Resolution 1989-113
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RESOLUTION NO. 89-113
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RESOLUTION SUPPLEMENTING A aESOLUTION
ENTITLED: "A RESOLUTION AUTHORl ZING THE
ISSUANCE OF $5,000,000 COLLIER COUNT~, FLORIDA
MARCO ISLAND BEACH FRONT REN<.lURISHMENT
FACILITIES MUNICIPAL SERVICE TA:(ING UNIT
LIMITED GENERAL OBLIGATION BONDS, SERIES 1989
TO FINANCE THE COST OF ACQUISITION AND
CONSTRUCTION OF BEACH FRONT RENOURISHMENT AND
STORM 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": PROVIDING
CERTAIN TERMS AND DETAILS OF SAID BONDS,
INCLUDING AUTHORIZING " A NEGOTIATED SALE OF
SAID BONDS AND THE EXECUTION AND DELIVERY OF
A CONTRACT OF PURCHASE WITH RESPECT THERETO:
APPOINTING THE REGISTRAR AND PAYING AGENT FOR
SAID BONDS: AND AUTHORIZING THE EXECUTION AND
DELIVERY OF A FINAL OFFICIAL STATEMENT WITH
RESPECT THERETO.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA, ACTING ON ITS OWN BEHALF AND AS THE GOVERNING BODY
OF THE MARCO ISLAND BEACH FRONT RENOURISHMENT FACILITIES MUNICIPAL
SERVICE TAXING UNIT:
SECTION 1.
FINDINGS. It is hereby found and determined
that:
(A) On the date hereof, the Board of County Commissioners of
Collier County, Florida (the "Issuer"), duly adopted a ReSOlution,
the title of which is quoted in the title of this Resolution for
the purposes described therein (the "Original Resolution"),
authorizing, among other things, the issuance of Collier County,
Florida Marco Island Beachfront Renourishment Facilities Municipal
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service Taxing Unit Limited General obligati~n Bonds, Series 1989
(the "Bonds").
(B) Due to the present volatility of the market for
tax-exempt obligations such as the Bonds, it is in the best
interest of the Issuer to sell the Bonds by a negotiated sale,
allowing the Issuer to enter the market at the most advantageous
time, rather than at a specified adver':ised date, thereby
permitting the Issuer to obtain the best possible price and
interest rate for the Bonds. The Issuer acknowledges receipt of
the information required by Section 218.385, Florida Statutes, in
connection with the negotiated sale of the Bonds. A copy of the
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letter of the underwriter for said Bonds containing the
aforementioned information is attached to the form of Contract of
Purchase referred to below.
(C) Subsequent to the adoption of the original Resolution,
Smith Barney, Harris Upham' Co. Incorporated (the "Underwriter")
has offered to purchase $5,000,000 aggregate principal amount of
the Bonds from the Issuer and has submitted a Contract of Purchase
attached hereto as Exhibit A (the "Contract of Purchase")
expressing the terms of such offer, and the Issuer does hereby find
and determine that it is in the best financial interest of the
Issuer that the terms expressed in the Contract of Purchase be
accepted by the Issuer.
(D) The original ReSOlution provided that the Bonds shall
mature on such dates and in such amounts, shall bear such rates of
interest, shall be payable in such places and shall be subject to
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such redemption provisions as shall be determined by Supplemental
Resolution adopted by the Issuer: and it is now appropriate that
the Issuer determine such terms and details.
SECTION 2.
DEFINITIONS. When used in this Supplemental
Resolution, the terms defined in the Original Resolution shall have
the meanings therein stated, except as such definitions shall be
hereinafter amended.
SECTION 3.
AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION.
This supplemental Resolution is enacted pursuant to the provisions
of the Act and other applicable provisions of law.
SECTION 4.
AUTHORIZATION AND DESCRIPTION OF BONDS.
Issuer hereby determines to issue $5,000,000 in aggregate principal
amount of Bonds in accordance with section 2.01 of the original
Resolution. Said Bonds shall be dated May 1, 1989, shall be issued
in the form of fully registered Bonds in the denomination of $5,000
or any integral multiple thereof, shall be numbered consecutivelY
from one upward in order of maturity preceded by the letter "R",
shall bear interest from May 1, 1989, payable semiannually, on
January 1 and July 1 of each year, commencing on January 1, 1990,
at such rates and maturing in such amounts on July 1 of such years
as provided in Schedule I hereto.
The Bonds will be insured by a Municipal Bond Insurance Policy
provided by AMBAC Indemnity corporation.
SECTION 5.
REDEMPTION PROVISIONS.
The Bonds shall be
subject to redemption as set forth in Schedule II attached hereto.
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SECTION 6.
SALE OF THE BONDS. The BO'lds shall be sold to
the Underwriter pursuant to the Contract of Purchase at the
purchase price provided therein (including any original issue
discounts), plus accrued interest on the Bonds from the date of the
Bonds to the date of delivery and payment the;:efor: all the terms
and conditions set forth in said Contract of Purchase being hereby
approved.
The Chairman is hereby authorized and directed to
execute said Contract of Purchase and to deliver the same to the
Underwriter.
SECTION 7.
PRELIMINARY OFFICIAL STATEMENT. The use and
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distribution of the Preliminary Official statement, dated April 26,
1989, which is attached hereto as Exhibit B, by the Underwriter for
the purpose of offering the Bonds for sale is hereby authorized and
ratified.
SECTION 8.
OFFICIAL STATEMENT.
The form, terms and
provisions of the Official statement, dated the date hereof, in
substantially the form of the preliminary Official statement
attached hereto as Exhibit B, relating to the Bonds, be and the
same hereby are approved with respect to the information therein
contained.
The Chairman and Clerk are hereby authorized and
directed to execute and deliver said Official Statement in the name
and on behalf of the Issuer, and thereupon to cause such Official
statement to be delivered to the Underwriter with such changes,
amendments, omissions and additions as may be approved by the
Chairman. Said Official Statement, including any such changes,
amendments, modifications, omissions and additions as approved by
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the Chairman, and the information contained therein are hereby
authorized to be used in connection with the ~ale of the Bonds to
the public. Execution by the Chairman of tho Official Statement
shall be deemed to be conclusive evidence "f approval of such
changes, amendments, modifications, omissions and additions.
SECTION 9.
APPOINTMENT OF REGISTRAR AND PAYING AGENT.
Florida National Bank, st. Petersburg, l'lorida, is hereby
designated Registrar and Paying Agent for the Bonds. The Chairman
and the Clerk are hereby authorized to enter into any aqreement
which may be necessary to effect the transactions contemplated by
this Section 8.
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SECTION 10.
GENERAL AUTHORITY. The members of the Board
of County Commissioners, the Clerk of the Issuer and the Officers,
attorneys and other agents or employees of the Issuer are hereby
authorized to do all acts and things required of them by this
Supplemental Resolution, the Original Resolution or the Contract
of Purchase, or desirable or consistent with the requirements
hereof or the Original Resolution or the Contract of Purchase for
the full punctual and complete performance hereof or thereof. Each
member, employee, attorney and officer of the Issuer or the Board
of County Commissioners and the Clerk is hereby authorized and
directed to execute and deliver any and all papers and instruments
and to be and cause to be done any and all acta and thinqs
necessary or proper for carrying out the transactions contemplated
hereunder.
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SECTION 11.
SEVERABILITY AND INVALID PROVISIONS. If anyone
or more of the covenants, agreements or provisions herein contained
shall be held contrary to any express provisic,n of law or contrary
to the policy of express law, though not expressly prOhibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such covenants, agreements or provisions shall be
null and void and shall be deemed separable from the remaining
covenants, agreements or provisions and shall in no way affect the
validity of any of the other provisions hereof or of the Bonds.
SECTION 12.
ORIGINAL RESOLUTION TO CONTINUE IN FORCE.
Except as herein expressly provlded, the original'Resolution and
all the terms and provisions thereof are and shall remain in full
force and effect.
SECTION 13.
EFFECTIVE DATE. This Supplemental Resolution
shall become effective immediately upon its adoption.
ADOPTED, in Regular Session, this 2nd day of May, 1989.
BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, ACTING ON
ITS OWN BEHALF AND AS GOVERNING BODY
OF THE MARCO ISLAND BEACIIFRONT
RENOURISHMENT FACILITIES MUNICIPAL
SERVICE TAXING UNIT
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