Resolution 1994-296
APRIL 26, leu
auOLO'nOJl .0. 94-296
A RESOLUTIOlf OF THE BOARD OF COUNTY
COMMISSIOIfERB OF COLLIER COUNTY, FLORIDA,
AUTHORIZIHG THE BORROWIHG OF $12,150,000 FROM
THE POOLED COMMERCIAL PAPER LOAM PROGR>>I OF
THE FLORIDA LOCAL GOVERHMEJfT FINAMCE
COMKISSIOIf PURSUANT TO THE TERMS OF THE LOAM
AGlh'UlEIIl BETWEEII THE COMMISSION AND THE
C()U14n Ilf ORDER TO REFIlfANCE A CERTAIN LOAN
MADE FOR THE ACQUISITIOlf AND CONSTRUCTION OF
VARIOUS CAPITAL IMPROVEHEHTS; AUTHORIZING THE
EXECO'l'ION OF A LOAM NOTE TO EVIDEIICE SUCH
BORROWING; AGREEING TO SECURE SUCH LOAM NOTE
WITH A COVEIfANT TO BUDGET AJCD APPROPRIATE
LEGALLY AVAILABLE NOlf-AD VALOREM REVENUES AS
PROVIDED IIf THE LOAM AGREEMENT; AUTHORIZING
THE EXECtlTIOlf AJCD DELIVERY OF SUCH OTHER
ooct1MEIlTS AS MAY BE NECESSARY TO EFFECT SUCH
BORROWING; AJCD PROVIDING AM EFFECTIVE DATE.
.. I'J' aZSOLVED .Y 'J'1I! BOAaD OF COll..n COJOUSSIOJlE1lS OJ' COLLIER
.......-x ll, J'LOllIDA I
S~OJI 1. O.,.I...I.'J'IOJIS. Un1e.. the context of use
indicate. another _aning or intent, the following word. and tarms
as used in this Resolution .hall have the following ..aninqs.
"Act:" _ans, collectively, Part I, Chapter 125, Florida
Stetutes, Part I, Cbapter 163, Florida Statut.., and all other
applicable provisions ot law.
"additional par-ant." ..ans the payaents required to be made
by the COUnty pursuant to Sections 5.02(b), 5.02(C), 5.02(d), 5.05
and 6.06(e) of the Loan Aqre_nt.
"Board" .ean. the Board of County co..issioner. of the County.
"Cbairaan" ..ana the Cbairaan or Vice Chairman of the Board,
and such other per.on a. aay be duly authorized to act on his or
her behalf.
"Clerk" .ean. the Clerk ot tha Circuit Court tor the County,
ax-otticio Clerk of the Board, and .uch other person as aay be duly
authorized to act on hi. or her behalf.
"coaai..ion" _ans the Florida Local aovernaant Finance
ec.ai..ion, and any a.siqns or succe.sor. thereto.
"countJ" ..ans Collier County, Florida, a political
subdivision ot the State of Florida.
.. OCO "'t 65
APRIL 28, leU
"Dasi9D&ta4 .....__.... _ans Public Agency Mon.ys budqeted and
appropriata4 tor purposes ot par-nt ot the Loan Repaya.nt. and any
other lIJIOWIts due under the Loan Aqr....nt.
"D~.. cat." has the ..aning ..t forth in the Loan Aqreement.
"Lo_ lCO. A-1" _ans the Loan d.siqnat.d a. -Loan No. "'-1- the
proen\!. ot wbich w.r. to be u.ed to fund the acquisition and
construct.ion ot Project 10-1.
"LoaD lCO. 10-1-2" _an. the Loan d.siqnat.d a. -Loan No. "'-1-2-
the proceeds ot wbich .hall be used to pay Loan No. 10-1-
"LoaD" aaans the loan to be ..d. by the c01IIIDission to the
county froa procaads of the Sari.. A Not.. in accordanc. with the
t.ras of this Re.olution and of the Loan Aqr...ent.
"LoaD Aqr._t" _an. the Loan Aqr....nt, dated as of
April 12, 1991, betw..n the COUnty and the coaaission, as the same
_y be .-nded and suppl...nted.
"LoaD aate" has the ..aning .et torth in the Loan Aqreement.
"Lo_ .apar-.nt." or "Raper-.nts" ..ans the payments of
principal and intere.t at the Loan Rat. on the Loan amount. payable
by the COUnty pursuant to the provision. of the Loan Aqre.ment and
all oth.r par-nte, including Additional Payment., payable by the
county pur.uant to the provi.ions of the Loan Aqr....nt.
"'on-ad Valor_ ......nu.." _ans all leqelly available r.v.nu..
of the county d.rived froa any sourc. wbat.oav.r other than ad
valor.. taxation on real and per.onal property, which are l.qally
available to aalt. the Loan Repayment. requir.d in the Loan
Aqre...nt, but only after provision has been made by the County for
the paym.nt of .ervice. and proqra.. which are for essential public
purpose. aff.cting the health, welfare and safety of the
inhabitant. of the County or which are leqally mandated by
applicabl. law.
"proqr_" _ans the Pooled coaaercial Paper Loan Program
established by the coaai..ion.
-.roj.ot A-1" aaans the tran.portation and capital
iaprov..ents and co.ts d.scribed in Exhibit D attached to
Resolution No. 91-270 of the County authorizinq the issuance of the
Loan Not. with r..pect to Loan No. "'-1, as the .a.. ..y be a.ended
or modified from ti.e to ti...
"PUblio A9.ncy Money." shall ..an the money. budq.ted and
appropriated by the county for paym.nt of the Loan Repayments and
any oth.r aaount. due her.under frOll Non-Ad Valorem Revenues
pursuant to the County's covenant to budq.t and appropriate such
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APltIL 28, leU
.on-Ad Valor.. Revenu.. contained in Section 6.04 of the Loan
Aqr......- ~ t t.
-aepaya8Dt 8Gbe4ul." ..ans the .chedul. ot Repayaent. of the
Loan .. provided in the Loan Aqr....nt and in Schedule I attach.d
hereto, as the _ aey be a..nded or modifi.d trola time to time.
....solution.. aaans this Re.olution, as the same -y frOll time
to tt.e be .-nded, aoditied or supplemented.
"serie. A JIot.... aeans the coaai.sion's Pooled C01lllDercial
Paper .otas, Series A (aove~ntal Issue), to be issued trOll time
to tt.e by the coaaission.
Th. teras "herein,- -hereund.r,- -hereby,- -hereto," -hereof,"
and any si.ilar t.ras, shall r.f.r to this R.solution; the term
-baretotor.- shall aaan before the data of adoption of this
ResOlution; and the tara -hereatter- shall mean after the date of
adoption ot this Resolution.
words iapolting the ...culin. qender include every other
qander .
words importing the singular mlllwer include the plural number,
and vice v.rsa.
s:lC'J'%OJI 2. AU'J'JlORI'J'Y FOIl JlESOLO'UOJI. Thi. Resolution is
adopted pursuant to the provisions of the Act.
S~OJI J. J'I1CDDrGS. It is hereby ascertained, determined
and declared that:
(A) Ths coaai.sion has been established for the principal
purpose ot issuing ~rcial paper notes in order to provide tunds
to loan to public aqencie., such a. the county, desiring to finance
and retinance the cost ot acquiring, constructing and equipping
capital blprove.ents and to tinance and refinance other
qovernaental n..d..
(8) In furth.rance of the foregoinq, the caaaission shall
issue, troa t~ to ti.., coaaercial paper notes to be known as
"plorida Local aov.~nt Finance caaaission Pooled co_.rcial
Paper Ifote., series A (Gov.rnaentalIssue)- and shall loan the
procaads ot such Series A Not.s to public aqencies, including the
county .
(C) Pursuant to the authority ot the Act, the c01lllDission has
aqread to loan, troa ti.. to ti.., to the county such amounts as
shall be authorized her. in and in the Loan Agr....nt in order to
.nabl. the county to tinanc., r.imburse or refinance the cost of
acqui.ition, construction and equippinq of capital improvements.
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APRIL 26, lllllt
(D) The county has heretotor. received Loan NO. A-l pursuant
to the Pll:oqr_ wbich is in the principal amount ot $13,150,000 and
will coaa due on April 29, 1994.
(Zl Th. procaeds of Loan No. A-1 was used to finance the
costs ot Project A-l.
(F) Th. county d.sires to retinance a portion ot Loan No. A-1
coa1n; due on April 29, 1994 in accordance with the t.ras h.r.of.
(G) The COUnty h.reby deterain.s that the provision of funds
by the coaaission to the Public Aq.ncy in the fora of Loan No. A-l
pursuant to the teras of the Loan Aqreeaent and the refinancinq of
Loan 110. 10-1 will assist in the dev.lopment and saint.nanc. of the
public welfare of the r.sidents of the county, and shall s.rve a
public purpos. by improving the h.alth and livinq conditions, and
providing qovernaantal servic.s, facilities and proqrams and will
proaota the most efticient and econoaical development of such
services, taciliti.s and proqra...
(8) Loan NO. A-1-2 shall be repaid solely froa the Designated
ReVenues. Such Designated ReVenues shall include moneys derived
trQa . covenant to bUdqet and appropriate legally available Non-Ad
Valor_ ReV.nues. Th. ad valor.. taxing pow.r of the county will
never be n.cessary or authorized to aalte the Loan Repayments.
S~OJI t. 'fE1lXS OF LOUS. Th. county her.by approv.s of
Loan Ifo. 10-1-2 in the principal amount of $12,150,000 for the
~ of providing the county with sutticient funds to retinance
Loan ICo. A-l which is coaing due on April 29, 1994. The Chairman
and the Cl.rk are h.r.by authorized to ex.cute, seal and deliver on
behalf of the county the Loan Note and other documents,
instruments, agr...ents and c.rtificat.s n.cessary or d.sirabl. to
eftectuat. Loan No. 1.-1-2 as provided in the Loan Aqree.ent. The
Loan lIate with respect to Loan No. A-1-2 shall reflect the terms of
such Loan and shall be SUbstantially in the tora attached to the
Loan Aqr...ent as Exhibit I. The Loan Note shall be dated
April 29, 1994 and shall aature in accordance with the provisions
d.scribed in Schedul. I attached h.reto. Loan No. 10-1-2 shall bear
interest at the Loan Rat. in accordanc. with the teras of the Loan
Aqr....nt. Th. county furth.r aqrees to sake all Loan Repayments
required ot it pursuant to the teras ot the Loan Agreement. The
Latter of cr.dit f.e. for Loan No. 1.-1-2 shall be 32.5 basis points
troa April 29, 1994 throuqh and includinq April 29, 1996, and
theraatt.r at 31 basis points.
SEC'J'IOJI 5. AU'J'llORIIA'J'IOJI OJ' aUIJiUCI.G. The County does
b.r.by authorize the r.financing of Loan No. 1.-1 in accordance with
the teras of Loan No. A-1-2.
SEC'J'IOJI t. SECU1lI'J'Y J'01l 'J'1I11 LOU. The county's obligation
to r.pay Loan ICo. A-1-2 will be secured by a pledqe of and lien
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APRIL 26, leU
upon the Designated Revenues in accordance with the terms of the
Loan Aqre_nt. The obliqation of the county to repay Loan
.0. A-1-2 shall not be de..ed a pledqe of the faith and credit or
taxing power ot the county and such obliqation shall not create a
lien on any property whatsoever ot or in the county other than the
Desiqnata4 Revenues.
S~OJI 7. GJ:JIEJlAL AV'J'BoaI'J'Y. The .e.bers of the Board
and the officers, attorneys and other aqents or employees of the
county are hereby authorized to do all acts and things required of
th.. by this Resolution and the Loan Aqree.ent, or desirable or
consistent with the require.ents of this Resolution and the Loan
Aqre_nt, tor the tull punctual and complete performance of all
the teras, covenants and aqre...nts contained in this Resolution
and the Loan Aqre_nt, and each aeaber, employee, attorney and
officer ot the county or it. 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 tor carryinq out the transactions contemplated
by this Resolution and the Loan Aqreement.
SEC'J'IO. s. SEVERAJIILI'J'Y. If anyone or more of the
covenante, aqre_nt. or provision. herein contained shall be held
contrary to any expre.s provision ot law or contrary to the policy
ot expre.. law, though not expre.sly prOhibited, or aqainst public
policy, or shall tor any reason whatsoever be held invalid, then
such covenants, aqre_nts or provi.ions shall be null and void and
shall be de..ed separable froa the r_ininq covenants, agreements
or provi.ions and shall in no way affect the validity of any of the
other provisions hereof.
S~OJI ,. aEPEAL OF
resolutions or part. thereot
superseded and repealed to the
I.COJISIS'J'EJl'J' RESOLUTIONS.
in conflict herewith are
extent of such conflict.
All
hereby
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APRIL 26, 1eet
._..."OJI 10. .,._...~... DAn. This Resolution shall take
ettect t-T\!iately upon lte adoption.
DIlLY aJ)O~~ thi. ,!J{,;(1. day ot April,
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COIDII88IOJIEU OF
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APRIL 28, leU
.CIUU~ :t
noPOSZD LOA1C aEJ'Al~ ~OLE
'!be principal ot Loan .0. A-1-2 shall be repaid a. follows:
March 7, 1995
March 5, 1996
IIarcb .., 1997
IIarcb 3, 199.
oac........ 1, 1998
$1,200,000.00
1,200,000.00
1,200,000.00
1,200,000.00
7,350,000.00
IDterut on Loan 110. 10-1-2 shall be paid aonthly in accordance
with the teras and provisions ot the Loan Aqr....nt. Additional
PaJ..AU shall also be aada in accordance with the Loan Aqr....nt.
.... 0DwJ. 71