Resolution (CWS) 1994-05
MAY 17. 1994
RESOLUTIOH HO. cws 94-5
,,-4.
A RESOLUTION AMENDING A RESOLUTION ENTITLED:
"A RESOLUTION AMENDING IN ITS ENTIRETY A
RESOLUTION OF THE COLLIER COUNTY WATER-SEWER
DISTRICT ADOPTED ON APRIL 17, 1990 AND
ENTITLED: 'A RESOLUTION AUTHORIZING THE
ISSUANCE BY THE COLLIER COUNTY WATER-SEWER
DISTRICT OF NOT EXCEEDING $15,960,000 IN
AGGREGATE PRINCIPAL AMOUNT OF ITS SEWER
ASSESSMENT BONDS, SERIES 1990 (EAST AND SOUTH
NAPLES PROJECT), IN ORDER TO FINANCE THE COST
OF THE ACQUISITION AND CONSTRUCTION OF VARIOUS
SEWER IMPROVEMENTS WITHIN THE DISTRICT;
PLEDGING THE MONEYS RECEIVED FROM SPECIAL
ASSESSMENTS UPON PROPERTY BENEFITTED BY THE
AFOREMENTIONED IMPROVEMENTS TO SECURE PAYMENT
OF THE PRINCIPAL OF AND INTEREST ON SAID
BONDS; PROVIDING A SUBORDINATE LIEN ON AND
PLEDGE OF CERTAIN REVENUES OF THE DISTRICT'S
WATER AND SEWER SYSTEM; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SAID BONDS; AND
PROVIDING FOR AN EFFECTIVE DATE FOR THIS
RESOLUTION;' AND PROVIDING AN EFFECTIVE DATE".
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i~:~;~"1S, the Collier County Water-Sewer District (the
!!Iswer.) has heretofore issued its Collier County Water-Sewer
District Sewer AssesS1llent Bonds, Series 1990 (East and South Naples
""Project) (the "Bonds") pursuant to its Resolution No. CWS-90-11,
"::;a40pta4 on July 24, 1990 (the "Resolution"); and
;"(,"~.;-' .
./.~<" nnns, the Bonds were secured principally by a pledge of and
:lien upon certain special assessments (the "Special Assessments")
~l.vied upon property benefitted by improvements refinanced from
'proceed, of the Bonds; and
,"nuns, the Issuer is required pursuant to the terms of the
ReSOlution to collect the Special Assessments on a timely basis;
"and
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" ~~ZA8, the Issuer deems it is in" its best interest and the
inter..t. of the citizens of Collier County, Florida to initiate a
hardahip deferral program pursuant to which individuals who are
.'living below the poverty level and are at risk of losing title to
"their hom.s as a result of collection of special assessments such
.~thos. associated with the Bonds may defer payment of all or a
. . on ot such special asses.ments; and
l'
~,~WKERZAS, the I..uer hereby determines to amend the Resolution
~.llow for .uch hardship deferral program as it relates to the
ia1 As....ments;
SOOK OeD Plr,! 119
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MAY 17. 1994
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.,,;;~ '1'JlJ:RUORE, BB IT RESOLVED BY THE BOARD OF COUNTY
IOXERB OF COLLIER COUNTY, FLORIDA, ACTING AS THE EX-OFFICIO
BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT, AS
AMENDMENT TO SECTION 5.05 OF THE RESOLUTION.
Resolution is hereby amended in its entirety to
. '.'~OJ( 5.05. ENJ'ORCEHENT OP PAYMENT OF SPECIAL ASSESSMENT
~&5U.. The Issuer will receive, collect and enforce payment of
Special Assessment Proceeds in the manner prescribed by this
Resolution, the Act, the Assessment Resolutions and all other
resolutions, ordinances or laws appertaining thereunto, and will
pay and deposit the proceeds of Special Assessment Proceeds, as
received, into the Assessment Account of the Revenue Fund, except
as otherwise provided herein; provided, however, the Issuer may, at
its option, establish a hardship deferral program wherein
'..individuals whose property is subject to an Assessment and who are
~livinq below the poverty level and who are at risk of losing title
~to their home may have all or a portion of their annual assessment
, paywent deferred. In the event the Issuer initiates a hardship
lSeterral program relating to the Assessments, the Issuer agrees
'that it will set aside in each Fiscal Year in a special account of
.the SUrplus Fund established pursuant to Resolution No. CWS-85-1J
'of.~the Issuer moneys equal to the amount of such deferrals
'oecurring in such Fiscal Year. Such deposit shall be made at the
tiaa such deferrals are approved by the Issuer. Moneys in said
'account shall be utilized by the Issuer solely for the purpose of
-paying principal of and interest on the Bonds to the extent moneys
l' available under this Resolution are insufficient therefor. The
"Xssuer agrees that, to the extent permitted by law, it will collect
the Assessments pursuant to the Tax Roll Collection Method. In the
event the Issuer is unable to collect the Assessments by the Tax
'lRoll Collection Method, the Issuer agrees to collect such
~As......nts in the manner provided in the Act, including initiating
"foreclosure proceedings against properties which are more than 60
&ay.' delinquent in the payment of an Assessment installment.
.Absent a default or delinquency in the payment of any Assessment,
..nothing- herein shall require the prepayment of any installment due
f'on,'.an As.essment prior to its due date, except as otherwise
. FOvided by the Act.
TO STA~ IN FULL PORCE AND EFFECT.
the Resolution shall remain in full force
. aOOK 000 pm 120
MAY 17. 1994
~,;}':'f 8BC'fI0JI 3. UJ'ECTIVZ DATE. This resolution
ettectiv. iKDediately upon the adoption hereof.
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shall become
By:
DIST~.ICT
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aODK 000 Plr., 121