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Agenda 02/28/2023 Item #16K 2 (Resolution - Authorizing the Authority to issue revenue bonds used to refund bonds previously issued for educational facilities at Ave Maria University)16. K.2 02/28/2023 EXECUTIVE SUMMARY Request by the Collier County Educational Facilities Authority for approval of a resolution authorizing the Authority to issue revenue bonds to be used to refund bonds previously issued for educational facilities at Ave Maria University. OBJECTIVE: To accomplish the necessary approvals to authorize a proposed revenue bond issue by the Collier County Educational Facilities Authority (the "Authority") to be used to refund certain previously issued bonds that were used in the construction of Ave Maria University. CONSIDERATIONS: Backj round Chapter 243, Florida Statutes, creates, in each county of the state, an educational facilities authority, which may not function or transact business until the board of county commissioners of the county adopts a resolution or ordinance determining there is a need for the authority to function in the county. The Board of County Commissioners activated the Collier County Educational Facilities Authority by Resolution 99-177, adopted March 23, 1999. An educational facilities authority has the limited jurisdiction of issuing bonds only for accredited, private, non-profit educational institutions empowered to provide a program of education beyond the high school level. In addition to the previous bond issues for Ave Maria described below, the Authority has previously issued, and the Board has approved, bonds to fund facilities at International College (now Hodges University) and Ave Maria Law School (a separate entity from Ave Maria University). Between 2006 and 2008, the Educational Facilities Authority issued bonds for Ave Maria University as follows: (a) $30,470,000 Collier County Educational Facilities Authority Variable Rate Demand Limited Obligation Revenue Bonds (Ave Maria University, Inc. Project), Series 2006 which were issued for the purpose of financing and refinancing student housing. These bonds were issued October 18, 2006, and approved by the Board by Resolution 06-178 adopted July 25, 2006. (b) $10,000,000 Collier County Educational Facilities Authority (Ave Maria University, Inc. Project), Series 2007 which were issued for the purpose of financing and refinancing the costs of acquisition of housing for faculty, staff, graduate and undergraduate students and the construction of an undergraduate dormitory (the "Series 2007 Project"). These bonds were issued August 10, 2007, and approved by the Board by Resolution 2007-165 adopted June 26, 2007. (c) $17,000,000 Collier County Educational Facilities Authority Revenue Bonds (Ave Maria University, Inc. Project), Series 2008 which were used to construct additional dormitory facilities. These bonds were issued August 14, 2008, and approved by the Board by Resolution 2008-192 adopted June 24, 2008. The above -described bonds were refunded in 2013 by the issuance of the Authority's Revenue Refunding Bonds (Ave Maria University, Inc. Project) Series 2013, which were issued July 11, 2013, after issuance was approved by the Board on May 28, 2013, by Resolution 2013-116 [copy attached]. The University has applied to the Authority for the issuance of refunding bonds (the "Bonds") to refund the above -described 2013 Bonds. The Bonds will have a lower interest rate than the 2013 Bonds and will result in a substantial saving to the University. The Authority met on February 15, 2023, considered the application and supporting documentation, and heard presentations from university officers and representatives. The meeting was noticed by publication in the Naples Daily News in accordance with the regulations for such notice contained in the Internal Revenue Code, inviting attendance, participation, and comments from members of the public. The meeting was also noticed Packet Pg. 1363 16. K.2 02/28/2023 through a press release by the County's Public Information Office, and a notice of the meeting and the agenda were placed on the Authority's page on the County website. No members of the public attended the meeting either in person or remotely, or submitted comments. At the conclusion of the public hearing the Authority determined to proceed with the financing and adopted a resolution evidencing such approval (the "Authority Resolution", attached as Exhibit A to the "County Resolution"). The notice published in the Naples Daily News is attached as Exhibit A to the Authority Resolution. Findinzs and Determinations by the Authority In considering a bond financing application, the Authority considers several factors as follows: 1. The project is appropriate to the needs and circumstances of the community and shall make a significant contribution to the economic growth of the County; shall provide or preserve gainful employment; shall preserve the environment; and shall serve a public purpose by advancing the economic prosperity, the public health, or the general welfare of the State. With respect to AMU, the application and presentation to the Authority shows the following: A. The University is located on approximately 750 acres in the Immokalee/North Golden Gate Estates area of Collier County. It has more than 1300 students and employs more than 240 people, including approximately 75 faculty members, and had an annual budget of more than $40 million in 2022, nearly all of which is spent locally. B. AMU expenditures generate revenues and profits and stimulate commerce and employment for local businesses and County residents. C. As a result of its location in the unincorporated town of Ave Maria, the University has helped the growth of the town to 586 homes sold in 2022, adding to the 3,500 existing homes and approximately 15,000 residents, resulting in a more efficient utilization of public infrastructure. D. As a liberal arts institution of higher education, AMU plays a critical role in advancing social, religious, cultural and academic interests in Collier County, and provides the community with cultural experiences not typically available in rural areas. E. AMU is an affordable, accredited University that provides local residents with educational opportunities not previously available in Southwest Florida. 23.64% of its undergraduate students are minority students. F. The refinancing of the 2013 Bonds at a lower interest rate will enable the University to more efficiently utilize its available funds, more accurately plan for long term capital needs and improve its financial position, which will in turn enable the University to expand the services and benefits it provides to the community. G. The issuance of the Bonds 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 Florida Higher Educational Facilities Act. 2. The financing agreement for the project is to be entered into with a party that is financially responsible and fully capable and willing to fulfill its obligations under the financing agreement, including the obligations to make payments in the amounts and at the times required; to operate, repair, and maintain at its own expense the project; and to serve the purposes of the Act and such other responsibilities as may be imposed under the financing agreement. The application shows that: A. The University is not and has not been in default of any previous tax-exempt bond obligation. Packet Pg. 1364 16. K.2 02/28/2023 B. The University presented extensive financial data in its application. Responsible officers of the University testified that in view of the University's financial condition it would be fully able to meet its obligations under the bond financing agreements and to maintain the University's facilities. C. The 2013 Bonds were rated BBB- by Standard & Poor's, and this rating has been maintained through annual S&P reviews. Like the 2013 Bonds, the 2023 Bonds will be payable by a pledge of the University's revenues and secured by a mortgage on certain assets of the University. The University and its Underwriters for the 2023 Bonds expect a similar investment grade rating for the 2023 Bonds. [Note: While the University expects to receive an investment grade rating, the Authority's policy is that if bonds do not have an investment grade rating, they must be consistent with the requirements of Section 189.051 Florida Statutes, which, in this case would mean restricting the sale of the bonds to only accredited investors.] 3. Adequate infrastructure is available to enable responsible governmental units to cope satisfactorily with the impact of the Project. A. The University is located within the Ave Maria development and is served by Ave Maria Utility Company. There are no infrastructure availability issues that adversely impact the University's operations. Process and Procedure Federal tax law requires two approvals for the issuance of private activity bonds. First, the Authority must hold a public hearing, and must adopt a resolution in favor of issuing the bonds. This was done at the conclusion of the public hearing on February 15, as described above. Following this approval, the governing body of the jurisdiction must also approve the bond issue. This does not have to be a specially advertised hearing but must be done at a regularly noticed and held meeting of the Board. A proposed Resolution for the Board to adopt (the "County Resolution") is attached. Bonds issued by the Educational Facilities Authority are defined in the Internal Revenue Code as private activity bonds. They are not County bonds and are not debt of the County but are payable solely by revenues pledged by the financing documents between the Authority and the University, and no other revenues of the Authority. There is no pledge of any taxes, or a pledge of any County or other public revenues. Neither the County, the Board, nor any other governmental entity is liable for their payment. Further, both the Authority Resolution and the proposed County Resolution expressly provide that approval by the Board does not abrogate any County regulations, including land use regulations. FISCAL IMPACT: As explained above, the issuance of the bonds does not require any contribution from, or create any payment obligation on, the Board of County Commissioners or any other County agency. On the other hand, the establishment, successful operation, expansion and growth of Ave Maria University in Collier County has and will continue to have a very positive fiscal impact on the County, and this is one of the factors that is considered by the Authority in its decision to proceed with the financing (see Authority Resolution, Section 3, "Findings and Determinations"). GROWTH MANAGEMENT IMPACT: The adoption of the attached resolution will have no adverse growth management consequences. The Ave Maria University facilities were constructed in accordance with all County growth management regulations, and were subject to the LDC, the Growth Management Plan, concurrency requirements, and the payment of impact fees. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney. Review of these and similar bonds by the Governing Body is a statutory requirement and serves as a safeguard against the issuance of inappropriate bonds, which is not the case here. The County has no liability, contingent or otherwise, with respect to these bonds. With that noted, this item is approved as to form and legality, and requires majority vote for Board approval. -JAK Packet Pg. 1365 16. K.2 02/28/2023 RECOMMENDATION: That the Board of County Commissioners adopt the attached Resolution. Prepared by: Donald A. Pickworth, Counsel Collier County Educational Facilities Authority ATTACHMENT(S) 1. Resolution approving issuance and sale of revenue bonds by EFA (PDF) 2. Resolution No. 2013-116 (PDF) 3. Authority Resolution wExhibit (PDF) Packet Pg. 1366 16. K.2 02/28/2023 COLLIER COUNTY Board of County Commissioners Item Number: 16.K.2 Doe ID: 24729 Item Summary: Request by the Collier County Educational Facilities Authority for approval of a resolution authorizing the Authority to issue revenue bonds to be used to refund bonds previously issued for educational facilities at Ave Maria University. Meeting Date: 02/28/2023 Prepared by: Title: Legal Assistant — County Attorney's Office Name: Wanda Rodriguez 02/16/2023 10:52 AM Submitted by: Title: County Attorney — County Attorney's Office Name: Jeffrey A. Klatzkow 02/16/2023 10:52 AM Approved By: Review: Office of Management and Budget County Attorney's Office Office of Management and Budget County Manager's Office Board of County Commissioners Debra Windsor Level 3 OMB Gatekeeper Review Completed 02/16/2023 11:19 AM Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 02/16/2023 4:45 PM Susan Usher Additional Reviewer Completed 02/21/2023 12:18 PM Amy Patterson Level 4 County Manager Review Geoffrey Willig Meeting Pending Completed 02/21/2023 12:30 PM 02/28/2023 9:00 AM Packet Pg. 1367 16.K.2.a RESOLUTION NO. 2023 - A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE AND SALE OF REVENUE BONDS BY THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY, AS REQUIRED BY SECTION 147(f) OF THE INTERNAL REVENUE CODE, AS AMENDED; AND PROVIDING FOR OTHER RELATED MATTERS. WHEREAS, the Collier County Educational Facilities Authority (the "Authority") is a body corporate and politic of Collier County, Florida (the "County") created by County Resolution No. 79-34 duly adopted by the Board of County Commissioners on February 27, 1979 pursuant to Part I of Chapter 243, Florida Statutes, as amended, with the power to issue revenue bonds for the purposes of financing or refinancing the costs of a "project" as defined in Part I of Chapter 243, Florida Statutes, as amended; and WHEREAS, Ave Maria University, Inc., a Florida not for profit corporation (the "Borrower"), operates a university within the County, and has requested that the Authority issue its Collier County Educational Facilities Authority Revenue Refunding Bonds as tax-exempt bonds in an aggregate principal amount not to exceed $60,000,000 (the "Bonds") and loan the proceeds thereof to the Borrower to assist the Borrower in refunding the Authority's $65,000,000 Collier County Educational Facilities Authority Revenue Refunding Bonds (Ave Maria University, Inc. Project), Series 2013A outstanding in the aggregate principal amount of $53,830,000 (the "Refunded Bonds") which were issued for the purpose of refinancing previously issued debt to finance construction of various improvements on the Borrower's permanent campus, including five undergraduate dormitories and other facilities to provide faculty, staff and graduate student housing (the "Refunded Bonds Projects"); 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 or refinanced with the proceeds of tax-exempt bonds is located may 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 a notice of a public hearing to consider approval of the Bonds and the refunding of the Refunded Bonds to be published on February 7, 2023, in the Naples Daily News, a newspaper of general circulation in the County, a copy of said notice being attached to the Authority Resolution described herein (the "Notice"); and WHEREAS, the Authority held a public hearing on February 15, 2023, pursuant to the Notice and adopted a resolution (the "Authority Resolution") providing its preliminary authorization for the issuance of the Bonds, a copy of which is attached hereto as Exhibit A, and Packet Pg. 1368 16. K.2.a 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, it appears to the Board that the approval of the issuance and sale of such Bonds, as required by Section 147(f) of the Code, is in the best interests of the County, 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 described in the Notice pursuant to Section 147(f) of the Code. The Bonds shall be issued in such series, in such aggregate principal amount (not to exceed $60,000,000), bear interest at such rate or rates, mature in such amount or amounts and be subject to redemption as are approved by the Authority without the further approval of this Board. The Bonds shall not constitute a debt, liability or obligation of the County, the Board, any officer, agent or employee of the County, the State of Florida (the "State") 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 the County or the State 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 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 the County within the regulatory jurisdiction of the County, including, but not limited to, the Collier County Growth Management Plan and 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. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption, and any provisions of any previous resolutions in conflict with the provisions hereof are hereby superseded. [Signature page to follow] [23-MBG-00541 /1771553/11 Packet Pg. 1369 16. K.2.a This Resolution adopted this 28th day of February, 2023, after motion, second, and majority in favor of passage. ATTEST: Crystal K. Kinzel, Clerk of Courts to J , Deputy Clerk , County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Attachment: V Exhibit A — Authority Resolution No. 2023-01 Rick LoCastro, Chairman Packet Pg. 1370 Exhibit "A" 16. K.2.a RESOLUTION NO.2023-01 AN INDUCEMENT RESOLUTION OF THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REGARDING ITS OFFICIAL ACTION WITH RESPECT TO THE PROPOSED ISSUANCE OF ITS COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE REFUNDING BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2023 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $60,000,000 FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR A PORTION OF THE OUTSTANDING COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE REFUNDING BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2013A (THE "REFUNDED BONDS"); AUTHORIZING THE EXECUTION AND DELIVERY OF A PRELIMINARY AGREEMENT WITH THE UNIVERSITY; AND PROVIDING FOR RELATED MATTERS. WHEREAS, Ave Maria University, Inc., a Florida not for profit corporation (the "Borrower"), operates a university within Collier County, Florida (the "County"), and has requested that Collier County Educational Facilities Authority (the "Issuer") issue its Collier County Educational Facilities Authority Revenue Refunding Bonds as tax-exempt bonds (the 'Bonds") in an aggregate principal amount not to exceed $60,000,000 and loan the proceeds thereof to the Borrower to assist the Borrower in refunding the Issuer's $65,000,000 Collier County Educational Facilities Authority Revenue Refunding Bonds (Ave Maria University, Inc. Project), Series 2013A outstanding in the aggregate principal amount of $53,830,000 (the "Refunded Bonds") which were issued for the purpose of refinancing previously issued debt to finance construction of various improvements on the Borrower's permanent campus, including five undergraduate dormitories and other facilities to provide faculty, staff and graduate student housing (the "Refunded Bonds Projects"); and WHEREAS, the Borrower has requested that the Issuer issue the Bonds and sell them to RBC Capital Markets, LLC, as underwriter, and the proceeds of the Bonds will be loaned to the Borrower pursuant to Part I of Chapter 243, Florida Statutes, or such other provision or provisions of Florida law as the Issuer may determine advisable (the "Act") in order to accomplish the foregoing purposes; and WHEREAS, the issuance of the Bonds and the loaning of the proceeds thereof to the Borrower to refinance the costs of the Refunded Bonds Projects by refunding the Refunded Bonds under loan or other financing agreements, and pursuant to the terms thereof which will provide that payments thereunder be at least sufficient to pay the EXHIBIT A AUTHORITY RESOLUTION Packet Pg. 1371 16. K.2.a principal of and interest and redemption premium, if any, on such Bonds and such other costs in connection therewith as may be incurred by the Issuer, will assist the Borrower and promote the public purposes provided in the Act; 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 Issuer did on the date hereof hold a public hearing on the proposed issuance of the Series 2023 Bonds for the purposes herein stated, which date is more than 7 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 Series 2023 Bonds and the location and nature of the Refunded Bonds Projects, 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 Series 2023 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 1. 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 refinancing of the costs of the Refunded Bonds Projects by refunding the Refunded Bonds and to provide an expression of intention by the Issuer, 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 ("State") 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 of even date herewith between the Issuer and the Borrower. SECTION 3. FINDINGS AND DETERMINATIONS. After considering the Application for Financing filed by the Borrower, the presentation of the Borrower and the testimony of, officials and agents of the Borrower, and the comments of members of the public, if any, the Issuer makes the following findings and determinations: A. Located on approximately 750 acres in the Immokalee/North Golden Gate Estates area of Collier County, the Borrower employs more than 240 people, including approximately 75 faculty members, and has an annual budget of more than $40 million in 2022, nearly all of which is spent locally. 2 Packet Pg. 1372 16. K.2.a B. Borrower expenditures generate revenues and profits, and stimulate commerce and employment for local businesses and County residents. C. As a result of its location in the unincorporated town of Ave Maria, the Borrower has helped the growth of the town to 586 homes sold in 2022, adding to the 3,500 existing homes and approximately 15,000 residents, resulting in a more efficient utilization of public infrastructure. D. As a liberal arts institution of higher education, the Borrower plays a critical role in advancing social, religious, cultural and academic interests in Collier County, and provides the community with cultural experiences not typically available in rural areas. E. The Borrower is an affordable, accredited university that provides local residents with educational opportunities not previously available in Southwest Florida. 23.64% of its undergraduate students are minority students. F. The refinancing of the Refunded Bonds at a lower interest rate will enable the Borrower to more efficiently utilize its available funds, more accurately plan for long term capital needs and improve its financial position, which will in turn enable the Borrower to expand the services and benefits it provides to the community. G. The issuance of the Bonds 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. SECTION 4. APPROVAL OF THE REFUNDING. The refinancing of the costs of the Refunded Bonds Projects by refunding the Refunded Bonds through the issuance of the Bonds, pursuant to the Act, 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 of the Issuer. SECTION 5. AUTHORIZATION OF THE BONDS. There is hereby authorized to be issued and the Issuer 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 $60,000,000 for the principal purposes of refinancing the costs of the Refunded Bonds Projects by refunding the Refunded Bonds as described in the Preliminary Agreement. 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 Issuer and are further authorized to take such steps and actions as may be required or necessary in order 3 Packet Pg. 1373 16. K.2.a to cause the Issuer 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 Issuer toward the issuance of the Series 2023 Bonds, as contemplated in the Preliminary Agreement, in accordance with the purposes of the laws of the State, the Code and the applicable United States Treasury Regulations. The Borrower has indicated that it may reimburse itself from proceeds of the Series 2023 Bonds for prior expenditures made from its capital expense fund or similar account for eligible expenses under the Code. 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 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 Issuer and the Borrower prior to or contemporaneously with the issuance of the Bonds. The Issuer 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 applications, regulatory permits, or any other requirements of the Collier County Growth Management Plan or the Land Development Regulations adopted pursuant thereto relating to the Refunded Bonds Projects and the Issuer shall not be construed by reason of its adoption of this resolution to have waived any right of Collier County or estopping Collier County from asserting any rights or responsibilities it may have in that regard. [Signature page to follow] 0 Packet Pg. 1374 16.K.2.a [SIGNATURE PAGE TO INDUCEMENT RESOLUTION] SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately. ADOPTED this 15th day of February, 2023. ATTEST Secretary COLLIER COUNTY EDUCATIONAL FACILITIES, AUTHORITY Chairman S-1 Packet Pg. 1375 16. K.2.a EXHIBIT A TO RESOLUTION AFFIDAVIT OF PUBLICATION OF NOTICE OF PUBLIC HEARING Packet Pg. 1376 16. K.2.a NABORSGIBLIN NICKERS ON PA 1500 MAHAN DR. 200 TALAHASSEE, FL 32308 Affidavit of Publication STATE OF WISCONSIN COUNTY OF BROWN Before the undersigned they serve as the authority, personally appeared said legal clerk who on oath says that he/she serves as Legal Clerk of the Naples Daily News, a daily newspaper published at Naples, in Collier County, Florida; distributed in Collier and Lee counties of Florida; that the attached copy of the advertising was published in said newspaper on dates listed. Affiant further says that the said Naples Daily News is a newspaper published at Naples, in said Collier County, Florida, and that the said newspaper has heretofore been continuously published in said Collier County, Florida; distributed in Collier and Lee counties of 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 one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he has neither paid nor promised any person, or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in said newspaper issue(s) dated or by publication on the newspaper's website, if authorized, on Issue(s) dated: 02107/2023 Subscribed and sworn to before on February 7, 2023 ,,�2 2z�� �,4z M� Notary, Stale WI County fowwnn 49-3 My commission expires Publication Cost: $427.00 Ad No: 0005582297 Customer No: 1306575 PO #: legal notice # of Affidavits This is not an invoice NOTICE OF PUBLIC HEARING Notice is hereby given that on February 15, 2023, a public hear- ing will be held in Conference Room C, Collier County Growth Management Community Development Department, 2800 North Horseshoe Drive, Naples, Florida 34104, commencing at 9:00 a.m. Eastern Standard Time, with respect to the proposed issuance by the Collier County Educational Facilities Authority (the "Issuer") of its Revenue Refunding Bonds (Ave Maria University Inc- Project), Series 2023 (the "Series 2023 Bonds") in an aggregate principal amount not to exceed $60,000,000, The proceeds of the Series 2023 Bonds are to be used for the pur- pose of making a loan to assist Ave Maria University, Inc. (the "Borrower"), a Florida not -for -profit corporation and an entity described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, in refinancing certain costs of acquiring, con- structing, equipping and improving "educational facilities" by (a) refunding the Issuer's $65,000,000 Collier County Educationa{ facilities Authority Revenue Refunding Bonds (Ave Marla University Inc. Project), Series 2013A currently outstanding in the aggate principal amount of $53,830,000 (the "Refunded Bonds"), re (�) establishment of a debt service reserve account for the Series 2023 Bonds, and (t) paying certain costs relating to the refunding of the Refunded Bonds. The Refunded Bonds were issued for the purpose of refinancing previously issued debt to finance construction of various improvements on the Borrower's permanent campus, including five undergraduate dormitories and other facilities to provide faculty, staff and graduate student housing (the "Projects"). The campus is located at 5050 Ave Maria Boulevard, Ave Maria, Florida. The dormitories are located at 5277, 5281 and 5287 Dolan Street and at 5254 and 5262 Donahue Street, all on the west side of Ave Maria Boulevard; other portions of the Project are located at 5224-5254 Beckton Road, Ave Maria, Florida. The Pects are owned and operated by the Borrower. The Ser- ies 20rotl 23 Bonds will be special obligations of the Issuer and will not constitute a debt or a pledge of the faith and credit of the Issuer. The Issuer has no taxing power. Persons wishing to ex- press their views on the proposed bond issuance may appear at the hearing or may submit their views in writing. Any written submissions should be sent to Collier County Educational Facili- ties Authority, do Donald A. Pickworth, P.A., 725 High Pines Drive, Naples, Florida 34103, and be clearly marked "Re: Reve- nue Refunding Bonds (Ave Maria University, Inc. Protiect), Series 2023." Written submissions should be mailed in suRcient time to be received before 12:00 p.m., February 11, 2023. If any person decides to appeal any decision made by the Issuer with respect to any matter considered at such public hearing such person will need a record of the proceedings and for such purpose, may need to ensure that a verbatim record of the pro- ceedings is made, which record Includes the testimony and the evidence upon which the appeal is to be based. Please direct in- quiries to: Donald A. Pickworth, P.A, at address set forth above. In accordance with the Americans with Disabilities Ad, persons needing a special accommodation to participate in this proceed- ing should contact the individual or agency publishing this no- tice no later than four days prior to the proceeding at the ad- dress given in this notice. Telephone: 239/404-1475 (Attention: Donald A. Pickworth). COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY Donald Pickworth, Executive Director Pub Date: Feb. 7, 2023 5582297 NANCY HEYRMAN Notary Public State of Wisconsin EXHIBIT A TO AUTHORITY RESOLUTION Packet Pg. 1377 RESOLUTION NO.2013- 116 A RESOLUTION OF THE BOARD OF COUNTY CON IISSIONERS OF COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE AND SALE OF REVENUE BONDS BY THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY, AS REQUIRED BY SECTION 147(f) OF THE INTERNAL REVENUE CODE, AS AMENDED; AND PROVIDING FOR OTHER RELATED MATTERS. 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. 79-34 duly adopted by the Board of County Commissioners on February 27, 1979, Pursuant to Part I of Chapter 243, Florida Statutes as amended, with the power to issue revenue bonds for the purposes of financing or refinancing the costs of a "project" as defined in Part I of Chapter 243, Florida Statutes, as amended; and WHEREAS, Ave Maria University, Inc., a Florida not -for -profit corporation the o "University'), operates a university within Collier County, Florida (the "County"), and has requested that the Collier County Educational Facilities Authority (the "Authority"} issue its Collier County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds as tax-exempt w bonds in an aggregate principal amount not to exceed $68,000,000 (the "Tax -Exempt Bonds") and taxable bonds in an aggregate principal amount not to exceed $500,000 (the "Taxable Bonds" and together with the Tax -Exempt Bonds, the `Bonds') and loan the proceeds thereofto the University to N assist the University in refunding the Authority's (a) $30,470,000 Collier County Educational Facilities Authority Variable Rate Demand Limited Obligation Revenue Bonds (Ave Maria M University, Inc. Project), Series 2006 outstanding in the aggregate principal amount of $26,300,000 c cm (the "Refunded Series 2006 Bonds') which were issued for the purpose of financing and refinancing o student housing (the "Series 2006 Project"); (b) $10,000,000 Collier County Educational Facilities Z Authority Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2007 outstanding in the aggregate principal amount of $9,500,000 (the "Refunded Series 2007 Bonds") ' which were issued for the purpose of financing and refinancing the costs of acquisition of housing for faculty, staff, graduate and undergraduate students and the construction of an undergraduate dormitory (the "Series 2007 Project"); and (c) $17,000,000 Collier County Educational Facilities Authority Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2008 E outstanding in the aggregate principal amount of $ 16,500,000 (the "Refunded Series 2008 Bonds" and together with the Refunded Series 2006 Bonds and the Refunded Series 2007 Bonds, the r "Refunded Bonds") which were issued for the purpose of financing and refinancing a student Q dormitory (the "Series 2008 Project," collectively with the Series 2006 Project and the Series 2008 Project, the "Refunded Bonds Projects"); 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 Packet Pg. 1378 area in which the facility financed or refinanced 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 a notice of a public hearing to consider approval of the Tax -Exempt Bonds and the refunding of the Refunded Bonds to be published on April 25, 2013, in the Naples Daily News a newspaper of general circulation in Collier County, a copy of said notice being attached to the Authority Resolution described herein (the "Notice"); and WHEREAS, the Authority held a public hearing on May 10, 2013, 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 to the Authority Resolution, and has recommended to the Board that it approve the issuance of the Tax -Exempt Bonds in accordance with Section 147(f) of the Code; and WHEREAS, for the reasons set forth above, it appears to the Board that the approval of the issuance and sale of such Tax -Exempt Bonds, as required by Section 147(f) of the Code, is in the best interests of Collier County, 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 Tax -Exempt Bonds by the Authority for the purposes described in the Notice pursuant to Section 147(f) of the Code. The Tax -Exempt Bonds shall be issued in such =' series, in such aggregate principal amount (not to exceed $68,000,000), bear interest at such rate or rates, mature in such amount or amounts and be subject to redemption as are approved by the A Authority without the further approval of this Board. c N The Bonds shall not constitute a debt, liability or obligation of Collier County, the Board, any officer, agent or employee of Collier County, the State ofFlorida 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 or 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 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 within the regulatory jurisdiction of Collier County, including, but not limited to, the Collier County Growth Management Plan and 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 Packet Pg. 1379 the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision. SECTION 3. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption, and any provisions of any previous resolutions in conflict with the provisions hereof are hereby superseded. This Resolution adopted this 28th day of May, 2013 after motion, second, and majority in favor of passage. HOARD OF COUNTY COMMISSIONERS I?WIOHT E. Bl#CCK, CLERK OF COLLIER COUNTY, FLORIDA i qD _ 1 ut B Mn Ap far form d legal sufficiency: Scott R. Teach Deputy County Attorney 3 Packet Pg. 1380 EXHIBIT A TO RESOLUTION AUTHORITY RESOLUTION Q Packet Pg. 1381 RESOLUTION NO. 2013 1 AN INDUCEMENT RESOLUTION OF THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REGARDING THE OFFICIAL ACTION OF THE o AUTHORITY WITH RESPECT TO THE PROPOSED ISSUANCE BY THE AUTHORITY OF ITS COLLIER COUNTY o EDUCATIONAL FACILITIES AUTHORITY REVENUE L REFUNDING BONDS (AVE MARIA UNIVERSITY, INC. � c PROJECT), SERIES 2013A (THE "SERIES 2013A BONDS") AND �° ITS COLLIER COUNTY EDUCATIONAL FACILITIES r AUTHORITY REVENUE BONDS (AVE MARIA UNIVERSITY, o INC. PROJECT), SERIES 20I 3B (TAXABLE) (THE "SERIES 2013B BONDS" AND TOGETHER WITH THE SERIES 2013A BONDS, Q THE "BONDS") IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $68,000,000 FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR A PORTION OF THE OUTSTANDING (A) COLLIF,R COUNTY EDUCATIONAL FACILITIES AUTHORITY VARIABLE RATE DEMAND LIMITED o OBLIGATION REVENUE BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2006, (13) COLLIER COUNTY 3 EDUCATIONAL FACILITIES AUTHORITY EDUCATIONAL w FACILITIES REVENUE BONDS (AVE MARIA UNIVERSITY, N INC. PROJECT), SERIES 2007, AND (C) COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY EDUCATIONAL N FACILITIES REVENUE BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2008 (COLLECTIVELY, TIIE M "REFUNDED BONDS"); AUTHORIZING THE EXECUTION o AND DELIVERY OF A PRELIMINARY AGREEMENT o BETWEEN THE AUTHORITY AND THE UNIVERSITY; z AND PROVIDING FOR RELATED MATTERS. o WHEREAS, Ave Maria University, Inc., a Florida not -for -profit corporation (the "University"), operates a university within Collier County, Florida (the "County"), and has requested that Collier County Educational 'Facilities Authority (the "Authority") issue its Collier County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds as tax-exempt bonds (the "Tax -Exempt Bonds") and taxable bonds (the "Taxable Bonds" and together with the Tax -Exempt Bonds, the `Bonds") in an aggregate principal amount not to exceed $68,000,000 and loan the proceeds thereof to the University to assist the University in refunding the Authority's (a) $30,470,000 Collier County Educational MIA 183190403VS EXHIBIT A TO COUNTY RESOLUTION Packet Pg. 1382 Facilities Authority Variable Rate Demand Limited Obligation Revenue Bonds (Ave Maria University, Inc. Project), Series 2006 outstanding in the aggregate principal amount of $26,300,000 (the "Refunded Series 2006 Bonds") which were issued for the purpose of financing and refinancing student housing (the "Series 2006 Project"); (b) 510,000,000 Collier County Educational Facilities Authority Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2007 outstanding in the aggregate principal amount of 12 $9,500,000 (the "Refunded Series 2007 Bonds") which were issued for the purpose of financing and refinancing the costs of acquisition of housing for faculty, staff, graduate and o Ser undergraduate students and the construction of an undergraduate Authoritory ity Educational project"); and (c) $17,000,000 Collier County Education e Bono Facilities Revenue {Ave Maria University, Inc. Project), Series 2008 outstanding in 0 iamount of $16,500,000 (the "Refunded Series 2008 Bonds" and > the aggregate principal together with the Refunded Series 2006 Bands and the nannc�n Band refinancing a sudent "Refunded Bonds") which were issued far the purpose o gQ ect," collectively with the Series 2006 Project and the Series dormitory (the "Series 2008 Proj 2008 Project, the "Refunded Bonds Projects"); and WHEREAS, the University has requested that the Authority loan the proceeds of the r iorida Statutes, Or 5UCh other Bonds to the University pursuant to Part 1 of Chapter 243, r isir previsions of Florida law as the Authority may determine provision oadvisable (the "Act") ' in order to accomplish the foregoing purposes; and w g of the proceeds thereof to the WHEREAS, the issuance of he Bonds and the nds Prloaniojects by refunding the Refunded N o University to refinance the costs of the Refunded Bo } thereof which will N Bonds under loan or other financing agreements, and rpursuant ahe the ncip 1 of and interest and � provide that payments thereunder be at least sufficient pay p r redemption premium, if any, on such Bonds and such other costs in connection therewith as A maybe incurred by the Authority, will assist the University and promote the public purposes N provided in the Act; and ° z WHEREAS, in order to satisfy certain of the requirements ulhoritt' did onon he date 3 Internal Revenue Code of 1956, as amended (the "Code"}, Y 0 hereof hold a public hearing on the 'prT p thansl4ore d ys follownce of the ing the Erst publication of W purposes herein stated, which datein notice of such public hearing in u t newspaper of thatral provided rlon easonablelopportu y for which public hearing was conducted in a P E persons with differing views to be hcard, both orally and in writing, on the issuance of U Series 2013A Bonds and the location and nature of he Refunded Bonds Projects, as more r particularly described in the notice of public hearing attached hereto as Exhibit A; and Q MfA lejI9040M Packet Pg. 1383 WHEREAS, it is intended that this Resolution shall constitute official action toward the issuance of the Series 2013A 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 University; NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY, THAT., SECTION 1. 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 University to proceed with the refinancing of the costs of the Refunded Bonds Projects by refunding the Refunded Bonds 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 of even date herewith between the Authority and the University. SECTION 3. FINDINGS AND DETERMINATIONS. After considering the w application for Financing filed by the University, the presentation of the Application by, and the testimony of, officials and agents of the University, and the comments of members of the public, if any, the Authority makes the following findings and determinations: N A. Located on approximately 750 acres in the immokalee/North Golden Gate Estates area of Collier County, the University employs over 200 people, including A approximately 80 faculty members, and has an annual budget of more than $25 million in N 2013, nearly all of which is spent locally. o z c B. University expenditures generate revenues and profits, and stimulate commerce o and employment for local businesses and County residents. o C. As a result of its location in the unincorporated town of Ave Maria, the University has helped the growth of the town to 450 new homes and 2000 new residents, resulting in a more efficient utilization of public infrastructure. D. As a liberal arts institution of higher education, the University plays a critical role in advancing social, religious, cultural and academic interests in Collier County, and Q provides the community with cultural experiences not typically available in rural areas. ARA 183190403v5 Packet Pg. 1384 E, The University is an affordable, accredited university that provides local residents with educational opportunities not previously available in Southwest Florida. 22% of its undergraduate students are minority students. F. The Refunded Bonds are variable rate bonds, which, while at present offers the lowest cost of capital, leaves the University exposed to certain risks, among which are (i) unexpected or protracted rises in interest costs, (ii) the inability to extend or replace the letters of credit securing the Refunded Bonds prior to the expiration of such letters of credit. & Addressing these risks through the issuance of the Bonds will enable 'the University to more efficiently utilize its available funds, more accurately plan for long term capital needs and improve its financial position, which will in turn enable the University to expand the services and benefits it provides to the community. H. The issuance of the Bonds will promote the economic development, prosperity, health and welfare of the citizens of Collier County�, willpromote purpothe of the Act economic structure of Collier County, and will thereby se lpublic SECTION 4. APPROVAL OF TH� the Refundn Dd Bandslthrough the i� 5uanee g of the costs of the Refunded Bonds Projects by refunding of the Bands, pursuant to the Act, is hereby preliminarily approved, he Preliminary Agreement t, however, in o respects to the University meeting the conditions the sole satisfaction of the Authority. SECTION 5. AUTHORIZATION Odeter THE BONDS. issuthe Bonds, There is of ba authorized to be issued and the Authority hereby requested by the University and subject in all a outnttnotlto exceed $68 000,000 for the Preliminary Agreement, in an aggregate pre conditions set forth in the incipall am principal purposes of refinancing the costs of the Refunded Bonds The rate of interest fpayab payable Refunded Bonds as described in the Preliminary Ag 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 acttio nail esbe ctstto the terms and conditquired or necessary in ions serder t cause the Authority to issue the Bonds subject forth in the Preliminary Agreement authorized hereby. of SECTION 7. OFFICIAL ACTION. 1 is resolution asscontean fmplated eial tin the the Authority toward the issuance of the Series 2 M(A 1831904030 Packet Pg. 1385 16. K.2.b Preliminary Agreement, in accordance with the purposes of the laws of the State of Florida, the Code 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 University 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 applications, regulatory permits, or any other requirements of the Collier County Growth Management Plan or the Land Development Regulations adopted pursuant thereto relating to the Refunded Bonds Projects and the Authority shall not be construed by reason of its adoption of this resolution to have waived any right of Collier County or estopping Collier County from asserting any rights or responsibilities it may have in that regard. SECTION IQ. EFFECTIVE DATE. This Resolution shall take effect immediately. ADOPTED this loth day of May, 2013. (SEAL) ATTEST: Secretar MBA 183190403v5 COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY Chairman r A r 0 N Packet Pg. 1386 Naples Daily News Naples, FL 34110 Affidavit of Publication Naples Daily News _----------•------------•---------------------------+------------------------ PICKWORTH, DONALD P.A. 5100 TAMIAMI TRL N STE 103 NAPLES FL 34103 woncE OF Pulu[ PIEMING REFERENCE: 010784 59718213 NOTICE OF PUBLIC State of Florida �►+*� m'�'''°"` '�'° ��-,„,wp,°"`c;e�'�Im ' Counties of Collier and Leee^wwWe�r+a�00 �p'°`�oo qMW Before the undersigned authority, pei '' �' ; '" Kidwh�r°V&W* °irtf�id appeared Amy Davidson, says that she sE y,"� w�.'+. un Pr Inside Sales Supervisor, of the Naples f okkomml s'� wrt an.E� a daily newspaper published at Naples, �' "'� 4 s17.Mg „� r,o>�n County, Florida: distributed in Colliez= E �2Wgo" aw" ow ds� and Lee counties of Florida; that the au,�;,asoa , °�',�0f°""9 or copy of advertising was published in sajefurkuen°;*'``,>x ��+e ro) fhm newspaper on dates listed.a"",,,, ai".a.�++ v Affiant further says that the said Nafft W i Alan*Iauta-4AwM- FWW4LThe News is a newspaper published at NaplSM es � �a:of#M,� '`.,�""'�n:�,miA"Ma � Col l ier County, Florida, and that the s �"►• "O'd �" Man. newspaper has heretofore been continuou we ,;,d b, unh.�snr' Tha swim 2'3 day and has been entered as second clan, .ana� w<�of s �¢"'ca n,aw" ROL � � p°" matter at the post office in Naples, in Collier County, Florida, for a period o: to ont toism VW "'cdrcw�r a ;' o�, r.at. Rwk next preceding the first publication of � 31, .,,w +e s Wed, In " m " �'x06 attached copy of advertisement; and aff.pmh. 201 by tlw WLW wNh resent further says that he has neither paid nr �a�M.�Y ritO, , "ps ca`i..rts�yanxt ;mod ,�;� V",d promised any person, firm or corporatio: � jg*.w d, A mod" A discount, rebate, commission or refund 1- �aappppeeM,W mt* WwL �""d`�`i�.'.T ederae sKlodsl4o�. �^Q� purpose of securing this advertisement JIn , N,; A wkary whfi owmma is Wom**A sPan- publication in the said newspaper.W"WW.�`«aa ^,w,�a'�"m' "n 0 PUBLISHED ON : 04 2 5 cpweRcoEssm EUUCAnowa fluClLrrI" 1%WTKW" AD SPACE: 104 LINE FILED ON: 04/25/13 ---------------•-_--__-- -.-]-- Signature of Affiant Sworn to and Subscribed bed swrwld pkkwnrtlt. Es�aasth'a plranor --------.----------+------------------------ me 4�1. sday of,J Personally known by me EXHIBIT A TO AUTHORITY RESOLUTION 20 �. MY CLVh1111SS001H a EE 85?758 EXPIRES: tNm d—,r 21, 2014 W4&d Tbu Pd" huxWC.AgWq co r M 0 N Packet Pg. 1387 16. K.2.c RESOLUTION NO.2023-01 AN INDUCEMENT RESOLUTION OF THE COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REGARDING ITS OFFICIAL ACTION WITH RESPECT TO THE PROPOSED ISSUANCE OF ITS COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE REFUNDING BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2023 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $60,000,000 FOR THE PRINCIPAL PURPOSE OF REFUNDING ALL OR A PORTION OF THE OUTSTANDING COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE REFUNDING BONDS (AVE MARIA UNIVERSITY, INC. PROJECT), SERIES 2013A (THE "REFUNDED BONDS"); AUTHORIZING THE EXECUTION AND DELIVERY OF A PRELIMINARY AGREEMENT WITH THE UNIVERSITY; AND PROVIDING FOR RELATED MATTERS. WHEREAS, Ave Maria University, Inc., a Florida not for profit corporation (the "Borrower"), operates a university within Collier County, Florida (the "County"), and has requested that Collier County Educational Facilities Authority (the "Issuer") issue its Collier County Educational Facilities Authority Revenue Refunding Bonds as tax-exempt bonds (the 'Bonds") in an aggregate principal amount not to exceed $60,000,000 and loan the proceeds thereof to the Borrower to assist the Borrower in refunding the Issuer's $65,000,000 Collier County Educational Facilities Authority Revenue Refunding Bonds (Ave Maria University, Inc. Project), Series 2013A outstanding in the aggregate principal amount of $53,830,000 (the "Refunded Bonds") which were issued for the purpose of refinancing previously issued debt to finance construction of various improvements on the Borrower's permanent campus, including five undergraduate dormitories and other facilities to provide faculty, staff and graduate student housing (the "Refunded Bonds Projects"); and WHEREAS, the Borrower has requested that the Issuer issue the Bonds and sell them to RBC Capital Markets, LLC, as underwriter, and the proceeds of the Bonds will be loaned to the Borrower pursuant to Part I of Chapter 243, Florida Statutes, or such other provision or provisions of Florida law as the Issuer may determine advisable (the "Act") in order to accomplish the foregoing purposes; and WHEREAS, the issuance of the Bonds and the loaning of the proceeds thereof to the Borrower to refinance the costs of the Refunded Bonds Projects by refunding the Refunded Bonds under loan or other financing agreements, and pursuant to the terms thereof which will provide that payments thereunder be at least sufficient to pay the EXHIBIT A AUTHORITY RESOLUTION Packet Pg. 1388 16. K.2.c principal of and interest and redemption premium, if any, on such Bonds and such other costs in connection therewith as may be incurred by the Issuer, will assist the Borrower and promote the public purposes provided in the Act; 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 Issuer did on the date hereof hold a public hearing on the proposed issuance of the Series 2023 Bonds for the purposes herein stated, which date is more than 7 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 Series 2023 Bonds and the location and nature of the Refunded Bonds Projects, 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 Series 2023 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 1. 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 refinancing of the costs of the Refunded Bonds Projects by refunding the Refunded Bonds and to provide an expression of intention by the Issuer, 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 ("State") 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 of even date herewith between the Issuer and the Borrower. SECTION 3. FINDINGS AND DETERMINATIONS. After considering the Application for Financing filed by the Borrower, the presentation of the Borrower and the testimony of, officials and agents of the Borrower, and the comments of members of the public, if any, the Issuer makes the following findings and determinations: A. Located on approximately 750 acres in the Immokalee/North Golden Gate Estates area of Collier County, the Borrower employs more than 240 people, including approximately 75 faculty members, and has an annual budget of more than $40 million in 2022, nearly all of which is spent locally. 2 Packet Pg. 1389 16. K.2.c B. Borrower expenditures generate revenues and profits, and stimulate commerce and employment for local businesses and County residents. C. As a result of its location in the unincorporated town of Ave Maria, the Borrower has helped the growth of the town to 586 homes sold in 2022, adding to the 3,500 existing homes and approximately 15,000 residents, resulting in a more efficient utilization of public infrastructure. D. As a liberal arts institution of higher education, the Borrower plays a critical role in advancing social, religious, cultural and academic interests in Collier County, and provides the community with cultural experiences not typically available in rural areas. E. The Borrower is an affordable, accredited university that provides local residents with educational opportunities not previously available in Southwest Florida. 23.64% of its undergraduate students are minority students. F. The refinancing of the Refunded Bonds at a lower interest rate will enable the Borrower to more efficiently utilize its available funds, more accurately plan for long term capital needs and improve its financial position, which will in turn enable the Borrower to expand the services and benefits it provides to the community. G. The issuance of the Bonds 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. SECTION 4. APPROVAL OF THE REFUNDING. The refinancing of the costs of the Refunded Bonds Projects by refunding the Refunded Bonds through the issuance of the Bonds, pursuant to the Act, 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 of the Issuer. SECTION 5. AUTHORIZATION OF THE BONDS. There is hereby authorized to be issued and the Issuer 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 $60,000,000 for the principal purposes of refinancing the costs of the Refunded Bonds Projects by refunding the Refunded Bonds as described in the Preliminary Agreement. 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 Issuer and are further authorized to take such steps and actions as may be required or necessary in order 3 Packet Pg. 1390 16. K.2.c to cause the Issuer 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 Issuer toward the issuance of the Series 2023 Bonds, as contemplated in the Preliminary Agreement, in accordance with the purposes of the laws of the State, the Code and the applicable United States Treasury Regulations. The Borrower has indicated that it may reimburse itself from proceeds of the Series 2023 Bonds for prior expenditures made from its capital expense fund or similar account for eligible expenses under the Code. 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 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 Issuer and the Borrower prior to or contemporaneously with the issuance of the Bonds. The Issuer 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 applications, regulatory permits, or any other requirements of the Collier County Growth Management Plan or the Land Development Regulations adopted pursuant thereto relating to the Refunded Bonds Projects and the Issuer shall not be construed by reason of its adoption of this resolution to have waived any right of Collier County or estopping Collier County from asserting any rights or responsibilities it may have in that regard. [Signature page to follow] 0 Packet Pg. 1391 16.K.2.c [SIGNATURE PAGE TO INDUCEMENT RESOLUTION] SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately. ADOPTED this 15th day of February, 2023. ATTEST Secretary COLLIER COUNTY EDUCATIONAL FACILITIES, AUTHORITY Chairman S-1 Q Packet Pg. 1392 16. K.2.c EXHIBIT A TO RESOLUTION AFFIDAVIT OF PUBLICATION OF NOTICE OF PUBLIC HEARING Packet Pg. 1393 16. K.2.c NABORSGIBLIN NICKERS ON PA 1500 MAHAN DR. 200 TALAHASSEE, FL 32308 Affidavit of Publication STATE OF WISCONSIN COUNTY OF BROWN Before the undersigned they serve as the authority, personally appeared said legal clerk who on oath says that he/she serves as Legal Clerk of the Naples Daily News, a daily newspaper published at Naples, in Collier County, Florida; distributed in Collier and Lee counties of Florida; that the attached copy of the advertising was published in said newspaper on dates listed. Affiant further says that the said Naples Daily News is a newspaper published at Naples, in said Collier County, Florida, and that the said newspaper has heretofore been continuously published in said Collier County, Florida; distributed in Collier and Lee counties of 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 one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he has neither paid nor promised any person, or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in said newspaper issue(s) dated or by publication on the newspaper's website, if authorized, on Issue(s) dated: 02107/2023 Subscribed and sworn to before on February 7, 2023 ,,�2 2z�� �,4z M� Notary, Stale WI County fowwnn 49-3 My commission expires Publication Cost: $427.00 Ad No: 0005582297 Customer No: 1306575 PO #: legal notice # of Affidavits This is not an invoice NOTICE OF PUBLIC HEARING Notice is hereby given that on February 15, 2023, a public hear- ing will be held in Conference Room C, Collier County Growth Management Community Development Department, 2800 North Horseshoe Drive, Naples, Florida 34104, commencing at 9:00 a.m. Eastern Standard Time, with respect to the proposed issuance by the Collier County Educational Facilities Authority (the "Issuer") of its Revenue Refunding Bonds (Ave Maria University Inc- Project), Series 2023 (the "Series 2023 Bonds") in an aggregate principal amount not to exceed $60,000,000, The proceeds of the Series 2023 Bonds are to be used for the pur- pose of making a loan to assist Ave Maria University, Inc. (the "Borrower"), a Florida not -for -profit corporation and an entity described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, in refinancing certain costs of acquiring, con- structing, equipping and improving "educational facilities" by (a) refunding the Issuer's $65,000,000 Collier County Educationa{ facilities Authority Revenue Refunding Bonds (Ave Marla University Inc. Project), Series 2013A currently outstanding in the aggate principal amount of $53,830,000 (the "Refunded Bonds"), re (�) establishment of a debt service reserve account for the Series 2023 Bonds, and (t) paying certain costs relating to the refunding of the Refunded Bonds. The Refunded Bonds were issued for the purpose of refinancing previously issued debt to finance construction of various improvements on the Borrower's permanent campus, including five undergraduate dormitories and other facilities to provide faculty, staff and graduate student housing (the "Projects"). The campus is located at 5050 Ave Maria Boulevard, Ave Maria, Florida. The dormitories are located at 5277, 5281 and 5287 Dolan Street and at 5254 and 5262 Donahue Street, all on the west side of Ave Maria Boulevard; other portions of the Project are located at 5224-5254 Beckton Road, Ave Maria, Florida. The Pects are owned and operated by the Borrower. The Ser- ies 20rotl 23 Bonds will be special obligations of the Issuer and will not constitute a debt or a pledge of the faith and credit of the Issuer. The Issuer has no taxing power. Persons wishing to ex- press their views on the proposed bond issuance may appear at the hearing or may submit their views in writing. Any written submissions should be sent to Collier County Educational Facili- ties Authority, do Donald A. Pickworth, P.A., 725 High Pines Drive, Naples, Florida 34103, and be clearly marked "Re: Reve- nue Refunding Bonds (Ave Maria University, Inc. Protiect), Series 2023." Written submissions should be mailed in suRcient time to be received before 12:00 p.m., February 11, 2023. If any person decides to appeal any decision made by the Issuer with respect to any matter considered at such public hearing such person will need a record of the proceedings and for such purpose, may need to ensure that a verbatim record of the pro- ceedings is made, which record Includes the testimony and the evidence upon which the appeal is to be based. Please direct in- quiries to: Donald A. Pickworth, P.A, at address set forth above. In accordance with the Americans with Disabilities Ad, persons needing a special accommodation to participate in this proceed- ing should contact the individual or agency publishing this no- tice no later than four days prior to the proceeding at the ad- dress given in this notice. Telephone: 239/404-1475 (Attention: Donald A. Pickworth). COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY Donald Pickworth, Executive Director Pub Date: Feb. 7, 2023 5582297 NANCY HEYRMAN Notary Public State of Wisconsin EXHIBIT A TO AUTHORITY RESOLUTION Packet Pg. 1394