Agenda 04/11/2023 Item #16F 1 (Resolution withdrawing Collier County from the Florida Local Government Finance Commision)04/11/2023
EXECUTIVE SUMMARY
Recommendation to adopt a Resolution withdrawing Collier County from the Florida Local Government
Finance Commission.
OBJECTIVE: To reduce potential legal exposure from other local governments' bad loans.
CONSIDERATIONS: Collier County is currently a member of the Florida Local Government Finance
Commission (the "Commission") which was created by an Interlocal Agreement, dated as of February 19, 1991,
among Collier County, Brevard County, Florida, and Sarasota County, Florida, as amended by the First
Supplemental Interlocal. Agreement, dated as of December 1, 1994, among Brevard County, Florida, Collier
County, Florida, Sarasota County, Florida, Osceola County, Florida and Lee County, Florida, and as further
supplemented by that certain Joinder Agreement dated as of October 1, 2006 between the Commission and
Charlotte County, Florida (collectively, the "Interlocal Agreement").
The Commission currently issues commercial paper from time to time to provide short-term loans to various
Florida local governments pursuant to its pooled commercial paper loan program (the "Program").
Bond Counsel to the Commission has approached Collier County to amend the Interlocal Agreement to allow it to
issue long term commercial paper to smaller Florida local governments and conduit tax-exempt long-term bonding
for eligible entities.
Expansion of the program to smaller local governments does not benefit the County in any way and increases the
County's exposure to claims should there be a default on these loans, which is far more likely with smaller local
govermnents, especially in a rising interest envirom-nent. Bond Counsel has advised us that our choice is to either
enter into the amendment or withdraw from the Commission. Withdrawal from the Commission does not harm the
County in any way.
Accordingly, since both the County Attorney and the Finance Department are not comfortable with the proposed
expansion of the loan program, it is recommended that Collier County withdraw from the Commission.
FISCAL IMPACT: None.
GROWTH MANAGEMENT IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to form and
legality and requires majority vote for approval. -JAK
RECOMMENDATION: That the Board adopt a Resolution withdrawing Collier County from the Florida Local
Goverm-nent Finance Commission
Prepared by: Ed Finn, Deputy County Manager
ATTACHMENT(S)
1. Resolution - withdrawal from FLGFC - JAK signed (PDF)
I Packet Pg. 1097
04/11/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.17.1
Doe ID: 25108
Item Summary: Recommendation to adopt a Resolution withdrawing Collier County from the Florida Local
Government Finance Commission.
Meeting Date: 04/11/2023
Prepared by:
Title: Management Analyst 11 — County Manager's Office
Name: Geoffrey Willig
03/31/2023 10:29 AM
Submitted by:
Title: Director - Facilities Maangement — County Manager's Office
Name: Ed Finn
03/31/2023 10:29 AM
Approved By:
Review:
Clerk of the Circuit Court Geoffrey Willig
Office of Management and Budget Geoffrey Willig
Office of Management and Budget Geoffrey Willig
Corporate Compliance and Continuous Improvement
County Attorney's Office
County Manager's Office
Board of County Commissioners
Additional Reviewer
Additional Reviewer
Level 3 OMB Gatekeeper Review
Geoffrey Willig
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Ed Finn Level 4 County Manager Review
Geoffrey Willig Meeting Pending
Skipped 03/31/2023 10:30 AM
Skipped 03/31/2023 10:30 AM
Skipped 03/31/2023 10:30 AM
Additional Reviewer Skipped
03/31/2023 10:30 AM
Completed 04/03/2023 9:25 AM
Completed 04/04/2023 1:53 PM
04/11/2023 9:00 AM
I Packet Pg. 1098 1
RESOLUTION NO. 2023 -
A RESOLUTION AUTHORIZING THE WITHDRAWAL OF
COLLIER COUNTY AS A COMMISSION MEMBER OF THE
FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION.
WHEREAS, Collier County is currently a member of the Florida Local Government
Finance Commission (the "FLGFC") which was created by that certain Interlocal Agreement,
dated as of February 19, 1991, among Collier County, Brevard County, Florida, and Sarasota
County, Florida, as amended by the First Supplemental Interlocal Agreement, dated as of
December 1, 1994, among Brevard County, Florida, Collier County, Florida, Sarasota County,
Florida, Osceola County, Florida and Lee County, Florida, and as further supplemented by that
certain Joinder Agreement dated as of October 1, 2006 between FLGFC and Charlotte County,
Florida (collectively, the "Interlocal Agreement"); and
WHEREAS, the FLGFC currently issues commercial paper from time to time to provide
short-term loans to various Florida local governments pursuant to FLGFC's pooled commercial
paper loan program (the "Program"); and
WHEREAS, certain members of the FLGFC have approved amendments to the Interlocal
Agreement to provide FLGFC with additional powers, including financing longer -term loans,
issuing conduit debt obligations and assisting with regional resiliency projects; and
WHEREAS, Collier County has determined that it is in its best interests to withdraw as a
member of the FLGFC.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA:
SECTION 1. WITHDRAWAL FROM FLGFC. Collier County hereby withdraws as a
member from the FLGFC. In connection therewith, the Chairman is authorized and directed to
execute, and the Clerk to attest, any instruments necessary or desirable to accomplish such
withdrawal.
SECTION 2. SEVERABILITY. If any provision of this Resolution shall be held or
deemed to be or shall, in fact, be illegal, inoperative or unenforceable in any context, the same
shall not affect any other provision herein or render any other provision (or such provision in any
other context) invalid, inoperative or unenforceable to any extent whatever.
SECTION 3. EFFECTIVE DATE. This resolution shall become effective immediately
upon its adoption.
I Packet Pg. 1099
THIS RESOLUTION ADOPTED upon majoritv vote this day o C
2023.
ATTEST: BOARD OF COUNTY COMMISSIONERS
Crystal K. Kinzel, Clerk of Courts COLLIER COUNTY, FLORIDA
0
Appro vI d 11
a t
Jeffrey A,
i
By:
, Deputy Clerk Rick LoCastro, Chairman
legality:
, County Attorney
a
U-
E
0
00
I Packet Pg. 1100