Resolution 1997-138
FEB 2 5 eJj
RESOLUTION NO. 97-138
RESOLUTION AMENDING RESOLUTION NO. 96-590
ENTITLED: "A RESOLUTION OF TIIE BOARD OF
COUNTY COMMISSIONERS OF CO" ~ COUNTY.
FLORIDA, AUTHORIZING TIIE ISSUANCE OF NOT
EXC.t;.t;uING $16,500,000 IN AGGREGATE PRINCIPAL
AMOUNT OF COLLIER COUNTY, FLORIDA SPEOAL
OBLIGATION REVENUE BONDS, SERIES 1997. TO
RmJND CERTAIN OUTSTANDING INDEBTEDNESS OF
TIIE COUNTY; PROVIDING FOR TIIE RIGHTS OF TIIE
HOLDERS OF SUCH BONDS; PROVIDING FOR TIIE
TERMS AND DETAILS OF THE BONDS, INCLUDING
AUTHORIZING A NEGOTIATED SALE OF SAID BONDS;
COVENANTING TO BUDGET AND APPROPRIATE
CERTAIN LEGALLY AVAILABLE NON-AD VALOREM
FUNDS TO PAY DEBT SERVICE ON THE BONDS;
DELEGATING CERTAIN AUTHORITY TO THE
CHAIRMAN OR VICE-CHAIRMAN FOR THE
AUTIiORIZATION, EXECUTION AND DELIVERY OF A
BOND PURCHASE CONTRACT RELATING THERETO
AND THE APPROVAL AND DETAILS OF SAID BONDS;
APPOINTING A PAYING AGENT AND REGISTRAR FOR
SAID BONDS; AUTHORIZING THE DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT AND THE
EXECUTION AND DELIVERY OF AN OFFICIAL
STATEMENT WITIi RESPECT THERETO; AUTHORIZING
TIiE ISSUANCE OF A MUNICIPAL BOND INSURANCE
POLICY BY AMBAC INDEMNITY CORPORATION FOR
SUCH BONDS; AUTHORIZING TIiE EXECUTION AND
DELIVERY OF A CONTINUING DISCLOSURE
CERTIFICATE; AND PROVIDING AN EFFECTIVE DATE;"
AMENDING THE AFOREMENTIONED RESOLUTION IN
CERTAIN RESPECTS; AND PROVIDING AN EFFECTIVE
DATE.
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BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA:
FEB 2 5 !J97
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SEcrION 1.
FINDINGS. It is t...eby found and ddb,..i~ that:
(A) On December 17, 1996, the ao.rd ofCoaary Commissioocrs (the "Board") of
Collier County, Florida (the "Issuer") adopted ResoIutioo No. 96-590. the title to which is
~ in the title of this ,.....MJrtory resolution (the "Res<J...:...,"), for the purposes descnDed
Ib...~ jp. J~iing. but DOt liwited to. ardhorizing the isCl"ftC'" of the Collier County, Florida
Special Obligation Revame Boods. Series 1997 (the "Boods") upon the satisfaction of
~tka cooditi\mS set forth in Section 2.02 thereof.
(8) Due to the conditions in the market for tax-exempt obligations such as the
B<lndc since the adoption of the Resolution the Issuer has been unable to issue the Bonds in
light of the conditions set forth in said Section 2.02 and other matters.
(C) The Issuer hereby deems it in its best interest to modify certain of such
conditions in order to enable the Issuer to issue the Bonds and to amend the Resolution to
reflect such modifications and to clarify certain other matters.
(0) The Issuer hereby determines that the amendments contained herein shall not
materially adversely affect the security for the Bonds and the Resolution is hereby amended
as provided herein pursuant to Section 6.01(0) of the Resolution.
SEcrION 2. DEFINITIONS. When used in this resolution. the terms defined
in the Resolution shall have the meanings therein stated. except as such definitions shall be
.b~ amended and defined.
SEcrION 3. AunIORIlY FOR THIS RESOLUTION. This resolution is
adopted pursuant to the provisions of the Act.
SEcrION 4. AMENDMENT TO SEcrION un OF THE RESOLUDON.
The definition of "Reserve Fund Requirement" is hereby amended in its entirety to read as
follows:
"Reserve Fund Requirement" shall mean, as of any date of calculation, an amount
equal to the lesser of (I) Maximum Annual Debt Service for alJ Oubllwding Bonds, (2)
125% of the fttJagc a&&4ua1 debt service for all Oubllwding Bonds, or (3) lOO!o of the
~c;~ piuC<<ds of the Bonds.
SEcrION 5. AMENDMENT TO SEcrION 2.01 OF THE RESOLUIlON.
The first paragraph of Section 2.01 of the Resolution is hereby amended by replacing the
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FEB 2 5 917
dates "lamary 1, 1997" and "March I, 1997" with "March 1, 1997" and "September 1,
1997,- .~~1y.
SECI10N 6. AMENDMENT TO SEenON 1.02(A)(iil) OF THE
RESOLtJ110N. ~on 202(AXiii) of the Resolution is hereby amended in its entirety to
RId u foDows:
(iii) an aD-inclusive cost of not more than U % per annum as determined by the
Fm-ial Advisor to the Issuer, and
SECI10N 7. AMENDMENT TO SECIlON 2.03 OF THE RESOLUTION.
Section 2.03 ofthc Resolution iJ hereby amended in its etltUcty to read as follows:
SECTION 2.03. APPLICATION OF BOND PROCEEDS. The proceeds derived
1i'om the Ale, if IID)', of the Bonds shall. simultaneously with the delivery of the Bonds to
the pmdwcrs thereo~ be applied by the Issuer as follows:
(A) A sufficient amount of the Bond proceeds shall be applied to the payment of
costs and c,..-.."" reIating to the issuance of the BondJ within six months of the issuance
of the Bonds.
(8) A=ued &g1 shall be set aside to pay intcu;st coming due on the Bonds on
September I, 1997.
- -.. (C) An amount of the Bond proceeds equal to the ,Reserve Fund Requirement shall
be deposited to the Reserve Fund.
(0) A sufficient amount of the Bond proceeds shaD be transfemd to the Florida
Loc:al Government Finance Commission pursuant to the instructions of the Commission in
order to fully pay the principal of and interest on the Refunded Obligations.
(E) The balance of the proceeds of the Bonds, if any, shall be applied to pay
1uku;~t coming due on the Bonds on September 1, 1997.
SEenON 8. AMENDMENTS TO THE FORM OF BONDS. The form of
Boodl set forth in Section 2.09 of the Resolution is hereby amended as follows:
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(A) In the first puagraph of the form of Bonds, the date "March I, 1997" is
replaced with "~~ber 1, 1997..
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H.1:l t. ~ 8J7
(8) The fourth paragraph of the form of Bonds, shall be amended in its entirety to
read as follows:
"This Bond is issued to refund certain p.omissory DOtes desigJ'JrtM Collier COlDlty,
F1arida R.evmuc Note. Draw No. A-I-2, Collier County. Fl06da Revenue Note. Draw No.
A.....l. md Collier County. Florida Revenue Note, Draw No. A-S-l. each issued by the Issuer
to the Florida Local Gon......~..1 Frrumr.e Commission on April 29, 1994, March 9, 1995 and
August 28, 1995. res~~Iy, under the authority of md in full compliance with the
Coor4ilUtion md 1aws of the SCat.e of Florida, particuJsrly Chapter 125, Florida Statutes. and
other applicable provisions of law, and a resolution duly adopted by the Board of County
r"....,.m~oftbe Issuer on December 17,1996. as ~ded (the "Resolution"), and is
subject to all the terms and conditions of the Resolution. "
SECIlON 9. AMENDMENT TO SEcrION .c.oJ OF THE RESOLunON.
Section 4.03 is hereby amended in its entirety to read as follows:
SECTION 4.03. ANTI-DILUTION. During sucl1 time as any Bonds are
(NM.....fing hereunder, the Issuer agrees and covenants with the Bondholders and the Insurer
11m (A) Non-Ad Valorem Funds (average of actual receipts over the prior two years) must
~ pojected mn :.......1 annual debt service on Debt ko.w~ by oodIor payable solely from
such Non-Ad Valorem Funds by at least 2.Ox; and (8) projected mrnmum annual debt
service req"';'~ents for all Debt secured by and/or payable solely from such Non-Ad
Valorem Funds will not exceed 20010 of Govemmental Fund Revenues (defined as general
fwld.,special fund, debt service fund and capital projects funds of the Issuer). exclusive of
(A) ad valorem revenues reslricted to payment of debt service on any Debt and (8) any Debt
..ocecds, md based on the Issuer's audited financial s(af'l1~ (average of actual receipts
of the prior two years). For the purposes of the covenants contained in this Section 4.03.
mn:...&Jm amwal debt service means the actual maximum ammal debt service on all Debt
that bears interest at a fixed rate and, with respect to all Debt which bears interest at a
variable rate the maximum amrual debt service on such Debt assuming interest accrues at the
interest rate for 30-year revenue bonds published by ~ no more than two
weeks prior to any such calculation; provided, however. if any Debt constitutes Balloon
Indebtedness, as defined in the immediately following sentence, mJlYimum annual debt
service on sucl1 Debt shall be determined a5l.llming it is amortized over 20 years on a
straight-line basis. For purposes of the foregoing sentence, Balloon Indebtedness means
Debt, 25% or more of the original principal of which m.l~"d dming any consecutive 12-
pvwrth period, if such maturing principal amount is not required to be amortized below such
percentage by mandatory redemption or prepayment prior to such 12-month period.
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SECI10N 10, GENERAL AUTHORITY. The members of the Board of
County Qwmmccioners, the am or any desigr'JrtM deputy aerk, the COlDlty Administrator
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FEB 2 5 1991
f ;d the officers, attorneys and ocher ~ or employees of the Issuer are hereby authorized
t) do all acts aIld things required of them by this amendatory resolution or the Resolution or
c~irable or consistent with the requirements hereof or the Resolution for the full punctual
z.nd CODlplc:tc: pcrfQl111Jlftl'i'! of aD the tams, covenants and AgJeen1ents contained in the Bonds
or this amendatory resolution, and the adoption of any supplement or amendment to the
Resolution necessary or convarie:nt to accomplish any of the fcngoing,and each member.
employee, attorney and officer of the Issuer or the Board of County Commissioners, the
Clerk or any dcsif9'Jrt.... deputy Clerk and the County Administrator are hereby authorized
md directed to execute and deliver any and all papers and instruments and to be and cause
to be done any and all acts and things necessary or plopeI' for canying out the transactions
C{)ntcmplatcd hereunder.
SEcnON 11. SEVERABILIlY AND INVALID PROVISIONS. Ifany one
or more of the C{)venantJ, agreements or provisions herein cotltained shall be held contrary
to any express provision of Jaw or \NUb...,. to the policy of Siilf'lROSlaw, though not expressly
prolnbitcd. or against public:: policy, or shall for any reason whatsoever be held invalid. then
such covenants, l3fecments or provisions shaIl be nul1and void and shall be deemed
separable from the ranaining ccwenants, agreements or provisions IUld shall in no way affect
the validity of any of the other provisions hereof or of the Bonds.
SEcnON 12. RESOLtmON TO CONTINUE IN FORCE. Except as herein
bl'leuly provided. the Resolution and all the terms and provisions thereof are and shall
fP"I.m in full force and effect. Such Resolution may be amended or supplemented by the
Issuer ill ac::cordance with the terms hereof and thereof and in such manner as it deems
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"'1'1 o~ate prior to the delivery of the Bonds.
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FEB 2 519!17
~. ..." i 13. D'FECTIVE DATE. This Resolution shall become effective
,I i c,l cl Y L" '- n i tJ Idoption; provided modifications to the Resolution shall take effect
...u.o.!WllCousiy with the i.....lIftt",C of the Bonds.
t :'. .', '"' JPTED this 25th day of February, 1997.
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA
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:-AvtnOd u to Form IDd Lcpl
Sufficiency:
_hJN.L ~ ~/L ~//-"
County Attorney ~
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