Resolution 2006-198
RESOLCTJON NO. 06-198
A RFSOLLTIOl'\ OF THE BOARD OF COU'\;TY
CO\1:v1ISSIO'\iFRS OF COLUER COL'\;TY, FLORIDA
:\.lTHORIZI:\G THE COLLIER COL:\T'{ CO\1\1U"?\ITY
REDEVELOP\lE:\T AGE'\CY TO E'-J1 ER I\lTO A I.I\iE
OF CREDIT AGREE:vIE'\iT WITH 'vVACHOVIA BASK,
\:ATlO\;AL ASSOCIATION; APPROVI'\iG TlIE
ACTIONS TAKE" BY THE AGE:\CY 'v\lITH RESPECT
TO ITS APPROVAL OF THE U,\;E OF CREDIT
AGREE\IE\iT; A'-.D PROVIDI'\iG SEVERABILITY AI\D
AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMI\IJSSIONERS OF COLLIER COlJ:\ITY, FLORIDA, as follows:
SECTlOl\ 1.
FJ~DJNGS. It is hereby found and determined that:
(A) On the date hcreof, the Collier County Community Redevelopment Agency
(the "Agency"), at a duly held meeting, adopted a resolu~ion (the "eRA Resolution"),
which, among other things, authorized the Agency to entcr into a line of credit facility
(the "Line of Crcdit") with Wachovia Bank, "National Association (the "Bank") and
approved the form of a Line of Credit Agreement (the "Line of Credit Agrecment") to be
entered into between thc Agency and the Bank.
(B) The Agency shall make draws against the Line of Credit in order to finance
and refinance the purchase of various properties anejior capital improvements within the
Bayshon:,Gateway Triangle Community Rcdevelopm-::nt Area (the "Community
Redevelopment Area").
(C) The Agency's repayment obligations under lhe Line of Credit Agreement
shall be secured by and payable from increment tax revcrucs to be collected by the
Agency with respect to the Community Redcvelopmcnt Area, and other legally available
moneys of the Agency as described in thc Line of Credit Agreement (the "Pledged
Funds").
(D) The Board of County Commissioners (the "Board") of Collier County,
Florida (the "County") finds it to be in the bcst interests of tbt County to authorize the
Agency to enter into the Line of Credit and to approve the provisions of the Line of
Credit Agreemcnt.
SECTIOl': 2. ALTHORITY FOR THIS R}:SOUJTJON. This
Resolution is adopted pursuant to the provisions of Chapter 125, Florida Statutes, Chapter
163, Part III, Florida Statutes, and other applicable provisions of law.
SECTION 3. AllTHORIZATION OF AGENCY ENTERING LI:\IE OF
CREDIT. The County hereby authorizes the Agency to enter into the Line of Credit fo.r
the purposes set fOl1h in the Line of Credit Agrcemc'lt.
SECTION 4. APPROVAL OF FOiUI OF LINE OF CREDIT
AGREE;\IENT. The terms and provisions of the Line of Credit Agreemt;;nt in
substantially the fonD attached hereto as E xhibi( A are hereby approved, with such
changes, insertions and additions as the Chai . of 'he A~eney may approvc, her execution
thereof being evidcnee of SLlch apprO\':i1.
SECTlO~ 5. APPROVAL OF
IMPAIRMENT; :\0 ADDITIONAL DEBT.
AGENCY'S
ACTIONS;
NO
(A) Thc Board hercby approvcs the actions taken by the Agcncy in its adoption of
the CRA Resolution.
(B) So long as any indcbtedness of the Agency is outstanding undcr the Linc of
Crcdit Agreemcnt, the plcdging of the Increment T ax Revenues (as defincd in the Linc of
Crcdit Agrcement) in the manner provided in the Line of Credit Agreement shall not be
subject to repeal, modification or impairment by any subsequent ordinance, resolution,
agreement or othcr proceedings of thc County or the Agcncy. The County covenants to
do all things nccessary or requircd on its part by the Act, or other applicablc provisions of
the law, to maintain the levy, collection and receipt of thc Incremcnt Tax Rcvenues. The
County shall exercise all legally available rcmedies to enforce such levy, collection and
receipt now or hereaftcr available under law. The County \vill not takc any action, or
enter into any agreement that shall result in reducing the level of Increment Tax
Revcnues received by thc Agcncy from that Icvel prevailing at the time the County takes
such action or cnters into such agrcemcnt. Without limiting the generality of the
foregoing, the County agrces not to cause or allow the boundaries of the eommunity
Redevelopment Area to be decreased or the Agency to cease to exist or to shorten the
schedulcd sunset provision with respect to thc Agency's existence without the prior
written consent of the Bank.
(C) So long as any indebtedness of the Agency is outstanding under the Line of
Credit Agrcement, the County shaH not issue any indebtedness or aHow the Agency to
issuc any indcbtedness that is payable from or sccured by the Incrcment Tax Revenucs
unless the provisions of Scction 2.07 of thc Linc of Credit Agreement are complied with.
SECTION 6. LI:\llTED OBLIGATION. The obligation of the Agency to
repay amounts, if any, drawn under the Line of Crcdit Agreement is a limited and special
obligation payable from the Pledgcd Funds solely in the manner and to the cxtent sct
forth in the Line of eredit Agreement and shall not bc deemcd a plcdge of the faith and
credit or taxing pO\ver of eithcr the Agcncy or the County and such obligation shall not
create a lien on any propel1y whatsoevcr of or in thc Agency or the County other than the
InClcment Tax Revenues and such other moneys.
SECTION 7. GE:'IlERAL AUTHORITY. Thc membcrs of the Board and
thc County's officers, counsel, agents and oftici,ds arc hereby authorized to do all acts
and things rcquired of them consistent with the requirements of this Rcsolution, the CRA
Resolution, the Linc of Credit Agreement and any other document rclating to thc mattcrs
described herein for thc full punctual and complete performance of all the telms,
covenants and agreements contained in this Resolution, the CRA Resolution, the Line of
Credit Agrecment and such other documents.
SECTION 8. SEVERABILITY OF J:'IlVALlD PROVISIO;\lS. If any
one or more of the covenants, agreemcnts or provisions containcd herein shall be held
contrary to any cxpress provisions of law or contrary to the policy of cxpress law, though
not cxprcssly prohibited, or against public policy, or shall for any rcason whatsoever bc
held invalid, thcn such covenants, agreements or provisions shall be null and void and
shaH be deemed scverable from the remaining covenants, agreements or provisions
hercof and shall in no way affcct the validity of any of the other provisions of this
Resolution.
SECTION 9. EFFECTIVE DATE. This Resolution shaH take effect
immcdiately upon its adoption.
DULY ADOPTED, in Regular Scssion this 25th of July, 2006.
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ATTEST:
D\VIGHT E. BROCK, CLERK
f-~
(--------." I
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J"--~-(~~-~~~~C ,Bv: ,.. .
J /~l7epttt'Y C1crk""", FRA:\K HALAS, Chairman
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY. FLORIDA
I ,
"J
Approved as to form and
legal sufficiency:
.'n, " , 1-'" 1- 't:
~a;j?);r~tswdeI:ti;i~~I;~'< ~~~.~It.
Assistant COllnty Atlllmey
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