Resolution 1989-112
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RESOLUTION NO. 89.112
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$5,000,000 COLLIER COUNTY, FLORIDA MARCO
ISLAND BEACHFRONT RENOURISHMENT FACILITIES
MUNICIPAL SERVICE TAXING UNIT LIM:CTED GENERAL
OBLIGATION BONDS, SERIES 1989 TO FINANCE THE
COST OF ACQUISITION AND CONSTRUCTION OF
BEACH FRONT RENOURISHMENT AND STOR: r PROTECTION
FACILITIES: PROVIDING FOR THE RIGHTS OF THE
HOLDERS OF SUCH BONDS: PROVIDING FOR PAYMENT
OF PRINCIPAL AND INTEREST ON SUCH BONDS FROM
AN AD VALOREM TAX LEVIED ON ALL TAXABLE
PROPERTY WITHIN SUCH TAXING UNIT AT A RATE NOT
TO EXCEED ONE AND ONE-HALF MILLS: MAKING
CERTAIN OTHER COVENANTS AND AGREEMENTS IN
CONNECTION WITH THE ISSUANCE OF SUCH BONDS:
AND PROVIDING AN EFFECTIVE DATE.
.......
BE IT RESOLVED BY THE BOARD OF COUNTY CC,HMISSIONERS OF COLLIER
COUNTY, FLORIDA, ACTING ON ITS OWN BEHALF AND AS THE GOVERNING BODY
OF THE MARCO ISLAND BEACHFRONT RENOURISIIMENT FACILITIES KUNICIPAL
SERVICE TAXING UNIT:
ARTICLE I
STATUTORY AUTHORITY, DEFINITIONS AND FINDINGS
SECTION 1.01. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to Chapter 1,25, Florida Statutes, Section 12,
Article VII, Florida Constitution, and other applicable provisions
of law.
SECTION 1.02. DEFINITIONS. The following terms shall have
the following meanings herein, unless the text otherwise expressly
requires. Words importing singular number shall include the plural
number in each case and vice versa, and words importing persons
shall include firms and corporations.
"Act" shall mean Chapter 125, Florida Statutes, Section 12,
Article VII, Florida Constitution, and other applicable provisions
of law.
"AHBAC Indemnity" or "Insurer" shall mean AMBAC Indemnity
Corporation, a Wisconsin-domiciled stock insurance company.
"Amortization Installment", with respect to any Term Bonds,
shall mean an amount designated by Supplemental Resolution for
mandatory redemption of any Term Bonds.
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"Authorized Investments" shall mean any of the fOllowing, if
and to the extent that the same are at the time legal for
investment of the Issuer's funds:
(1) direct obligations of (including obligations issued or
held in book entry form on the books of) the nepartment of Treasury
of the united states of America:
(2) obligations of any of the follo'/ing federal agencies
which obligations represent full faith and credit of the United
states of America, including:
......
Export - Import Bank
Farmers Home Administration
General Services Administration
U.s. Maritime Administration
Small Business Administratio:\
Government National Mortgage Association (GNMA)
U.S. Department of Housing , Urban Development
(PHA's)
Federal Housin~~~ministration:
(3) bonds, notes or other evidences of indebtedness rated
"AAAtI by Standard , Poor'. Corporation and f1Aaa" by Moody'.
Investors service issued by the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation with
remaining maturities not exceeding three years:
(4) U.S. dollar denominated deposit accounts, federal funds
and banker's acceptances with domestic commercial banks which have
a rating on their short term certificates of deposit on the date
of purchase of "A-I" or "A-I+" by Standard' Poor's and "P-l" by
Moody's Investors service and maturing no more than 360 days after
the date of purchase (rating.. on holding companies are not
considered as the rating of the b~nk):
(5) commercial paper which is rated at the time of purchase
in the single highest classification, "A-l+" by Standard' Poor's
and "P-l" by Moody's Investors Service and which matures not more
than 270 days after the date of purchase:
(6) investments in a money market fund rated "AAAm" or "AAAm-
G" or better by standard' Poor's Corporation:
(7) pre-refunded municipal obligations defined .s follows:
Any bonds or other obligations of any state of the United States
of America or of any agency, instrumentality or local governmental
unit of any such state which are not callable at the option of the
obligor prior to maturity or as to which irrevocable instructions
have been given by the obligor to call on the date specified in the
notice: and (A) which .are rated, based on the escrow, in the
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highest rating category of Standard , Poor' e Corporation and
Moody's Investors Service or any successors thereto: or (B) (i)
which are fully secured as to principal and interest and redemption
premium, if any, by a fund consisting only of cash or obligations
described in paragraph (1) above, which fund may be applied only
to the payment of such principal of and interest and redemption
premium, if any, on such bonds or other obli~ations on the maturity
date or dates thereof or the specified reaemption date or dates
pursuant to such irrevocable instructions, as appropriate, and (11)
which fund is sufficient, as verified by a nationally recognized
independent certified public accountant, to pay principal of and
interest and redemption premium, if any, on the bonds or other
obligations described in this 'paragraph on the maturity date or
dates thereof or on the redemption date or dates specified in the
irrevocable instructions referred to above, as appropriate:
(8) investment agreements approved in writing by AMBAC
Indemnity (supported by appropriate opinion of counsel):
(9) units of participation in the Local Government surplus
Funds Trust Fund established pursuant to Part IV, Chapter 218,
Florida Statutes, or any similar common trust fund which is
established pursuant to law as a legal depository of public moneys,
and
(10) other forms of investments approved by AMBAC Indemnity
with notice to Standard' Poor's Corporation.
The value of the above investments shall be determined as
provided in "Value" below.
"Value", which shall be de::'ermined as of the end of each
month, means that the value of any investments shall be calculated
as follows:
(a) as to investments the bid and asked prices of which
are published on a reqular basis in The Wall street Journal
(or, if not there, then in The New York Times). the average
of the bid and asked prices for such investments so published
on or most recently prior to such time of determinationt
(b) as to investments the bid and asked prices of which
are not pUbliShed on a regular basis in The Wall street
Journal or The New York Times. the average bid price at such
time of determination for such investments by any two
nationally recognized government securities dealers selected
by the Issuer in its absolute discretion) at the time making
a market in such investments or the bid price published by a
nationally recognized pricing service:
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(c) as
acceptances:
and
to certificates of deposit and bankers
the face amount thereof, plus accrued interest:
(d) as to any investment not specified above: the value
thereof established by prior agreement ~etween the Issuer and
AMBAC Indemnity.
"Board" shall mean the Board of COl.:nty Commissioners of
Collier County, Florida, acting on its o'.n behalf and as the
Governing Body of the unit.
"Bond Counsel" shall mean. 'any attorney at law or firm of
attorneys, of nationally recognized standing in matters pertaining
to the federal tax exemption of interest on obligations issued by
states and political SUbdivisions, and duly admitted to practice
law before the highest court of any state o~ the United states of
America.
"Bonds" shall mean the Issuer's Marco Island Beachfront
Renourishment Facilities Municipal Service Taxing Unit Limited
General Obligation Bonds, series 1989, issued pursuant to the
provisions of this Resolution.
"Chairman" shall mean the Chairman of the Board or such other
person as may be duly authorized to act on his or her behalf.
"Clerk" shall mean the Clerk of the Circuit Court of Collier
County, Florida, Ex-officio Clerk of the Board, or such other
person as may be duly authori~ed to act on his or her behalf.
"Code" shall mean the Inte.rnal Revenue Code of 1986, as
amended, and the regulations and rules thereunder in effect or
proposed.
"Construction Fund" shall mean the Construction Fund
established pursuant to section 3.02 hereof.
"Cost", when used in connection with the project, shall mean
(1) the Issuer's cost of physical construction, (2) costs of
acquisition by or for the Issuer of portions of the project, (3)
costs of land and interests therein and the cost of the Issuer
incidental to such acquisition, (4) the cost of any indemnity and
surety bonds and premiums for insurance during construction, (5)
engineering, legal and other consultant fees and expenses, (6)
costs and expenses of the financing incurred during the
construction period for the Project, including audits, fees and
expenses of any paying Agent, Registrar or depository, (7) costs
of machinery or equipment required by the Issuer for the
commencement of operation of the project, (8) costs of any premium
for a policy of municipal bond insurance insuring the Bonds and
(9) any other costs properly attributable to such construction or
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acquisi tion and issuance of Bonds, as determined by generally
accepted accounting principles and shall include reimbursement to
the Issuer for any such items of Cost heretofore paid by the
Issuer. Any Supplemontal Resolution may provide for additional
items to be included in the aforesaid Costs.
"Debt service Fund" shall mean thft Debt service Fund
established pursuant to Section 4.01(A) her~of.
"Federal Securities" shall mean direct obligations of
(including obligations held in book entry fOlm on the books of) the
Department of Treasury of the United states of America.
..... .
"Holder of Bonds", "BondhOlders" or "registered owners" or any
similar term, shall mean any person who shall be the registered
owner of any Bond or Bonds as provided in the registration books
of the Issuer.
"Issuer" shall mean Collier County, Florida, or any successor
thereto.
.......
"MUnicipal Bond Insurance Policy" shall mean the municipal
bond insurance policy issued by AMBAC Indemnity insuring the
payment when due of the principal of and interest on the Bonds as
provided therein.
"outstanding", when used with reference to Bonds and as of any
particular date, shall describe all Bonds theretofore and thereupon
being authenticated and delivered except, (1) any Bond in lieu of
which another Bond or other Bonds have been issued under agreement
to replace lost, stolen, mutilated or destroyed Bonds under Section
2.06 hereof, (2) any Bond surrendered by the Holder thereof in
exchange for another Bond or other Bonds under Sections 2.05 and
2.08 hereof, (3) Bonds deemed to have been paid pursuant to section
5.04 hereof, and (4) Bonds cancelled after purchase in the open
market or because of payment at or redemption prior to maturity.
"Paying Agent" shall mean the bank or trust company and any
successor bank or trust company, appointed by the Issuer pursuant
to this Resolution to act as Paying Agent hereunder.
"Person" shall mean an individual, a corporation, 'a
partnership, an association, a joint stock company, a trust, any
unincorporated organization or governmental entity.
"Project" shall mean the improvements described in Exhibit A
attached hereto, as the same may be amended as modified from time
to time by the Issuer.
"Rebate Fund" shall mean the Rebate Fund established pursuant
to Section 4.0l(C) hereof.
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"Redemption Price" shall mean, with respect to any Bond or
portion thereof, the principal amount or portion thereof, plus the
applicable premium, if any, payable upon redemption thereof
pursuant to such Bond or this Resolution.
"Registrar" shall mean such entity or person as the Issuer
shall appoint pursuant to this Resolution to act as Registrar
hereunder and all successors and assigns thf'reto.
"Resolution" shall mean this resolutiol, and all Supplemental
Resolutions which may be hereafter duly adol,ted by the Issuer.
"Serial Bonds" shall mean'the Bonds which shall be stated to
mature in annual installments.
"state" shall mean the State of Florid~.
"supplemental Resolution" shall mean any resolution of the
Issuer amending or supplementing this Re.olution adopted and
becoming effective prior to delivery of the Bonds to the initial
purchasers thereof or in accordance with the provisions of Sections
5.01, 5.02 and 5.03 hereof. ,~.
"Term Bonds" shall mean the Bonds all of which shall be stated
to mature on one date and which shall be subject to mandatory
redemption through the payment of Amortization Installments.
"Unit" shall mean the Marco Island Beachfront Renourishment
Facilities Municipal Service Tax;\n; Unit, or any successor thereto.
SECTION 1.03. FINDINGS. It is hereby ascertained, determined
and declared that:
A. The Issuer adopted on June 14, 1988 a resolution ordering
and providing for the holding of a bond election on the question
of issuing not exceeding $5,000,000 general obligation bonds of
the Issuer for purposes 01: acquiring and constructing of the
Project.
B. On November 8, 1988, a referendum was held and the
issuance of the Bonds was approved by a vote of the electors within
the Unit.
c. The acquisition and construction of the Project is
necessary and vital to the welfare of the citizens within the Unit
and will be financed by proceeds of the Bonds issued pursuant to
this Resolution.
D.
valorem
not to
It is deemed necessary and desirable to pledge an ad
tax on all the taxable property within the Unit at a rate
exceed one and one-half mills to the payment of the
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principal of, redemption premium, if any, and interest on the
Bonds.
SECTION 1.04. THIS RESOLUTION TO CONSTITUTE CONTRACT. In
consideration of the acceptance of the Bonds authorized to b.
issued hereunder by those who shall hold the same from time to
time, this Resolution shall be deemed to be and shall constitute
a contract between the Issuer and such Holde~s. The covenants and
agreements herein SAt forth to be performed hy the Issuer shall be
for the equal benefit, protection and security of the legal Holders
of any and all of the Bonds, all of which s',lall be of equal rank
and without preference, priority or distinct; on of any of the Bonds
over any other thereof, .xcept'~s expressly provided therein and
herein.
SECTION 1.05. AUTHORIZATION OF PROJECT. The Issuer does
hereby authorize the acquisition and construction of the project.
......
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