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Resolution 1997-221 I 'i . " ' \, . ' . .' I .' 'I . ., I ",' . I . . 1 l ~ ~ I J APR 2 2 1997 RESOLUTION NO, 97-221 , . f , i f: ,_':1 ,- ". . I.: ~ ," , . , r ,o. f :.: ~- ". 'l.'. 1;~ ; ,; ~ " . ".',. ~~ ", !;<< f.... vt ~.:.;; ~!~. ~;,: ~ l~l. ~.',;, ~(( , ': .," rt',,( ..I. .(\~ 'Ii .{. ~. .~ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AUTHORIZlNG THE BORROWlNG OF NOT EXCEEDING $1,700,000 FROM THE POOLED COMMERCIAL PAPER LOAN PROGRAM OF THE FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION PURSUANT TO THE TERMS OF THE LOAN AGREEMENT BE1WEEN THE COMMISSION AND THE COUNTY IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCITON OF AN EXPANSION TO THE MARCO ISLAND LffiRARY; AUTHORIZING THE EXECUTION OF A LOAN NOTE OR NOTES TO EVIDENCE SUCH BORROWlNG; AGREEING TO SECURE SUCH LOAN NOTE WITH A COVENANT TO BUDGET AND APPROPRIATE LEGALLY A V AnABLE NON-AD VALOREM REVENUES AS PROVIDED IN THE LOAN AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH OTHER DOCUMENTS AS MAY BE NECESSARY TO EFFECT SUCH BORROWlNG; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA: SECTION 1. DEFINITIONS. Unless the context of use indicates another meaning or intent, the following words and terms as used in this Resolution shall have the following meanings. "Act" means, collectively, Part L Chapter 125, Florida Statutes, Part I, Chapter 163, Florida Statutes, and all other applicable provisions of law. "Additional Payments" means the payments required to be made by the County pursuant to SectioDS 5.02(b), 5.02(c), 5.02(d), 5.05 and 6.06(e) of the Loan Agreement. "Board" means the Board of County Commissioners of the County. "Chairman" means the Chairman or Vice Chairman of the Board, and such other person as may be duly authorized to act on his or her behalf. APR 2 2 1997 "Clerk" means the CleD: of the Circuit Court for the County, ex-officio Clerk of the Board, and such other person as may be duly awJJorized to act on his or her behalf. "Commission" means the Florida Local Government Finance Commission, and any assigns or successors thereto. "County" means Collier County, Florida, a political subdivision of the State of Florida. "County Administrator" means the Interim County Administrator of the County and such other person as may be duly authorized to act on his or her behalf. "Desi2Rated Revenues" means Public Agency Moneys budgeted and appropriated for pmposes of payment of the Loan Repayments and any other amounts due under the Loan Agreement. "Draw Date" has the meaning set forth in the Loan Agreement. "Loan No. A-IO-l" means the Loan designated as "Loan No. A-IO-l" the proceeds of which are to be used to finance Project A-IO. "Loan" means the loan to be made by ilie Commission to the County from proceeds of the Series A Notes in accordance with the terms of this Resolution and of the Loan Agreement. "Loan Agreement" means the Loan Agreement, dated as of April 12, 1991, between the County and the Commission, as amended and supplemented and as the same may be further amended and supplemented. "Loan Rate" has the meaning set forth in the Loan Agreement. "Loan Repayments" or "Repayments" means the payments ofprincipal and interest at the Loan Rate on the Loan amounts payable by the County pursuant to the provisions of the Loan Agreement and all other payments, including Additional Payments, payable by the ColUlty pursuant to the provisions of the Loan Agreement. "Non-Ad Valorem Revenues" means all legally available revenues of the ColUlty derived from any source whatsoever other than ad valorem taxation on real and personal property, which are legally available to make the Loan Repayments required in the Loan Agreement, but only after provision has been made by the County for the payment of 2 - _________,.__.._~,__~~__.~,~_ ~_~,.. r_'_o.<,..,._''''_''~",,,_,",,,_.~._.,,_;.,._",=_~,,_,_.~"~~,__"_4."___~~""'__"~_."'" '_'._'_'..,_~d"""_",,,__,_'".~.._._..____...~__.~_,__"_><_'_ . . I L . , , I J .. I I , , , I I I , I j , i , 1 . 1 APR ') ') 199i services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the County or which are legally mandated by applicable law. "Program" means the Pooled Commercial Paper Loan Program established by the Commission. "Project A-I0" means the costs and expenses relating to the acquisition and construction of an expansion of the Marco Island Library, as the same may be amended or modified from time to time, all as more particularly described in the plans and specifications on file with the County. "Public Agency Moneys" shall mean the moneys budgeted and appropriated by the County for payment of the Loan Repayments and any other amounts due hereunder from Non-Ad Valorem Revenues pursuant to the County's covenant to budget and appropriate such Non-Ad Valorem Revenues contained in Section 6.04 of the Loan Agreement. "Repayment Schedule" means the schedule of Repayments of the Loan as determined by the County Administrator, as the same may be amended or modified from time to time. "Resolution" means this Resolution, as the same may from time to time be amended, modified or supplemented. "Series A Notes" means the Commission's Pooled Commercial Paper Notes, Series A (Governmental Issue), to be issued from time to time by the Commission. The temIs "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms, shall refer to this Resolution; the term "heretofore" shall mean before the date of adoption of this Resolution; and the term "hereafter" shall mean after the date of adoption of this Resolution. Words importing the masculine gender include every other gender. j . I Words importing the singular number include the plural number, and vice versa. SECTION 2. AUTHORITY FOR RESOLUTION. This Resolution is adopted pw>uant to the provisions of the Act. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: 3 c.d "'1 .f ',"J' ,:b " :Gj ;\ ~A " ~ ~ . , . " . . _';-1 :) "It ';'1 ,;'j "", . . ,- . ' /- - .,. ~ .,' ,~ I ' ,: .. , ' .: . , > ., ". , i ~ . APr.> 1 2 1991 (A) The Commission has been established for the principal purpose of issuing commercial paper notes in order to pro"ide funds to loan to public agencies, such as the County, desiring to finance and refinance the cost of acquiring, constructing and equipping capital improvements and to finance and refInance other governmental needs. (B) In furtherance of the foregoing, the Commission shall issue, from time to time, commercial paper notes to be known as "Florida Local Government Finance Commission Pooled Commercial Paper Notes, Series A (Governmental Issue)" and shall loan the proceeds of such Series A Notes to public agencies, including the County. (C) Pursuant to the authority of the Act, the Commission has agreed to loan, from time to time, to the County such amounts as shall be authorized herein and in the Loan Agreement in order to enable the County to finance, reimburse or refmance the cost of acquisition, construction and equipping of capital improvements. (0) The County presently has outstanding $19,722,000 principal amount of Loans pursuant to the Program. (E) The County desires to borrow an additional amount Dot to exceed $1,700,000 in order to finance Project A-IO. (F) The County hereby determines that the provision of funds by the Commission to the Colmty in the form of Loan No. A-IO-I pursuant to the terms of the LoaD Agreement and the fInancing of Project A-IO will assist in the development and maintenance of the public welfare of the residents of the County, and shall serve a public purpose by improving the health and living conditions, and providing governmental services, facilities and programs and will promote the most efficient and economical development of such services, facilities and programs. (G) Loan No. A-IO-I shall be repaid solely from the Designated Revenues. Such Designated Revenues shall include moneys derived from a covenant to budget and !ljJjJlujJ,iate legally available Non-Ad Valorem Revenues. The ad valorem taxing power of the County will never be necessary or authorized to make the Loan Repayments. SEcnON 4. TERMS OF LOANS. The County hereby approves of Loan No. A-IO-l in the principal amount of not exceeding $1,700,000 for the purpose of providing the County with sufficient funds to finance Project A-IO. The Chainnan and the Clerk are hereby authorized to execute, seal and deliver on behalf of the County a Loan Note or Notes with respect to Lom No. A-IO-l and other documents, instruments, agreements and certificates necessary or desirable to effectuate Loan No. A- I 0- I as provided in the Loan Agreement The Loan Note or Notes with respect to Loan No. A-IO-l shall reflect the terms 4 . "', '. " ' . ., ~. . . I J ,~. :. , '." , " " ' 'j . .. . ' . ' '" ,.., ,",' ".,;. # " , !\P~ ) ) 1997 of such Loan and shall be substantially in the form attached to the Loan Agreement as Exhibit I. The County Administrator shall make the Draw Request or Requests with respect to Loan No. A.IO-I in accordance with the terms of the Loan Agreement at such time as shall be determined by the County Administrator as appropriate to finance Project A-IO and is permitted by the Loan Agreement. Loan No. A-IO-I shall mature in accordance with the repayment schedule attached hereto as Schedule I. Loan No. A-IO-I shall bear interest at the Loan Rate in accordance with the terms of the Loan Agreement. The County further agrees to make all Loan Repayments required of it pursuant to the terms of the Loan Agreement. The Letter of Credit fees for Loan No. A-IO-I shall be 35 basis points or such other amount as First Union National Bank of Florida and the County Administrator shall agree, but in no event shall it exceed 45 basis points. SECTION 5. AUfHORIZATION OF PROJECT A-tO. The County does hereby authorize the acquisition and construction of Project A-IO. SECTION 6. SECURITY FOR THE LOAN. The County's obligation to repay Loan No. A-IO-I will be secured by a pledge of and lien upon the Designated Revenues in accordance with the terms of the Loan Agreement. The obligation of the County to repay Loan No. A-I0-1 shall not be deemed a pledge of the faith and credit or taxing power of the County and such obligation shall not create a lien on any property whatsoever of or in the County other than the Designated Revenues. - ;.~ 1- r/:,:' t. ~' ., "':.<, f",' ~~~~;:; ~:~ r.~,:> 6d ~., ~(~( :rf :~~} (i' ~,) J', rrf't. r;,;;-, ,~n' , ~~ SECTION 7. GENERAL AUfHORITY. The members of the Board and the officers, attorneys and other agents or employees of the County are hereby authorized to do all acts and things required of them by this Resolution and the Loan Agreement, or desirable or consistent with the requirements of this Resolution and the Loan Agreement, for the full punctual and complete performance of all the terms, covenants and agreements contained in this Resolution and the Loan Agreement, and each member, employee, attorney and officer of the County or its Board is hereby authorized and directed to execute and deliver any and all papers and instruments and to do and cause to be done any and all acts and things necessary or proper for canying out the transactions contemplated by this Resolution and the Loan Agreement. SECTION 8. SEVERABILITY. If anyone or more of the covenants, agreements or provisions herein contained shall be held contnuy to any express provision oflaw or contnuy 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 shaI1 be deemed separable from the fI"t1UIiniY1g covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. 5 . ' , ' , , , I -,' - J', . ' . .,' .':> . :.' " :: ~ ' , . .. " API? 2 2 f997 SECTION 9. REPEAL OF INCONSISTENT RESOLUTIONS. All resolutions or parts thereof in conflict herewith are hereby superseded and repealed to the extent of such conflict. SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. DULY ADOPTED this 22nd day of ApriL 1997. DOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA (SEAL) " ArrEST;.... , ':.,. ~ :" '::"""/, , " . f4f'.~~H~., ~f)C!. ,Cl . .~ '.:', 'r:. , ~ .'.': ',' " ". ..... ,.' '. '\'APPROVED AS TO FORM AND 'LWALstirritblCV: ~ "" ...~. .'f,,,..,.,. J~(!;zt;:6t1 County Attorney ! ! l 6 04/11181 10:41 ff813 281 0128 S C l S TAlIPA ~003/003 AP~ 7. 2 1997 SCHEDULE 1 REPAYMENT SCHEDULE The principal of Loan No. A-1Oo1 shall be repaid as follows: " ~ December 2, 1997 March 3, 1998 June 2, 1998 September 1, 1998 December 1, 1998 March 2, 1999 June 1, 1999 September 1, 1999 December 1,1999 March 7, 2000 June 6, 2000 September 5, 2000 December 5, 2000 March 6, 2001 June 5, 2001 September 4,2001 December 4, 2001 " " PrincinaJ Retlavment S 57,000 57,000 57,000 57,000 59,000 59,000 59,000 59,000 62,000 62,000 62,000 62,000 65,000 65,000 65,000 65,000 728,000 Interest on 1011I1 No. A-IOo1 shall be paid monthly in accordance with the terms and provisiaos of the Loan Agreement. Additional Payments shall also be made in accordance: with the Loan Agreemf'flt f , \ r , 1 , (' , . r l \ 1,. "