Resolution 2007-331
RESOLUTION 2007. 331
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE BY THE
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY TAX.
EXEMPT SINGLE.FAMIL Y MORTGAGE REVENUE BONDS,
(FOUNTAIN LAKES PROJECT) PURSUANT TO CHAPTER 159, PART
IV, FLORIDA STATUTES, AS AMENDED.
WHEREAS, the Housing Finance Authority of Collier County (the "Issuer") is a
public corporation of the State of Florida, was duly created by Ordinance No. 80-66 of the Board
of County Commissioners of Collier County, Florida, and is a body corporate and politic duly
created and existing as a local governmental body and a public instrumentality for the purpose of
assisting qualifying housing projects situated in Collier County, Florida (the "County"), under
and by virtue of Chapter 159, Part IV, Florida Statutes, (the "Act"), to provide for the issuance of
and to issue and sell its obligations for lawful purposes under the Act; and
WHEREAS, as set forth in the resolution of the Authority described below, Fountain
Lakes Residential Cooperative Corporation, a Florida non-profit corporation, for and on behalf
of itself and/or its related entities (the "Company"), has requested the Authority to issue its
Single Family Mortgage Revenue Bonds in an initial principal amount not to exceed
$25,000,000 (the "Bonds") for the benefit of the Company and to loan all or a portion of the
proceeds thereof to the Company to finance the costs of the Project, as defined herein; and
WHEREAS, the "Project" shall consist of the acquisition, construction and equipping of
approximately 150 single family residential housing units to be occupied by persons of low and
moderate income or who are otherwise "eligible persons" as defined by applicable regulations;
and
WHEREAS, the Authority caused notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on October 29,2007 in the Naples Daily News, a newspaper of general circulation
in the County, and a copy of said notice is attached as Exhibit A (the "Notice") to the Authority
Resolution described below; and
WHEREAS, the Authority held a public hearing on November 14, 2007, pursuant to the
Notice and has adopted its Resolution 2007-1 (the "Authority Resolution"), a copy of which is
attached hereto as Exhibit A, approving the issuance of the Bonds and recommending and
requesting that the Board of County Commissioners approve the issuance of the Bonds so that
the interest on the Bonds will be exempt from federal income taxation under applicable
provisions of Section 147(a) of the Internal Revenue Code of 1986, as amended; 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 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, for the reasons set forth above, the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(f) of the Code.
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 of Section 147(f) of the Code.
The Bonds shall not constitute a debt, liability or obligation of Collier County, its Board
of County Commissioners, officers, agents or employees, or the State of Florida or any political
subdivision thereof, but shall be payable solely from the revenues provided therefor, and neither
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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 of County Commissioners of Collier County 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
applicable to the project and the project shall be subject to all such regulations, including, but not
limited to, the Growth Management Plan, the land development regulations, and all concurrency
requirements of the appropriate jurisdiction.
Section 2. Effective Date. This Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED THIS 27th day of November, 2007.
(SEAL)
ATTEST:, ,"; ':"
Dwight E. Brock, Clerk"
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COLLIER COUNTY, FLORIDA
By:..fl~ ~
:.James Coletta, Chairman
Board of County Commissioners of
Collier County, Florida
Approved as to form and legal sufficiency:
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County Attorney
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