Backup Documents 11/01/2006 S
BCC
SPECIAL
MEETING
BACK-UP
DOCUMENTS
November 1,2006
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
~
Board of County Commissioners
SPECIAL MEETING
AGENDA
November 1,2006
1 :00 p.m.
Frank Halas, Chairman, District 2
Jim Coletta, Vice-Chairman, District 5
Tom Henning, Commissioner, District 3
Donna Fiala, Commissioner, District 1 (telephonically)
Fred W. Coyle, Commissioner, District 4
NOTICE: ALL PERSONS WISHING TO SPEAK ON ANY AGENDA ITEM
MUST REGISTER PRIOR TO SPEAKING. SPEAKERS MUST REGISTER
WITH THE COUNTY MANAGER PRIOR TO THE PRESENTATION OF
THE AGENDA ITEM TO BE ADDRESSED.
COLLIER COUNTY ORDINANCE NO. 2004-05, AS AMENDED REQUIRES
THAT ALL LOBBYISTS SHALL, BEFORE ENGAGING IN ANY LOBBYING
ACTIVITIES (INCLUDING, BUT NOT LIMITED TO, ADDRESSING THE
BOARD OF COUNTY COMMISSIONERS), REGISTER WITH THE CLERK
TO THE BOARD AT THE BOARD MINUTES AND RECORDS
DEPARTMENT.
REQUESTS TO ADDRESS THE BOARD ON SUBJECTS WHICH ARE NOT
ON THIS AGENDA MUST BE SUBMITTED IN WRITING WITH
EXPLANATION TO THE COUNTY MANAGER AT LEAST 13 DAYS PRIOR
TO THE DATE OF THE MEETING AND WILL BE HEARD UNDER "PUBLIC
PETITIONS."
ANY PERSON WHO DECIDES TO APPEAL A DECISION OF THIS BOARD
WILL NEED A RECORD OF THE PROCEEDINGS PERTAINING THERETO,
AND THEREFORE MAY NEED TO ENSURE THAT A VERBATIM RECORD
Page 1
November 1, 2006
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OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE
TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
ALL REGISTERED PUBLIC SPEAKERS WILL RECEIVE UP TO FIVE (5)
MINUTES UNLESS THE TIME IS ADJUSTED BY THE CHAIRMAN.
IF YOU ARE A PERSON WITH A DISABILITY WHO NEEDS ANY
ACCOMMODATION IN ORDER TO PARTICIPATE IN THIS PROCEEDING,
YOU ARE ENTITLED, AT NO COST TO YOU, TO THE PROVISION OF
CERTAIN ASSISTANCE. PLEASE CONTACT THE COLLIER COUNTY
FACILITIES MANAGEMENT DEPARTMENT LOCATED AT 3301 EAST
TAMIAMI TRAIL, NAPLES, FLORIDA, 34112, (239) 774-8380; ASSISTED
LISTENING DEVICES FOR THE HEARING IMPAIRED ARE A V AILABLE IN
THE COUNTY COMMISSIONERS' OFFICE.
1. PLEDGE OF ALLEGIANCE
2. THE BOARD TO CONSIDER RECOMMENDATION TO APPROVE A
BUDGET AMENDMENT FROM RESERVES WITHIN THE PINE
RIDGEINAPLES PRODUCTION PARK DEBT SERVICE FUND TO
APPROPRIATE THE ANNUAL PRINCIPAL AND INTEREST PAYMENTS
AND ARBITRAGE CALCULATION FEES ON OUTSTANDING SPECIAL
ASSESSMENT REVENUE BONDS.
Motion to determine extraordinary circumstances to allow Commissioner
Fiala to participate - Approved 4/0;
Item approved as presented (Mike Smykowski and Dwight Brock presented) -
Approved - 5/0
3. ADJOURN
INQUIRIES CONCERNING CHANGES TO THE BOARD'S AGENDA SHOULD
BE MADE TO THE COUNTY MANAGER'S OFFICE AT 774-8383.
Page 2
November 1, 2006
Donna Fiala
District 1
Frank Halas
District 2
Tom Henning
District 3
Fred W. Coyle
District 4
Jim Coletta
District 5
?/JomJrd o/Yf~ Yf~ Yf~
3301 East Tamiami Trail. Naples, Florida 34112 - 4977
(239) 774-8097. Fax (239) 774-3602
April 25, 2007
Timothy P. Miller
Account Manager
U.S. Bank National Association
Corporate Trust Services
200 South Biscayne Blvd., Suite 1870
Miami, Florida 33131
Subject: Full Call of $5,220,000 Collier County, Florida Pine Ridge and Naples
Production Park Special Assessment Bonds, Series 1993, Obligor # DUM9000.
Dear Mr. Miller:
Please be advised that Collier County wishes to call all of our outstanding Collier County,
Florida Pine Ridge Special Assessment Bonds, Series 1993, (Obligor # DUM9000), on May
28, 2007.
We understand that the call provisions of the Bond indicate that the Bonds can be
redeemed, at the option of the Issuer, in whole at any time on or after November 1, 2003,
and that there is no call premium for the redemption.
Please send the final invoice for the principal and interest due through May 28, 2007 to:
Clerk of the Circuit Court
ATTN: Clerk's Finance Department - Daniel Tripaldi
2671 Airport Road South, Court Plaza III, Suite 203
Naples, Florida 34112
V;Jl~ 4f
James Coletta, Jr., Chairman
Collier County Board of County Commissioners
C:\Documents and Settings\rosiak_nlLocal Settings\Temporary Internet
Files\OLK1D\Bond Redemption $5220000 Series 1993 (4).doc
EXECUTIVE SUMMARY
Recommen4ation to Reaffirm the Board's Approval (at the Special Meeting held on November 1, 2006) of a
Budget Amendment from Reserves within the Pine RidgelNaples Production Park Debt Service Fund to
Appropriate the Annual Principal and Interest Payments and Arbitrage Calculation Fees on Outstanding
Special Assessment Revenue Bonds
OBJECTIVE: To reaffirm the Board's approval at the special meeting held on November 1, 2006 to establish
budget appropriations for debt service related expenses associated with outstanding special assessment revenue
bonds for the Pine RidgelNaples Production Park.
CONSIDERATIONS: Special assessment revenue bonds, Series 1993, were issued in the aggregate amount of
$17,335,000 for roadway and drainage improvements within the Pine Ridge Industrial Park and the Naples
Production Park. The revenues supporting this bond issue are special assessments levied against benefiting
properties. The final maturity date on these bonds is October 1, 2013.
Staff in the Clerk of Courts Finance Department typically prepares the debt service budgets, with input and review
by OMB staff. The Clerk's Finance Department adntinisters the debt service budgets and makes disbursements
(payments of principal and interest on outstanding bonds, as well as fiscal agent fees) to various financial
institutions in accordance with the covenants of each respective bond issue.
The budget forecast in FY 06 anticipated paying off the entire principal and interest outstanding on the special
assessment revenue bonds for the Pine Ridge/Naples Production Park. As such, no principal or interest payments
were budgeted within this fund in FY 07. There is sufficient cash available (due to assessment pre-payments,
interest earnings, and unspent bond proceeds) within the Pine Ridge/Naples Production Park Debt Service Fund
(232) to retire all outstanding debt associated with this special assessment revenue bond. However, there are other
issues such as alternative uses of surplus funds including additional improvements within the industrial parks,
refunds, as well as collection ofremaining special assessments outstanding.
A principal payment of $765,000 and an interest payment of $166,719.37 are due on November 1, 2006. As there is
not an FY 07 budget appropriation for debt service at this time, the Clerk of Courts will not make the requisite
payment. This Executive Summary is of a 'housekeeping" nature as available reserves within this debt service fund
will be accessed to establish budget appropriations for the debt service payments, as well as the arbitrage
calculations.
GROWTH MANAGEMENT IMPACT: There is no Growth Management Impact associated with this Executive
Summary.
FISCAL IMPACT: A budget amendment of $1,172,500 is necessary to fund FY 07 principal- $765,000, interest
(rounded) - $400,000, and arbitrage calculation fees - $7,500. Funds are available within reserves for debt service
within the Pine Ridge/Naples Production Park debt service fund.
RECOMMENDATION: That the Board of County Commissioners reaffirms the approval given at the special
meeting held on November I, 2006:
1. Approving a $1,172,500 budget amendment establishing budget appropriations for principal, interest, and
arbitrage calculation fees; and
2. Authorizing staff to payoff the outstanding principal and interest on this bond issue in its entirety, and
approve all associated budget amendments thereto.
Prepared by: Michael Smykowski, OMB Director
Page.J of
COLLIER COUNTY
BOARD OF COUNTY COMMrSSIONERS
;}
Board Df Counly COlJl.misSloners
SPECIAL MEETING
AGENDA
November 1, 2006
l:G!lp,m.
,
Frank HaJas, Chairman, DJlitl'lct 2
JIm Coletta, Vlce-ChaJr-man, District 5
Tom Hen DIng, CommissIoner, DIstrict 3
Donna F'JaJa, CommiSSioner, DIstrict 1
Fred W. Coyle, Commissioner, DIstrlct 4
NonCE: ALL PERSONS WISHING TO SPEAK ON ,-"..NY AGENDA ITEM
MUST REGISTER PRIOR TO SPEAKING. SPEAKERS MUST REGISTER
WITH THE COUNTY MANAGER PRIOR TO THE PRESENTATION OF
THE AGENDA ITEM TO BE ADDRESSED.
COLLIER COUNTY ORDINANCE NO. 2004-05, AS AMENDED REQUIRES
TIlA T ALL LOBBYISTS SHALL, BEFORE ENGAGING IN ANY LOBBYING
ACTIVITrES (INCLUDING, BUT NOT LiMITED TO, ADDro:SSING TH:F;
BOARD OF COUNTY COMJ.\'IISSIONERS), REGISTER WITH THE CLERK
TO THE BOARD AT THE BOARD MINUTES Al'W RECORDS
DEPARTMENT.
REQUESTS TO ADDRESS THE BOARD ON SUBJECTS WHICH ARE NOT
ON TmS AGENDA MUST BE SUBMITTED IN WRITING WITH
EXPLANATION TO THE COUNTY MANAGER AT LEAST 13 DAYS PRIOR
TO THE DATE OF THE MEETING AND WILL BE HEARD UNDER "PUBLIC
PETITIONS, "
ANY PERSON WHO DECIDES TO APPEAL A DECISION OF THIS BOARD
WILL NEED A RECORD OF 'IRE PROCEEDINGS PERTAINING THERETO,
AND THEREFORE MAY NEED TO ENSURE THAT A VERBATIM RECORD
Faile 1
NOxember 1, 2006
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Page 1 of 1
OF THE l'ROCEEDrNGS IS MADE, WHICH RECORD INCLUDES THE
TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
ALL REGISTERED PUBLIC SPEAKERS WILL RECEIVE UP TO FI'VE (5)
MINUTES UNL,ESS THE TIME IS ADJUSTED BY THE CHAIRMA.N.
IF YOU ARE A PERSON WITH A DISABILITY WHO NEEDS ANY
ACCOMMODATION IN ORDER TO PARTICIPATE IN THIS PROCEEDING,
YOU ARE ENTITLED, AT NO COST TO YOU, TO THE PROVISION OF
CERTAIN ASSISTANCE. PLEASE CONTACI'THE COLL.IER COONTY
FAC1LITIES MANAGEMENT DEPARTMENT LOCATED AT 33{)1 EAST
TAMl.\MI TRAIL, NAPLES, FLORIDA, 34112, (239) 114-8380\ ASSISTED
LISTENING DEVICES FOR THE HEARING IMPAIRED ARE A V AILABLE IN
THE COUNTY COMMISSIONERS' OFFICE,
1. PLEDGE OF ALLEGIANCE
2. THE BOARD TO CONSIDER RECOMl\'JENDA TlON TO APPROVE A
BUDGET AMENDMENT FROM RESERVES WITHIN THE PINE
RIDGBINAPLES PRODUCTION PARK DEBT SERVICE FUND TO
APPROPRIATE THE ANNUAL PRINCIP AL AND INTEREST PA YMBNTS
AND ARBITRAGE CALCULATION FEES ON OUTSTANDING SPECIAL
ASSESSMENT REVENUE BONDS.
3. ADJOURN
INOUIRIES CONCERNING CHANGES TO TIlt BOARD'S AGENDA SHOULD
BE MADE TO THE COUNTY MANAGER'S OFFICE AT 774-8383.
Poge!
N Qv~mb.,. 1, 2006
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