Resolution 1994-149
KARCH 8, 1994
RESOLUTION NO. 94-149
RUOLO'1'IOJJ 1t0; HWS - 94 - 2
A RESOLUTION AMENDING A RESOLUTIOn ENTITLED:
"A RESOLUTION AMENDING IN CERTAIII RESPECTS AND
RESTATING IN ITS ENTIR.ETY RESOLUTIon 110.
KWS-SS-) OF TIlE GOVERNInG BOARD OF TIlE MARCO
WATER AND SEWER DISTRICT ADOPTED on JUKE 14,
1988, ENTITLED: 'A RESOLUTION OF TIlE GOVERNING
BOARD OF TIlE MARCO WATER AND SEWER DISTRICT
AtJ'l'HORIZItlG TIlE ISSUANCE BY TIlE MARCO WATER
AlfO SEWER DISTRICT OF $2,500,000 IN AGGREGATE
PRINCIPAL AMOUNT OF SPECIAL ASSESSMENT BONOS,
SERIES 1988, IN ORDER TO FINANCE TIlE COST OF
TIlE ACQUISITIOII AND CONSTRUCTION OF VARIOUS
IMPROVDfENTs WITIIIN TIlE DISTRICT; PLEDGING TIlE
HONEYS RECEIVED BY TIlE DISTRICT FROM SPECIAL
ASSESSMENTS UPON PROPERTY BElIEFITTED BY THE
AFOREMENTIONED IMPROVEMENTS TO SECURE PAYMENT
OF TIlE PRINCIPAL OF AND INTEREST ON SAID
BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS
OF SAID BONOS; AND PROVIDING FOR AN EFFECTIVE
DATE OF TIllS RESOLUTION;' AlID PROVIDING AN
E7TECTIVE DATE FOR TIllS AMENDED AlID RESTATED
RESOLUTION."
..-""s, the Harco Water and Sever District (the "Issuer") has
heretotore i..ued it. Harco Water and Sewer Di.trict Special
,..._---,t Bonds, Series 1988 (the "Bond.") pursuant to its
Resolution No. KWS-88-5, adopted on December 13, 1988 (the
-Resolution"); and
PD!AB, the Bond. were secured principally by a pledge of and
lien upon certain special assessments (tho "Special Assessments")
levied upon property benetitted by improvements financed from
proceed. ot the Bonds; and
~~., the I.suer is required pursuant to the terms of the
Resolution to collect the Special Assessments on a timely basis;
and
PD!AB, the I..uer deems it is in its best interest and the
intere.ts at the citizens at Collier County, Florida to initiate a
hardship deterral program pursuant to which individuals who are
livinq below the poverty level and are at risk of losing title to
their howe. a. a result at collection of special assessments such
a. tho.e a..ociated with the Bonds ~ay deter payment ot all or a
portion at .uch special assessments; and
I. OCO p.~r 34
KAICH 8, 1994
..-...., the I..u.r h.r.by detenaines to amend the Resolution
to allow tor .uch hard.hip d.t.rral program a. it r.lates to the
Special ,........nt.; and
"-""., .uch a..ndment will have no material adverse effect
on the security tor the Bondhold.r. and i. permitted pursuant to
Section 7.01(G) of the R.solution;
JIOlr, ftDUou:, BZ IT RUOLVED BY THZ BOARD 07 COOJrrY
"'.....I..IOJJDAI 07 COLLIIJl COtnrrT, FLORIDA, AC"l'IltO U THB a-oPFICIO
~....uuJlO ~ OF TIm DaCO OTlJl AJrI) SDER DISTRIC"l', U POLI.01ISI
.~OJJ 1. AXDIlKEJrr TO SEC"l'IOIt 5.05 07 THB RESOLO'1'IOIf.
Section 5.05 ot the Re.olution is hereby amended in it. entirety to
read a. tollow.:
.~OJJ 5.05. ..,ORCzxn.. 07 PAYXEJIT or SPECIAL USESSXEll'1'
no..~. Th. Is.u.r will r.c.iv., collect and enforce the payment
ot Special As..ss..nt Proceeds in the Danner prescribed by this
Resolution, the Act, the Ass.ss...nt Resolutions and all other
resolution., ordinance. or law. appertaining ther.unto, and will
pay and d.po.it the proc.ed. at Special Assessment Proceeds, as
received, into the Ass.ssment ACCount of the Revenu. Fund, except
a. oth.rwi.e provided her.in; provided, h~Jever, the Issuer may, at
its option, .stablish a hardship deterral program wherein
individual. whose property i. subj.ct to an Ass.s.ment and who are
living below the pov.rty lev.l and who are at ri.k ot losing title
to th.ir ho.. may have all or a portion at their annual assessment
payment d.t.rred. Absent a default or delinquency in the payment
ot any Ass.....nt, nothing h.r.in shall require the prepayment of
any install..nt due on an Assess.ent prior to its due date, except
as oth.rwi.. provid.d by the Act.
.zenolt 2. aUOLO'1'IOIt TO STAY I. Ft7LL FORCZ AJrI) EFFECT.
Except a. a..nded h.r.by, the R.solution shall relllain in tull force
and ettect.
I" OCO,~ 35
KARCH 8, 1994
.~~i~ 3. Er7ZCTIVB DATE. This resolution shall become
ettective 1aaediately upon the adoption hereof.
( SEAL)
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A..~~.D1strict Attoiney
DJlCO nTlJl AJrI) SnD DISTRICT, BY
TBB BOARD OJ' COOX'l'Y COKIlISS1"ClIIkxS 07
COLLIEJl COtnrrT, n.oJlIllAi?:AC"1'l:IfG; AS
THE U-oJ'J'ICIO oovn.prG ,'BOARD' .OJ'
THE DaC TEJl AJrI) B~ D;,~TRIC"1':".
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