
State of Florida
County of Collier
Before the undersigned authority, personally
appeared B. Lamb, who on oath says that she serves
as Assistant Corporate Secretary of the Naples
Daily News, a daily newspaper published at Naples,
in Collier Countv, Florida: that the attached
copy of advertis~ng was published in said
newspaper on dates listed.
Affiant further says that the said Naples Daily
News is a newspaper ~ublished at Naples, in said
Collier county, Flor~da, and that the said
news~aper has heretofore been continuously
publ~shed in said collier County, Florida, each
day and has been entered as second class mail
matter at the post office in Naples, in said
Collier County, Florida, for a period of 1 year
next preceding the first publication of the
attached copy of advertisement; and affiant
further says that she has neither paid nor
promised any person, firm or corporation any
discount, rebate, commission or refund for the
purpose of securing this advertisement for
publiction in the said newspaper.
PUBLISHED ON: 06/06 06/06
AD SPACE: 170.000 INCH
FILED ON: 06/06/06
~~~:~:~::-~~-~~~~~::-------~:-~-----------+-------
&::!L.day of ~...
Lid
Sworn to and Subscribed before me this
Personally known by me -Xo...-'l)u..L;t!
EXHIBIT A TO
AUTHORITY RESOLUTION