Resolution 1995-488
SEP - 5 S5
RBSOLtrrIOIr 1r0. 95-488
A RESOLt1'1'ION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE BORROWING OF NOT EXCEEDING
$3,000,000 FROM THE POOLED COMMERCIAL PAPER
LOj'~ PROGRAM OF THE FLORIDA LOCAL GOVERNMENT
FI:fANCE COMMISSION Pt1RSt1AHT TO THE TERMS OF
TH;f: LOAN AGREEMENT BETWEEN THE COMMISSION AND
TH~ COUNTY IN ORDER TO REFINANCE CERTAIN
OB;-,IGATIONS OF THE COUNTY RELATING TO THE
KA.;' :CO ISLAND BEACHPRONT RENOURISHMENT
FAi"'ILITIES MUNICIPAL SERVICE TAXING' UNIT;
AU'.('HORIZING THE EXECUTION OF A LOAN NOTE TO
EV:r.OENCE SUCH BOMOWING; AGREEIN~ TO SECURE
SU, H LOAN NOTE WIT: I A COVENANT TO But QET AND
APPROPRIATE LEGALL I' AVAI~..ABLE NON-AD VALOREM
REVENUES AS PROVIOl ;) IN THE LOAN AGREEJ ENT AND
OTJfER PLEDGED Rt.VENUES; AUTHORIZI'G THE
EX .CUTION AND DELI' eRY OF SUCH OTHER DC ClTMENTS
AS MAY BE NECESSAR' TO EFFECT SUCH BOl ROWING;
AND PROVIDING AN Ef'FECTlVE OATE.
BB IT RESOLVZD BY ft. BOARD 01' COU1ft'Y COMHISSIOJrDS 01' COLLID
COt1JlTY, PLORIDA:
8BCTIO. 1. DEPIJrITIOBS. Unless the context of use
indicates anot.her meaninq or '.ntent, the followi:"'q words and terms
as used in this Resolution sl sll have the follO\/lnq meaninqs.
"Ac~" means" cOllectiv.ly, Part I, Chap".er 125, Florida
Statutes, Part I, Chapter l' 3 , Florida Statutes, and all other
applicable prcNisions of law.
"Ac!c!i~ional Pa1'll.D~." means the payments required to be made
by the County pursuant to Sections S.02(b), 5.02,'c), 5.02(d), 5.05
and 6.06(8) of the Loan AqreeJllent.
"Board" means the Board of County CODUDission rs of the County.
"Chairman" means the Ch....rman or Vice Chair'1an of the Board,
and such oth81 person as may be duly authorized to act on hi. or
her behalf.
"Clerk" means the Clerk )f the Circuit Court for the County,
ex-officio Clerk of the Board, and such other person as may be duly
authorized to act on his or her behalf.
"Co_is.1on" means the Florida Local Gorernment Finance
Commission, alJ any assigns or successors thereto.
BOOte nOD PAr;[ 139
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SEP - 5 1995
"COUD~Y" means Collier County,
subdivision of the state of Florida.
"COUD~Y A4minis~ra~or" means the County Administrator of the
County and .uch other per. on a. may be duly authorized to act on
bis or her behalf.
Florida,
a political
"D..i9Df~.d R.y.nue." ..ans Public Aqency Mon.ys budq.ted and
appropriat.d tor purpo..s of paym.nt of the Loan R.paym.nts and any
other amount. due under the Loan Aqr.ement. The Desiqnated
Revenu.. .hall al.o include the Pledqed Revenues.
"Ora. DI~." has the meaninq set forth in t~e Loan Aqreem.nt.
"Loan Bo. A-4" .eans the Loan de.iqnatec;' as "Loan No. A-6ft the
proc.eds of , hich are to be ,sed to refinance Project A-6.
"Loan" means the loan . 0 be made by the '~ommission to the
County from proceeds of the 1:eries A Note. in accordance with the
terms of thi: Resolution and of the Loan AgreeJll(nt.
"Loan "'l1'e...nt" mean. the Loan Aqreem. lt, dated as of
April 12, 19!"1, between the C Junty and the Commi:.ion, a. the same
may be amend~d and supplemen~ed.
"Loan Rat." has the meaninq s.t forth ill the Loan Aqreement.
"Loan Repaya.nt." or "RepaJllent8" means the payments of
principal and intere.t at the Loan Rate on the La ',n amounts payable
by the County pursuant to the provi.ions of the :~an Aqreem.nt and
all other payment., includin,' Aaditional paymen.., payable by the
County pur.uant to the provil ion. of the Loan A~~eement.
"Iron-Ad Valor.. R.venu.. ' means all leqally .availabl. r.venues
of the County d.rived from lny .ource what.oever other than ad
valor.m taxat.;.on on r.al and per.onal property, which are legally
available to make the Loan Repayments required in the Loan
Aqreement, but only after provi.ion haa been made by the County for
the payment ot services and proqrallS which are fc ' ....ntial public
purpo.es aftectinq the health, welfare ant saf.ty of the
inhabitants of the County or which are leg ',lly mandated by
applicable law.
"Pl.dqed a.v.nu.... mean 5'" of the first !1ree perc.nt (3')
of touri.t 6 ev.lop.ent tall received by the County, a. more
partiCUlarly described in Ex Lbit A attached hel.to.
"program" means the Pt "led COJDJDercial Pa))er Loan Proqram
..tablishod by the commi..ion.
"Project A-4" mean. the beach renourishj.,ent improvement.
described in .,he County's Resolution No. 89-112, adopted on May 2,
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SEP - 5 1995
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1989, as amended. Such iJDprovnent. were funded by the County's
Marco Island aeachfront RenourishJDent Facilities Municipal Service
Taxinq Unit Limited General Obliqation Bonds, Series 1989. Such
Bonds shall be refinanced by proceeds of Loan No. A-6.
"P\1I)lic Agency Koneys" shall mean the mOlleys budgeted and
appropriated by the county for payment of the Loan Repayment. and
any other Al.IOunts due bereunder from Non-Ad Valor.. Revenue.
pursuant to 1~he County's covenant to budqet and appropriate such
Non-Ad Valorem Revenues contained in Section 6.04 of the Loan
Aqreement.
"Repayabnt 8chedule" means the schedule of Repayment. of the
Loan as determined by the County Administrator, liS the same may be
amended or m'dified from tim~ to time.
"Resolut.ion" means thi. ,tesolu\,;ion, as the lame may from time
to time be auended, modified or supplemented.
"8erie. A Rotes" ..an. the c01IDIi.sion 's 'ooled C01Il1Dercial
Paper Note., Series A (Govern~ental Issue), to D' i.sued from time
to time by the Commission.
The terms "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 thi.
Resolution; and the term "hereafter" shall mean after the date of
adoption of this Resolution.
Words ilAporting the mt lculine qender inc lude every other
qender.
Words importinq the sin9 lar number include :~he plural number,
and vice vers",.
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8ZCTI0B :!. AtrrBORIn I'OR RE80LtrrIOIr. Thi. ReSOlution is
adopted pursuant to the provisions of the Act.
8ZCTIOB 3. I'IIfDI.08. It is hereby ascel- ained, determined
and declared that:
(A) The Co:mais.ion ha. been established i"~or the principal
purpose of is.'Jinq cOllJlerciai paper note. in ordr ~ to provide fund.
to loan to pm'Lic aqencies, .. ch as the County, c5 '.siring to finance
and refinance the cost of e quirinq, construct.nq and equippinq
capital improvements and to finance and refinance other
governmental needs.
(B) In furtherance of the foreqoinq, the Commi.sion shall
issue, from t lJDe to time, cODUDercial paper not",s to be known as
"Plorida Lact 1 Government Finance Commission 'tooled CODl1llercial
Paper Notes, Series A (Gove,onmental Issue)" and shall loan the
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SEP - 5 1995
proceeds of such Series A Notes to public agencies, includinq. the
County.
(C) Pursuant to the authority of the Act, the commission has
aqreed to loan, fro. time to time, to the County such amounts as
shall be authorized herein and in the Loan Aq~eement in order to
enable the Clunty to finance, reimburse or refinance the cost of
acquisition, construction and equippinq of capital improvements.
CO) Th~ County has outstandinq $21,628,470 principal amount
of Loans prsuant to the Program for the acqui.ition and
construction of various capital improvements.
(E) The County desires to borrow an additional amount not to
exceed $3,00, ,000 in order tt refinance Project A-6.
CF) The County hereby c!termines that the J trovision of funds
by the Comm~,ssion to the (:)Unty in the form of Loan No. A-6
pursuant to \ he terms of the ..can Agreement and' he refinancinq of
Project A-6 ',till assist in tl,e development and Jaintenance of the
public welfa::'e of the re.ide'1ts of the County, lnd shall serve a
public purpo'~e by improvinq , he health and liviJ 9 conditions, and
providinq qovernmental servi~es, facilities and programs and will
promote the most efficient and economical development of such
services, facilities and proqrams.
CG) Loan No. A-6 shall be repaid solely fom the De.iqnated
Revenues. Such Designated Revenues shall inclt1e moneys derived
from a covenant to budget and appropriate leqallv available Non-Ad
Valorem Revenues. Such Oe.ie .ated Revenues shal.:, also include 50\
of the first three percent (3',) of tourist develc;,tJllent tax received
by the County which the Coun ,y hereby qrants a pledqe of and lien
on in accordance with the t.'~s of Exhibit A attached hereto for
purpo.es of rf'~payment of Loal'l No. A-6. The ad va lorem taxinq power
of the Count)' will never be necessary or authorized to make the
Loan Repa~'JDen~s.
SBC'l'IOB 4. TDH8 OJ' LOAH8. The County ,ereby approves of
Loan No. A-6 in the principal amount of not exceedinq $3,000,000
for the purpose of providing the County with s\ fficient funds to
refinance Project A-6. The Chairman and the Clerk are hereby
authorized to execute, seal nd deliver on beha:f of the County a
Loan Note wi ,:h respect to Lean No. A-6 and other documents,
instruments, r.qreements and c trtificates necessa '''Y or desirable to
effectuate Loan No. A-6 as rovided in the Loa. Aqreement. The
Loan Note with respect to to n No. A-6 shall retlect the terms of
such Loan and shall be substantially in the fo~ attached to the
Loan Aqreement as Exhibit I. The County Admini~trator shall make
the Draw RequCist with respect to Loan No. A-6 1,1 accordance with
the terms of t be Loan Aqreement at such time as s..'all be determined
by the County \dministrator as appropriate to ref,.nance Project A-6
and is permit' ,ed by the Loan /lgreement. Loan No. A-6 shall mature
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SEP - 5 f995
on such dates and in such amounts as the County Administrator shall
determine; provided, however, the final maturity of Loan No..A-6
.hall not be later than December 1, 19'9. Loan No. A-6 .hall bear
intere.t at the Loan Rate in accordance with the term. of the Loan
Aqre..ent. The County further aqree. to make all Loan Repayments
required of it pursuant to the terms of the Loan Aqre..ent. The
Letter of Cr~it fees for Loan No. A-6 shall be 35 basis points.
8BCrI01I ;;. AtrrJlORIIATIOJr 07 PROJECT A-'. The County does
hereby authorlze the refinancinq of Project A-6.
SBCrIOJI' i. SZCU'RIft rOR '1'KB LOU. The County's obliqation
to repay Loan No. A-6 will be secured by a pledqe of and lien upon
the Oesignatetl Revenue. in accordance with the t,erms of the Loan
Aqreement. 'the obliqation of the county to repay Loan No. A-6
shall not be deemed a pledqe of the faith and credit or taxinq
power of the .::ounty and such (bliqation shall not create a lien on
any property whatsoever of or in the County other than the
Oesignated Revenues.
8BeTIOB 7. VAL I DATI 0 'r AtrrJlORIZZD. To i he extent de..ed
necessary by Bond Counsel, t.le County Attorney is authorized to
institute aprropriate procee"tnqs for validatior of Loan No. A-6
herein author-ized pursuant tc Chapter 75, Plorid ': Statutes.
SECTION 8. GEJrBRAL AUTHORITY. The members of the Board
and the officers, attorneys and other aqents or employee. of the
County are hereby authorized to do all acts and thinqs required of
them by this Resolution and the Loan Aqreement" or desirable or
consistent with the requiremf!nts of this Resolu;ion and the Loan
Aqreement, fOl' the full punC', ua'l and complete p"'rformance of all
the terms, covenant. and aqr ements contained il' this Resolution
and the Loan Aqreement, and tach member, empl~lee, attorney and
officer of the County or ; ':s Board is herebj' authorized and
directed to e~ecute and deliv r any and all paper. and instruments
and to do an~! cause to be done any and all acts and thinqs
necessary ~r proper for carrylng out the transactions contemplated
by this Resolution and the Loan Aqreement.
SBCTION 9. SEVERABILITY. If anyone or more of the
covenants, agreements or provisions herein conta,'.ned shall be held
contrary to any express provi'don of law or contl ary to the policy
of express law, thouqh not e~tres.ly prohibited, or aqainst public
policy, or shl'll for any rea on whatsoever be ~,tld invalid, then
such covenant." aqreements 01 provisions shall be' null and void and
shall be deemed separable frc the remaininq COVe nants, aqreements
or provisions and shall in no lay affect the vali, Jity of any of the
other provisions hereof.
SBCTION 10. RZPEAL 01' INCOHSISTIBT arSOLUTIOKS. All
resolutions cr parts thereof in conflict her....twith are hereby
superseded an. repealed to the extent of such cC''1flict.
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8ZCTIOJr 2.1. ....,tac71V. DATa. 'Thi. Re.olution shall take
effect imaedia~ely upon its adoption.
DULY ADOPlBD thi. s-r~ay of September, 1995.
(SEAL)
BOARD 0'1 cOOll'n COXIII88IOJrDS 0'1
COLLIn cOUJITY, 1'L01lI~
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APhQVED M,,!.l 0 FORM AND
LEGAL 'SttrPIC~ENCY:
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&OOtC 000 PAGE 144 .
SEP - 5 1995
ZUIBIT A
PlecSgecS Revenue.
Loan No. A-6 shall be .ecured at such time it i. made by a
pledge of an1 lien on 50' of the first. three percent. (3') of
tourist development tax received by the County pursuant to Section
125.0104, Fl(rida Statutes, and the County's Ordinance No. 92-60,
adopted by tI:". County on Auqust 18, 1992, as amended. The pledqe
.- of and lien en such tourist development tax shall terminate upon
(1) repayment of Loan No. A-6 in accordance with the terms of the
Loan Aqreemer t or (2) aqreement by the Count.y and Pirst Union
National Bank of Florida to a" terminate such pl.!dqe and lien.
BOOK fJOOpjr,r145
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