Backup Documents 02/28/2023 Item #16K2 ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIF
TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO
THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE
Print on pink paper. Attach to original document. The completed routing slip and original documents are to be forwarded to the County�ttr ey�fa
at the time the item is placed on the agenda. All completed routing slips and original documents must be received in the County Attorney ffi e no later
than Monday preceding the Board meeting.
** ROUTING SLIP**
Complete routing lines#1 through#2 as appropriate for additional signatures,dates,and/or information needed. If the document is already complete with the
exception of the Chairman's signature,draw a line through routing lines#1 through#2,complete the checklist,and forward to the County Attomey Office.
Route to Addressee(s) (List in routing order) Office Initials Date
2.
3. County Attorney Office County Attorney Office JAK 2/28/23
4. BCC Office Board of County
Commissioners
5. Minutes and Records Clerk of Court's Office it ,, .
91-1- 3
PRIMARY CONTACT INFORMATION
Normally the primary contact is the person who created/prepared the Executive Summary. Primary contact inforniation is needed in the event one of the
addressees above may need to contact staff for additional or missing information.
Name of Primary Staff Wanda Rodriguez,ACP Phone Number 252-8123
Contact/Department Office of the County Attorney
Agenda Date Item was 2/28/23 Agenda Item Number 16-K-
Approved by the BCC
Type of Document(s) Resolution approving issuance&sale of Number of Original one
Attached revenue bonds by Educational Facilities Auth Documents Attached
PO number or account N/A ���
number if document is
3(40
to be recorded
INSTRUCTIONS & CHECKLIST
Initial the Yes column or mark"N/A" in the Not Applicable column,whichever is Yes N/A(Not
appropriate. (Initial) Applicable)
1. Does the document require the chairman's original signature(instead of stamp)? N/A
2. Does the document need to be sent to another agency for additional signatures? If yes, N/A
provide the Contact Information(Name;Agency;Address;Phone)on an attached sheet.
3. Original document has been signed/initialed for legality. (All documents to be signed by JAK
the Chairman,with the exception of most letters,must be reviewed and signed by the
Office of the County Attorney.)
4. All handwritten strike-through and revisions have been initialed by the County Attorney N/A
Office and all other parties except the BCC Chairman and the Clerk to the Board.
5. The Chairman's signature line date has been entered as the date of BCC approval of the JAK
document or the final negotiated contract date whichever is applicable.
6. "Sign here"tabs are placed on the appropriate pages indicating where the Chairman's JAK
signature and initials are required.
7. In most cases(some contracts are an exception),the original document and this routing slip N/A
should be provided to the County Attorney Office at the time the item is uploaded to the
agenda. Some documents are time sensitive and require forwarding to Tallahassee within a
certain time frame or the BCC's actions are nullified. Be aware of your deadlines!
8. The document was approved by the BCC on 2/28/23 and all changes made during the JAK N/A is not
meeting have been incorporated in the attached document. The County Attorney an option for
Office has reviewed the changes,if applicable. this line.
9. Initials of attorney verifying that the attached document is the version approved by the JA // N/A is not
BCC, all changes directed by the BCC have been made,and the document is ready for the I an option for
Chairman's signature. this line.
*** send copy of Resolution to Donald Pickworth: Don()DappaLaw.com (239)263-8060
1:Forms/County Forms/BCC Forms/Original Documents Routing Slip WWS Original 9.03.04;Revised 1.26.05;2.24.05;11/30/12;4/22/16;9/10/21
RESOLUTION NO. 2023- . 3 6 1
6
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(0 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
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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-00541/1771553/1]
This Resolution adopted this 28th day of February, 2023, after motion, secon . and
majority in favor of passage.
ATTEST: BOARD OF COUNTY COMMISSIONERS
Crystal K. Kinzel, Clerk of Courts COLLIER COUNTY, FLORIDA
By: 1 G� • By:
1 C • 1
Attest��tO ChiJCmi ..�r eBLylterk Rick LoCastro, Chairman
,
signat re' I .:
Appro ed` s To or leo -•- • :
!
hiti p
Jeffrey . lat ow, County Attorney
Attachment:
Exhibit A—Authority Resolution No. 2023-01
Exhibit "A"
RESOLUTION NO. 2023-01
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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
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
6Kz
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
16K2
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]
4
[SIGNATURE PAGE TO INDUCEMENT RESOLUTION] 1 6 K 2
SECTION 10. EFFECTIVE DATE. This Resolution shall take effect
immediately.
ADOPTED this 15th day of February, 2023.
COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY
Chairman
ATTEST
Secretary
y
S-1
6 KL
EXHIBIT A TO RESOLUTION
AFFIDAVIT OF PUBLICATION OF
NOTICE OF PUBLIC HEARING
• PART-of-THE USATC)bAV Netitibak 6
Published Daily
Naples, FL 34110
NABORSGIBLIN NICKERS ON PA
1500 MAHAN DR. 200
NOTICE OF PUBLIC HEARING
TALAHASSEE, FL 32308 Notice is hereby given that on February 1 S,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
Affidavit of Publication 9:00 a.m. Eastern Standard Time, with respect to the proposed
issuance by the Collier County Educational Facilities Authority
STATE OF WISCONSIN (the 'Issuer') of its Revenue Refunding Bonds (Ave Maria
COUNTY OF BROWN University, Inc.Project), Series 2023(the "Series 2023 Bonds") in
an aggregate principal amount not to exceed S60,000,000, The
proceeds of the Series 2023 Bonds are to be used for the pur-
Before the undersigned they serve as the authority, pose of making a loan to assist Ave Maria University, Inc. (the
"Borrower"), a Florida not-for-profit corporation and an entity
personally appeared said legal clerk who on oath says that described in Section 501(c)(3) of the Internal Revenue Code of
he/she serves as Legal Clerk of the Naples Daily News, a 1986,as amended, in refinancing certain costs of acquiring, con-
structing, equipping and improving "educational facilities' by
daily newspaper published at Naples, in Collier County, (a)refunding the Issuer's 565,000,000 Collier County Educational
Florida; distributed in Collier and Lee counties of Florida; Facilities Authority Revenue Refunding Bonds (Ave Maria
University, Inc. Project). Series 2013A currently outstanding in
that the attached copy of the advertising was published in the aggregate principal amount of S53,830,000 (the 'Refunded
said newspaper on dates listed. Affiant further says that the Bonds", (b)establishment of a debt service reserve account for
said Naples DailyNews is a newspaper the Series 2023 Bonds, and (c) paying certain costs relating to
ppublished at the refunding of the Refunded Bonds. The Refunded Bonds
Naples, in said Collier County, Florida, and that the said were issued for the purpose of refinancing previously issued
debt to finance construction of various improvements on the
newspaper has heretofore been continuously published in Borrower's permanent campus, including five undergraduate
said dormitories and other facilities to provide faculty, staff and
graduate student housing(the'Projects").
Collier County,Florida;distributed in Collier and Lee The campus is located at 5050 Ave Maria Boulevard, Ave Maria,
counties of Florida,each day and has been entered as Florida. The dormitories are located at 5277, 5281 and 5287
Dolan Street and at 5254 and 5262 Donahue Street, all on the
second class mail matter at the post office in Naples, in west side of Ave Maria Boulevard; other portions of the Project
said Collier County, Florida,for a period of one year next are located at 5224-5254 Beckton Road,Ave Maria,Florida.
The Projects are owned and operated by the Borrower. The Ser-
preceding the first publication of the attached copy of ies 2023 Bonds will be special obligations of the Issuer and will
advertisement;and affiant further says that he has neither 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-
paid nor promised any person,or corporation any discount, press their views on the proposed bond issuance may appear at
rebate, commission or refund for the purpose of securing the hearing or may submit their views in writing. Any written
submissions should be sent to Collier County Educational Facili-
this advertisement for publication in said newspaper ties Authority, do Donald A. Pickworth, P.A., 725 High Pines
issue(s)dated or by publication on the newspaper's Drive, Naples, Florida 34103, and be clearly marked "Re: Reve-
nue Refunding Bonds (Ave Maria University, Inc.Project), Series
website, if authorized,on 2023." Written submissions should be mailed in sufficient 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,
Issue(s)dated:02/07/2023 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 Act, persons
Subscribed and sworn to before on February 7,2023: 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
Notary,State WI County own Pub Date:Feb.7,2023 5582297
My commission expires
Publication Cost:$427.00
Ad No:0005582297
Customer No: 1306575 NANCY HEYR MAN
PO#: legal notice Notary Public
#ofAffidavits1 State of Wisconsin
This is not an invoice
EXHIBIT A TO
AUTHORITY RESOLUTION