Resolution 1994-324
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RESOLUTION 94. 324
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA.
APPROVING THE ISSUANCE OF NOT EXCEEDING
SI6.ooo.ooo HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY MULTI-FAMILY REVENUE BONDS. SERIES 1994
(THE SADDLEBROOK VILLAGE APARTMENTS PROJECl)
PURSUANT TO CHAPTER 159, PART IV, FLORIDA
STATUES, AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY. FLORIDA:
SectIon I. Recitals. It is hereby found. ascertained. determined and declared that:
A. The Housing Finance Authority of Collier County (the "Issuer") is a public
corporation of the State of Florida. was duly created by Home Rule Ordinance No. 80-66 of
the Board of County Commissioners of Collier County. Florida. and is body corporate and
politic duly created and existing as a local governmental body and a public instrumentality for
the purpose of assisting qualifying housing projects situated in Collier County. Florida (the
"County"), under and by virtue of Chapter 159. Part IV, Florida Statutes. (the "Act"). to
provide for the issuance of and to issue and sell its obligations for lawful corporate purposes.
B. The Issuer has submitted to the Board of County Commissioners a copy of its
Resolution, attached hereto as Exhibit" A" (the "Resolution"), with respect to the issuance by
it of not exceed S16,ooo.000 Housing Finance Authority of Collier County Multi-Family
Revenue Bonds. Series 1994 (the Saddlebrook Village Apartments Project) (the "Bonds").
C. A public hearing was held on the Resolution on April 13. 1994. which public
hearing was duly conducted by the Issuer upon reasonable public notice. and at such hearing
interested individuals were afforded the opportunity to express their views. both orally and in
writing. on all matters pertaining to the location and nature of the proposed project and to the
i"5'llmN" of the Bonds.
D. The Issuer has reeommended' and requested that the Board of County
Commissioners approve the issuance of the Bonds so that the interest on the Bonds will be
exempt from federal income taxation under appliCable provisions of Seetion 147(a) of the
Intemal Revenue Code of 1986. as amended.
E. The Resolution shows that the Issuer has acted in accordance with all applicable
requirements of law. and that the issuance of the Bonds will serve significant public purposes
as provided in the Act.
F. The purpose of the Act will be effectively served. and it is necessary and
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desirable and in the best interest of thc County that thc issuance of the Bonds be approved by
the Board of County Commissioners.
G. The Bonds shall not constitute a debt. or a plcdge or raith and credit of thc
Issuer. the County, the State of Florida or any political subdivision thereof. and neithcr thc
Issuer. the County, the State of Florida nor any political subdivision thereof shall be liablc
thereon; nor in any event shall the Bonds to payable out of any funds or properties other than
those of the Issuer. and then only to the extent provided in the Indenture. No member of the
Board of County Commissioners or any officer thereof shall be liable personally on the Bonds
by reason of its issuance.
Seetlon 2. Approval or Issuance or the Bonds. The issuance of the Bonds as
contemplated by the Resolution is hereby approved. howcvcr this approval shall in no way be
deemed to abrogate any land development regulations of the County and the project
contemplated by this resolution shall be subject to all such regulations. including, but not
limited to, the County's Growth Management Plan and all concurrency requirements contained
therein.
SectIon 3. Repealing aause. All resolutions or orders and parts thereof in contlict
herewith, to the extent of sueh eonllict. are hereby superseded and repealed.
Effective Date. This Resolution shall take effect immediately upon its
SectIon 4.
adoption.
PASSED AND ADOPTED THIS (1
day of ~____
I
,1994.
(SEAL)
A1TEST:: j:
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'rman he Board of County
Commissioners of Collier County. Florida
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of the Board of ounty'
'ssioners ,of Collier County, Florida
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Approved as to form and legality:
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Kermeth B. Cuyl . uire
County Attorney
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HAY 3, 1994
94-01
RESOLUTION REGARDING THE OFFICIAL ACT OF THE
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY,
FLORIDA, RELATIVE TO THE ISSUANCE OF
KULTIFAMILY HOUSING REVDIUE BONDS IN AN AMOUNT
NOT TO EXCEED $16,000,000 FOR THE PURPOSE OF
ACQUIRING, CONSTRUCTING AND EQUIPPING
KULTIFAMILY RESIDENTIAL HOUSING FACILITIES FOR
PERSONS OR FAMILIES OF LOW, MIDDLE OR MODERATE
INCOME: AND FURTHER AUTHORIZING THE EXECUTION
AND DELIVERY OF AN AGREEMENT BY AND BETWEEN
THE AUTHORITY AND SADDLEBROOK VILLAGE
ASSOCIATES, LTC.: AND PROVIDING AN EFFECTIVE
DATE.
1I1IDEAS, Saddlebrook Village Associates, Ltd. (the "company")
has applied to the Housing Finance Authority of Collier County,
Florida (the "Authority"), to (i) issue its multifamily housing
revenue bonds in a principal amount not to exceed $16,000,000 (the
"BondS'" tor the purpose of financing the acquisition,
constructiop, equipping and development of multifamily residential
housing facilities for persons or families of low, middle or
moderate income to be located in Collier county (the "Project"),
and (ii) to loan the proceeds of the Bonds to the Company pursuant
to Chapter 159, Part IV, Florida Statutes, or such other provision
or provisions of Florida law as the Authority may determine
advisable (the "Act"): and
WXEREAS, a determination by the Authority to issue the Bonds
under the Act, if so requested by the Company, in one or more
issues or series not exceeding an aggregate principal amount of
$16,000,000 and to loan the proceeds thereof available to finance
the Project under a loan agreement or other financing agreement
vhich vill provide that payments thereunder be at least sufficient
to pay the principal of and interest and redemption premium, if
any, on such Bonds and such other costs in connection therewith as
may be incurred by the Authority, will assist the Company and
promote the purposes provided in the Act; and
nEREAS, the Company 'has submitted the Preliminary Agreement
relating to the issuance of the Bonds, attached hereto: and
WHEREAS, the Authority desires to approve the form of notice
of public hearing vith respect to the Bonds; and
WHEREAS, it is intended that this Resolution shall constitute
official action toward the issuance of the Bonds within the meaning
of the applicable United States Treasury Regulations.
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Exhibit -A"
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HAY 3, t994
1'1' IS, 'I'lIDBJ'OlUl, DBTBRHIJlBD AND RESOLVED BY TEB BOARD OF
DDlBC'l'OltS OJ' TEE HOUSING J'DlUCB AtJTJIORITY OF COLLIER COO'NTY,
FLQRJ:DA, 'l'JIAT:
1. The acquisition, construction, equipping and development
ot the Project and the tinancing thereof by the Authority through
the issuance of the Bonds, pursuant to the Act, will promote the
health and welfare of the citizens of Collier county and will
thereby serve the public purposes of the Act.
2. The Chairman or the Vice-Chairman and the secretary of
the Authority hereby are authorized and directed to execute, for
and on behalf of the Authority, the agreement attached hereto as
Exhibit A between the Authority and the Company providing
understandings relative to the proposed issuance of the Bonds by
the Authority to finance the Project in an aggregate principal
amount not to exceed the lesser of (a) $16,000,000, or (b) the cost
of the project, as determined by the Authority.
3. There is hereby authorized to be issued and the Authority
hereby determines to issue the Bonds, if so requested by the
Company and subject to the conditions set forth in the agreement
attached hereto, in one or more issues or series in an aggregate
principal amount not to exceed Sixteen Million Dollars
($16,000,000) for the purpose of financing the project described
in such agreement. The rate of interest payable on the Bonds shall
not exceed the rate permitted by law.
4. The Chairman, the Vice-Chairman and the Secretary of the
Authority hereby are further authorized to proceed, upon execution
ot the agreement, with the undertakings provided tor therein on the
part ot the Authority and are turther authorized to take such steps
and actions as may be required and necessary in order to cause the
Authority to issue the Bonds subject to the terms and conditions
set forth in the agreement authorized hereby.
5. This resolution is an attirmative action of the Authority
toward the issuance of the Bonds, as contemplated in said
agre_ent, in accordance with the purposes ot the laws of the State
ot Florida and the applicable United States Treasury Requ1ations.
6. The form of notice of public hearing attached hereto as
Exhibit B is hereby approved and the publishing thereof ratified
by the Authority.
7.
This Resolution shall take effect immediately.
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~Pfm) this 13th day ot
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Secretary
KAY 3, 1994
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