Resolution 1994-580
JtUOt.'O'InOJl .0 . '4 - 580
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JtE:SOU11'IOW' OF THE ,BOARD OF CotmTY
COJOtl:SSIOIfmul- Hor COLLIER COUNTY, FLORIDA,
SUPPLEMItM'nJrO A' JlESOLUTlON EWl'ITLED "A
RESOU1rIOM AUTHORIZINC THE ISSUMCE Of NOT
EXCEEDIRC $29,625,000 CAPITAL IMPROVEMENT
~'RBPUWDtJfa'IIOIfDS,SERIES lltS, or, If,HE
COVMTY TO FIMMCE THE COST OF REFUNDING
CER'I'AIM otTrSTAMDIMG OBLIGATIONS OF THE COUNTY;
PROVIDIMG FOR THE RIGHTS OF THE HOLDERS OF
SUCH BONDSI.PROVIDING FOR THE PAYMENT THEREOF;
KUING CERTAIN OTHER COVDfAJfTS AND AGREEMENTS
IN COKNECTION WITH THE ISSUANCE OF SUCH BONDSi
AND,PROVIOIMG ~ EFFECTJVE DATE": AUTHORIZING
THE t$S1J1oNq: OF, -$30,415,000 1M ... AC<aRECATE
n!Nc,xp~, ~O~ ,OF ,CO~IER COUNTY" :~RIDA
CAPITAL,) lKP.ROVEMENT! ~E RBFUNDI'NGBONDS,
SEJUES.).994, IK.OJIDER TO PROVIDE FUNDS FOR THE
m"Cllf~,.PtmP9iE:' 9tJlUUNDIHG THE co~'i'Y's
ot1t.s~"CAPlTAlo.~tJU:xT REVDrUE'BcNDS,
S~"' . ~...;' 'nDVl,P:U'G CEittAlR'. TERMs AND
DETAILS 0" SAID BONDS, INCLUDING Atn'HORIUNG A
MEGOTIATED SALE OF SAID BONDS AND THE
EXECU'tION AXD DELIVERY OF THE HEREIN DESCRIBED
PURCHASE ACREEMENT WITH RESPECT THERETO:
APPOIRTIJIG THE PAYIMG AGENT AMD REGISTRAR FOR
SAID BORDS; AUTHORIZING THE DISTRIBUTION OF A
PRELIMIJfAJlY OFFICIAL STATDlENT AND THE
EXECt1'1'I01fAXD DELIVERY OF AN OFFICIAL
STATEMENT WITH RESPECT THERETO: AtrI'HORIZING
THE EXECUTION AND DELIVERY OF AN ESCROW
DEPOSIT ACREEMEHT AND APPOIHTIRG AN ESCROW
AGENT; AMD PROVIDING AM EFFECTIVE DATE.
.. I'f JlUOLYm> .y ft. ~UD '" comrn COMXIIIIO.ZU OJ' COLLIER
COOftI, n.oaIDA I
1~0If 1.
that:
J'IJlDIlIGI. It i. hereby found and detenained
(A) On April 30, 1915, the Board of County commi..ioner. of
COllier County, Florida (the -Issuer-) duly adopted Resolution Ho.
'5-107, a. ...ndecS and .uppl...ntad (collectively, the
-Re.olution-), the title of which Resolution i. quoted in the title
.oft.h.UdSUppl...ntAl Raaolution,. for thepurpo... de~ribe4
therein, authorizinq, aJlOftCJ other thinq., the i..uance of
$29,625,000 capital I1Ip%'ov...nt Revenue Refundinq Bond., Seri..
1915 (the -Serie. 1985 Bond.-), which Seri.s 1985 were is.ued on
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Kay 29, 1985 fortheprincipal'purpoaa of refuPldin9' t.he Iuuer'.
OUt.tanding Capital taprov..ent Revenue Bonds; seri~.: ~~82.
(B) Pursuant to the Re'olution the I.auer'di-dr on:Ootober 2,
1916, i..ue it. $31,375,000 capital IlIprovellent Reveriue Bonds,
Serie. 1916 (the "Seriea191," 80nc1a") for the,princlpalpurposes of
refundinq a portion of the aerie. 1985 Bonds, andfinancinq the
acquisition and conlitructlon of various 1I1pt"ov..ents.and additions
to the I.suer's C}O'Iet:;n:aental and adJIiniatrativa,comp-lax.
(C) Pur.uant totbe Re.olution the I.suer, did'" oh .June 30,
1911, i..ue iu '$7,;790,000 Capitel IlIprove..nt Revenue Bonds,
Series 1981 (the -.,Seri.. 'li98' Bond.-) for the ;principal purpoMof
financing ~e ~ . of cOMtruc::tlon of, "ariOla. additional
~ov...nt. u, ,the" :Uner's 90lVer1'1lMntal and' ad"i"i.trative
COIIplex and,proy~cl1nv for, pc1Mnerrt .f1nanc!f\9, fO%:< ~.llAlyBare.foot
8eadl ParJs. , "
(D) Pursuant to, t.bedt..olution the I.~r;dicS,', .on AUCJUst 26,
1992, bsue ;1.tsfl"aaS,ooo -Capital IlIproveaent 'R.av. enue Refundinq
aoncs., serie. liHZ. (the "-s.ri_1992 Bond."'l,!tor tt\. principal
purpose of refunding .11 of the Series 1988 Bond.. .
(E) The I..uer hereby de... it in its best interest. to
refund that portion of the Series 1986 Bonds which mature on or
after october 1, 1995 (the -Refunded Bonds") in order to achieve
debt service saving..
(F) The Re.olution provides for the i..uance of Additional
Bonds on . parity with the outstandinq Series 1992 Bond. and that
portion of the Series 1986 Bonds which mature on october 1, 1994
(collectively, the "parity Bonds") for the purpose of refunding the
Refunded Bond., upon ..eting the require.ents .et forth therein.
(G) There i. hereby authorized the payment and refunding of
the Refunded Bonds in order to achieve debt .ervice .aving., all in
the ..nner as provided by this Supple..ntal Resolution. For the
paywent and refundir19 of said Retunded Bond., the X.suer shall, a.
provided herein, deposit a portion of the proceeds derived frOll the
sale of the Issuer'. Collier County, Florida Capital Improve.ent
Revenue Refundinq Bonds, Series 1994 (the .Serie. 1994 Bonds"),
toqether with certain other aoneys of the I.suer, in a .pecial
eaerow deposit trust fund to, other than a cash deposit, purcha.e
direct u.s. Treasury obligations (the -Refunding Securities-) which
shall be sufficient, toqether with invest..nt earning. therefrom
and such casb deposit, to pay the Refunded Bond. a. the .a.. beco.e
due and payable or are red..-ed prior to ..turity, all a. provided
herein and the hereinatter defined E.crow Depo.it Aqree.ent.
SUbsequent to the defea.ance of the Refunded Bonds, the Refunded
. Bon4a-.-aha.l1 no 19R98z:' bepaya1:>>le troa.or be aeeurecS by any portion
of the Ple4;ad Ilevamsea.
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(H) '!'he edV.nant., 'pledq.. and condition. in, the Re.olution
.hall be appl:icabl. to t.he' "ri.. ],994 Bond. her.in authorized ,and
.aid Serie. 1994 '8cinds'sh..l1 be on a parity wilth *nd,ranJt equally
a. to lien ,on and source and -.curity ,for payaent :fro1l 1tpe PI,edged
Revenu.. and ~n'all other re.peets with !the Parity Bond..
(X) The I..uer i. not in default in performing any of its
covenant. and obliqations under the R..olution.
,.. j....-.
(J) Tillll ;riocip(ll of and: inter..ton the- S8%1i.. )1994 Bonds
and all required '.inJd."9 fund; re.erve and other 'payments .hall be
payable s91e).y tr.~ tb. P>le_,ad R.v,enu.s ..~~.in and in the
Resolution l~~i4e4.The I...e;: .hall n,var berequi.red to levy ad
valor_ Uxell.onany property within ita corpor.te ~erritory to pay
the prinei~l of and interest :on the Series 1994 Bo~ or to make
the requiredslnJcinq--fund, reserv. or other: p_Y1Nnt., "and .uch
Serie. 199,48onda- .abAall not con.titut. a li.n upon any property
owned by or .ituated within the territorial limit. of the Issuer.
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(It) Due.~ U\epountJ.al volatility of" the" aarket for
tax-exeapt ~~bl,iqaUon. .U4b. ',' as tb. Seri.. ~99~, B~)ftd. and the
COIIplexity ot ~ t.ran~t4~ rel,aUnq to~; Serie.1994 Bond.,
it i. in the best lntare.t ot tbe I..uer to .e11 the S.ri.. 1994
BoneS. by a n~odated sale, aUovinq the Ie!lu.rto' .nt.r the market
at the ao.t advantageous ti.., rather than at a specified
adverti.ed dau, thereby peraittinq the Is.u.r to obtain the best
poa.ible pric. and inter..t rate for the Seri.. 1994 Bond.. The
I.aner acknowl.dg.. r.ceipt of the inforaation r.quir.d by Section
211.385(6), Florida Statut.., in conn.ction with the n.gotiated
.ale of the Seri.. 1994 Bond.. Th. afor.mentioned information is
set forth in the copy of the l.tter of the s.nior aanaging
underwrit.r for .aid Seri.. 1994 Bond. attached to the h.reafter
described Purcha.e Aqr....nt a. Exhibit C. Th. "Truth-In-Bonding"
.tat...nt requir.d by Section. 218.385(2) and (3), Florida
Statute., has be.n .et forth in Exhibit 0 to the Purchase
Aqre...nt.
(L) Prior to the adoption of thi. Suppl..ental R..olution,
Willi.. R. HOU9h , Co., M.rrill Lynch' Co. and s.ith Barney Inc.
(coll.ctiv.ly, the -Und.rwrit.rs-) have offer.d to purchase the
Series 1994 Bonds froa the Issuer and has .ubllitt.d a Purchase
COntract attached h.r.to as Exhibit A (the -Purcha.e Agr..m.nt")
expressinq the teras of such off.r, and the Is.u.r doe. h.r.by find
and d.teraine that it is 1n the be.t financial inter..t of the
lsaner that the t.ras .xpr....d in the Purcha.e Agr....nt be
accept.d by the Issuer.
(M) The Resolution provid.s that the Bond., .uch .. the
Seri.. 1994 Bond., .hall ..ture on .uch date. ~nd in .uch a.ount.,
shall bear such rat.s of interest, shall be pay.ble in.uchplacea
and' .halt be .Ubj.ct'to such redeaption provb.l.ons .. shall be
4aterainedby Suppl...ntal Resolution adopted by the Iasu.r: and it
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is now appropriate that the Isauer deterwine' :suchtenasand
details. '
'~IOIf 2. DSFI.I~~.. When uaed in thia Supple.ental
Re.olution, the tet'aJI cSefined in the Resolution shalr have the
..aninq. therein stated.
I~IOIf I. aonO&I'fY I'OR ftl:8 IUPPt.ZMD"J'M, RZ80LDT;IO..
Thi. SUppl....ntal Re.olution is .enacted purauant to< the prov1aions
of the Act and other applicable provisions o! lav.
8&CTIOJI .. Mrr1IORIU'1'IOX UD D&.calnl~. 07 '1'1a, .DIES
1..4 1tOJID8. T'he, Is.ller tlereby deterwine. ,to: i.sue a Serieso!
Bond. in the a9q1:..ate princIpal, lIJIDUnt o,f,$30,41J"OOO, to be lmovn
as -Collier,CQunt)' j Florida c.apitalI~x:ov"'D~ Rev.r)ue Refunding
Bond., Serie.. 1994 ,~for: the principal PUrpQ.. of providing funds
aufficient to nfun4 tbe"r~e. 1916 Bo~' i", accordance with
Section 27 of the ,ResQlution. The refunding IQf the Series 1986
Bond. frO'll ~. proceed,aof tbe serie. 1994 Bond. aaator.saidis
hereby authod~~d.,' ~id~ri._. 199<4 ,~ shaH be dated.. o!
Auquat 1, 1994, shan, bej,a.~d ,1nthe fora of, !j\llly registered
Bo~ in the, denOlli""tiona. of $5,000 or any i,nte9ral JDUltiple
thereof ,.hall. t.n-~~redc:onaecut.iv..ly fr~, one upward in order
of aaturitypr.eeecSed..b,y the .18'tter -R- j .hall, be.r interest from
Auqust 1, 1994, payable s..i-annually, on April 1 and October 1 of
each year (the -Interest Dates-), commencing on April 1, 1995, at
auch rates and maturing in such amounts on October 1 of such years
as set forth on Schedule 1 attached hereto.
Payment of each install..nt of interest shall be made to the
person in who.e name each Series 1994 Bond shall be reqistered on
the registration books of the Issuer maintained by the Registrar,
at the close of business on the date which .hall be the fifteenth
day of the .onth (whether or not . busines. day) next precedinq
each Interest Date and shall be paid by check or draft of the
Payinq Aqent aailed to .uch registered owner at the address
appearinq on such reqistration books or, at the request and expense
of such reqistered owner, by bank wire transfer for the account of
aueh owner.
I~IOIf I. IIOOJ[-~Y. Jlotwithatandinq the provisions set
forth in Section 13 of the Resolution, the Series 1994 Bonds .hall
be initially i..ued in the font of a separate sinqle certificated
fully registered Bond tor each of the ..turitie. of the Series 1994
Bonds. Upon initial bsuance, the ownership of each .uch Bond
.ball be regbtered in the reqbtrat10n boob ke,pt by the Registrar
in the na.. of. Cede , Co., as nOllinee of The Depoai tory Trust
CoIIpany (-DTC-). Except.. provided in Section 13 of the
Resolution, all of the outstandinq Series 1994 Bonds shall be
-recjbtered 1n the reqbtratioD books upt by the ae9btrar in the
naae of Cede' Co., a. nOllinee of DTC. .... 10n9 a. the Serie. 1994
Bonds shall be reqbtared in the naae of Cede , Co., all payaent.
of principal on the Sedes 1994 Bond. shall be aade by the Payinq
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Agent by check ordr.f~or 'bY banJt vire tran.f.er- to Cede' Co., .s
Holder of ,the i..rle. 1994 Boner.. ' .'
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with re.'p8c1: ~b t.b. ;S.de. 1994 Bonds ir~i.ter.c1 in the
reqistratlonboOks J't~:by;th.:Regtstrar .tnt~ n..e of Cede 'Co.,
as noalnee of ,DTC; ~hel I.."er,' . the Reqistrar :and the lpaylnqAgent
shall have- no r.sponelbiU.t:y or ob119at,iontaany pa.rtlcipant in
the DTC book-itntrypJ:oqr..- Coa ,.part1cipant-).Without a.1ting the
i...-diately prec..-di:nq ,.ent.nae,tb. lesuer, the R8qiatrar and the
pay1n9 Aqent aha1'} ha~ no. respon.i.b1~ity or.obLigation vi th
respect to :(.A) ,th. eceuracyof the record. ot UTe:, Oede " Co. or
any Participant v,1.th 'I'e.pe~ to any pWftershJ.p imt.J;e.t on the
..rh. 19941. 8~', (B) thad.livery, 'to' any, ParUcipaot .or any other
peraon other ~ ,a HQu.r of a ..rias ,1994, 801\d~ .. ,hown in the
reqiatratlon' ~'kaptby th.'Re9btrar, of any. notice with
respect to these..i..: 1194 BOn4a,ineludlng any notice' of
re4e.ption,ar ,(-<:) ti'le pa,...nt to any Participant or any other
peraon, other tban a Holder of . Serles199. Bond, .. .hovn in the
reqiatratlon -booU kaptby the Reqietrar, ot,aoy"allOUnt with
respect to princ:ipalof1 r~aJIption pr..iu.; it any, ~r interest on
the Serie.d,1994aonda. The I.suer, the Reqiatrarand the Paying
Agent ~y treat and consider the person in whose name each Series
1994 Bond :,1- reqiauradin ~e reqiatration boob, Jc;ept by the
RecJiatrar :U,tha Holder an4a~olute owner o.f sucb Bond for the
purpose of paywent of principal, redemption premium, if any, and
intere.t with respect to such Bond, for the purpose of giving
notices of red81lption and other ~tters with re.pect to such Bond,
for the purpose of reqi.terinq tranafer. with respect to such Bond,
and for all other purposes whatsoever. The Paying Agent .hall pay
all principal ot, rede.ption premiu., if any, and interest on the
Series 1994 Bonds only to or upon the order of the respective
H~lders, as shown 1n the regi.tration books kept by the Registrar,
or their respective attorneys' duly authorized in vriting, as
provided herein and all such paywent. shall be valid and eftective
to fully .atbfy and dbcharqe the I.suer'. obligations with
respect to payaent of principal, redemption premium, if any, and
intere.t on the Sarie. 1994 Bonds to the extent of the SUlD or sums
lIO paid. 110 per.on other than a Holder, as .hown in the
regi.tration books kept by the Reqistrar, shall receive A
certificated serie. 1994 Bond evidencinq the obliqation of the
I.suer to ~ke payaents of principal, redemption premium, if any,
and interest pursuant to the provi.ions hereof. Upon delivery by
DTC to the I..uer of written notice to the effect that UTC has
determined to .ubstitute a new nominee in place of Cede' Co., and
subject to the provisions in the Resolution with respect to
tran.fer. durinq the 15 day. next preceding a Payment Date or
~ilinq of notice of redemption, the words -Cede' Co.- in this
Suppl..ental Reaolution .hall refer to .uch new nOJlinee of UTC: and
upon receipt of such notice, the I.suer shall promptly deliver a
copy of the .... to the Reqi.trar and the Paying Agent.
, upon (A) receipt by the %ssuer of written notice troa ore (1)
to the effect that a continuation of the requir..ent that all of
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the out.tandinq serl.. 1994 80nds be reqt.tered in the registration
books ke~ by: ttJ. "~bltrarin the na.. of Cec2."Co., un01linee
of D1'C, i.no~ ltFUeWat intereat or the benefictal ovner. of the
Serie. 1994 8oras.:.or (11) td the eUectthat UTe i. ~n.ble or
unvi11 inl;to t.4ilJClUrq_ .1t. re.ponaib11iti.. andnOo4Nblltitute
depository vl'Ui.'ft9; to undertake the function.ot DTe },lereund.r can
be found which i. "111inl; and able to undertake .uch function. upon
reaaonable and eu.toaary teraa, or (8) d.tenaination by the I..uer
~t .uch booIt~ry' OJ\ly sy.t.. 1a burd.n.eae to the I~.uer, the
serie. 19'4 ~s .eal1,JlO long.r be re.tricted to bel"9' registered
in the reqfatration book. k.pt by the Registrar in the nallle of Cede
, CO., a. nOJli,.~e ',of D'1'Q,iJut uy bereqi.tered in whatever nallle or
naJl8S Holders'.-h..U4es1qna1:.e, in accordance with the proviaions
hereof. Ins~ ".~nt.r' t.he Xs.uer .hall i..ue and the Registrar
shall auth.nticate, tran.t.r and .xchang. the S.rie. 1994 Bonda ot
like princ.ip~l,..qunt. and-,..turity, in denoalnat.ion. of $5,000 or
any Inteqra1- .,d.U,l~ thereof to the JIol~en t;herjeof. The
foreqoinc;r not.w.thatandlDi,ufttU .uch tbe a. participat;lon in the
book-entry only .y.te. i. di.continued, the provi.ion. .et forth in
the Letter of Repre.entation. executed by the I..uer and the
Registrar and d.livered to DTC in order to induce DTC to act a.
securities d.pository for the Series 1994 Bond. .hall apply to the
payaent of principal of and intere.t on the Series 1994 Bonds.
l~tOlf ,. aZDEXPTtOlf nevIltOlf.. The Serie. 1994 Bond.
..turinq on or prior to October 1, 2004 are not .ubject to
re4eap'tion prior to aaturity. The Series 1994 Bond. .aturing on or
after October 1, 2005 are, at the option of the I..uer, subj.ct to
redeap'tion prior to ..turity frea any JaOney. legally available
therefor, upon notice as provldecS in the Resolution, in whole or in
part on any date on or after Ocrtober 1,2004, in .uch .election of
ututties as the Issuer shall de.. appropriat., and it in part, by
lot within a ..turity, at the rede1llption prices (.xpre...d as
pereentaqes of principal aJIOUnt of the Series 1994 Bonds to be
recSeeaed) together with accrued intere.t to the red.lIption date, as
tollOVSI
Red.-ption Period
(Both Date. Ynclusiv.'
Red81lption
Price
october 1, 2004 to Septeabar 30, 2005
october 1, 2005 to Bepteaber 30, 2006
october 1, 2006 and thereafter
10n
101
100
'n1e Series 1994 Bonds aaturi"9 on October 1, 2012 will be
aubjact to undatory red.-ption prior to aaturity, by lot, in such
aanner ae the lteqistrar ..y deea appropriate, at a Redeap'tion Pric.
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equal to par: ph. int.re.t. accrued to the rec!-.ptlon data, on
october 1, 2011 and ''On Octo'Mr 1, 2012, in the 'fol'1.cNinq principal
aaount.a in the ,:e.r. .,pac1tlt1dS
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Aaorthatlan' :"7,
In.tall'llent
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:2C>>11 $2.,630~0001i; . i
., j' 1012~,2,7ltO,.O.oo
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1&C'f1~ j;",~'1"~~,~ .~.., 11'4.~~~'. The
pr;oceecSa da:rl,.:'Ie4 ,~rGll'~ .al.r~f tJ)e&erle~~U4, JoJ:ld", J.pclu4inq
aocrued1nt4r..t,~.l~".i~ltaneou.ly with the delivery of the
Seri.. 1994 acnas to the Underwriter., be applied by the Issuer aa
follovss
. . ,
(A) ACcrUed inter.st .hall be deposited in the Intereat
Ac:eount end, ~.11 be; -.ed, Qn~Y for the ~a., ~~ ,~yinq the
intere.t whIcb.han ,~~.~~r beC01M r due ,pn, tb.. Bar i.. 1994
Bonds. ',' " " " '" . .
(B) A wfticient '.liO\1nt of' Uri.s 1994 Bond' t>rex:eecSs.ha1i be
~ited in the Reserv. Account, which tog.th.r with the .oneys
ther.in, ahall equal the Kaxtaua Bond s.rvice R.quir..ent.
(e) A suffici.nt ..aunt of Seri.. 1994 Bond proceeda,
tog.ther with other leqally availabl. .oney., shall be depo.ited
irrevocably in tru.t in the e.crov depo.i t tru.t fund und.r the
tara and provisions of the h.reinafter defined Escrow Deposit
.....nt and .hall be litv.stied, other than a cash deposit, in
Jletundinq Securities in the aanner .et forth in .uch hcrow Deposit
.....nt, which inv..t..nt. shall aature at such ti.es and in such
a.ount. a. .hall be sufficient, together with such cash deposit, to
pey the principal of rede1lption pre.iu., it applicable, and
inter.st on the Refunded Bonds a. the .a.. aature and becOlle due
and payable or i. red.-..d prior to aaturity.
(D) A .ufficient aaount of the Series 1994 Bond proceeds
shall be applied to the payaent of the pr..iUJI tor a aunie1pal bond
insurance policy and, vithin .Ix aontha of the issuanc. of the
Seri.s 1994 Bond., to the paYJIent of coat. and .xpenses r.latirKJ to
the i..uance of the Seri.s 1994 Bond..
(E) The balance, if any, of the Serie. 1994 Bond proceeds
shall be deposited to the Interest Account.
1~0If .. aftd"fIOIf AIm 'l'UJI.J'D OJ' CU'l'AI. XOJIU.. The
Refund.d Bonds vill be r.funded froa proce.ds of the Seri.. 1994
'1oncSa"ancS frOll otber ltHjaUy avaUable fund. of the I.suer. An
uou.nt necesaery to satisfy the Kui... Ikmd Service aequir...nt
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for the Bond..1'Sal1 be r.tain.s in the Re..tve AccoUnt for the
benefit of the S.ri.. 1994 Bond. and the Putt1 Bonds. Excesa
.oneys on depoSit in theSinlti"'it FUnd on the date of delivery ot
the Serle. U94 ,Bonde 'nOt requiud by the ten'. ot,th.'~..olution
to be on depod-t. ~h.r.insh.ll' be' transf.rred ~6 'the ese'rOW -deposit
trust fund esbbn.b~ 'pur~an't to the Eliierow, Deposit ; Aqre...nt.
azcn:OIf t. IU.OI''l'mE aERIU 1914 BOJI1)8. The Serie. 1994
Bond. .ball be .old 1:0, 'th. Underwriter. at the' pureha.. price
Indicated in the Purcha.. Aqr....nt, .11 the teras 'and conditions
..t forth in ..id Purc~.. Aqre...nt beinq hereby '~pprovec1.Th.
Chairman or ~. Viee-chaiT'llan of the Board of ,countyC~l.sloners
of ~. I.suer (the "Viee-chairun") are hereby, authorized and
directed to Ne~t. ..aJ.d Purcha.. AeJre...nt and to \cS.eU.ver the .ame
to the Unde~lt.er..
I zen 011 1.. nZLIXIJlUY 07J'ICIAL aTATEKZ1II'l'. The delivery
of the Preli.lnary Official Statement dated August 3, 1994 which is
attached lMnto .. lXtaii)it I (the "pr.U:ainary Official
.tateJaent-),;, tq the UncS.ntri,t~e and the us. byt".Underwriters
for the pu~ fi'.f oU.rinq th.s.rie. 199. Bond~ for sale is
h.reby authorized, rat1f1.cla~ confin.d... The, 'Pr.liminary
Official stat...nt, b-d84l1ledf1~1* a. of it. date . within the
..aninq of paragraph (b) (1) of SEC Rule 15c2-12 and the applicable
rule. developed by the Municipal Securities Rulemaking Board. The
Chairman or the Vic.-Chairman is authoriz.d to execute a
certificate d...inq such Preliminary Official Statement "final."
IZCTIOIf 11. 07J'ICIAL aTATZXD'l'. The form, terms and
provi.ions of the Official Stat...nt, which shall be dated the date
hereof and sball be .ubstantially in the form of the Preliminary
Official stateJaent, be and the .... h.r.by ar. approved with
r-.pect to the information ther.in contained. Th. Chainaan is
hereby authorized and dir.cted to .x.cut. and d.liver said ottieial
StateJMnt in the na.. and on behalf of the I.suer, and thereupon to
cause .uch Official Stat...nt to be d.livered to the Underwriters
with .uch chanqe., a..ndJlent., modification., omi.sions and
additIon. a. aay be approved by .aid Chairman and a. shall be
necessary to r.fl.ct the final teras and provi.ion. of the Series
1994 Bond.. Said Official Stat...nt, includinq any .uch chanqes,
...n4aent., aodifieation., oai..ions and additions a. approved by
the Chairman, and the information contained ther.in are hereby
authoriz.d to be used in connection with the .a1. of the S.rie.
1994 Bond. to the public. Ex.cution of the Official Stat...nt by
the Chairun ahall be deeaed to be conclusive avid.neeof approval
of .ueh chante..
1~%0If 12. DPOIJI'1'X.EJI'l '" .An.a AQD'2' AJI]) aEGUTUR.
rifth Third Bank, Cincinnati, Ohio,i.hereby de.ignated Regi.trar
u.'an4paylnq Agent tor the S.rie. i994 Bond.. The Chalnaan or Vice:"
Chainaan and/or the Clerk or any d.dqnat.d Deputy Clerk are hereby
authorized to ent.r into any agr....nt which aay be n.c...ary to
.
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effact the' tl'lln.adtio'rWeontnplated by thh Section'; 12 and by the
Resol~ion.' ,
I~%OJI U. AO'l'KORISA'I':tOJl 'fOUBCln"Z E'CJlOW DEPOSIT
~. The I..u.r h.r.by authoriz.s and direct. the Chairman
or Vic.-<::hatraan ancS the Cluk or .ny d..iqnat~- Deputy Clerk to
execute an '.scrow ".po.it. .CjJT....nt (the "Eecrov Deposit
Aqr....nt~) and to d.l~ver the Escrow Deposit Agr....nt to Fitth
Third Bank, Cinclnnetl, Ohio, wbich is h.reby apppLnted as Escrow
Aqent. Tbe hC.,", o.~it Aqr....nt shall be .in substantially the
fora of tlte Escr~rDepo.:1t ACJr....nt att,ach.c1 hereto a. Exhibit C
vith such .qhaD9.', "aaa~nts". JIOditie.a.Uon.;:, c:aiaaion. and
additions, including the date of such E.crow Depo.it Aqr._ent, as
..y be .pprov~,,);Jy c,..l-4C'bainaan or Vic.-<::h.h'1Nn' and . the Clerk or
any dea1CJ1l4te4 c.Dap1RY.,Cl.M. ,Execution. by ,the cnwsi,t'JUlnor Vice-
Oainaan ,and the Cl.rk or .ny d.siqnat.d Deputy Cl.rk ot the E.crow
De~it Aqr...ent shall be d...ed to be conclusiv. evidence of
.pproval of .ucta:~nq....
18CTI011 10~. IWJfXCn~ aoam I.I01tAJIC.. '.,h. Iuuer hereby
authorizes t:)., p&)'1I8nt. of, t.be principal of a.nd;,i!,\t.re.t on the
Series 1994 ,BoIIda to be ,insured pur~t to A ..urUcipal bond
insurance ~l1cy (tbe"JkJn4Inaurane. PoUey") tabe iaaued by
Municipal 80~ 'Inve.tOrs .Uauranc. co~ration' ("HillA"') . The
Chainaan orVic.-cbainaan ai.her.by .uthorized to'ex.eute such
dOCWMnU and in.truaenu n.c....ry to cau.e MBIA to in.ur. the
Seri.s 1994 Bonds.
IEC'1'IOIf 11. ~1I0If. azt.A'fI.g '1'0 .011O I.IV1tAJfa I'OLICY.
Tbe follovift9 provisions relatift9 to the Bond Insurance Policy
shall spply to the seri_ 1194 Bonda so lonq as the payment
provision. of the BondlnaliraJ1Ce Policy have been saUstied by MalA
and any series 1994 Bonds .hall r..ain out.tanding:
(A) In the ev.nt that on the busin.s. day prior to a payment
date on the S.rie. 1994 Bond., the Payinq Aq.nt has not received
sufficient IIOney. to pay all principal of and interest on the
series 1994 Bond. due on the follov1nq busin... day the Paying
Aq.nt shall i..ediat.ly notify MBIA or it. d..iqnee on the same
busine.s day by t.l.phone or telegraph, confirm.d in vriting by
registeract or certified ..11, of the .u.ount of the deficiency.
(B) If the d.ficiency i. aade up in whole or in part prior to
or on the paYJl8nt date, the Paying Aq.nt shall .0 notify MBIA or
iu design...
(C) In addition, if the Payinq Ag.nt has notic. that any
Bolder of the S.ri.. 1994 Bond. has been r.quir.d to diaqorqe
paYJlents of principal or int.re.t on a series 1994 Bond to a
trustee in bankruptcy or creditors or oth.rs pursuant to a final
jud9JMnt by a court of COIIpatent. juria4iction that .ucb paYJMnt
eonatitutes a voidable preference to such Bold.r vithin the ..aning
of any applicable bankruptcy lav., then the Paying Aq.nt .hall
9
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AU6-9~
notify KalA or it. d.siqnee of such fact by telephone or
teleqraphic notice, confiraed in vrltinq by registered or certified
..11. .
(D) The Payinq Aqent i. hereby irrevocably designated,
appointed, 4ire~ and authorized to act as attorney-in-fact for
Bolder of the Serles 1994 Bond. as follow.:
(1) If and to the extent there i. a deficiency in
a.aunts reqwired to pay interest on the Seriesl~94Bonds, the
Paylnq A.qent. .hall (a)ex,ecute and deliver, to State Street
SaNt and ,~t eowpany, M.A., or its .UCCessors under the Bond
Insurance Policy (tha "Insurance payioi:J Agent",), in form
.atisfactory to the In.urance Payinq Agent, an instrument
appointinq KBIA as agent for such Holders of the Series 1994
Bond. in any leg&l proceedinq related to the, payment of such
interest af;WS ,~a..i9na~t to KBlA of the cld.. ~or, interut
to which .ugh deficiency ,relate. and which are paid by MBIA
(b) re~h8. _s d.edqnee, ot~. respective 'Hold.n of the
Serie. 199.4 'Jkmd- (and not .. payift9' Aqent) J.n accordance with
the tenOr, of 'the Bond , Insurance Policy, pay..nt frolll the
Insurance PayLnc;,Atjent,t(ith r..pect to the clab.tor interest
.0 a.sicjned., and. (c) di.burse the C311e to .uch' respective
Holders of the Serie. 1994 Bond.; and
(ii) I: and to the extent of a deficiency in allounts
required to pay principal of the Series 1994 Bonda, the Paying
Aqent .hall (a) execute and deliver to the Insurance Paying
Aqent in fora sati.factory to the In.urance Paying Agent an
instruaant appointinq KBIA a. agent for .uch Holder of the
Serie. 1994 Banda in any leqal proceedift9 relating to the
pa)'Jl8nt of .uch principal and an a..iqnaent to KalA of any of
the Serie. 1994 Bond. aurrendered. to the Insurance paying
Aqent of so IIUch of the principal allOUnt thereof as has not
previously been paid or for which .oney. are not held by the
payinq Aqent and available for such payment (but such
as.ignaent shall be delivered only if payment from the
Insurance Paying Aqent i. received), (b) receive a. designee
of the re.pective Holder. of the Series 1994 Bond. (and not as
payinq Aqent) in accordance with the tenor of the Bond
Insurance Policy pa)'Jl8nt therefor frea the Insurance Paying
Aqent, and (e) di.burse the .... to .uch Holder. of the Series
1994 Bonds.
(E) Pa)'1l8nt. with re.pect to chi.. for interest on and
principal of Serie. 1994 Bond. di.bur.ed by the payift9 Aqent fro.
proceeds of the, Bond Insurance Policy .hall not be con.idered to
discharge the obligation of the Issuer with re.pect to .uch Series
1994 Bond., and KBIA shall bec01le the owner of .uch unpdd Series
199.. Bond and claiAa tor the intere.t in acCordance with the tenor
of the a..igrmant -.de to it under the proviaions of this
subsection or otherwise.
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(F) Irrespective of whether any such as.ignment is executed
.nd delivered, ,th~ I..uerand the paying Agent ,agree for the
benefit of MBlA, that:r. " !' ,
(i) They recoqnize that to the extent KalA maxes
p&YJlent., directly or indirectly (as by paying through the
payinqAqent),' on account of prinoipal ot,or interut on the
series 19U Bonds, KalA vlll be aubrO<Jatedto'tJ)e .rights of
auch Boldere of the Series 1994 Bond. to receive the amount of
such principal and interest froa the Is.uer, with intereat
thereon,..prOYida4 .nd: 1I01ely troathe .~rce.,H'atated in the
Resolution e~ the a.ri_1994 Bond., and"~
(1i) neyvUl.ocordinqly pay toJ(BIA the amount of such
principal and interest (including principal and intere.t
recovered ,~.~.raqr.pb (ii) of tbe' t~...~ paragraph of
the Bon4 IA.....~:Po1icy" which principal and., in~.r..t shall
be de81N4:.paat ~. an4 not tobave. been p&id)." with .interest
thereon .. prov~ in the Resolution. and,.theSerie. 1994
Bo~. .,butonly t'&OA ~e. squrce..nd .in th~ ;:aAnMr provided in
the Re~luticm f~ the, per-nt of pr ineip.1 ,of and interest on
the Serie. 1994 Bond. to Holders thereof, and will otherwise
tr..t~U .s th4t .ovnc, ~fsuob rigllt.. ,~ot~e aJIOUn~ of such
principal and, $.nt.ere.t. . '
(G) In connection with the issu.nce of Additional Parity
Bonde under the Resolution, the I.su.r shall deliver to KalA a copy
of the di.clo.ure dOCUJl8nt, if any, circulated with re.pect to .uch
Additional Parity Bonde.
(8) Copie. of any a..ndaenta aade to the docuaent. executed
in connection with the iaauance of the Series 1994 Bond. which are
conacnted to by KBIA .ball be sent to Standard , Poor'.
Corporation.
(I) The I..uer .hall provide KalA with notice of the
r..iqnation or reaoval of the Paying Aqent and the appointa4nt of
. successor thereto.
(J) The Issuer shall provide KBIA with copies of all notices
required to be delivered to Bolder. of the Series 1994 Bonds under
the Resolution .nd, on .n .nnual basi., copies of the I..uer'.
.udited financi.l stat...nta and .nnual budget.
(It) Any notice raquiracS to be given to . Holder of the Series
1". Bo~ or to the .aY1nlJ AIlent pursuant to the Resolution sball
abo be provided to MBU. All notices required to be given to MBlA
shall be in vritinq and sh.ll be sent by registered or certified
aail .ddressed to Municip.l Bond Inve.tors As.urance Corporation,
112' XingstreR, ArIIONt, .W York 10504 , Attention: surveillance"
'ac'1'IOIf 11. D1'C ...-rra ow .......D"l'A'lIOIf.. Tbe Cbairun or
Vlca-chairaan .re hereby authoriaacS to execute tbe DTC Latter of
11
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Repr..entation. 1n .ubstantially the lona attached' h.r.to a.
Exhibit D.'
8EC1"X01I-17. GZXUM. AOTllCnUTY. The _lIlberso! the Board of
County Co.al..ioner. of the Issuer and the offleers,at,tor.neys and
other aq.nt.or, ..ploy.... o~the Xs.uer are b.reby ,authorized to do
all act. aRCS thinq.' raquir..~ of theaby this Suppl,e1Dental
Resolution, ,.th." Resolu!:ion, the Official, i,Stat...nt, ,the Eacrov
o.poait Aqr....nt or th. Purchas. Aqr.e.ent, or d..irable or
conaistent vith the requir...nt. hereof and of the Re.olution, the
Official stat...nt, th.Z.crow Depoait Aq2....nt ,or the Purchase
Aqr....nt fOD t:ha full ,punet~l and cOIIpl.t.eperfoOliul(:. of all the
teras, coy.~nts..n4 .q.e...nt. cont.in.d h.~.ln:or in the series
1994 Bonds, the Re.olution, the Official state.ent, the E.cro....
Deposit Aqr...ent and the Purchas. Aqree..nt, includinq the
.xecution of any doeua.nt. or instrulllent. relatinq to insuring
paYJMnt of the S.ri.. 1994 Bond., and .ach .e.ber, e.ployee,
attorney and offic.r of the Is.uer and the Clerk and any de.ignated
Deputy Clerk is h.reby authorized and directed to execute and
deliver any and all papers and in.trulll.nt. and to be and cause to
be done any and .11 .ct. and thinq. n.c...ary or proper tor
carryinq out the tr.nsaction. conteaplated h.reund.r. The I..uer
h.r.by authoriz.. it. Financi.l Advi.or and Bond Coun.el to do all
thinq. nec....ry to .cquir. the Refundinq Securitie.. The County
Adaini.trator or hi. duly .uthorized d..iqne. i. h.r.by authorized
to .nt.r into .ny .qr....nt. n.c...ary for the acqui.ition of .uch
Refundinq Securiti...
IzcrIOIf 18. .~n,In AJfI) IJrVALID P1t0VI8IOIfI. If any
one or aor. of the cov.nant., aqr....nt. or provision. herein
contained .hall be h.ld contrary to any .xpres. provision of law or
contrary to the policy of .xpr... l.v, though not expre..ly
prohibited or .gainst public policy, or .hall for .ny reason
vhataoav.r be held inv.lid, than .uch cov.nant., aqr....nt. or
provi.ion. .hall be null .nd void and .hall be de..ed .eparable
frOll the r..ainlnq cov.nant., aqr....nt. or provi.ion. and shall in
no Yay .ff.ct the validity of .ny of the oth.r provialon. h.reof or
of the Seri.. 1994 Bonds.
IJlC'nOlf 19. a.uoLV'l"%OIf 'fO COJI'l'IIIU1I I. J'ORCB. Exc.pt as
h.r.in expr...ly providecS, the Re.olution and all the teras and
provi.ions th.reof .r. and .hall r...in in full force and effect.
12
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.zerI~ 20. .J'J'zerIn DAn. Thi. Suppl..ental Resolution
ahall becoae effective iaaediately upon it. adoption.
DOLY ADOP1'ZD, in Raqular Se..ion, this 9th day of August,
1994. ~
(RAL)
AT'1'EST:
, ~"coum:y
.1' ",
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,: ,.. ~... ,
~ ~ Appl'0ve4 'u to. ron and
: ',~.l,..-att1c1ency:
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, \':''''~f;' .",~', /~' "/
" -t, '':...~ il& iL ' ' -
COcmty,,~
!., '
COLLID COGft I, J'1.OIlIDA
,/
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By: / j'trr 1 11/ . ./../
,.cbal~~Board of County
'cO..i..i r.
,
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-....
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AU8 -9 ~
.CJlEOn. 1
'fDX8 '" IDIU lite ~.
~
Year Principal Interest
lOeto~r 1\ bount Rate Price
1997 $1,090,000 4.350\ 100.000\
1991 1,350,000 4.500 99.813
1999 1,405,000 4.625 99.662
2000 1,470,000 4.100 99.736
2001 1,540,000 5.000 100.000
2002 1,620,000 5.100 99.669
2003 1,700,000 5.200 99.639
2004 1,790,000 5.300 99.610
2005 1,'90,000 5.400 99.175
2006 1,915,000 5.750 100.861
2007 2,105,000 5.150 100.856
2001 2,220,000 5.700 98.570
2009 2,345,000 5.750 98.023
2010 2,415,000 5.750 97.440
2012 5,420,000 6.000 99.125
14
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PUll~. MJlZEXEJI'1'
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IOIIC (Xl.hi"! 76
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$JO,415,000
COLLIER COUJITY, FLORIDA
o.PtTAL IXPROVDt'EN'I' REVENUE REFUNDING BOHDS~
SERIES 1994
AU& -9 ~
~
PURCHASE COtfTRACT
AUCJl.lat 9, 1994
Chai~n and, Maberw ~ the Board of county c<<mai..ioner.
Collier county, Florida
aov.rnaant CCleplex
3301 East Ta.l..i Trail
,. ..pl.., rlor14a,; 3-,,.2,, '
La4ies and G,anU...ns .
r (0 , -', _ !
.,~unc1.r.ltp.cs"lU~a. R. H0U9h , ,Co., Merrill Lynch "
CO., and Saltb Barney, Inc. (collectiv.ly the -Unde~it.r") offen
to .nter intothb Purchas. Contract with Colll,er coUnty, Florida
(the .County.), ,w.h1eh, upon ,.a<;c.pt&nc. of this .otter by the County,
will be blndinq I.fJ)On:tbe CcNnty and. upon ,t.hltUnd..rvriter. This
offer 1a ..d. lwhj.et to written acc.ptanc. hena! byth..county at
or prlor to 11: $9 $'.)(., Ea.tarn DayU.qht TiJi., ,Qn :the date hereof
and., if not .0 acc.pted, "ill be s\11:)jecttb withdrawal by the
Underwriter upon notic. d.livered to the County at any ti.. prior
to the acc.ptanc. h.reof by the county.
1. Purchas. and Sal.. Upon the t.I1U and conditions and
in r.lianc. on the r.prea.ntations, warrantie., covenant. and
aqr....nta s.t forth her.in, the Underwriter h.reby aqree. to
purcha.. froa the county and the County h.reby aqre.s to ..ll and
d.liver to the Underwrit.r, all (but not le.. than all) of the
aqqreqate principal aaount or $30,4l5,000 Collier county, Florida
Capital Iaprov...nt Rev.nue Refundinq Bond., Seri.. 1994 (the
-Bonds-) . Th. Bond.. shall be dated Auquat 1, 1994. Th. purcha.e
price shall b. $30,039,321.10 (whiCh repr..ents the par aaount ot
the Bond. .inua oriqinal iasue discount of $199,264.90 and
und.rwrit.r.' diacount of $176,407.00) plus accrued int.re.t fro.
their data to the Date of Cloeing r.ferred to in Paraqraph 7 of
thia PurehaH contract (tM -C1o.ing-).
The ~ shall be a. described in and shall be i.sued
and s.curad under the provisions of Resolution No. 85-107 of the
county, adopted April 30, 1915, by the Board of County
coaaission.rs of Collier county, rlorida, aetinq a. the qov.rninq
board of the County (the -Board-), as aaended and auppl...nt.d, in
partiCular a. auppleaented by . Resolution adopt.dby tha Board on
the date h.reof (coll.ctiv.ly, the -Resolution-) for the purpo.e of
(i) r.fundinq c.rtain outatandlnq obliqationa of the county and
(ii) payinq c.rtain coata of i.auanca of the S.rie. 1994 Bonds.
Th. Bonds ahall aature at the t1aee and In the aaounta and b.ar
intareat at the rates s.t forth in ~ibit A attached her.to and
100Il OCU ~".~ TI
:^,:<:Ii;\'\r"~ ';'ff:'.
-2-
Aue - 9 S9't
shall b. .ubject to redemption as Ret forth in Exhibit ~ attached
hereto. The infor=ation required by Section 218.J85(~), Florida
Statutes, to b. provided to the County by the Underwriter is set
forth in Exhibit C attached hereto. The infor2atian required by
section 218.385(2) and ()), Florida Statut.., ill .et forth in
~xhibit 0 attached hereto.
2. D.liverv of. Official statement and other Documents.
a.Prior to the date hereof, the County shall have
provided to the Undervrit.r for ita revie" the Pr.liminary
Official ,Stat...nt, l1ated Auqust 3, 1994, ,(the "Pre.liminary
Official State..nt-), that the County d.... final a. of its
4&te, .~cept tprc.ertain penaitted O1Ili..ion. in connection
with the pricinq of the Bonds. The Underwriter haa reviewed
such Preliminary Qtficial Stat...nt prior to the execution o!
thi. Purcha..C:;ontract. " '
, ,,'. . '. i
b,. with, your acceptance h.reo!" you will del i ver,
at yourexpena., to the Underwriter within .even (7) business
4&y. of the 4&t. hereof (or within such shorter p.riod a. may
be requesteet by the Una.rvriter in order to accC1llpany any
con!irJLlltion .thatraqu4tsU payJMnt 'rem any ~to,..r to c01llply
with RUle G-32 of the Municipal Securities Rulemakinq Board)
copie. of the final Official stateaent in .ufficient quanti-
tie. to eowply with the requirem.nts of Rul. 15c2-12 ot the
Securitie. and Exchanqe Coaais.ion und.r the Securitie.
Exchang. Act of 1934, a. amended (th. -RUle"), and the rule.
of the Municipal Securities Rule..kinq Board, dated the date
bereof, toqether with all .uppleaent. and ..endaent. thereto,
sub.tantially in the fora of the Preli.inary Official State-
..nt, with only such cbange. therein a. .hall have been
acc.pted by the Und.rwrit.r, dqned on behalf af the County by
the Chairman ot the Board of COUnty c~i..ion.r. of Collier
County. It h und.rstood that in undertakinq to deliver
copie. of the final Official state..nt pur.uant to this
paraqraph, you ar. not und.rtaking any responeibil1ty for the
accuracy or caapletene.. of the information in the tinal
Official Stat...nt concerning Municipal Bond Investor.
.....uranc. COrporation (the -Irwurer-), the llUnicipal bond
ineurance polic:ry iaaued by the Insurer or eone.rninq The
Depository 'f'rWJt: COIIpany and it. book entry-only .y.t.. of
reqhtration of the Bondtl.
c. The Underwriter .hall 91ve notic. to the County
and the Insurer on the date aft.r vbich no participatinq
Und.rwriter, a. 8UCb t.ra ie d.fi~ in the Rul., remain.
obliqated to d.liv.r copiee of the final Official stat.ment
,pttr,.uant to paraqraph (b) (4) of the Jbale.
d. At or prior to tM Closinq, the Underwriter
a9rees on behalf of the county to file, or cause to be filed,
rr
lDOll
Gal rl',~ 78
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the Final OfUcial s'tataaent with a nationally recoqnized
.unicipal .eCU.itie. iato~tion repository.
. c'~."'; .-. ';
e,,: dAt .C10tJioq..,the coun~y shall l2el1ver, or cause
to be d.llvered,to th.: Und.rwr1ter copie., of.,th. ~.olution,
CertiUedby :~ .clerk, all;:.ub.tantiallyin.the, tora hereto-
fore d.liver-.1\ ~ ,:tJso undezovriter, with: only, ,.uch chang..
th.re in a. 4q,e-4 ~llOn'~ ~ unc!.rwri ter.
3. ,Jl..~re.eDtat.io,Cl' t.he Underwriter as to Authoritv.
Th. Und.rwrit.r baa, ~.n4uly a~~rized to e~~t~ thi.' Purcha.e
Contract and hAs ,~n,,s,-ly a\a~be4 to .~ h:aJ:eullider.
4. Public OUarl.na. The Undenn:lteJ: 89r... .t!o sake an
otf.rinq ot aU ~. 8qn4sat .~he initial public: "tfednq price. or
yi.l" as set ,forthpn ~ibit A attached h.r.to., The Und.rwriter
re.erv.. the r~9ht. ~,;~ ",cone...ions to deal...r., and to change
such initial publ1e, oU.,:!n9 pr~c.. or yi.l".~~, Underwriter
r~ly d.... nece.aaq in, connection with th...rketlnq of the
Bonda.Th. ~tybe.re.by authorize. theUncS.rvriterto u.. the
final Official .t&ta8an~U.nc::1""'inq any supp1...nt.,or ...ncment.
ther.to) and the, 1..10....UOA Gont.ine<1 therdn, in CClnn.ction with
the ofterinq ancl .a1.. of the Bonda and raUfi.. andconfinu it.
authorhation of the ~ by the Und.rvriur prior to the date
hereof of the Preli.inary Otficial Stat...nt in connection with
such offerinq and sal..
Th. Prel1.1nary Official Stat...nt, the final Official
Stateaant and any aaendaenta or auppl...nta that aay b. authorized
for us. wlth respect to the Bonda are h.r.in referred to
CClllectiv.ly a. tho -Otflc~l &ta~nt. w
5. Sacuritv Decoalt. Th. underwrit.r has delivered to
the County a corporate ehaek for $301,400 payable to the order of
the County. In the event the County doe. not accept this otfer,
such check shall be returned iJlaadiately to the Underwriter. It
th. offer aade h.reby 1. acc.pted, the County agre.. to bold the
cheek unea.hed until the Clo.inq as security for the perforaanc. by
the underwriter of ita obl1qation to acc.pt and pay for the Bond.
at the Clo.inq, or if the County shall be unable to .atiafy or
cause othor part~ ~ aatuty tM conditions to the obl1qationa of
the underwriter eontainecS herein, or it the obUqations of the
underwriter shall be terainated for any reason pex-.itted by thia
Purchase contract, lIUCb ehaek shall be imledlately returned to the
underwriter and the ac:ceptanee of lIUCb return shall constitute a
full rel.... and diacharqe of all cla1aa by the underwriter against
the county arisin9 QUt ot the tranaac:tlona contaaplated her.by. In
the event that the underwriter taUs (other tban for a reason
peraitted herdn) to accept and pay for the Bonds at the Cloainq as
banin' prOY1~, INClb ~, ahall,.be,reta1nec1 by the county as. and
tor full liquidated 4aaage. for euch failure and for any default.
hereunder on the part of the underwriter, and .ucla reUntioD shall
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constitute a full rel.... and cSiacba%'ge of aU chi" by the County
a9aina~th.oncSenrrlter ' ar'181nq ',out of the' transactions
con~lated hexteby and iMitherparty shall have any further rights
against the othe2:tl.nunc1et'. In the ..,en~ that the Underwriter
does not fail or default, und.r the ter1Ul of this Purcha.. Contract,
such check .hall: b.' retw:ne4 i~ the Underwriter at the, closing.
6. COUmtv's IleDr...ntatlons. Warrantie.. CQYenants and
Mre_ents .By ,i,ts acceptaMe her.of, the County represent. and
warrants to, ,oov~nants and aqre.., with the Underwriter that, as of
the date hereof;,
a. The county is duly and validly existing as a
political .~ivl-.101\ Of- the State of Florlda.
, '
b. The, county b4e full legal riqht" ,paver and
authority ~, issue,an4 .el1 the Bonds as cont.-plat.d herein
and in the ,~solu~o~ and:~he Official 8tat~nt.
(:. -Th. ,.coun.tyha. full legal rlgh~, power and
authority ,~" enter io.to thia Purcha.e Contract , arid to ,..11 and
d.Uverthe, Bones. to ,the Underwriter.. provided herein; by
official acrtlOn otthe coUnty taken prior to or ,concurrently
with the acceptance hereof, the Resolution has been duly
adopted in accordance with the Constitution and the law. of
the State of Florida, lnclucUng particularly the Act (u
d.fined in the Resolution), the Re.ol~tion is in full force
and bas not been reacindedl this Purchase Contract, when
executed by tba eoum:y, vill be duly authorized and delivered
and, assuaing the d1M authorization, delivery and execution of
this Pureha_ contract by the Underwrit.r, will conatitut. a
valid and leqaUy b1ncSing obUqation of the County enforceable
in accorcSenee vith iu tenas, except as the enforcelllent
th.r.of say be affected by bankruptcy, insolvency, or other
siailar lava liaitinq cracSitor's riqhts gen.rally, or by the
application of principles of .quity and judicial discretion;
and the county has duly' authorized and approved the
conawmation by it of all other transactions cont_plated by
the Resolution, the Official stata..nt and this Purchase
COntract to have been perfonMd or consu.aated at or prior to
the Date of Cloainq (aa herein defined).
d. 'rbe execution and deUv.ry of the Bonds and
th18 Purchase contract and the adoption and illpl...ntation of
the ReSOlution, and coapUanee with the obUqations on the
county'. part contained herein and tharein, will not conflict
with or constitute a aaterial br.ach of or aaterial d.fault
und.r the Act or anyfedaral or Florida eonsti tutional
provisions, lav,' a4:ainistrative requlation, jucScpMnt, decree,
loan aqr....nt, indenture, bond, note, r..olution, aqr....nt
or other instrwMnt to vbieh the county 18 a party or to which
the county or any of iu propert1ee or other aa_u is
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other-ds. SUobj.ct, nor will any such exeeution, delTV~ry,
adoption, ,iaph_ntatlon or 'coaplianc. r..ult in the creation
or bapo.itionorany aaterial Uen, charge or; other security
int.re.tor eneuabrance of, any nature whatsoever upon any ot
the prop.rtle.~r.other ....t. ot the Countyundei the terms
of .nys~h p.t'OiWl.1on",la"" .requlAtion, doeuaent or instru-
..nt, .)Cce~ ,ae; ,.p~ovid..<S ,or penitted by the Bond. and the
Re.o~utlon..: ,.
.. '^11 epprO\lals, cons.nt. .and orders of any
gove~n~l .utJ\Pt1t.-y'l,leg1alativ.bodY, 'board ,agency or
coaaissh),. ,~1"9] jurb4~ion which wO\lld constitUte a
condition ,pr.qe4e.ntto ..or the .bs.Q4:~ "ot ,which would
aat.rial~y,a4v.~.elr &tt.et the due pertor.ance:bY the County
of it. obli9ati~na ~er this Purchas., Contract, the
Reaolution an4. ,the Bon4a wUlbav. be.n duly obt,ained prior to
the Clo.lng'l~l4ed, bov..,.r, that this repre.entation and
warranty. ~s not4PPlyto aueb approvals, fi:on..nt.and orden
a. ..y be requir.d und.r the Blue Sky or securities law. ot
.ny .tat. in eo~1anvit.h the offeriM and '.ale of the
Bonde, or to, suehotlicial action byth. County which the
Resolution eont".pl.~. La to be taken frOll time to time attar
the Clo.~!" .:', .
f. Th. Bond., when i..ued, raqi.tered and
deliv.red in accordanc. vith the Resolution and .old to the
Underwrit.r a. provided her.in and in accordance with the
provi.ions of the Re.olution, will b. valid And legally
enforceable obligations of the County in accordance with their
teras and the teras of the Re.olution, except to the extent
enforceability ..y be 11,aited by bAnkruptcy, i~olvency,
reorganization or oth.r' .teilar laws liaitinq creditor.'
riqht. qen.rallr and by the application of principles ot
.quity and jud cial discretion I and the Re.olution will
provide, for the benefit of the holders frOll ti.. to tie. ot
the Bond., a legally valid and irrevocable fir.t lien on and
pledqe of the Pledqed Revenue. (a. defin.d th.rein).
q. Th. information pertaininq to the County
contained in the Prelieinary Official Stat...nt a. of it. date
and in the Official stat...nt as of it. date and .. of the
Date of Cloeinq to the Bonde, to the Resolution and to the
Pledqed Revenue. is and will be true .nd correct in all
aat.rial respect. and doe. not contain any untrue .tat...nt of
a eat.riel fact or oait to .tate a eaterial tact which is
nec....ry to aaJce the st&teaeDta therein, in t.h. light of the
cireuaatance. ~r Which tbey vere ~, not a1alu4inq.
h. Except a. deaer~ in the Official Stat...nt,
there is no action, suit,proc.ec1inq, inquiry or
innrtiqation,at lav or 1n equity betore or by any court,
qovermMntal aqeDCJ or public bOard or body, pencl1ncJ or, to
-5-
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the be.t knawledqe ,ot th.'C:ounty, thr.atened ,(i) which may
a!tect the ejCla~nc:e ot:,tbeCounty oritUle,'ltltJ.;eaot its
officials to their respective otfic..: (UT.'\ihichuy atfect
or which seeuto prOhiMt>, restrain'or: 'lenjolnth. .ale,
is.uance or ~cSeliYery' of ,.the Bond., the -use "ot t!urll'roceeds ot
the Bonds ,a. QOnt..-pl:a~by ,the Resolution" ort:h.' collection
or disburse.en~ of the Pledqed Revenue. ~o ~y, the principal
ot and in,~er..ton, ttt_JoondtI .nd pr_iWl,;.U,.ny1.'! (iii) which
in any way conte.ts or .ffect. the val.idityorent;orceability
of the Bond., the Re.olution or thi. Purchase Contract: (iv)
which would cau.e the intere.t on the Bonds to be includable
in the hde.ral9roa.. incoIIeot the hold.....q'.~~..\8pnd.t or
(v) which, contest. in "yWay the coaple~...8:o~ ac~racy ot
the PreU..ln4~ ottlc!.l,,'t.t.eaent or th.~Uic;:~al, Statement
or which,c;:qnte.t'-t))ap0w8ra of the County,orAAY: aut,hority or
proeeedlnqsf' f~.~e1a~"ale or de1iver;y,gf It;~ .Bond., or
the due a4gPtion of,t.he Resolution or ,\h. ,exeC,Ution and
delivery of .th4.P1.a,I:ehas. Contractlwher"h~. an unfavorable
deeision~ru.UJaQ or Unc1.1nqVOUld .ateddl;yadv,r..ly aftect
the vali~lty,or,.nf~rc:ea))iUty of the Bonds" th. Reap,lution or
this Purcha.e contJ'.ac:t nor., to the best ~,l~e of the
County, ia th,r.~y basla.therefor. . " , '
i. The County will turni.h such information,
execute such instruaenta an4 tau .uch other action not
inconsi.tent $lith l.v in cOOper.tion $lith the Underwriter as
the Underwrit4!r .ay re..onably request in order to (i) quality
the Bond. for offer .nd s.le under the Blue Sky or other
securitie. lava and requl.tions of such state. and other
jurilldictions of the " United State. .. the Underwriter may
dea1qnatel .nd (11) ""nine the eliqJbility of the Bond. for
inve.taant under the lavs of .uch .tate. .nd other
jurilldictions, an4 vill us. its best efforts to continue .uch
qualifications in effect so 10nq a. required for the
diatribution of the BondsI provided th.t the County shall not
be obliqated to qualify to.do busine.s in any .tate, to take
any action thet would aubject it to qeneral service of proce..
in any state or to expend ita own fund. with respect to the
foraqoinq.
j. If betveen the date of thb Purchase Contract
and the date vbich 18 earUer of (A) 90 days froa the end of
the -uncservritinq periocS- (as defined in Rule 15c2-12 (e)
pr~lqatecS by the MUnicipal Securitie. Rul...kinq Bo.rd) or
(B) the t1ae Vhan the Official Stateaant is .vailable to any
person froa a nationally recoqnbecS aunicipal .ecuritie.
inforaation rapotlitory (but in no ca.. le.. then 25 days
follovinq the.n4 of theuncsarvrit1nq period), any event .hall
occur vhich vould or alqht cause the inforaation contained in
u.',."Ottlc:-i.l, atatellent, a. theretofore nppl...ntad' or
...nded, to contain any untrue stataaent of a uteri.1 fact or
to oai t to .tate a uteri.1 fact raquire4 to be auted therein
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or necessary to be stated therein in ardor to make the
.tatement. therein, in the light ot the circumstance. under
which they were made, not misleading, the County Ghall notify
the Underwriter thereat, and it in the reasonable opinion of
the Underwriter .uch event requires the prepafation and
publication of a .uppl....nt or amendlllent to tll. Otticial
Statement, the County .hall coop.rate with the Underwriter in
supplem.ntlngor aaendlnq the OU ieial Sta,tement ,the printing
of which shall .be at the County's expen.., in such torm and
aanner and at such tilll8 or ti... a. aay be reasonably called
for by the Underwriter, .0 that the Official Statement as so
aaende4 or suppl...nted vill not contain any untrue statement
of aaterial fact or OIIIit to state a aaterial tact required to
be stated therein or nece.sary to be stated therein in order
to aake the state.ents therein, in the light ot the
cirewaatances under vhich they vere ~de, not misleading.
k. The. County covenants to c01Iply with the
require..nts ot the 1nt~rnal Revenu. Cod. of 1986, a. amended
(the -Code-) . in order to aaintain the exclusion trom gross
incoae o,f the intere.ton the Bond.8 for purpo...., ot federal
ineoaetajCadAA. These requlr-..nts inelud.~ ,but, are not
Ibited to, provbio.,.vhi~ prescrJ.be yield and other limits
vith.1.n vlllch the prOC4lac:1a of the Bond. and other amounts are
to be invested anc1 require that certain investment earning. on
the foreqoinq IlUst be rebated on a periodic basis to the
Treasury Departaent of the United States.
1. SInce Deea&ber 31, 1975, the County has not
been in default on any bonda or other debt obligations of the
COUnty, except a. otherwise set forth in the Official
State..nt.
.. The Prellainary Official statement is deem.d
final vithin the ..anlng of Rule 15c2-12(b)(1) promulgated
under the Securities Exchange Act of 19J4, .s aIIeoded, as ot
ita date, except for oaissions of no aore than the following
inforaation: the offering price(s); interest rate(s); selling
COIIp8nsation: aqqreqate principal aJIOWlt: aaount per IIaturity;
delivery date: ratings: redcaption provisions: sources and
uses: debt service requir...nt.: and other tents dependinq on
such aatters.
7. The Cloaina. At 9:00 a..., Eastern Dayliqht Time,
on Septeaber I, 1994 (.uch date herein called the -Date of
Cloaing-), or at 8lJCb. other tiae or on such other date as ..y be
autually aqreecS upon by the COUnty anc1 the Underwriter, the County
shall, subject to the'terJUI anc1 eonditiona hereof, deliver the
lkmda.tor ,~ account of tile VDdarvr1t.e1' in .." York, K." York in
definitive fora (all the Ion4a to beaJ: prOpel' COstP nuabera), duly
executed and authenticated, tocJetMr with the other doeuJIents
hereinafter unt1oned, and subject to the UrJUI anc1 eoncUtions
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AU6 - 9 ~
hereof, the Undervriter shall accept such delivery and pay the
purchase price of the Bonds as set forth in Paraqraph lhereot in
bmedlately .vailable' Federal Funds to the or-:1er ot the County
(such delivery piland payaent tor the Bonds herein called the
"Closing"). The uncashed check reterred to in Paragraph~5 shall be
returned to the Undw:vrlter at the Closing. The Closing shall
occur at the of.tic.., ot "a):)ors, Giblin' Nickarson, P.A., Tampa,
florida, or such other place as sh.ll have beenllutuallY agreed
upon by the Count.y and tbe Undenrriter. The Bonds shall be
prepared and deHvere4 ..tully reqbtered bonds in book entry tOr1ll
reqistere4 in tbe na.. (,)of Cede' Co. and shall be ude available to
the Underwriter duriQ9 t.be w.ineae d.y prior to the Closing tor
the purpo.es ot. inspec:t.ion and p,acuqing.
I.Cloalnq. co,pdttion.. Th. Underwriter. :.... enterinq
into this PurGbas. Con~.ct. in reliance upon the representations,
warranti.. and aqr....nt. of the County contained herein and in the
BoneS. and in the Resolution, and in reliance upon the
repreaentatio~, warranti.. .nd .9r....nt. to be contained in the
doeuaenta and i~truaaAta tobedallv.rad .t the Closi.n<j and upon
the perfo~ of ~ covanant. 'and aqre...nta herdn,as of the
date hereof ,.nd asol the Date of CloaiJlCj . Accordingly, the
Undervriter'e obl1.9at1on.aun4erthia Purcha.e Contract to purchase,
to aec:ept delivery of .nd to pay for the Bond. shall be conditioned
upon the perforaance of the covenant. end aqreellents to be
perfor1l84 hereunder .nd under such other doeuaents .nd instruments
to be delivered at or prior to the Clos!JlCj, and shall be subject to
the following .dditional conditions:
a. The repr...ntations' and warranties of the
County contained herein shall be true, coaplete and correct on
the date her.of and on and a. of the Date of Cloain<j, as it
aade on the Date of Clo.inc;J.
b. At the date of execution hereof and at the
Closir\9, the Resolution shall have been duly approved and
adopted by the County, shall be in full force and e!tect and
shall not have been aaende4, lIOdifie4 or suppl..ente4, except
to the axunt. to vtUcIl t.ba Vndervrlur shall have 9iven it.
prior written consent and there shall have been taJc.an in
connection therewith and in connection with the issuanc. of
the Bo~ all such .ction .. in the opinion of Wabora, Giblin
, WicJceraon, P.A., Bond COUbael, and Adorno , Zader, P.A.,
counsel tor the Underwriter, shall be nece..ery andc.ppropri.te in c:onnec:tion with the transaet.ions conteaplated
h.reby.
c. At . the Cloeinq' there will be no pending or
threatenecS Uti9.Hon or proeeecSlnc;J of any natur,. seeking to
r..train or .njoin the laaunce, sal. OJ:' delivery of the
8o~, or the plecSge, collection OJ:' appUcatioo of the Pledqe4
Ravanue. to pay the principal of and intere.t Oft the Bonds or
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in any, '"aYConbtstinq or aff.ct.inq th8":'Validity or
enforeeabJ.:-litY'ot: '.tM :Bonds, the Resolution ot::thi. Purchase
Contract 'or dOI~tinq in any way theprb4;:e.dinq. of the
County .ta)(en'''1tht.~ th.reto, or cQJlt.sting in ,any \tay
the due i~i.atene.or povars of the County or the 'dUe ot any
of the ....r. of;~.'8oard or official. at 'the County to
th.irr"~:iv,.'cUfiC4M, or if auch litiqat:ion does .xist,
the underv~lter w~11 rec.ive an opinion of Kenn.th,B. Cuyler,
Esquire, Atto~: for, the County, that any aucblitigation 18
without, ..rit.,
d. Exc.pt as de.cribed in the Official State.ent,
there shall ~~ ',been no_teria}, a4y~r~( ;chanq. in the
financial, eo~l~ ~t the Co\anty a1n04lt"apt~.rlO, 1993.
,-": A~. tl1.e .clo.inq, the Undemi,~rshall ncei ve
the fol.l~J.nq dOC\Ul8nts each dat.d as of the Closing:
(1~ An opinion of Mabora" c;ibl!n ,':~ickeraon,
PA., '. ~J,\4: CQUJ,a'..l, .ub~tal)ti.allY b; the ,:oraattached. to
th~ 'qtti~i.~atat...nt as Aw.~h r, together with
let~.,. ot,~eh, eou.n.,.l, dat~ the,Oate Qf Clo.ing ,and
ad4r...ecS. W; ..the~iter, to.the. e!!ecrt:" that the
toreqoing'opinion addreaaed to the County aay be relied
upon by the Und.rwrit.r to the .a.. effect a. it such
opinion were addressed to thea,
(ii) An opinion of Bond Coun..l, addr....d to
the COUnty and the, ,Una.rwrit.r to the eff.ct that the
inforaation eonuilMCl 1n the Official Stat...nt und.r the
h.adings, -Introctuction, - -Deacription of the S.rie. 1994
Bonds,. -Redaaption ProvisioM, - S.curity for the Series
1994 Bonds,. -Tax Exaaption, - and Appendix C - "SlDIaary
of Certain ProvisioM of the Re.olution, - in.ofar a. auch
inforaation purports to suaaarize portions of the
ReSOlution, the Bonds, or the law. referred to ther.in,
cOMtitut.s a fair suaaary of the portions of such
docuaents and the lav purported to be sumurized therein
and to the effect that the inforaation under -Tax
Exaaption- is correct.
(Ul) Adet....nee opinion of kn4 Couns.l,
dated the date ot tbe C1oa1nq, addrasaect to the County
and the Underwriter, 1n such fon .. is lItrtually,
re.sonably acc.ptable to the Underwrit.r and Bond
eouna.l,
(1.) An opinion, dated the Dat. of the
CloeiJ')9 and .eSdre.aed to the County and the Und.rwrit.r,
of JCenneth 8. CUyler, Esquire, Attorney for the County,
to. the effect tha1: (1) this Purc!sa.. Cont.ra~ and the
z.crov Depoai1: ~ bave been duly authorized,
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execut.<l andd.liv.red by the County and constitute
leqal, valid and bindinq agr....nt. of the C()unty in
accordan~ witb their t.ras except to the .~t.nt that the
enforc...bUity of tbe rights and ,r.lII.die., ..t forth
her. in aaYba ~i.it.d by bankruptcy, in.olvenCy or other
lava aUeet.inqc::reditors- rightsqenerall,y or by the
.x.rci~ ,ofj\i4ic::1al, cSbcr.tion fn, accqf4anee vith
gener..lpr~ne~pha ()f equlty and .xc.pt; ~u~r, that the
.nforc"'n~ 9ftbe. ir.w;1,aniticaUon ,prQVi.~ons of the
Escrov" Dia9o.1t AA:Jr....nt ..y be U.1.t.d,b~;t:.d.nl or
stat. aecurit.w lalii. or public pql1cy, cO,neicS.rations t
(11) the :Ceunty ha., ..uthorhed, .x..cut.d .00 cS.livered
the ,ottlc.lal. State..ntJ (111) the infi~~t,ion in the
otticial Stat...nta_to l.gal ...tte~s:r.~ating to the
County, th., 8004s, th.Resolution" ~ ,the Pledged
Revenues 1._ cOfreet in.allaat.rialr:lI~s.and do.. not
oait .ny.t&teII8~ vh1c:b, lnhb opinlor>~should be
1ncilu4ed or r.t.u.s toth.rdn and, in addition, such
coun..... ~ll.Ut. ~t,ba..,d uponhu participation in
th.pr,epar..t19n,ot thAI, Ofticial Stat...nta. Attorn.y tor
th.Cqunty,.. .0' th..o.te of Clo.inq no~i.nq:)1as cOllIe to
his attentIon, cau.in9 hia to, believ. that (A) the
offic::hl 'ta~t ..,.ofit. dat.econta.1nedany untrue
atat...nt of a aaterlal fact or Oiaitted to state a
aat.rial fact r.quir.dto be .tated th.r.in or necessary
to aake the state..nt. therein, in the light of the
circuastancea under which they vere aade, not aisleading
(.xc.pt for the financial and statistical information
containe4 in the Offichl Stat...nt a. to all of vhich no
vi.." need be expr..sed and.xc.pt for information
relatinq to the Inauxer, the aunicipal bond insurance
policy and Th. Depoaitory Trust Co1apany and its
book-entry-only .yst_ of reqbtration of the Bonds), or
(8) the Official stat...nt (a. auppl...nted or aaend.d
pur.uant to Paraqraph' (j) of Section 6 h.reof, it
applicable) a. of the Date of Closinq contains any untrue
atat...nt of a aat.rial fact or oaits to stat. a aaterial
fact required to be stated th.r.in or necessary to make
the atat...nts th.rein, in the light of the c1rcuastances
und.r vbich they w.r. aade, not aisl.ading (.xc.pt as
afor._id), (iv) the .x.cution and d.livery of the Bonds
the Escrow Depo8it Aqr....nt and thi. Purchas. Contract,
the adoption of the Resolution and coaplianc. with the
provi.ions on the County-. part contain.d therein, will
not conflict with or constitute a aat.rial br.ach of or
default ander, any eonatitutlonal provision, law,
adainistrativ. recJ'Ulation, j~nt, deer.., loan
agr..aent, indenture, bond, nota, r.solution, aqr....nt
or other in.truJlent to which the County is . party or any
of lts property or ....ts is othervis. aubj.ct,and any
.uch execution, deUV.ry, adoption or COllpUance will not
re.ult in the creation or 1apoaition of any aatarial
-10-
... O(X}",,: 86
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1 ien...::barqa or othersec:urity int.rest.ol' enawlbrance ot
any, n4tau'. lItwttsoever ~n any of: tbe,property ora..ets
of tbe County unckr th.ter1lS of any sucb orcUnance, law,
requla\ion, or <ifWt%'\llMtnt, except.as ,exp,r..aly.provided by
th..JSond.~nctth. Reeolut1.on; (v) the!'County has the
right .nd'~e+ und.r.th. Act to adopt the, R..olution and
th.~.o-lu:t,ion- bas b-.n duly an4 !awfully adopt.-<1 ,by the
County, ,i. ,in full for!:. and ett.ct andcoruatitute. the
leqal:vaU4 and bln4inq obliqatlon:ot t.b. county,
enfo.rc..bl. in acccrdanc. with. its teI'1lls, .ubj ect to
applicable bankruptcy, insolvency and .imilar laws
affectinq creditQrs' rights g.nerallYand:~1ect, as to
.nfo~ablUty, , to, g.neral princ~pl.. !.; of equity
(raqa.r41eaa Of whethe,r .nforC81l.nt ,.t.. 'ought in a
proeaacUnq.in *lUlty or at law), (vi)thesab no action,
.ui~,procee4inq, lnqui~ or investlg~tion at law or in
equity bef~e,col' by any court, govarnment agen~, public
bOa'rcs or bady,.pencS.Lnqor, to tha best,ot hisdQlowledge,
threatenecS&qdnst or affecting the ~y,DOr is there
any baais to~ .ny such a4tion, suit, proceedirlq, inquiry
inv,..tiqa~on,wha;".i.n an unfavorab1e~.cbion, ruling or
find.~nq,'woUlcSbave a aatartal1ywven. eftect upon the
transa'c.ticm.. eOntnplated by th. Official 'Statement or
the vaUdity of the Bonds, tha Resolution, . the Escrow
Depo.it Aqr....nt or this Purcha.. Contract, exc.pt a.
described in the Official Stat...nt; (vii) all
authorizations, cons.nts, approvals and reviews of
gove~tal bodiea or requlatory authorities th.n
required for the county's adoption, execution or
perfonaance of the BOnds, the Escrow Deposit Aqr....nt,
tha Resolution and this Purchas. Contract have been
obtained or .ffacted and, to tha best of his knowledge,
he bas no rea eon to believe that the County will b.
unabla to obtain or aff.ct any .uch additional
authori&ation, consent, approval or review that may be
required in the future for perforaane. of any of the. by
tha County; and, in ad4ition, ha shall give his opinion
to tha .... effect as ..t forth under tha caption
-Litigation- in tha Official Stat...nt.
(v) A certificate, dated the Data of Closing,
dqne4 by the Chairun', or othar appropriate official
sati.factory to the Underwriter, to tha effact that to
the bast of his knowledge (A) the representations of the
county herain are true and correct in all at.rial
respects a. of the Data of Closing; (B) the county has
perfor1M4 all ob119ations to be pertonMd hereunder.. of
the Data of Clos1nlJ; (C) axcept .. disclosed in the
Official Stat...nt, thera i. no litigation of which he
has notice, and no litigation is pendinq or, to the be.t
oth1aJtftoVl~ is thraatanech (1) to ra.train or enjoin
the la8UaDCe or delivary of any of the Bonds, (2) in any
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vay conte.tinq cr att.ctinq any au.thodty, tor the
issuance of the Bonds or the validity of: the Bonds, the
Escrov Deposit Aqr....nt, the R..olution, or this
Purchas. Contract, (3) in any way cQnt.sting the
corporate- exbtenee Qr pow.r.of the c::oun(y, (4) to
r.strain or'.njpin th.'u.. of th., fundapl.dgador to be
pl~ec1 undertoh. R..olutlonto pay the principal ot,
int.r..t and pr..ium, it any, on the Bonds or to enjoin
the us. ot proceeds of the Bonds as cont..pla.ted by the
Reso1.lltion, th. E41crQVDepo.lt Aqr....nt,. ,theOf!iclal
Sta,te,"f\t: and. ,.thb Purchas. Contract, (5)vhich may
r..uJ.~ .in, .ny ..-teri.Al adv.r.. c:haftClelntb., bYJsine..,
prcip.~i.., N..ta and theflnancia.l cp.ndition ot the
County. ,t,un. aa a w~o~e, or" (6) '...e~lnq that the
Ofti~1a~,Stat...nt contains any untrue statement ot a
mat.rial tact or O1lIits any mat.rial fact nece..ary to
ask. the stat...nt. th.rein, in the light ot the
cirC\UUlta~'s yIld.r vhich theyver. ~, Dotableading;
(D) .~~LS~~tI'1Iber3Q,199,3," no'N~.rl.l ad,v,erae change
has oc:~rJ:'~", n the tin&neial positioA or, results of
oper,Udna 'Qt' ~. cou.ntyexeept: AS .at forth in or
cont~1a~e4 ~, ,t:J1,e, O!(ic~al State-.nt.; (~)the County
has ftC)t" since .~"'r n. 1,975, been .i.n detault on any
bonds or oth.r debt obligations of the county .xcept a.
.et forth in the OfficialStat...nt; and (F) the Official
Stat...nt did not ae o~.ita date, and does not as of the
Date of Closing contain any untrue stat...nt of a
aat.rial fact or oait to state a aat.rial fact required
to be includ.d therein or neces.ary in order to make the
.tat...nts contained therein, in the light of the
cireuaataneea in which they vere aade, not aisleading.
(vi) An opinion, dated the Oat. of Closing
and ad4resaed to the Und.rwriter, of Adorno , Zeder,
P.A., couns.l for the Underwrit.r, in fora and substance
satisfactory to the Underwriter.
(vii) A c.rtiticat. of, or opinion ot
counsel to, the Insurer to the effect that the
inforaation relatinq to the Insurer and the policy
appearing und.r the caption -Jlunicipal Bond Insurance- in
the Official State..nt ac:c:urately and fairly pre.ents the
inforaation purported to be shown th.rein, fairly and
ac:c:urately deecribes the Insurer and Policy.
(viii) , An opinion, dated the Date of
Closinq, and addressed to the Und.rwrit.r froa counsel
for the I~er, to the effect that (A) the Insurer i.
duly orcJllnhecS and validly .xisting und.r the lavs ot its
.tate of incorporation .nd ie qualified to do busine.. in
the ltate of rlorida, and (8) the Policy baa been 4uly
and val1dly issued by the Insurer and conati tutas the
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AU6 - 9 $
1119&1, valid and binding obligation ot the Insurer
enforceable in accordance with its terms except as
liait.d .~ bankruptcy, insolvency, moratorium and other
lavs ,af.t"e~inq creditors' rights generally and subject as
~ el)fcUceabUity by general principles of ec:tuity.
(~.) A ~rtiticate of Fifth Third Bank,
CinCinnati, Ohio, in fora and substance satistactory to
tpe,; ~~,it;al:.
" ~~) 'uc~ additional leqal opinions,
C~J..~atell-* l.nstruaents and other, dQCWIents as the
Unde~J.~r ,..y. reaao~bly request to evidence the truth
and ta~acY,', as of the date h~eot ~. as of the Date ot
Clo.1~r .of.:tbe county'.. repr..entatJ.ons an4, warranties
'c:ont.dn..t, huain-.n4 of the state..nts arid information
cODtai0e4 ,in . the Official Stat...nt ',and the due
pe~toraanc;:e.or ..tbfaction by the CQuntyon or prior to
tha ,Date .of. .Closing of all the aqreeaents, then to be
pe~fo~ and all conditions then to be .atisfied by it.
,t.. ,~ . Insurer shall have isSUed" it. policy to
insure the.Bonda ,and standard , Poor' a Rat.inqs' Group and
Moody's Inve.torll 'ervice .hall have usigned their IIUnicipal
bond ratinga ot -AAA,- and -Aaa-, respectively, to the Bonds.
q. Evidence that Fifth Third Bank, Cincinnati,
Ohio, has been appointadby the COWlty a. the Paying Aqent and
Bond Reqistrar for ~ ~ and has accepted such
appointaent.
All of the avidence, opinions, letters, certificate.,
inatruaent. and other doeuaent. ..ntioned above or elaewhere in
this Purcha.e Contract shall be deeae4 to be in cOllpliance with the
provi.ions hereof if, but only if, they are in fona and aubstance
.atisfactory to the Underwriter and the County.
If the conditions to the obliqations of the Underwriter
to purChase, to accept delivery of and to pay for the Bonds
contained in this Purchase COntract are not satiafied, or if the
obUqaUona of the Underwriter to purcha.., to accept deUvery of
and to pay for tba BondJI shall be tenainated for any reason
p8naitted by thb Purc:ha.. COntract, thb Purchase COntract .hall
tenlinate and neither tba Underwriter nor the County shall be under
any further obl1qaUon hereunder, except that the respective
obUqaUona of tba COUnty and tba Underwriter set forth in
Paraqraph 11 hereof ah&l1 continue in full force and effect and the
security depoeltapec1fia4 in hraqrapb 5 hereot shall be returned
to the Underwriter.
t. 'l'e-{natlon. Tba 1JDcServriter ..y tel'1linate this
Purchase Contract, v1tbout l1ullity therefor, by notificaUon to
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the County, if at any ti.. subsequent to the date of this Purchase
Contract at or prior to Cloatnq:
"; a. tAqis,liation .hall be enactec2 by' ,tm.al ~onqre.a o!
the United Stlate., or .. bill introduced Cby! aandlDent or
othervi.e)'Or~1l:vot'.bly reported or pa..ed by. either the House
of Repre.e.,tatlvaa or the Senate of the Conqre.. of the United
State. or any coaaittee of tha Hou.e or Senate, or a confer-
ence c01llllittee o( such, Hc)USe and Senate llalte. :a report (or
takas anYi'ot1\er action),' or a decision by a ,court of the
United 'teteeor ~eTaxCourtot thaUnited State. shall be
rendered, ora ruliftCJ, requlatlonor othere~ion .hall be
lasuecS 0" , l' opos ed, ''-Y or on, behalf of the Tre..ury Depart..nt
of the UnJ.tecS, .~~,the Internal Reven~ 'enlce or other
qovernaental-..,enc:y with re.~ to, or havinq the purpo.e or
effect of, chanqinq directly or indirectly the federal income
tax consequencee of intere.ton the Bond. in the hand. of the
holder. ther:eot (S.nchadiQ9 the i.po.ltion o,f or inereaainq the
rata of an.y f~ra:l, tax wh.ich include. tax-exeapt interest in
the calculation, (it .uchtax), whicb aa~erially adversely
affects the ~r~utl1r~C:~,Clr ~ JIL!lrutabUity of the Bond..
be. .,Arty. 1891.'1atJ.~, rule or nqulation .hall be
introdueecS In, or be enacted 'tiy, any depat-taent or aqency in
tha State ot Florida, or a declaion by any court of cOlllp4ttent
jurh4iction within the State of Florida ahall be rendered
which aaterially aftects the aarkat for the Bond. or the .ale,
at the cont_plated offaJ;'inq prlce., by the Undervriter of the
Bond. upon the laavane.' of the Bond..
c. Any ...ndaant to the OfUcial Statement is
propoaed by the County or daaJMcS nece..ary by Bond Coun.el or
eounael to the Underwriter which aaterially adversely affect.
the aarut for the BoncSa or the .ale, at tha conte.plated
offerinq pric.., by the Undarwriter of tbe Bond. upon the
i..uanca of the BoncSa.
d. Any fact shall exist or any event .hall have
occurred which aakas the Official Stat...nt, in tha form as
ori,inally approved by the toarcS of COUnty COIDai..ionera of
tha county, contain an untrue sta~nt of a aterial tact or
oait to state. aaterial tact nee.sury in order to ake the
stat...nta aade therein, in liqbt of tha circuaataneee under
which they ware aacSe, not aisleadinq.
a. There ahall hava occurred any outbreak or
ascalation of boa~illtiea or any national or intarnatior~l
ealaaity orc:rub, t1n&nc1al or otherviae, includinq a
qenarel auapanaion of tradinq on any national ..curiU..
axchanqa which (1) aaterially adversely affect. the ..rut for
~.. Bon4a or the ula oftbe Ionda., at 'the Ci:Ontaaplated
offerinq pricas, by the Underwriter or (11) could cause a
-14-
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aat.rial :d1sruption in tb. IlUnlclpal bondaarlc.-t anda.;-ln
tha judqJlantof the UM.nrrit.r, would ..lea it h1~racticable
for th.' Un~rlter to aarJt.t: the Bonds or to enforce
contractsfor-tM ..1eot the Bonds.
":
. .f. lM;Jislation shall be, .nactedor.any action
shall b. 1taken by, or on beha1.fof" :th. Seeuritie. and
Exchange Commission which has the errect of requiring the
conte.plated di.tribUtion of ,the Bonds to b. reCJia.tered under
the S.curiti.... Act ot 1933, or Any law. analogous thereto
relating to,qovernJMtntal bodi.., and C:OJIIlUance there..,ith
cannot be accomplished prior to the Clo.ing.
9,.. . ;-'94tn.ral banklnq aoratoriua .hall have been
d.clared by authorities of the United Statea, the state of Ne..,
York or the SU~. 0" Florida v,bJ,eb ~t..~~.}.ly adversely
arr.crt.a ,.~ ~r~t (or ,~th. Bonc1a or i ~.,.'.l.i at the
cont.ap~~~qt'~1nq Flc:;..~, by the Url41.:V~"'~'J:' ~( the Bonds
upon th.. r,sua~" ~r.-.pf..
h~ , Arr/:" Mtional se<:U1'iti.., ~~ang., or any
9ova~t&l. .~~t.r, sball 1apo~" as t9 'th. Bonds or
obHqat1ona,. ot.,,~, q....l'.l character, ol,tMl Bonds, any
aat.ria1 r..tr1etlona not nov in force, or incre... aat.rially
those nov in forca, with r..pect to the .xt.nsion of credit
by, or tha eh&rqe to the net capital nquir_.nts of the
Und.rwriter.
1. Any .antlo1pet.s ratinq of the Bonds shall have
been dovnqraded or withdrawn by . national ratinq s.rvice,
which ..teriAlly advars.ly affects tha ..rut for the Bonds or
the sala, at the contaplatecS offerinq pricas, by the
Undarwriter of the Bon48 upon tha issu.nc. th.r.of, or any
proc.edinq .hall be pendinq or thr.at.ned by the Securities
and Exchanqa co.aiasion aqainat tha County ..,hich has a
..terial adv.~ .ffect on the ..rut pric. of the Bonds.
j. The lnaurar sball infora tha County or the
Undarwriter that it will not inaura pa)'IMnt of the principal
of or inter.st on tha Bonda aa described in the Official
stataent.
10. Elmen....
.. Whether or not the Bonda ar. aold by the County
to the Undarwriter (unl..s INCh sala be prev.nted at Clodnq
by tha Underwriter's dafaultJ, the County aball be obligat.d
to pay tha follovlnq .xpwwe. (1) the coat of the preparing
and printinq or otberreproduction of the Reaolution1 (11) the
cost of pnparinq the Bonda, the costa of pnparinq and
pdntlnq the ITaU..inary ottic:1a1 atateMnt and, the final
otticial Stataentl (111) the IoD4 COUUel f... and
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disbur.e..nt.; it any, due Nabors, Giblin' Hick.rson, P.A.:
(iv) the pr..iUII, if IIny, ,of' the Insurer torth.'Policy and
the fa.., rit a'nYI .d'f staftdarc1 , Poor'. corporation, FitCh
Investor ,S.rvic.s, Inc. and Moody'. Inve.tor.'Servi'c., Inc :
(v) the t...' rand, di.bur....nt., it any, ot Fifth Third Bank,
Cincinnati, Ohio, a. the Paying Ag~nt and Registrar and as
E.crow Agant: (vi) the te.. and di.bur.ements, it any due, ot
Raymond Ja_~ancl I\Ssocia~~., Inc., incurred in it. capacity
as Financial Advisor; (vii) the faes end disburs.ments, it
any, of Cooper. .' Lybnn4,th. Count.y'. certithd public
accountan,t.a; 4aod (vlU)tb. f... and dishr.,...nt. of any
oth.re,xp-.rts, .~tant., eonaultanta oraC1v1sor. r.tain.d
by the ~ty,i.nG).udiA9 f... and dubur....nta Oft.he auditor
and of .~y; :r;-at.acons\lltanta and con.ultinq .nqineers.
;, b. 1fllethar, or -not tbe ~,.re sold by the County
to the U~l'VrlteJ:" (unle.. e\JChaale be preventecS at Closing
by the county'. default) "tbe Underwrit.r .~all -be obligated
to pay th.loLlow1nq ,e~.. and .hall b. p.ra~tted to pay
such .xpenae..trOll,thdr 4!,acount (i) all advttnbiM.xpen...
in co~lQ1\"i~ t.be public oCferinq,ofth.. Bond..; (11) the
te.. .114 diilbw:....nta otMorno, . Zedar, 2.,A.,eoun..l to the
Underwriter, and the cost of pr.parinq the Blue Sky Survey,
leqal inv.staent .urv.y, if any, and this Purchas. Contract;
and (i11) all other .xpense. incurred by the Underwriters in
conn.ction "ith the public Ofterinq of the Bond..
11. Rotlc... Any notic. ~r oth.r comaunic.tion to be
qiven to the County und.rthle Purcha.. Contract aay be qiven by
deliverinq th. .... in vritl~ to the .ddr... .et forth above and
any notice or other coa.unlcation to be qiv.n to the Und.rwriter
und.r this Purcha.. Contract ..y be qiven by d.liv.rinq th. salll. in
vritinq to Willi.. R. Houqh . Co., 4400 PCA Boulev.rd, St.. 501,
Pal. Be.ch Gardens, FL 33410, Att.ntion: Public Finance
Departlllent.
12. parti.. in Int.r..t.
a. Thi. Purcb&ae Contract i. aade .ol.ly for the
benefit of tbe county and the Underwriter (includinq the
.ucc...or. or a..i9"8 of the Underwriter) and no other person
shall acquire or have any right hereunder or by virtue hereof.
All of the repr..entations, "arrantie. and .gr....nt. of the
County eontainac1 in thia Purcha.. COntract .hall rnain
operative and in full force and effact (but .hall not b.
d.8JMd to be eontinuinq repr...ntations, "arranti.. and aqre.-
..nta of the COUDty) ,n,ard1... of (1) any inve.tig.tion.
..de by or on behalf of the Undervriterl (11) deUvery of and
paYJl8nt for the Ionda pursuant to thia Purcha,.. Contractl or
('111)' any temiDatlon of thia Purc:baae COntract, but only to
the .xt,nt provicSed by the last para<Jrapb of section 9 bereof.
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b. 10 edv.riant, stipulation, obliqation or
.qre...nt contained in this Purchase Contract .hall be d....d
to be a cov.nant, stipulation, obliqation or aqr....nt of any
aeaber, aqent or .aploye. of the County in hi. individual
capacity and n.ith.r the ....r.of the qoverninq body ot the
county nor any official executing this Purchas. Contract shall
be liable personally und.r this Purchas. Contract or be
subject to any personal liability or accountability.by reason
of the .x.cution h.r.ot.
13. Ett~v.M'l._. This Purchas. Contract shall b.com.
etfective upon the ex.cution be the acc.ptanc. h.r.or on behalf ot
the County by the Ch.alnan and att..tation by the Cl.rk, all in
accordance vith the requir...nt. s.t forth in the County Chart.r,
and shall be valid and .ntorceabl. at the ti.. of such acc.ptanc..
14. COUnt. marts . This Purcha.. Contract 1II4Y b.
executed in aeveralcount~, "tdeb tog.th.r .hall eo~titut.
one and the .... inatrUJMnt.
15. Florida ~vGOviM:Ba~,Tba,.aU.dlty, interpretation
and pertoraance of thta Purcha.. contract .hall be qov.rned by the
lava of the stat. of rlorida.
16. bt.hj ':a.ar....nt..." Tliis PurchaSe Contract wh.n
accepted ~ the County in vrltlnq a. heretofore specified shall
co~titut. the entire aqr..-nt be~ a.
17. Headina.. Tbe beading. of t.be Sections of this
PurcbaN contract are 1nN~ foroonvanlence only and llball not
be ~e1M4 to be part hereof.
Very truly yaun,
Vll11aa a. Bou9h , CO.
Byl
Sr. Vice Pres14ent and llanaq.r,
Public Finance Departaant
Accept.ecS .. 0 t the 4ate hereof s
COLLID ~Jlrn, nmuta
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ApprcWe4_ tofors u4 l~.l INff1ciancys
County Attorney
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,I. ~ ',l : f.~ l ,;, ~- i't
~; i j', t
MATOJtITY SCBEtlUlZ
, 30,415,000
COLLIER COUlITY, FLORIDA
CAPITAL IMPROVEMENT REVEKU'E REFUNDIHG BONDS,
SERIES 1994
AU6 - 9 ~
EXHIBIT A
Maturing Principal Intere.t
octobe r 1 Aaaunt. Rate ~
1997 $1,090,000 4.350' 100.000'
1998 1,350,000 4.500 99.113
19" 1,405,000 4.625 99.662
2000 1,470,000 4.100 99.736
2001 1,540,000 5.000 100.000
2002 1,620,000 5.100 99 . 669
2003 1,700,000 5.200 99.639
2004 1,190,000 5.300 99.610
2005 1,190,000 5.400 99.175
2006 1,915,000 5.750 100.161
2001 2,105,000 5.150 100.156
200. 2,220,000 5.700 91.570
2009 2,345,000 5.750 91.023
2010 2,...,000 5.750 97 . 440
2012 !5.420.00Q 6.000 99 .125
TOTAL $30,415,000
lOGe 000 '.'). 94
, "1
Aue - 9 ~
EXHIBIT B
REDEMPTI01f PROVISIONS
of":
Optional R.d.mption
. .
Th. Series 1994 Bonds aaturinq on or prior to october 1,
2004 ar. not subject to r.demption prior to aaturity. ~e Series
1994 Bond. aaturinq on or after october 1, 2005 ar., at the option
of the County, subj.ct to redeaption prior to aaturity fro. any
80nays legally available therefor, upon notic. .s provided in the
Resolution, in whole or in part on any date on or after October 1,
2004, in aucb __.l.ction of aaturities aa the County shall deelll
appropriate, and it in part, by lot within a aaturity, at the
red..ption pric.. cC.xpc'...-d:t;)elw a. perc.nU9.. ,o~ ,th.principal
uaount of the ~r,i.. .1994 BGnda beinq red....d)"toq.th.r with
ac:cru.e4 int.re.t t~;~ ~4!d~ipn 4a,~~ a." follO'lls,. ,
R~..m-.ion p.r1~ '".
'Bath Dat.',t~1.y.ly~\"
W~I9p ,Pric.
l'02f'
~l.o'l" ; .'
. '1,00.:'
October 1, 200. throuqb "~r 30, 200$
October 1, 2005 :throt.aqh'~~r 30, 2~q6
October 1, 20Q~and ~t.at~r '
Mandatory Ra4.-ptl<<m
Th. Seri.. 199~ Bondsaaturinq october 1, 2012 shall be
subject to aanc1atory recSeaption prior to aaturity, by lot, in such
aanner a. the Registrar ..y de.. appropriat., at a r.deaption price
equal to par plus aec:rue4 int.r..t, if any, to the redeaption date,
on october 1, 2011, and on october 1, 2012, in the following
principal aaount. in the y.ar. .pecified:
Year
2011
2012*
~rtization Install.ents
$2,630,000
2,790,000
*aaturity
.otice of Redeaptlon
Kotlce of reddptlon .hall be (i) fl1ed with the Paying
"'l.nt and Reqistrarl &DeS (11) ..l1ed, tint cia.., poataq. pr.paid,
at laut 30 day. prior to the r~ion date ,to .11 r89istu-ed
owner. of s.ri.. 1994 Bonds to be ra4eaaad at th.ir addr..... as
they appear on the raqistration boob of the County. Interest
ahall ceas. to accru. on any 1994 Ion4 duly called for redaaption
on the red.mption date~ provided provision for the payment th.reof
shall have be.n duly provided. ral1ur. to ..11 notice to the
reqis~red own.rs of the ..ri.. 19'4 IIonda to be red.81M4, or any
defect in such notic., shall not affect the proc.edings of
ndeaption of 8uc:h sari.. 1994 Bonds.
lOGe 000 fl';' 95
,
f
. J
;. '1"1.-1,,,,,
":
AUG. - 9 ~
~IBIT C
DISCLOSURE STA'rEMEH'l'
. . t . ~'.; . ~
~ _ t:.
... '-~
The under.l~, a~ O~ervriter, propo.e. to negotiate
with Collier county, Florida (th. "county") for the sale ot
$30,415,000 principal a.aunt of 1~. Collier County, Florida Capital
IlIprov...nt ReVenue Refundinq Bond., Seri.. 1994 (the "Bonds"), to
be coapletecS on ..1:b4..idaU.'. nio>>to,~. avard<<th.IBOnd., the
, follovinq info"'~ ..ia_r~: funlabeeS ,;to, th6'county~ "
'f' ->' "': ~ /\ .., <: ~$ ~ '. ,~: '.oJ..I J:'
1. S.t forth i. an itaJlized Ibt of the nature and
e.tiaatad aaount.a<'.of '~', te beincurrecl ~ tba'Under-wr.iter in
cor.MCtion .1._ .~tbe ~'of ~. 8cmdaj "",. ;
, ~ ~-. ,.
\: Dollar. p~rS 1'. 0 do Bond
Underwriter. · Ccunael F.e. SU,OOO.OO $0.4274206
Underwriter.' counsel Expenae. 2,000.00 0.0657570
radaralruncs. 2,306.02 0.0751185
PSA, JISU , COSIP 1,520.00 0.0499753
Trav.l, Dbbura...nta , Clo.1nq 1,524.07 0.0501091
Mv.rtbinq 1.152.16 0.0609192
'l"O'rAJ" 122,202.95 $0.7300000
2 . Set forth below ar. the naae., .ddr..... and
.stiaatad aaounta of co.penaation of aU "'find.r.- .. defined in
Section 218.386, rlorida statutes:
lIOn
3. Tbe UIClIUnt of the \1Dderwritinq .pread expected to be
raalbecS by theVlldezVl'iur is $171,407.00 (".10 per $1,000 Bond)
which include. a aanaq...m. f.. of to (SO per $1,000 Bond).
4. set forth below are all other f.e., bonuse. and
other eo.penaat1on .stiaatecS to be paid by the Und.rwriter on
behalf of the County froll Bond proc..s. in connection with the Bond
bsue to aU persona not reqularly aaployecS or retained by th_.
.on
lOGIC OGO.,.). 96
~.
. '.,.,
., .
L
,Al)6~9.~
5. The ~s and ad4na... .of ,~he, Underwriters
conne<:te4 with the Bond. are .et forth below:
Willia. R. Hough , Co.
4400 PGA Boulevard ~
suite 501
pala Beach Garden., FL 33410
Merrill Lynch , Co.
26301 U.S. Highway 19 Korth
Clearwater, PL 34621
Sa! th Barney, Inc.
625 Worth rlaqler Drive
.th rloor
We.t Pal. Beach, PL 33401
IJf WIT1fES. WIIDZOr, the anderaiqne4 bas executed thia
DUclosure stateaent on behalf of the Underwriter thia 9th day of
~, 1994.
willa. a. Bouqb , co.
Byl
Sr. Vice-President and Manager,
PQ!)l1c rinance oaparbent
1* urn ,..'~ 97
j-
. .
.,.1,11.' ._".'.0_
AU8 - 9 ~
~IBIT 0
TRDTH-IH-BOHOIHGSTATEMEHT
Board of county (:~i.d~r.
Collier county, Florida
,~
1- :-,
Re: $lQ,41'"OOO Collier County, rloric1a
~pital Iaprove..nt Revenue Refunding Bonds
Serb. 1994
Ladi.. and Gentl~:
~ t;,:,-, '
In ,~1~' 1fi~b t.he proposed bSU2U\Ce. ,by Collier
County, rlorid~. (taae -x..u,I'") of it. $30,416.,000. agqregate
principal a~t ,et"~ l~.u. of bonda referre4,to above (the
IIJJondsIl), Will~.,R. :H~;It, Co., _rrill Lynch,." Co." and Saith
Barney, Inc:. (col1~iv.).y. ,the. "Underwrl ter-) b,u,acp:eed to'
underwrite a wb~1c:, ott&l'J.nq of tbe' Bonda. Arranq...nts for
underwritinq the 'ISOnlUwU.l1nelucSa aPUrch..e CQntra~ between the
Issuer and the.. un44;-w:r:J.ter. ',. ' . .'
The pUrpose of th18 letter 18 to furni.h, pur.uant to the
prov1aions of Section 211.315(2) and (3) rlorida Statute., as
.-ended, the truth-ln-boncSinq stateaent required thereby, ..
follows I
(A) The Issuer 18 proposinq to 18sue $30,415,000 of
bonds (the -Bonda-) for the purpose of providing aoney to
(i) refund certain OUtatan4inq obligations of the I..uer
and (11) pay certain costa ...ociated with the 18suance
of the Bonda, all as IIOre fully de.cribed in the
Re.olution as defined in the PUrchase COntract adopted by
the I..uer. Thi. debt or obligation i. expected to be
repaid over a period o~ 18 years. At a forecasted net
interest coat of 5.681612' percent, total interest paid
over the life of the debt or obligation will be
$20,222,15'.4'.
(8) 'rbe source of repayMnt or HCUrity for the Bonds 18
the Pledqed aavenuee, .. defined in the Re.olution, which
Ple4qed JlrIauue. include certain Sale. Tax aavenue.
received by tbe county froa the Local aovernMnt Half-
cent hl_ftx eollaete4 in the county and certain other
f~ pla4qecS under the Resolution. Authorizinq the
Bonds will result in IIOnay. not beinq available to
finance the other .ervlce. of COllier county aachyear
for approxiJaataly II yean, hoWever, by issuing the
Bonda, the county is r..sacJ.ncJ it. debt .ervice payable
fro. pledged revenues, tberaby inc:reasinq the aaount
available to finance other project. and services.
r r
1001( COO 'I',: 98
" ,. 1
AUG - 9 ~
The foreqoinq i. provided for inforaational purpoae. only
and aball not affect or control the actual ten.s and cOndition. ot
~ Bond..
Your. very truly,
~
Willi.. R. Houqb , co.
By:
.r. Viee-Pre.ident an4 Manaqer,
PubUc rinance Deperbent
..WC\tWWt ._
aoue (JC{)",r 00
(
!
,
~.. I
PRP'''.fM'NART OfT1(:tAI.Irt'ATJr.Mf:.'Ir1' DA1T.1l AU';UMT]. I,"U
i AUG - 9 ~
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Ii'" taa - ~ ......... - ...... ~ ,... ........ lit ~ r,..,... -- r... '~I '- tas pu~.
_ ......... _ IaftII .r tas "",_ tow ,........ .r ,.. ,MfnI I~ ".......... tas ....,.... ... indmII... ..... cnrp>r.lion.
' ".. &.II 1Mnnt. ___. .In .. _..... 101 IIw eo........... .r I twrporll_'. .Jt.rn.llft mln...._ I...bl<r 1_, s,... "T^X
. S r! PDff'T1Ollt"......,.,.,.,,..,.,,.... lIIC'- taa~""" ...... l'....-l ill .... ,,( I" """*"' IMI U. ~ 199-4 1loncI. and
I J 15 ........ ~ .. """" r,.. IOn ........ .......... ,.-1 "..,.n, t..-. .......... ,...n& .. (~ I". "..id. malutH lW
t T(-rAX EQMP'T1C:r twr..m
'all ~"- ~.. .utotnmI. JlIA'f\1IIrr1P.1l'n'EUIT RATZII AIfD P2ICr.J1 OR nr.LDfl.
11,'Jf ,.-'--t ~~ ~w "-"'t -=
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II ii MerriU ~ch A CA.
.In
~ ~ _ n..'u. BtKIIl F.NT1l1'
$30,140,000.
Collier County, Florida _
Capital Improvement Revenue Refunding Bonds
Series 1994
.,.... "--- ,. ,... p,-.Ol:tn...... ,... .hnwn helnw
n. ~"".I,~_....",.1 ,.,......... ~......... .........,!IoT_ I""''''' "!loT" 1..4 ..........1.,. hrtnc .....wd ..,. ""lIir, r""nly,
".,....... ".. "f'_y t.. '_n, to'Coet............ ...... ""'lot'" orin 1000 ~ "' ,1000 ",,_ ", ('..M ... C.. , .. """"'-", 1M l~ilm'y
T.- r_, Kroo ,.....",~ Y...~ !'1lT1-I I.............. .....""_ ..n .... -"'... .....'....t,y Joot...'....., Ih,,",,t. 1);,...1 J"..hnp"nlo
,....,..... .~. ... ~mll_ ", SII)ll)O ..... mlrcT.1 .....hipIH 11000,..., r..,h.....",.Iooo !loT," 1994 """,,- ..11 "'" ,....i..
~ ~ '" trrt.rWII'''' T,_~. '" _......., iftl~ ... 11000 ,,"w. ,... p.",.f. ..,ll....,'''"M~ ..,. .1000 rrn~ ......k.nlry
.,- _ ~........ 1m,",",... ,.. ~ ,,.. p.",.f. 1<0 ",,"'-'" .... ^pnl I. I~ "rid. ~.nn..""y .... ......h Apr,l I "nil
(~ 1 .........,..... I"r1Mt,..,,,,, ,._, " .n,. ..... ........- .. I.... ""_ ."". """"- .IlI 1000 ,..y"h~ ..,. "nh Thi,d n.n~,
C_t. ","", _ P.yiftC ApM ..... ........ ....,.,." n.. fWr... 1'94 ......... _ owhjft1 '" "",...al .nd "",ridatnry rr<\oomption prim-
.. ....... ..... --- .. ....... """' . .
Tw. _ ,... .......". ~ lwIo. ........ ... rrf.........., "lit __ . ..........., "! I" __ 1........Im'. """" rud Ih.
.......,....... __ ..,........ ........._ -.....1 "I'" -"ltoC '" lOft .............. __ Mnotnn,
"., ~ .W4 ,..,.,. ... ...... ..... tow 'lor .......... '" "........ r........ I.. ,j, ,..,...... trrt"... .........ndinc ~ftJ1'_O "'Ih.
r_, .-4 II., ,., ,...".." .-. '" _,,(.lor ~ '''" .,.,.,...
"., ~ ,... """'" "",.,......,__..... ~ Ity.....'.,...."".... "".... T.. H-....._ ,........~ ..,. 1M /'''',"1, '",m tiff'
I.-.l r__.......,A I"II.(,~ ~~ T.. ~ "' ,1000 (:-..I~ '7,"'" fltat.. '" "".id. ... "","'''''r1 1-.,;n ~rid ",""In tltMr 'undo
~......... ............, 10ft ',""" 1fI.a.....,..n. .it" m1.i1fl....... -....""mc "",iK...intt. "'''''' c.-;I, InorP rull, df'tlmbrd
.......... TN "'" r.;cJt ~..~", ~ ("~r.t.... ~ row t...,-,.-", I....,...;.;... I"~ B+d. ..~I""lIoT;H I"., Ilond. do
...,~. ........., ~..._.. e( tr., _, , I" ~ "''''' ..-otortion.1 ~ ot.lortnrJ: ~ fIT '~I_,
.. T1w Awt- 1t:'lt4 ....,.. MOt _It.... ...........~..,.., ......,( Jlw, U"'..... "'.... fit ~ - -7 polltl...1
l .....~...-,. _......... hMc....-.....' I.....y.~. Inrltod.... ,.... r_,. ..!thin tl>. ..",n'n_ trf...,. ............... or lh..
ca......._ .. .... e( ,.... l'tIt. e( n..rioIIt. ~ II.. trf'tItt _ ,.. In.... ".....r trf...,. .uti trf tIw UnlWd llCJo'", or .n,.
.......... ..w......... .~ .... ,..hf1or ...., ~.Iltf ',~" " too........... 11M Cntnl,.. II pWdpd lit 'M ,",,,",~I or Ih"
prtIoripeI.t., prno...... It .".,. .... ~ _ _........ I," ,~. .
. ,__ .... ""'" u. ...... .r ~ .r ,.. ""- I'" ....... .-,-nt ", 11000 prinripo' wi .rid 1ft........ on ""', !loT;"" 1994 """do
..... "..............,. ................. _....icy 111ft ")4....... Ilond I.....,........twr..m' '" hot ~......~ ,..;Ih ,....
......., .r u. s.n.. ,... ........ '"
MBIA
..~_,IJf)O
1.....,lIOO
1,13II,l1Dl1
1_,lIOO
1_.000
2.0:30.000
2..4.000
.......,
2llIXI
2004
200a
:IIlOI
2007
200ll
200t
Prlc:e or
YIeld
.,.
t1,U1.ooo TmII ..... .... 0d00Iwr I. 2012 - Pric:w _'10
1Accrw4 ____ .... ......,
"., s.n.. 1114 .......~. on...... wtwn....rid ,,-..4..... _...y~ ",,'he U~IntI. IUhjftt!At I" _....1 .. to "'cahly
..,. ~,r........ .. HiclI_. P A . T....,... J1owid.. IJeM c-t tArt.o,n lrpl _inti .111 b. ....... ... "" U. <:-nl, by ~n.....h
. c.,t.r.!aq. c-nty All<<twy, H.....,,..... cm.nn lrpl __ .,n 1000"""" """" for II. Underwrilrno..,. Ado>mo... Zrd....
.. A. )".."~. 1U,.-.4 J_ .. ......-. hoc. .... --. n-id. lit IOdine .. ri..-..l ,.......... .. I'" Counly. It i.
~ that lhe llarin 1114 Il.nda WI tIorimt... r.nn .,n .. ......... to ore... Neto t..... /'few yort. on or.bout ~ber _'
.....
William R. HOU,lh ~ Co.
Smith Barney Inc.
A.c-t _ I'"
............,. s.bjId .. 0-.
,. (XJ() 's'; 100
"1.,,/pr:- !X:;:;,'H':, . .,':;:.., . ' ':,: '..'
. :K~J':...';.i~,(1:..7i ~ , ;",;..". r:," : :'f, ~ "
." ":'''''i'J\',:':''':.~~ :'.:'.t~.. .:~:..'.:' ..:..~ '.', ',' . '. . .
., .$.":;:"'1. .V1;.,r....,.....,,:.iJ:!J .' ,.,,' .
~~' I~""" .:tf~~~"'"~4;.'''1'~FII'::~''' . .
~, J .. :..d....:;t'~~~, ;:;.....-i.;;.:~.:.: .;... .; '..
I. ":;1;f'Kj-~:/;':.4.:.:';;~'y.(:riP':.~~:f"-: ':, P' .
~. ;~::,-~;~~.~~ ~ ::J"d~~.. ....~:~~.,').!.:...f:' .~:: .' '. .:
r.\1! -;~. '1.:t"l~t;~.>, ': <.::~l':,.' /, ;71;'.'~' ,:;';. ' " ,
~ ,,':~":i..tf. '17'( ',t'.A>! ...:...-:i,;r,p". ,.",
~{ "'~~""l\:('~''';,:' ~../~~' ,;#'!.....-:..h..~.! ~',,,,:: .
~!~"...,~~r~:j;);t~./.?F-F>~:r.~(:s:f~:~?-?::,. :
."',~:J.'~' rl'J' ", .','." ',! Y:" ' "','., '.. " , . r'
'.::.;::-.."C..~~..z~p;.,'..ft'..t.~..;~.":~;1": .... ;' ,~..1 ,.....;_~~:{ .,' ,
~L~ !.~.~'r~:"~
('.
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,'./.' .,
,~,"'.. '.' .:. -' .
,:.\:.J::'::::::...,:
!
AU6 - 9 f39It
ThiI OtrlCial ~emer1 doeS net COOIthU an ~er to I8lIhe Series 1994 Bonds to any
person. or" 1CJIcIt9flnt1 of an ~er from WPf person to buy !he SerIes 1994 Bonds. in any jurisdiction
___ euch aa.r or tlUCh 1ofIcll.a1on of ., otfflf 10 buy woUd be lK1lawt\A. The Information set fOOh herein
.. prow"*' by 1he eour.y from sourcft wtlIc:tI ... ~ to be r""". but I II net guaranteed as to
eca.ncy or ~ 8nd .. net to be COl'1ItI'Ued as . ~ of \he l11'ldefwrlen. No dealer.
lall j ... or.., oGw person has be<<! aAhorilad to ~.., 1rI0rrnarJ0n or to make any represerUtion.
oGw.,., .... ccruInad In U'1II 0tIlclal ~1Ir'I18R. In connec:tion wltI \he ~er1ng c:ontalnGd herein. and.
I ~ or mede. tlUCh 1nI~ or ~ muse I'IQl be r8Iad upon as having been aulhortzed
by \he eour.y or \:he UnderwrhrL The IrIorTnar.Ion and expnISSlons of opinion corulned herein are
~ to change ~ nclClCe. and ~ \:he deIwfy of lhis Oft'dI& SUIIemenI nor the &ale of any
s.nea '54 ~ thai. LnW .., drc:umIlanCft. crear..., IrnpIIC8don a.1her. has been no change
In 1he ...... desCtbtd tweln tlnee \:he dale hereof. The 0tJIl::iat Stalemenl .. IUbmII1ed in c:omec::tion
wIIh .. ~ 01 \:he Series 154 Bonds ntfen'ed to herein and may I'IQl be reproduced or used. In
whcIe or In ~ lor .., oGw purpoI8.
IN CONNECTlOH wrTH ntS OFfERING. THE UNOERWRrTERS MAY OVEJl.AllOT OR
EFfECT TRAHS.tCnON8 WHICH TEND TO STA8IUZE OR MAINTAIN THE MARI<ET PRICE FOR THE
ISlES '54 8OHD8 A80VE THE LEVElS WHICH WOULD OTHERWISE PREVAIL SUCH ACTMTlES.
F COMMENCED. MAY BE DISCOHTNJED AT NlY TIotE.
IN MAI<ING AN tNESTUEHT DECISION 1NEST0RS MUST RElY ON THEJR c:JNN
EXAWtATlOH Of THE COUNTY N<<J THE TERMS Of THE OFFERING. ..cuJOING THE MEmS AND
RISI<S INVOlVED. THESE SECURITES HAVE NOT BEEN RECOMMENCED BY NlY FEDERAL OR
STATE SEQRTIES cow.assK)H OR REGULATORY Al1THORITY. FURTHERMORE. THE FOREGOING
AUTHOfITES HAVE NOT CONF1RMEO THE N::;CtJP.N;Y OR DETERMINED THE AOEOOACY OF THIS
DOCUUEHT. NlY REPRESENTATlON TO THE CON1"RARY 18 A CRIMINAL OFfENSE.
-11-
aooc ()(XJ ,*';.102
..
TABlE OF COHTEHT8
AU6 -9 1M
fiSJI
'~
1NTRCXXJCT1OH.... ,,'; ~ .';......................................... ........... 1
The~ ........................................................... 1
~ 01.. BondI ...................................... " . . " " . . .. . . . . 1
s.a.tytorthe Benda ................................................... 1
~ I'rcNtIlona . . . . . . . . . . . . . . . ',' .. . . . . . . . . . . . . . . . . . .. . . .' . . . . . . . . . 2
MuridpraI Bond""'.x;e ................................................ 2
AddIIonlIf P-'Y BondI ................................. ',' ',' . . ',' ',' . . . . . . . 2
Alnencloll8lil 01 Resolution ................................................ 2
, AddIIonlIf ~. .. . '" . . ... .. . . . . . . .. .. .. .. . . . .. ... ... . ..... ',' . . . . . 2
AUTHOFITYFORIS8UANCE ............... .,........................ ..,.......... 3
D4i8GAlP11OrI OF ~.ffiJlE.t1"'80N08 ................... .,.. ..,.,... ',' .,........ 3
o.w.I . ............................................................... 3
P~,,*iI 01 the Benda ................................................... 3
0...".... 01 Boncis . . . . . . . . ',' . . . . . . '.' ',' . . . . . . . . . . .. . . . . . . ... . . ... . ... . . . . . . ..
REDEMPTION PROYl:sao:H8,~. . .. .. . '. . . . . . . . . . . . . . . . . . . . . . ... . . . .'... . . . . . , , . . . . . . . . ..
~~"........................................................
Mal ldaOIy AecMnlpCk)., ...................................,................. ..
~0I~1~........................."...........".".. .'.............. ..
EJr<<:t 01 c.I tor ~.~. ...... ..!.. ..,......... . . . " . . .. . . . . . . . . . . . . . . . . 5
T...... 8l1d ~ age .............:..................................... 5
~.()ItrI.y 8VS'T'BI "__""""""""""""",, .'. " """,. " " " "" " " "" " " " " " " " " " " " " " " " " " " " .
8EaRTY FOR THE BOfC)8 ........ .,.,....... .'........ .. ........ ... . .. ...... . .. . 8
~ """""""""""""""..,,,,, .:-....., · ",iI '" " " " _". :'. " " " " .. " " " " " " " " " " " " " " " " " " " " " " " " " " " 8
,...".~ """""""""""""""""""""""""""""""""""" If"""""""""""""""""" 8
~. Pa1Iy BclndI .................................................. g
THE HAlr.cEHT SALES TAX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g
DEBT SERvICe COVERAGE .................................................... 12
MUHlCl'AL BOND ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. 13
DE8T 8ERVIC:E ~ " " " , " " " " " " " , " " " " "" , If If " .. " " " " " " " " " " "" " " " " " " " " " " " " " " " " "" 15
PlAN OF REF\I'C)lN() .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 18
8OURCE8 NflJ USES OF FUNDS ................................................ 18
THE COUNTY ............................................................... 17
0er*1II .............................................................. 17
ao.d 01 ~ Conlltll....o.... ........................................... 17
The eo&.1ly Adrrolnllcrllor . . ..... . .. . . ......... . . . . . . . ..... . . . . . .... .. .. . .. 17
~...~... If ..."""""..."".."""""" .... ,,".,,"""""""""" '.,,""""""""" If"""" 17
Ann&.W Aud!l .......................................................... 18
-111-
..OOC COO "',1 100
(
!
"
Ave -9 ~
AdcaIonaI~.. ... .,..... ",'" .,... .,............ ..,. .,.,.. .,.,... -:.,.,... 18
I.STIQ.\TJON ..... ,.. ....t..; '. ;,. .'. '~"""""""".................,.......... 18
lEGAL MATTERS.................................................... ..... ..., 18
I. . " \"., , '._ ....
TAX~ .,,-'" .."... 'C,' .'..."....,..~. 'c........ ...,.... i,..';',. ..:. ',.., ......... 18
~ClfIlprJcJ~'" .:. ."..,......, ...... ........,.. .'................... 18
rr-. ~'~Clf1_...". · .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 18
~~'Ta-on~..,.o!................................... 18
FbIda T_ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 18
EnwIio..,_... T. ........................................... . . . . . . . . . " 18
~ 1r1III&.cJona......................................,.............. 18
~T.~ .............................................. 18
0Itw T....... ...................................................... 20
Orfgrrw..... DIIcounI .................................................. 20
\lERFJC.\TJON OF MATliEMATICAL COMPuTATJ0N8 ................................. 20
~AOYISOA .......................................................... 21
~.................................................,...........21
AAT>><<38 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 21
FIWCW. STATEIlEHrs ...................................................... 21
~ OF AEMEDlEs. . . ...... . .. ", '. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 21
~ ............................................................ 21
AUTHOfIz4TJON OF OF'FICIAL ITATEIiIEHT ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 22
APPENalc A: GENaw. '*ORMAlJON . COWER COUNTY
APPENalc 8: AUOn'ED FNAHcw. STATBfEHTs FOR FISCAl YEAR ENOEo 8EP'TEM8ER 30. 1 SI93
APPENalc C: SUMMARY OF CERTAIN PAOVI8IoN8 OF THE RE8Ol..LmoN
APPENDIx D: FOAM OF BONo NIURAHcE POUCY
APPENDIx E: PAOPo6Eo FORM OF BONo COUNsEl 0PN0N
-iv-
lOOK 000.,. o! 104
'.
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lrAU6-9m\
:'\
OfFICW. STATEMENT
130.140.001:)"
COWER COUNTY. F'l.OfIOA
CAmAL JMPROVEUEN1AEV&NUJ:. ~ S()M)S.. .
, . ~i1"" .
IN'/'ROCUYOOH
,"*~ilMjectIl'l" r~lOlhemcn~ ~ def'WliIiofw
CClfUIned or ilCOl~" ,. ~''''''1IJ1d IhouIdnat,be.~ec.t.IO. be . c:ompIete
...... d the f8c:1s""""1O mIldng"ldormed "'...It ~.The~ ~ c;QIIer CounIy,
Acldda Ohe 'Cow1ry"). d,ilal3O.1AO.OOO. eapta ImplCh-etrleill ~ a.~,~~ 1994
Ohe "3er1e11*Sonds').1O pGIenCIII,~ Is..... trit ~ __d Ihe.~, ~S~
IncUIng .. ~ ldIces 8UaC:I1ed r..co. M c:apblz8d undefIn8d *"- used In IhIs Ir1n:xb:tlon stlaI
".. the ..... illig .. for1h In APPENDIX C . "SUMMARY Of CERTMoI PROVISIONS OF THE
RESOU11lOH."
...
The Co&rIr
eo.er~. ~'~~ illoCaUd In Ihe~ "~ dthe Stale
d F1clr1da. wIlh the cry ~'~ In the wnt.n plirt dlhe CounIy, being Ul8 largest ihcOrporaled
rra.l~ In Coller, Cou1IyMld ...mg _ .. ~.... The 1lXJO U.s. c.... ranI<ad Naples as the
..... gro.tng ~ ..,.. ~ .,. Ur*ed SUIIeS wIlh a 7lS.K growth rate from 1li18O to 1990. The
Cow1Iy. wIlh a 1 Qg2 pop. ~ ISdrnatAId . 188,514. derMIs .. ec:onorny from whotesaIe and retalI trade,
~ 1.....1CUtIm. c:orvact conICn.ICdc:ln, agr1aUe. c8Dle rallCt11llg and limber. Part d the Everglades
NadonlIf Parte. Ihe Unaed ..... orft Mltropk:It NalnaI Par1&, cornprtMs a por1Ion db CounIy. In
1W1. the CcuIIy'. per ClIpb PlW-_Income.. $28.813, wtllc:h..1he It*d highest personal per
capb Income In the 8uIe 01 Acldda for thai yar. See APPENDIX 8 . "GENERAL. INFORMATlON
~ COWER COUNTY..
~ 01 the BondI
, The, COU1fy ,.~ 10 ....the .... ,* BondI for the pwpoM d prcMdlng fulda
eo .. rIIfund thai poruon cI Is Coller CounIy, F10ftda CapIallmpl ()y~ It Revenue Bonds, Series 1986
the..... ,_, 8onda1. In Ihe pr1ndpIIlmOUnt cI $29.285.000 wtllc:h mature on or after October 1,
f. Ohe ~ BondI") _ men Uy deIc:tIled henIln and (II) pay certain co.ta clluuance clb
.... 181M BondI. The.... 11184 BondI .. bIfng iIIued on. party wit! Ihe CcuIIy'. CapIaI
1q:lI00elMr1I Rewnue BondI. .... ,-' CWTInIIJ ~ In Ihe pr1nc:lp8I amcut d S7,sl85.000
or- ~ 1W2 8onda1 and Ihe 1810.000 prtnc:lp8IlmOUnt 01 e.n. 1_ BondIIhaI mature on
0cIclbIr 1. 1184 (!hi ~ ,. BondI"). The s.t111S1lM BondI, Ihe 0\.CaIandIng 1W2 BondI,
.. ~ ,. BondI, n q adcIdotlll party boncIa ..~ Iuued pursuart to !he
All ~ Gon.. heteln~ referred 10 _Ihe"Sondl." See 'SECURrTY FOR THE BONOS . AdcItIonaI
,.., Bonda."
8eady for !he BondI
Pursuant 10 Raoluflon No. a5-107 of the County, as amended and suppfemented
(ooIec;lj.-et) the "ResoluIIon1. the SerIn 1994 BondI wtI be peyatlIe from and wtI be MCUfId on a parity
Wlhh "OUtS1andng' 1H2 Bonds and the ~ ,. Bonds Card any adCIGou81 P*flY'bondj
.
P.......)', ~ 10 ~
-1-
'00( CC{)'J',~ 105
. ,,:..
"'~D'.o;.v..i'..v.:;.~n:'~i'"~""'~.~~:;:;'?':~'; 1~;;' .'." ::,:.'
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AUG - 9 ~
For 10 long. Che Ser1es 1~ Bonds IhII be held In Che orc ~ system (~
~. II such permefU c1.~ prlWllkm, . Int. and lrUrea on Ihe SerIeS'1994 Bonds w\I
be made to Cede.. Co.. '. 1~J1'* 'OWIW 1Nred, by Che p~ ... 8nd p8ym8nCS 10 BenefIclal
Owners.. be Che ''"PO'~ (II ore 8Od1he DTC Pa1Ic:lpel.. (See "B()()t(.EtlfR ONlY SYSTEM-
,.....
o..c...at ~ 01 Bonds
The Colny. Che p~ Ager1. and Ihe ~ IhaI '*'"'.~ 1t..1he person In
.... name,.", s.., '* 'Bona . qgIIlered, on,'" books m8IiuIn8dby lh8. Regisuar as the
~ OWI'*" cI tuCh :Ser1es.1~ Bond, wh8Iher or ~ ~ .... .1994, Sqo(;S. overdue. for the
pwpose 01 rec:aMng paymenc u..of and for.. OUW pl.A"pOIeS whatIOeYer,and nelm8r Ihe Colny, the
hrIng Aga. norChe ~.. be.,.ec:Ied ~...,naace 10 Che COI'1ta'y. M IUCh paymeru wlI be
nId 80d ~ 10 NdIfy .xl clla-.g. !he IIbIIy updn 1UCh"'" 1~ Bond 10 !he extan 0I1he
am or ..,. 10 paid.
AEDBFT10H PRCMSaOHS
0pcI0nII Aedell~
1he"',I!I"~ .~ on or ptar'~ ~q',,2.. not ~.IO
....-.- ......... ......."..........,1111U .................- .,', ',-"-'~'1 the
I .--I....-,.,ICt.~.~..J'.,."",~;_~...,..~..........'W on or ~""; ',',' ~ are. _
CIlIb'I d Ihe~.~ ~.tQ.)~JldOtJO~. flom.linr ~ ~,..,....Ihe(afor.
upon noOce .' ~ In Che Retdi Idon, In .mole or In Part on Int daW on or after OCtober '. --' In
IUCh NIlIdIon 01 mauIIes . !he Ccu1Iy IhII deem IIppl ~ and . In pert, by Iol wICt*l a mawrIty,
· .. redM1peJon prlca (expntIMd betow . ~ c1!he prlnciplII anoun 0I1he Serln 1~
Bonds bIt1g ~ togelher wIh 8CaU8d IrUreIlIO !he redM1peJon date, _ folows:
Redemodo.1 P.-tDd lBab o.r.. .....---
ROl...JiJon Prk:e
~1._1O""'_3O,_
~1._1O"""_'_
0cIabar 1. _1nCI,*.lIRlf
-~
100
UandIIory RedempClon
The Ser1es 1S184 BondII11IIIUrlng on 0c:I0bet 1. _ IhaI be ~ 10 ~
redM1peJon prior 10 1Mhdy. by Iol. In such "*1IW _ !he Reglsttar may deem appropriale. al the
'__1~ prtce equl!l1O par... 8CaU8d n..c. . Int. 10 !he redempClon date, on 0c:I0bet "--J
Ind <<I eech Oc:toe. 1 .,...... In Che ~ iO prfncfpIf ImOUrU In !he petS Ip8<'IIed::
Ym
Ammt7.-w. InItaItneru
HclIIce d Aedenllplfl....
NoIIce c1...~..... be" lied wIh Ihe P.p,g AQInt Ind ~ Ind (i) mailed,
.. cIIIt, poage pqpIId. . ..... 30 cMrs prlarlO Ihe "",.Ab1 "* 10........ owners 01 Series
1111N BondIlObI ,.... ... adcl 1111.'" __ on Ihe ~.... boob d!he COlK1ty.
In&nIIIhII c:ase 10 ICCtUI on .. .... 1111N Bond ddt CIIId for ,..-., on fie t8C:lemptJon
-4-
.OOC 000",1108
";;".' .i.<.:...,m~~~~f:f,i'[:4~(;~r: ..'. v;.; !,~;:,..;.: .:,:', /;"""
'. ;1!1i\'~~'~';i""I/"" .',." . -", ,0., "~ "/'fe" ;O~'f"""'\''';''4',',I~. '" '..{
;/X,/~;~ff~:.(tX;~' ".' . ': ",; . ~"~:' : :;;.:, ;)f1;~~:;{,.'i:~~'j:~\J:.:.~{. :"c}~t:::):~r-o~ , .
...,.....,..,;~~. ....... .' ,~~:-...,.'.',,", -"?~,,"" .."",i, ~~'l",
~~:~:<:::';~.{~B>.\i..Y. " ,'.; .. :~/!f~,7":J:'!:/f,1:'..;i': :-...,.:-1r.rtf*r,!.~.~.
";
. -'j~'''' _'....~....].;,f" -, ,
~..., ..AA.~' 41:.. I'll -q J. V
~'~...~.,... ,....~... --~ ........."..................~.....,.......,J.......,.:._~"'..t..
AU6 -91M
d8Ie, prorided prcMsIon foe Ihe 'paIymerI "*-of 1haI-. been ~ prOVlded.'faiureto mail notice to
Ihe registered owner-. of !he Serln 1 ~ Bonds 10 be redeemed, Of arpt defecl in SUCh notice, shall not
Itfect!he ~~'ot ~ 0I1uc:t1 s.tes 1~,Bonda.
Aa descrtJed:b8faw l.Wldef '8ook-Encty-Fomt klr, 10 long au". S<<ies 1094 Bonds are
~ in !be ~ 01 OTC ct lis nominee, t'IOlke 01 rlldempcion 01 any s.-. 1094 Bond ~ be given
by Ihe Aeg6Ilrar IOOlC or Iuc:t1 rlOj,liI_ or#f. who.. Ih8rl be IoIefy r~ lor ,~, and
nolIylng 1hoM Ole Par1idpIru 8nd a.n.tIcW awn... (M deftned her8IrI) lObe 8l!ett8d by Iuc:t1
'-'-.~
Sea c:I c.I.far n.dM~
Neace ~'beM-.-In....... ~ ~IOIhe'~~'1he ~
'" 8clndI 01 por1lclnu'... ........t.. 8onduo,CIIId lor ,..l~..... 4Wl1he '*,-''''''1 daCe
deI6,...-t In IUCtI noIce. become,.., be ~ and...,.. .Ihe'~ ~ 0<< ~ SerIes 1~
BondI 01 porUonI c:I Serlet,,'884 8clrldI on 1UCtI,daIe. On !he daCe 10 ~,~ 'lIdernpcJon, notice
hawfng been gIwJn . Powlded W1der1he.ReaoLcJon ~ montytJor,~ of Ihe ~ price
hIfd In Mp8rIIe ~ byrhe P-rog Agn In rn., for Ihe ~.~ for~ Senea 1Q94
Bclnds ct porUonI ~lObe ~ .....hl.~... ~. ~"""Ihe',~,'~ Bonds
01 portions c:I k1es 1i/i104 8ond& ao~ for ,~ INI CftIe 1O,IIC:CnM, 1UCh,s.ne. 1 ~ Bonds
IhII c:ase 10 be ercJUed 10 q Ien" btr.cI or MC\dy ~ rhe ~,arxf !he Regisaerlld Owner.
c11UCh Series 1~ Bonds or por1IonI of Senes 1~ Bonds IhaI have no rlghlin respect thereof excepc
10 ~ paymenr of the rlldempcJon price !hereof 8nd, upon pl'8MnCaCJoo and IUn'lInder c1!he Series
1 ~ Bonds 10 the Paying.... 10 ~ s.ta 1 ~ Bonds lor any LQ8dM,,-J porUonI c:lthe SerIes
1~ BaldL
T,.,.,. ~ Exch8nge
80 long as the s.ta ,~ Bonds .. reglltared In !he name c:I ore or as 1lOmWlee. thee1oIo",~"" J*~~.. r*Ing 10 1ra-lIf..., .a..~ dc)11OC Ippfy 10 rhe Sena ,~ Bonds.
The tranlfer cI ..", s.ta 'Q94 Bond mey be reglslerlld only upon Che booka kepc for the
' ~4b' ~ ".... 01 IUCtl &tries lilM BondI. &lPOn IUrT8nder thereof 10 theReglstrar duly
:-, . itIcbIMd far lIlInIfer or ~,....1Iitd by a wrtnen Ma9lo,_1C In a form and wth guaranry 01 algna(lX8
.;,~ 10 Che ~ar ~ ftealCed by Ihe ~1Id Owner or ~ aaomey-ln-faa_1egaf
i. ........ Upon Ihe.,..,. c:I..", IUCtI s.n. ',54 Boner. rhe Cowty dlhilr8UpOn 8UCWt In Che
" riImI c:l1he............ ~_.......... ~~.... ~ 8eriea '~Bond
· 8clndI c:lb..........,....... .............., fftIII10d _....,.., c:I..", -1Oo..WbJ
. 'or dIli~."""'.""",,,,, ~n "_h........prf.."~...,.... 8qUlf1O" pMcIpIf
,~ 0I-=t1 ... 1t141cancl,._.. ...".ru Jj ..dpartan..... "
The Cculr Md.. ........ ..., ftlIIIra. ,chqe lor -.., -=tI.,..,., c:l8enea 154
.1Ianda ...... to ~...,........... CIChIr QCMffWW,*Ulctwge (ClIber.1fwI by Ihe
'ecu.rt ~ 10 be ........,11);... ...,.. n:t In addIJon'!he Cow1y n:t!he RegIstrar
InlIy ctwge alUn IUUc:fent 10 relmbc.ne Ihem for q ~ Incur8d In c:onnecrJon wth rhe ~
c:I NCtI new s.ta 1~. Bond d8IvwIId upon -=tI """'., and -=tI ctwge or ~ ... be peld
befoq an, IUc:h new 8ertN '54 Bond .... be deIV8led. """Ihe Cowty nor Ihe RegIIIrw .,.. be
~ 10 ,.., Ihe .,..,., 01 ..", s.n. 1* 80ncM becwMn Ihe Record D8&e 8nd .. rICadve
..... peytnent ~ on !he 8eriea ,.. BondI. ct,ln!he CaN c:lq Plopo..d ~ c:l8erles
1-' BondI. lifter IUCtI s.n. 154 Bond 01 ..", porUon Ihnof haI been Mfec:ted for rIlde.l~
-5-
&:l0t' ceo." 109
AU6-9$
The penon h whoM ~ .., .... 1004 Bond .. r-otC.., ;.."be deemed .-xf
.~ "-d _ b.... ~..-.of tar II pwpous. 8nd P8Yft*1I d or onllCCClUnld 1118 principal
CJI or ~ on b,.... 1984 BoftdIld be .... odtt 10 or upon,lhe ordIr ot!he Rptar8d Owner
..-.of 01 his 1egII' ~ ... adI ~1lIIb. "l8J be chllIIlQed _ her8inaboYe provided. All
IUCtI plIJlMlIU INlI be V8lId 8nd ......... 10 .-Illy 8nd c:lIIc:h8rge !he ~ upon IUCh Series 1994
Bond. inducing Ihe IneIreeIINNon 10 ... ...... 01... an 01..,. lO'plIId. ,
h .. -..1hII I>> booIHnery orf/tt IyII8mIl decoo~ ,Ihe foIowlng provlslona
~ .,.... 8ppy. .... 1~ 8clrIdI.nwr .be e.a.~ lor . .. agg.~ pr1nl::lpaI arnounI d
1t1e....,~ BondIHW,GOlerAChortzed........IOIIdoc..dlt1e -..ne..,. ~_r_,,8nd mattrty.
The Ser1es 1~ ~ ~ bllranlf4rrlld orf/tt upon." aeIgr)'.. tUyt~~lIdl:!Y b regllltared
OMWOIIt1e ownIIf'a~,OI,~ ~ h auch~._ may bI~W~ 101118 Reglatrar,
1UCtI.....1O be ~ on It1e ,.",...... ~oI..,~,MpC by""~' Any regillared
~'~ such regIaftIdcln.,......~ 0I"'1gI 01. kles 1$54 Bond riwJ be required 10 pay
tar ..,..... ~ ~ elf .. ~....l&II,ctwgM teqWed 10, be, p8Il;Iwlh, respect thereto.
The Cou1Iy 8nd!he~. .,. i1Qtn~quncUo,.... '""~ fnf 8efIlIIS 1~ Bond cUIng \he
period bIgk...ag 011 !he lliirh ~ d.. monIh,OIllt P~lg anr .,._ ,PlIF*1Ioaca or, In !he case
01 a p.~'~ d,.." '8edes,18Gi48and. cbfnglht i5. daySoeit.pfecd.g lhe mailing 01
J1llGce 0I1UCh r~ 1Od~ uniI a,dl ~1"""dlU.,' ,
8OOK-EHTRY -ONLY SYSTEM
'tHE1Nf~no'(,":TlfI8 ~~~ pre ANPmp-s BOOK-EHTRY
8Y8TEM HAS BEEN' OBTAIED ~ 80UACES THAT THE cotJNTy'~'TO BE RElJASLE. BlTT
THE COUNTY DOES HOT TAICE NIY AESPONSrSILIrY FOR THE N::,C\JRN;'( THEREOF.
CerIaIn pCIfUcnI oil>> ~ ag ~. ... bien k.mahed by The DepadClfy Trust
Cclmp8ny. .... yen. .... Yor1l ('DTC") klr UN h IhIs Pr....-'1 0fIIdaI ~ DTC" act as
uadIIa dIpodory klr I>> Ser1es 1~ BondI. Such .... 10G4 Bonds INlI InldaIy be Iuued
~~ In "book-entty" klrm 8nd Oool*lIfllp OfoneUy regIIlcnd Ser1ea 10G4 Bond for each mal1riy
- .. for1h on !he cowr pege. each In !he agg... pr1ncfpIIlmOU'lI 0I1UCh maIUIy. .. be InilIaIIy
,.. 'r lid In Ihe .... 01 "Cede , Co.' . nof.._ 01 DTe. ~ ~ .. be made In
h:~..... 01 S6.OOO or/nlewll..........,.,.
DTe is a Imled-pwpoM IrWC c:ompany crganIz8d ~ !he .... Yofk ~ Law, a
,. M.g organizadcn" ........!he "..,1Il.g Of !he .... Yor1l BriIng law, . member 01 !he F___ Reserw
~. 'deamg c:Olpolldon'........!he meallllag 01 !he .... York Uniform Cool.,leIdal Code. and a
"deamg agInCy' ragla&nd ~ 10 !he prcMalona 0I8ecdon 17 A 01 !he Sec:urMles Exchange Act of
1S04. DTC holds MaXtita IhII .. plIl'1lcfp8lIU ('PartJdp8r1Ia") depoall with DTC. DTC also ~a1" \he
.....__. among Par1idplIlIIS 01 MCUtin Ii'arWaclIcna, IUCh _Iransfers 8nd pledgea. In, deposited
-=utIn Ihro&9l ....oule ~ boaWr1ty changIs In Pa1Ic:fpIwU' accouru. thereby
......~ Ihe,. for phyIaf mowMIII. 01 ~ artIIc8raL DIrac:l ht~.~ MC:Idles
braUrs and ~ bIr*a. truIl COI'I1p8l..... c:lnrfng COfpo.~.. 8nd cerI8rI 0CNr ocgIl1lzadonI. DTC
II owned by . ~ 01 Is Olrec:l P8f1lc:lpMa 8nd by b .... Yor1lStodl Exc:hange. Inc.. Ihe AmerIcan
8Iodl E.xdw9I, Inc.. and !he NIIJcnIIIAMOCladon 0I8ead1a o..rer.. Inc. Acc.-IO I>> DTC ~
1111Io .......10 0IhIfs such -1eQdles braUrs 8nd dMln. ~ 8nd truIl complaIlliM ... dear
Ihn:I&9J 0I1111lrUln . a.aodlt .1taIb lIh/p .." . Olrec:l P.udpa.. ..,. dINcIf 0I1nl1r-=dr ('hIrect
".,~...,. The ~ IA*IbIIt 10 DTC 8nd .. "1ldpeJU.. on.. ..... e.adIea 8nd
e.:hIillgl Con..Iiub..
~ 01 ..... 1984 BondI W1dIr &he DTC IyUm muaa be m8de by 0I1hr'ougl
Dlrtc:t PatJcIpeIU. wtKtI.. ~. c:r.a klr!he..... 10G4 Bonds on DTC'a rKadL The ownership
-6-
.... om ':'~ 110
,~
;'i;...:J :;1
AU8 -9_
n... of -=t'I8CIUII1 ~ elf..ch8edls.18NBond ("kiIIIdllIo.n., .,lnllm io be recorded
on" Dhc.t 8nd indirect PMklIpera"MCC/rdI. ........o.n....nQl,.... WIIten,c0n6 ..1QIkln from
ore of .. ~. bfA. 8el1fIfk:UI 0wrwI .. epect4lC1l to ,.,.. ...... co.AA.adon& provktng
dlaIa elf .. 1l.1Uab1j". ... '. pertodIc ....... elf .... ~. frclm .". Dhc.t or Indir8ct
Pa~' 1t1rolql "'*" .,. e..ftdIt, awr.,"".1n&a ..~ .T~d owne.1tlIp
~ In" Sec1ee 19{M 8onda.. to be ~I~ by ....~on the boob,elI,Par1Iciparb
ecdng on ~ elf, ,s.n.Ilcf8t'o.n... ,8eI....,~.. not',..... <<*1Ik: .... repr...-.Jng Iheir
0W'l_"'~ InIernla In .. s... 1.. 80ndt IIlCepIIn ",. ........ wed .,. bOofI..-ry ~ tor
.. ... '" BondI . dIoot6wed.
To .....IIlJlII~.. ....... II s... 19{M BondI depoIIed by PartJclparU wkh
ore.. ~ In",.".,. d arc-. ~ tlOo...... Cede. Co. The depoII ell SerIes 154
BondI..,. arc 8nd fblM',I~~In, ..,....ClI c-..CcL~.I>>.~ In belleflc"
o.c*~ arc ~,no i!l1Qlt...OC...8l:II.IIi....... o.q.,Cllh...,'~.8ondI. arC-s
'*Xltda..-.c&~".~d N DIrIicIP.~to__ ~~~~. Bonds..
c::r-.ct. "'*" may 01 nwr not be the BeoI8flc:llll Owrws. The PliI1k:fpirU .. remain respondM for
UepIng 8CCCU't ell IheIr hddIngs on ~ 01.. CWIOn1er'I..
eonw.,.lc.of~.'""ClCtw~ byDlp .q~~~... by DInIct
P..~ICS 10 Indir8ct Pa.1IctpIrIU, Ind by Dlrec:t Par1lcfperu Ind IndIr8c:t ParUt:Ipar1s 10 BenefIcIaf
o.n..... be ~ ,bylW,...~.amcng ,Ihem".,~, "'..q;.~"or ~
............ . m8y ~ /r) .,.. ~ ,_IP.... . , ' " _
, ' " ,', f' , . ,
.....' arc nor ced. & ~ '.iii cc.;.. or _wIlh'*,*, to h.... 154 Bonds.
ll1der .. '*'If proc:eclna. ore ..... 811 0nn1:luI Praay 10 ",. .... . lOOn . poube aft<< the
rac:ord date. The 0rnnbuI PRay AIIIgnI Cede , Ca.'. ~ OI"fOC1ng ~ 10 Ihose Direct
P.~ICS 10 whoM 8ClXlW1I8 .. ... 154 BondI .. crded on .. rKOrd dale (JderdIed In .
IIIt1g IIIaCNd 10 Ihe 0rnnbuI Pracy).
Prtnc:lp8I. prWIUn, I.,.". 8nd n... permenlS on Ihe s... 154 Bonds.. be made
10 ore. arc-s pracdce . 10 c:recIl DlnIc:t P~ ICS. 8CXXlUU on P8Yat* dale In accoc daa wkh Ihelr
~ holdings shown on arc-s rKCWds w-. arc ,.. reason 10 beIeve Ihal . .. not receive
permn on peyatlIe dale. PiiIYfT*U by PartJclparU 10 BenefIciIIf ewr.r. .. be governed by standing
l1IIrucGons Ind CUSlOm8ry p~ . . Ihe c:aM wkh MCU'tin hetd tor Ihe aa:ouu ell QSomerS
In a-. bm 01 ~ In .... ,.." Ind .. be Ihe .espGIlIitlat '" IIlJCh PIW1lc:fpIilI& 8nd not ell
DTC." Bond ~~. 01....... ... to." ......., 01 ~ .......... _ may be In
tIect frclm dme 10 lime. P..- ofph:fplf. .........lq.1nd IIUreIt 10 arc .Ihe 1'8SpCll....~
'" .. .... or Ihe Bond RegIItll.. ....... '" alCtI perlf*lllO DIrect Par1IclperU shaI be the
NlpOUI.lI8r of arc, Ind ~ ell alCtI ~"'III to .. ...1IIdII o.n.. shaI be the
~.., cI DncIn bINlc:I........
ore ..., cIKo 6.... pnMdl.'1g '.. ___ _1iIQdfeS ~ wIlh respecllO Ihe
~,t~,Bor1ds . err, dme byghtng rMIOI" noCIce 10 Ihe..... u~ aJCh c:m.m.tanca.1I:l
.. ... Itwl . Ill'" ~ III ell eec:utIes depodClfy . not ~ Bond ~ .. nICIl*ed 10 be
pttad Ind c:IIIMqd,
The __ ..., decide 10 cIKo611J8 we ell.. .,... ell boc*-ertry ,.,...1t1nlf.9l
ore (or . III ~ IiIQdfes depoIIoty). In'" .... Bond ~ .. be prtUd 8nd dIfIver8d.
In.. ~ 01811 Ir**-.cr ell DTC.' arc,. ~ ~ In" CUIIOdy (..~,
'*" to IhII 01_ 110 SIllIIy Ihe __ "'.. arc ....~.. wIh *J*l1lO ~ ~ Ind
II..... ~ ~_On cI" C8Ih dIpoIIIlnd...... plldgldlO arc 10 pnII8d'OTC,-1e-.
-7-
'* 000",) 111
'.0:,- JI.
"'~lfO. ~\.,l~,;P..' ,r. ,
f;. \~.: ~"':" .;~ "'~~" .,,":;;;' - .
GenerIf
Me - 9 1M
.-lid ..... (I) the plOCNdt ~ nsur.nc. malrlaIned by DTC andIOf lis ore Partlcfparu; Of (in1 other
~ to otuln'~ n8CftS*Y 10 ~.the 1nlIUnclency. nO al.lur3nCft can be giveo lhat
DTC P.~.. wi! ~ .,.. 10 0tUrn .. ~.thelr depoded ~
SECURl'TY FOR TIE BONOs
. The ~ Gf, --..,.Ak.n prembn, . .". .-lid n.... on Bonds 6Isued U1der the
~ldcln, Inc:IucIIng the.....' tM4 BondI, Ihe ~ 1 ~ Bonds .-lid the 0Wta'ldIng 1986
Benda .., ." AdclIJonII PIfty BondI, .. be pey8tlIe on . party wtrh one another from and secured
by · pledge ~ .., .. left upon ClJ 'thoM..... T.. Rewoenues wNch, .. JlIIId by ctMt SlaIe to the Cou1ty
from collt.:IJOOU" by ..'.... d lhelOCll Qc:Iwem.._ll HaI-Cenc s-. T.. pI.nUarlto Chapter 212.
FJor1da AI_If", .., ~tQ" Couney ~ 10 Ch8pt. 2'18. '~. VI;~, SCatlus; and CN)
lhe ~ ,Income'~ ~ ~ frQm ctMt InvaunenI ~.1I1onep In,the Reserve
Aa:ou1I ~U'ld<<'ctMt ~IO the ~.adl ~.. ~ed,In.lhe ~riJng Fund
~. ~~. The ~ pi ~ ~1f1!ltSlar.~Fpjda Is required 10
dIpoM rewnuet,~.. Loc:al ~,.,_.".c.r. s-.. l..1n ctMtlOCllaow.,.,,,,,Il""'-Cenr Sales
r. CIarlng Trull F!o6ld ~ ,br 8ec:Ilon 21"~1 (3). F~ ~ 10 the ... ""1UCh taxes are
~ed. n... ~ ~ .....Io~ _1IU1IcipIII CP.'....-Ib.IiCC04il1O to the fonnUa
prowtdId In 8ecaon ,21.....FI\lftda ...... ,To ,be tIglbIe ~. PMJclpu'In the Loaif Gow8fn,leIll
H8I-CenI..... .r.. h ~ ~ COlIIJlir '-',...., ~ ~ as .. forth In Sealon
21a.e::J. F10rtda ~ .., ctMt Ccu1y has ~ In the ~ ItJon to 10 comply.
~ to... "'1'1 at. CIon, .. s-. T.. ~.. be deposited .. AIC8Ived Into the
"Coller Cowley. FlorIda c.pbt Imp.~ll Aebdng Reww1ue Bond Sales Tax FWld' ('he "8aIes Tax
Fu1cf'). ~ 10... ~~ ... Ccu1y Is ~ to wthdl_ rnonctIy from the s... r. Fund
.. ~ aAIc:lenIto pnMde tor . pof1Jon ,d h paymeru wt1k:h wi( bec:ome payable on the next
-*'g ~ dare. rnp.cIJ.W;. ~u.~ Amort1zarJon ~ prem/un,. any, and Inlarest
on ... Bonds.. Paymeru.. 8fIO ~ to malrUln an 8mOu1I equa!to ctMt Maldmun Bond Servtce
~ In the ReMrw Ac:c::o&tt Ant Sales T. ReY8nues 1'8mIIIl' 'W each morth after making the
dIpoIb desc:tIled IIbowe may be lr8r1Iferred to the Cow1Iy'a Gener1Il Fund and may be used by the
Counry tor ." IIIwf\A pwpose. s.. APPENDIX C . "SUMMARY OF CERTAIN PROVISIONS OF THE
RESOu1T1OH. ·
P\nuanI to the ~ ldcln,the Ccu1y may ..... . ." rime ~ party bonds on
· J*Iy wIh .. BondI OUIIad~ .. "I&CURrrY FOR 'I1E BOfC)S . 'AdcIdonII PafIy Bonda.' The
eow., mar .. -- Of ...... 10 be crMed ." c:h8rgo Of IIn on ... PIlIdged ~ rarti'Ig
J&nar .., aboi ell.... 10 the ch8rge Of IIn 01" BondI.
niE FULl FNTH AHO CAECfT OF THE COUNTY JS NOT PlEDGED FOR THE PAYMENT
OF THE BONOS AHO THE BOHD8 DO NOT CONSTrnITE A GEHaw. N>E8TEDNEss OF THE
COUNTY wrn-.. THE a.IE.AhW3 OF NfY COHSTrnmoNAl OR STATUTORY PACMSlON OR
LMTAT1ON. THE COUNTY 8HAU. NOT BE OSUGATED TO PAY THE PRINCIPAl OF. PREMIUM, F Am,
OR MEREST ON THE 8OHD8 OR ontEJ:I C08T8 N:IDEHT THERETO. EXCEPT FROM THE PlEDGED
FlEVENUEs ANO CERTMf OTHER FUN08 AVAIlASlE PUA8UAHT TO THE RESOUmoN. NO HOlDER
OF THE BONOS 8HAU. EVER HAVE THE RIGHT TO CO&a'EL THE LEVY OF AD VAl.CIFlEM TAXATION
' FOR1l1EPAYMENT OF PfWCFAl OF, PRatUt. F NfY, OR MEREST ON THE BONDS OR TO MAKE
ANY 8N<ING fUND, RESERvE ACCOuNT OR OTHER PAYIEHTI fIAOW)a) FOR .. 'THE
RE8OUI11OH. THE BONOS AMJTHE INDE8TEDNE88 EVlDENCEDTHEREBY8HAU.HOTCOHSTrnITE
A lIEN UPON AN'( PAOPEA''f OF 'I1E COUNTY OR THE STATE OF Fl.OAOA.
-8-
..
COO "'.! 112
r
''',.
r
"
1: 1 , (. ; ~
,~e-.9 ~
~ Accow1I
',i"
The ~1Ion ~for "eIt.lIbWlo~_. aid ~;of. AeMrw AccoU'1In
.. ~ FWld. Upon 'the ......0I1ht ...,..."Bonda. ... ... be"", depoM....,. ReMrw
Account · a.n --'10 .. .........Iond 1eMce'~ ... -.IIoncI..:wt1!ch -.n Ih8I be
"W..d tor.. ~ of ........of the 8on:I&. No..... ~.._Ita ,.,.. ~ "",*ed CO be made
no .. ~ Acc:owc - long - Ihe aTQX1I on deposllher8ln IhaIlIqUal !he Maximum Bond
hMce ~ on Ihe 0WIancIng Bond&. The Maldmun Boncl 8eMce Aequlremenc '- defined In
.. ~~ CO be. as of .,., ~"of ~~ Ihe greatnc aTQX1I of aggregare Bond
hMce Recp.kemencs for .. 0Usaandlng Bonds for Ihe then curwt 01 any flQv Bond Year. See
.APPEHocxC'~OF'CER{AIlI~.OF,Tl:fE~~. ;'." .
' . , . .... ~ . '. I 1. ..
~"'lhf'~~'--be~~.for""'~~~~and
~ 0II1he ~~~ Irlttw~,F~...~ ~.~AIW. ~.~awn
tam.. ~ ~,~ be,fMlXed,~.. ~"P1edged ~ ~ 1hInJI0I aftar,.aI
. ~ ~IC$" beer} In!Il>>for.~ ~of ~-*-iQl;l'~'~,~:me~ paymenc
dII&
.' ') ! L.' L".';-""f
~1IIlI Paty ~ '1':' '
.__..);::~"t=,~I=:=.r.'eb'..~~~~~
80nda Ih8I Odf b!t,,~ r,y Ihe,~q..~...~~ ~'~~Iclf addiIlQoaI
~~"1IivJ rae.a.. of she COU1Ij 01 tIfuidIIng!he Bonds On whoie Olin part) or ~ Wf1lc:h
.. ~ IherMo. Among ccr. ~. prior CO Ihe iIIun:e of AdcIcJonaI Paty Bonds !here
IhII be 8Id.." Ihe Counry . QIrtJIcae 0I..1ndltp..~. c:erd5ed ~ ~ (l) ~ rhal!he
boclb aid I8COrds of Ihe Cow1ty '*lng to Ihe ~ and rKeIpC 01 Sales Tall Revenues have been
aded by said ~ (II MIIfng b1hb..... 01 s-. T. Revenues ~ by !he Colny
for.." 12 ~ monItl f*tod.~.. l' ~ Il'IClr1IN ~ ~Jg !he date
of "*-Y of IUCtJ ~ Party BcndIwIh/'WJ*l to wNch IUCtJ CIrtJicaCJon II made; (i) IlaCi1g IhaI
SIMs T. Revenues ,..... by Ihe Cow1Iy for IUCtJ 12 monItl period equal . ... 1.35 rimes the
~ Bond SeMc:. ~ 0II1he 80nda then 0Wl8ncIng and Ihe AdcIdonaI Paty Bonds wth
reIpICI to wNch IUCtJ '*~ II made. Ea:tJ ntSCUkln aAhortzfng she ~ of AdcttJonaf Party
BondI mwa '** rhal.. of she COW."ilI corulned In she ~lCIon .. be ~ CO the AddiCIonaI
Party Bonds. s.. APPENDIx C."SUMMARy OF CERT~ PROVISIONs OF THE AE8Oll.moN -Iuuance
of ~ Party Bonds..
THE HALF-cENT 8ALES TAX
~ 10 PM .. ChIpter 212. F'IortdIl.... -. Ihe ... of Florida II 8UChOIIz8d CO IlNy
and caIecl · ft ..... .. on. among octw INngI. Ihe ..... prtce of each 18m 01 8rtJde of tangible
........ ~ 1OId.,...In..... of F1arIda, aq.cs to '*'* ~ and dealer aIowalCa
· .. b1h In ChIpc.- 212 Ohe ...... Ta? FIortda ... aIao IIlIcJM COUlIIes to /mpoM . ..... IUtall at
up 10 '" 10 ...., ~ ~o.-wn... upon approval r,y . ~ of the -=acn. The Cow1Iy has
IIClIInlpOMd SUCh...... ParI VI. a.., 212. FIortda ---. . """lilW (!he...... T. Ac:r).
PRMdea IhII t.~ of.. pic,. tdl ""10" ... 01 Fbtda by . ..... .. '*'-1oc8Ied ..,.,
· PlWIIcUIr COWlCy (!he -......c...... 'rAIl")" ~ CO be ~ In Ihe LOCIIf aow.I.._1I Hal-
e.. SIMs Tax Clearing T,,* FW'Id In the... T~ (It>> 7,,* FWlCt)) and II 88rrnarked for
cIIduJon 10 &he ~ body of IUCtJ COWlCy and of MC:tl ~ ..,., ....~'wt*=tI mHC
... ~""'._lIlt for...... '...........10 8ac:aona 211.23 aid 211.83. FIortda aau..
The HaI-CenI ... T. II cIIfIbAed tom .. T,,* FW'Id 011 a tnOrlU#t b8aa to ~~'Y Wlb at
local gcMtn'll,- II In aceor.1;. - wit! .. ..... T. Acl Such rnclnIp .. rtf..-.d 10 In a.., 218 ..
-9-
I. 000''').113
r-
'"
r
"
\~.~ 1'! "
, ,,'.
AU6-9~
... eoc:.I go..e....l.oll haI<enI ..... .. 8nd referred 10 "...., _ the "Half-CeA 8.. Tax.. The
~ s-. Tax II required 10 be cIICtbAed kcm the Trust Food on . monrHy basla 10 p~
W1b 01 eoc:.I go......,.... -
The H8II-Cent ... Tax ~ wit*' s COU1ry a'1d dItrbAed 10 local ~
W1b II ~ 10 be ~ Mtong the CQdy a'1d the cIlIes IhInWIIn IICCOfdance wIh Ihe following
tarnaa:
Cowltr ...
(peI'*~.,1clIIII
..~
bc:h cay ShIre
~,oI....,.
...~
Ul" IC:lOI put Mad
- ... DOD\Aal1on
lOCal COU1ry
P'l"! ~
+
2J3 IllOOlpo.~
area ~
2J3 IrlCOl po. ~
area popUcO:In
+
- c:b nnno.........
lOCal counry 2J3 Inco. '^" Mad
P"9 olIIIon +... popuIaIJon
The foIow.lQIII* ___.... p-.Q.~ tneIlctown d IOClII H.aIr-C<<1I Tax dImbAed
to ec:a. Cowltr a'1d b hwO Ilac:orpo.-.d ....Ik~ lor lIIc8I r-s .xing s.pcember 30.
Collet CounIr. FIoftda
tWr.c.na... Tax ~(t)
~ 10 EIIgIIIe RecIpIenq
,.... TotIIt Coller
Iar Dfstttbudon iCIIdI KIIZIa EverafadH
1S1lD-84A . 14.Q2S.854 ea.ao " 11.30" .1~"
11ll1Z<<J 12.4 11.271 ROO 11.10 .1~
1C181-1Z 11,JQ1,IU IllAe 13.20 .33J11
1SJ1lO.e1 "'-1M .. 12.J7 .3703
1-..0 1 Q,II3. 1 77 IIUI 13.85 .3831
,.... 1,141,170 ... 14.18 .3QM
1117.. 7,321.11. ..... 14.13 ...01.
1-..r 1,071,342 ICII 11.22 A1.
,.... 1,372,271 13.51 1e.G3 A53I5
,.... 4,~ &1.11 11.40 A73I
II)
TClCIII may net .:td clIe to rcudng.
C2)
'".-.- .
~MjIct to chqt.
.... ~ilW'll cI...... ... 01 F1artd&
-10-
lOOK COO,.,,! 114
{
:",,",,,H<;\'O:
~.--: ....... ~:..-... - ~'.. '" ..-.. .
AU6 - 9 ~
TheJolloWlg....,.,.. the total tIAIflol1caf HaI-Cera ,S8IlIS Tax ~ among !he
.-tauI1clCIII QCMrI.meI'" ..... In .. ... 01 FIortda 8nd the Hal-CeraS.. Tax R8v8nues
~ 10 .. eo.d iIJr'atII'.... ....lIIctII,..... ...
~
CaIIet CoIny
.... T. ~
0lsIrtIdI0n
$ 12,.41",112
10.~~
10.317,21.
1 0,o.w.s1 0
8.D62.Zi2
1,1<48.007
. 1,22lS.141
5. 121,.443
.......731
Tctat SUIewlde
HaI..c.r.'..... Tax
~
. 822.007,242
ng,oog.308
70? .fP8.410
703PtP.3:2D
~67",411.142
~t.t7v~
524.881.751
"71,ege,858
~72
1883
1GG2
1881
1~.
"1.
i_
1M1
"1*'
1.
-e-d GrI the ~,lJIbI,,"".~ ~ 30. nw ~.__"~In Ihe year the
cMI:UIonll~~'~,,-..,.....~~,hI~~,~taubf8.~
8CIUIIJ OCQ4'. ~""In ~ ...~... m(lt1Ih 01 MctI ~,~ mayf~'.rrom ~ <MerllJlCe In
.x:anIng~' ,,"",. ",,; ,'.
8cuc:<< SUIte of'n:ii1da o.p.,;":'1I 01 AMnOe.
The Ccu1ty .... ClOli.,Atd wIh .. 01.. ~ Me for1h In a.pc. 21 a. FJor1da
~"".IncUIng" a,g 01. certIIaIIe 01 ClOl........lr>> wIh.. Stale Depa/1l,l8(JI 01 R8Yerut, which
.. ......y In ordIt lor.. Ccu1ty 10 c:cndnue 10 ~ Is porUon 01 fu1da from the Trust FLXld 'Ot'
-.:.r ,... ending ~ 30. 18M. ~ Ch8pCer 211, FIortda StaILCee. doea noIlmpose wry
IrnIaIIcIr-. GrI" rurQr 0I,..s cU1ng wNch.. CoIny can ~ cIIltbAJon 01.. HaI-Cert Sales
T. from the TI'UIC FW1d. .... ..., be .... AIMlIdmenIa 10 ~ 211, F10rlda &tau... In
..~ ,..slmpollllg adcIIbWll ,*",.I~" 0I1IgIay lor c:IJes 8r1d c:oundes ~ In the
tuII-Cenl..... Ta. To be IIgtie 10 per~ In" Trust FLXld In fWn)'eln, .. CoIny must
~ wIh.. *11M...... 0I8ectIan 21&23. F10rtda 6e_.'1nc:UIng Dnancfat r~ OIherwlae,
.. Ccu1ty IoNs" TNI& Fwtd cIIIIIUfgna lor 12 monIhI foIIchfIllg . "dI&Il... lo1IIIool 01 ~
by" s..e ~'i.. 01...... The Ccu1ty,.. ~.Ud In" ResoIl~ 10 take lIIlawfuI
acIIon nee rIll) or rIqUhd 10..... ..1IgItlII NdplenI 01 .. porUon 01.. fu1da In .. Trull FLXld
80 Icng _ wry 01.. BondI rernlIIn ~
The ICltlII In1lMC 01 ..... Ta coIlIc:Ied din the CoIny II ... 10 IncteaM or
dIc::l.M. GrI acc:ow1I 01 klQ ..... 8r1d dec:II J IJ .. In the doI8r -.me 01 taxatlIe ... wIlt*'.. Cowlly,
tIt*=h, In turn, II ... 10: " ~ ct.~ wNch IncUfe or exQ,de from taxadcn IaIes 01
~ goodI or ..w::... 8r1d 01) dw1ga In .. doIar -.me 01 pwchMa In the CoIny. which II
~ ~ m.1QM In pop~ 8r1d .xlllOlnlc concIlklnL
The ... 0I1be .... Ta ~ wIlt*'.. Ccu1ty wNch II 10 be cIIIrtU8d 10 the
ec.d .. be lIec:t.Id by ~ In .. ,... 1XlPl~ 01 the Ul.lCOi......1IMI 8r1d hXllpolaled
-..,.. the CoIdy. Such reI8IM ~~ ..1IJbf8ct 10 change Ihrolq1 nannallncreaMs and
decreaa In ~"-fon wilt*' the edIIlng lrilCOipo.... 8r1d Incocpo.... _ 01 the Cowlly 8nd are
IIIlIo ~ 10 change by the ......ao., 01 ~ W*lCOipcltlled _ 01 the Ccu1ly by the cIlIea
..... the Ccu1ty. Such ........ .... naI orIt mer- .. pcpll8llcn 01.. Ilx:o.pot'aed ...
bl.c IIIlIo WOIAd, In equII ........ dec:II J 11. the ~~ 01.. Ul'lCXX'pOIabId .-.
-11-
a.
ern "'.~ 115
(
. t'1"}'J
:i~'f,;,'~}"l:'\t"'" .
. - ... ..'. -. ~ --.. ~ .... ..
. '.-. ..... .~...... ..... -........ ~ ....-. ..,
AU6 -9 ~
The foIowtIlg tatlIe ... klr1h <<*UIIn hiItortaIl data r1lIadve 10 sales tax ~ for the
Sl-. d F10ttda and for It1ie Ccu1Iy:
SALES TAl( COlLECTIONS
1fi18g.1 gg:J
..
FJ8CAL
man
,.
1S11lO
18e1
,.
,.
, STATE OF
FlOFlIOA
7~111.711
7,5"11.M.112
7,881.G81.141
~12D,171
~I
CtWfGE
HIli.
4.13
1.D7
7.
12;87
COLJ:.IER '
COUNTY
CHANGE
, 11s.m.m
124,724.131
128,363,300
132.04U48
1'4Sl.12i.43rz ';.,',
,I N/A
8.24"
2.i1
2.88
13.24
(1) Forllclll ,... ~ ...,...0. 30.
IcuI:e: FIortda o.per"__d ~
The ~.lg IIIbIe IhcMs 1ICtUIf.....,..... for lIK8I y..-. 1WJ8/1ge& lhrough
1W211gg:J and . IIclII per 11Q'1104 PI~ bJ She Counly 01 She ... tax m8rUIS lhal are
8IIIrniUd 10 r:. ........10 per dItlC ..we on She IondL The ~ ~.. escm.es baud
"PCln She ...-.If '8ffI9U'1I of ~ "'''tIe on ~ In She ~ Ac:counI "PCln She cleMry d
She .....,......".......W .~ 01." of She ~ 01 She ~ RlMlnues..
UlIect 10 ~"'HbfnO~Or4i'j"lilIIM,..... ct~~ tt....or Fed8nt_ or
IUCh fac:IorI .' dII{..s.~~~..~lgllIg~ or .octal dwaclertItk:a d the
camu1Iy. riCCfWw. CoIad1b'ia fit.... nee ~ ~
1.' r'. "; ':. .'.' ,..,. '. '. .,', ',,,": ._! ._:: ..
DEBT 8EJMCE COVERAGe
For F1IcaI Yea- Ended 8epcemtler 30
JiIi
mg
1ii1
1m
Etdmated en
1m 1ii!
HaI-Cn s.-
T_ ,.... ~ '"' "Q.0M,.5'0 "(\31.7.211 "o.JS2.SlOO 112.414.112 113.2S0.ooo
'"'........ 1.IiJ.m.tlU!l 1.IiJ.m .tIU!l 1153.647 1153.647
E.-nIngI (2)
TClCIII ~ .-._ "Q.2D1.,57 "o,~ IU,11U47 "2.677.718 "3,.413,&47
~
~
AIWUII Detlt
s.Mct (3)
~
AIWUII Detlt
IeMce
eow..g.
.... Caler Cew1If an rI CGu1 Awa ~,._.
(1) .,.... "PCln '**PIS 10 dII& ~Cowty.. ~ Pledged ~ on She same basis
tor She ........ d She r- . ......In.. prior yeer.
(2) AIaI1w ...... Acccunl h-.d .4.7&
(3) Maxlmun AnnulI o.tIc 8eMce on She o......~ 1_ Bonds and .. ..... 1S1G4 Bonds.
13.411,702 13.411,702 13.411,702 13.411.702 13,411,702
13.411,702
2.IIiIIIIt
2.8I5IIc
I.OM7x
3.251.
U7V1x
'U23lfll
-12-
,- OGo'."~ 116
"'f
"".'
MUNIC1PAl. BONO INSURANCE
-13-
uor GOO",,'117
'{
...
':::'11:',\-'1"
, AU6 - 9, mAt
,.,
!
AU6 - 9 ~
Mof o.c...ib..31, 1S183, the.,..., had 8dmIa8d .... at $3.1 bIIIon (aucrlled), lOla1
~ CII S2. 1 tA:ln (8UdlIed). .w1d ~ C8pbI .w1d IUrpIus at Sg7a rnIIIon (audited) decermined In
-.::co. dl..... wit! _UCaty KCOu1dng practic.. pi ltOwlMf or permined by Insurance regulatory
a.chorIIes. As CII ma-ch 31, 1P94, Ihe Insurer had 8dmifted assets at $3,2 bIIIioo (ooaudited), loc.aI
IabIiIies CII S2.2 ~ (unaudIled), .w1d lOCal Capbl a'ld IUrpIus at sgge neon (lK18Udit8d) detannlned
n -.::co.dl..... wit! _UCaty KCOu1dng prac:Uces prncrI)ed or pormIaed by Insurance regulatory
a.chorIIes. CopIes at Ihe 1nIuur'. year end fIn8nc:f8l ...... pnlp8red n accordance wkh _UIOfy
KCOu1dng ptactic:eI .. 8WaIItlIe fram Ihe.,.... The 8ddrea 01 Ihe Insur. .. 113 I<lng Serest,
AIrncri, .... Yor1c 10504.
Moody'.1nwettors 8eM:e...... bond...... InlAnd by Ihe bur. 'Au' a'ld short
Mnn ... "MIa ,. boch ~ 10 be 0I1he ~ quIIty.
Ik8nd8rd & Poor'. RIIfnga Otoup, . cIwtIIon CII Mccbw ... ('Standard & POOf''', races
II ,.. ..... Insured by Ihe .,... .AN,. Prfme Grade.
The Moody'.1r1lI'eIIOrI SeMc. r.rng 0I1he ""'Ihould be evafuaced 1ndepe.~1y
CIIb .. "'d & Poor'. r.rng CIIIhe.,.... No 8pj:4ctdow. ,.. been trllIde 10 IInJ OCher rang agency
n ClI'dIr 10 CItlCa1 ~ ~ radnga on .. Banda. The radnga reflect Ihe ~ r.Idng agency.
CUTWC -TllJ.b_j CII" ~If._ 0I.........w1d...cay to P8Y c:MIme on .. poIdes at
~ Ant..".. ......lI.6.. _10 .._....._of..lIbow'8....-.g. may be obCaIn8d only from
.. ~ lIlUIr tiling agancy.
The IIbow'8 radnga .. nee 'eCllh.._~ 10 buy, ... or hold .. 8onda, end SUCh
tIIIfngI ..., be aqecc 10 tMIIon or wIhdr '. .11,11I an, Ime ~ the tIISng ~u.... Ant dowI_~d
tMIIon 01 wttQ..." CJI ... 01 belch nIIfngI me, ... .. .... efect on the ,..... pra 0I1he
Bond&.
The InIu1ra pnMdad ~ ... PcIcJ II nee ~ ~ Ihe Flcrld81nannce Gua-arty
A~I craI8d WldIr ~ 831, Fbtda ....iCeS.
-14-
ao. OOOtJ,~ 118
(
!
~:..",..,.,.,.,_.--~,-,.._-
Aue -9 ~
DEBT 8SMCE 8CHEOulE
. -n. ~ 19....,.for1h Ihe .... debl MMce Id'leQAe for the Ser1es 1994 Bonds
a1d Ihe ~ ,. ~' Ind Ihe ~ 1. Bonds(1), Inc:lucIng IrUr8IC paymeru
theqcn The prtnc:lp3I ~ 0I1Ud1 BondI become cl.e on October 1 In each 01 the years IIIced below:
0wIancIng 1. Bonda a1d
". "'....~.,1.:u.Clnda .....,. 8qXII .
Pmc:lp8l P\1ncfpII TOIaI DebI
Oc-.1 p~ IrternI ,."... Irur..c 8eMce
1884 ",080.000.00 1:2.571,14UO
1. 2S6.OCn00 414.e87 ..50
,_ 285,000.00 _007..50
1 SI87 271,OOQ.OO 3IN.142.!O
,. 2SilO, 000.00 XUW~ 10
,. _000 00 -'7DZ.IO
2000 31a.ooo.oo 3l54~ SO
21001 330,000 00 331,312.10
2DQ2 345,000.00 321AOQ.OO
2DOi3 atII\ooo.OO 3D3.2I7 ..50
2DD4 -'000 00 m,9oCZ. SO
2DOl5 ~OOOOO 283.15UO
2001 4215,0Cl0.00 ZfO.I77 ..50
DR qa,000.00 ~7 J1T7..50
:2I:lOI ~.OOO 00 1SJ1A27 .!O
2DOI 11 Q,CIOQ..OO 11:U'1AO
2010 &35.000.00 134 ~ SO
2011 -'000 00 103,SClQ 00
2012 fIOO.OOOJIO 71,012.10
201a 13&.000.00 3U12.5q
TOTAL "'71I5.0Cl0.00 S7 ....,53.00
PI
n. ~ t.lIondI.. 8CtIecUId 10 be _In fUI on 0cI0ber 1, 18M.
-15-
.. (D).,.-!119
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AUG - 9 ~
PlAN OF REfUNDING
"i.f
A porUon ofb'JllI~ of Ihe Ser1es 1* BondI lito be used lor the porpose ofaxrently
r-'uncIng Ihe AIfunc>>d 8ondI4 8uch"MOoeys IhII be depoIhd ~ witt FM TI*d B-*. C1ncInnall, Ohio.
(lhe"E.lcrolw AgInr). In INItllunllC:lr'OW ~ InIII fund nt8tlIIhed under Itw ~ andprovlsklna af an Escrow
o.po.I Agleenleil (I:he "EIc:tow DeposI AgrMmellr,. by 8nd berween Ihe Colny and Itw Escrow Agen. Under the
Escrow DepclII Agleemenc., ;..~ Escrow .. .. n.c IUCh plOCHdI In dlred obIgallofw af. or obIIgallons
gu8far1eId by. .. UnlIecI .....4 ~.OJ hdd IUCh ~ "'*MIlled ("Federal ~ In Ihe manner
.. b1h In" Escrow ~.,__ wNch JnrretIl,. lIS shall mahn 8I1UCh limn and In IUCh amouu as shall
be ...... ~ wllh ~ 1..,1f QSh Ihen on depoIlln Ihe ftCrOW depoIl trwIfund, 10 pay Ihe prlncIpaI of
and w.... and ~... p(WIIUft ~ ~ IdeeS Bonds _ .. same bec:orM due and payable as prOYided In
.. &c:rOIr o.po.iI AgI'~ . II ~ IhIII .. Aef\lnded BondI .. be caII8d for early redemption
~".o,....,. 30 days loIIowVl9,' ',', ."." '~,,' ',loc !he,' 5<<, ,~"1",,, ,Bonds., ,ala,' rede;mpllo,0P4llOC1n,pr~,of 102%, of the
~'~ breol (puS "~ ..... ~ !he, daM rI,~). ,"'&he '",' ,,(Bond COunsel. based
upon"'~~' ~eln~'1heaMil......~ and OCher ~'oflhe 'CoUnty under Ihe
Reft.Jnded Bonds wlI be'cfsCNi~ '~,......., Upon ~ fau8nc:e o.f" Series ,f994Bond$. !he simurianeous
decJot'IOf '1iUIIident fundS' .,.,,' rr,. Escrow ... IN ~ of IN F.o.t~f 'SecutI1tes and !he pledging and
MCIng ..,. 01 such mon.ys ~, Federll, ~ pul'WUlInf 10 the EiI;7OWOeposit Agreement tor payment oflhe
prlndpatof. appflubfe pr'emlumand Inf.r.lf on th. Aefunded 80M', St. the seCflo,; hereof entitled
"VEAIFJCAT1ON OF MATHEMATICAL COMPUTAllOHS" tor InIclm1don r~ !he wwrIfication of !he adequacy of
such IftClnIIyS and FedenIl SecurMIn 10 be held In ftCtOW, The Federal Secunoa hetd In ncrow wiR not be available
10 P8J debI sentce on the Settes 1794 Bonds.
SOURCES N<<J USES OF FUNDS
The pi oc::NdIlO be NCIMId rram .. .... of Ihe .... 1.. IklndiIIhaI be IIppIecI, togeCtler with
'*'*' ce. .....,., _ k*Ms:
8OC.R::ES OF AJN:)8
,..~"'~ .., ............." .............."""""""""" ..."..""
~0r1glnlIl""~ ... ..... ..... ... ..... ......................
,.,.~~""""""""....""""""""""""""""""""""""",,..,,"""""""""" ,
~ ",.,.11III* FU1CtI (1) , , , , , , . . . . . . . . . . . . . . . . . . ,. ,. ,. . . . . . . . . . . . . ,. . . . . . .
TOTAL ~ OF AJN:)8 ....................................
USES OF AJN:)8
0...-11) e.:ro. Acc:cII&d, .,.........,....,..,',.,.,.."..,........,.......
o...-lO""Acc:cII&d, ............................................
~ CIf~ C2) ",.,..,.,..,.,....,.,..,.....,.,.,."......,.........,......
TOTAl.lJ8ES (::JF F\JIIII)I ..,.. . . . . ,. , . . , . . . . . . . . . . . . . . . . . . ,. . . . . . . ,. .
(1) AI. CIoIfng,Ihe ReMrw Acc:cII&d, IIlIIbIIIhed witt ~ 10 Ihe 8eMe 1_ BondI and SerIes 1liJ92 Bonds
.. be adjIllled to equIIIlhe ~8ond hM:e ReqUrernenI on Ihe Ser1ea 1.. BondI.Ihe ~
1882 BondI8nd Ihe o.Aslandng 1_ BondI, wNch II S . Ant exce. moneys.. be franlterred
10 lheescrow,~ trwI fu1d nt8tlIIhed ~ to .. Escrow 0ep0Ill AgreemeI..
(2) ~ expenMS for raangs, IegII '-.lk1dIrwrWa cIaco&n. nari:Ip8I bond InIuance prenUn 8nd other
ex-. of IIIu8nce.
-16-
a.
000 W! 120
(
(
THE COUNTY
o.n...
,~liMfI,Jl~ill<-
f
AUG - 9 93It
\
The COW1ty... ~ In 1m by the Florida Slate ~ Ircm por1lons oIlAe and Monroe
~ .., .. a.rtortaIlmb, -lhty ~ cdIc. c:cnaIn lIpplo.dll_aty U94 square mlIes, repr~ the
,~1Ind _fIIq carry In the..... The 1m f'OPilfaaon 01 the CQny was estmared to be 168,514. The
eour., .. IcQud on the ~ C08IC 0I1he FIcr1da ~ ~ ... 0I1he MJam-fon Lauderdale area
..... .. Jcared In ,the --.m '*' fII,... ~ .., /alhe moet, ~~ III cIy,Jn.1he Cowty, Prlnc:IpalIndustrtes
.....CowlIr,,~r~.......,... ~"conIPl::l~,~,~.~ and
...
'. ~." - . , TheP"P~flleo..eo..cy"'~lOIodll.I_~~~,IbliJ_UOY""Between
1. ind '_the P"P""" fII ~ ~ ~ fn:lm 8M8,~ 10 152,~ peraOOe accOrding 10 the
'1.0 lk1Ied.... c.n.u..." ~ ~ ~,.., MOIl 0I1he gfowU'I c;A'1he Cowlry has been due 10
m9..... TN. c:r.ng. ". gr8duIIy r-.cf the medI8n -0- 0I1he Cowlry. The majorty oIlhe popUalIon Is OVOf
... ,JgII f111 50 ..,., . caegcfY 15-44 comp... 'Y 0* ~ 01 the CMrlII populallon. In 1 GG1, the Coldy'. per capita
,-.0..-. Income... 128,813, twhIch..the It*d hlghaa J*'IOnlII ~ capb Income In !he Slate 01 F1orlda.
~ tJI CQny Co.oj.~Jt.~
. ' " The 8oGltd....pMc(pif~...~'Y ~ 9"~ ~.?il!,Bon COflSIsts 01 tIve
" c::o&rir Ccm......lh: -~ ~~.... ~...,...",. ..'~,~ tor stagQenld I8nns
d laW,... M d'h eddy C'4th.1..... .. rllllcll.lI:lt d .. CQriy. nie CU'NhC ...j~ d !he Board and
&hit ......... d a.m. 01 oIIIce --=
TImcchr J. ConIcanane
B<<rre J. ~a
Jof1n C. Noma
... L ean..
t.IchM J. VClfpe
The CculIy AQ). ~-'<<
The ctlIIf ....M...I celie d" CcIu1Iy .. 1M CcIu1Iy Adl1llt~-,<<. TN. ClftIcIIf .. d1r8dly
~~ 10 Ihe IMd .. -~........... ~ J..Ol. d.. ..... ...~.... ~.. """-the Board and
Illr --alllon d .. IMd poIda The CQny AQI'M." ~ IhI _I. M.... cIvIaIona for Adri1lsltatlve
...... Cornm&dy DewIop..-.. NJIc ...... Emerg-.tCj ..... ~ ElMo. .,_1IaI SeMcas and
T... ...-!l6..; ServIces. The Cowlry u..g. .. 8Iso r-.po. ....10 the Ito8rd for IhI P....adon 01 budgeca for the
ccnIrd... exp-.~ d ~,._.. """- hII ~ ~ the budgec,...
Cow,.,A.tIo..
Term
EsliD
'QDD
ChaInn8n
va.a.m.n
Com"......_
Com........ _
Comol...... _
11/1 wee
11/1SWG
11/1SWG
11/1MM
11/1MM
8I.dgII Proce.
. The BucfgM Dhc:Ior. · the eo.ny-a IudgIc 0IIcIr, beglnI!he budgec Pf'OC*e each Febtuary for
.. "*-*1g ~ YMr ~ 110 ~ 30). Mhlhl ~ d budgec IICIl*t bmI... DrtucIlons
10 4+ "1IIWIII1Qd ~.... ec..., dMIIan....... IIIcted aIIIcn at1rnI Nt ~ ~"
bIgrrd, :1n_1or~.by..IudglcOlarno.....JlIy1 d-=tt,... Each...t., ...~)..mlItd1ed
-- ....... ~ "'*" .. ~ by lie IudgII 0IIcIr no ... th8n A&lQuIr 1. A tlIIa-d, propclMd
-17-
.... (JOOfJ'J.121
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,I'
AU6 - 9 ~
l':.i,
, '
........ pt....w to......,...... tilt*' 15..01....", annIlJlutt,wa-,oe.tIUIJon from Ihe
~~ AAxrlU wt*h..'.......~1. It....... budgec Is "*-upon 8dopCed_wkhk115 days.
.~ to pAlIc: hNrll1060 .lInIt~,,, ~ FInlII rn1eaglt ,... .. adopCed, UIUalIy by
"*' 8Ip....,.. and Ihe c:cu.y'a T.. Collector pt~.... bill tor malInO on or 11ft.- Now.,obe. 1. Upon valid
~.... e..pel~~ ..............~.. .....~-~_~can be mede only
1n.~(iJ'I"lC>>"'''' ~Clfo.., '2II"A:ldda~_ "'1 ',i'
AmuII AucII
F10nda ... reqLAr.. ... ... ..... po.- ad 01 88Ch c:cu.y'a 8CCCUU end i.c:or,,- be c:ompleted
tilt*' .... monItla 01 Ihe and 01 NCh ~,.., tar a... of ....lCM, II c:erIIIed P'-C* ~ r.ca/ned and
pIId tor br" eo.ny. AucIrGrI ,.. ~ ... ..... poll ad 01 Ihe Cou1y'. 8CCOlna and records for the
...,.., ended IepIamber 30, 1S1l1:l CopIes 01 Ihe ad ~ tor IIc* ,.. ended Sepcamber 30. 1993. may be
CltlI.rr.d .-om .. eo.ny Aw1ce Dndor.
~... liD.......,
" ,~. ."
.,....
AddIb~ g.~...)~.~ ~,'~~... ~ ...,...~,~,~~. A.
:>;','",~
L~ ;1' l
, "j< ;'~ \.::'; .1
....~.~~~.:=-~~~~~~~~~~d~
or ......... 6c:S Ihe lInandII CQ dIon 01 the ~.
In adca:ln, .. eo..., Ml1rr-., II 01 the............ Is no II9dan or CQCa~ 01 q nall.n
no. pendng or ItnIIened 10...... 01....... ~ ... -.:.lIlan or ~ 01 the ..... 1894 BondI or
In .., ..., cortatang 1he VIIcIIy 01 .. ....' ,...... 01 .., plOC-.:llI06 01 the Ccu1Iy .... wIh respect to
.. a.ClOt~.. Ale 01"""" 01........ '1184 8ondI.1nc:bIng. ~ noIlmIed to the ~ 0I11ppl1car1on
01.., moners pnMded tor.. ~. 01 .. ..... 11184 BondI..
LEGAl MATTERS
Legal "*I8rI1n 00l.l8CA,... wIh Ihe aAhortzaIkln, Juuanc:. and sale d Ihe Series 1994 BondI are
aqeca 10 Ihe 8pprCMII by Habcn, GIlIn & NJdlerson. P A. ("Sond CCU1Nf'). 1IWhoM 8pprOVIng opinion wII be
..~ _the Ifme d dIlMty 01 the BondI.. See APPENDIX E . "FOAM OF 80HD COUNSEl. OPINION.' CertaIn legal
n-... be J*Md upon tor the eo..., by KMnIIb B. CurW, e.q.. CclU1Ir Aaomey. Naples, Fblda. CertaIn legal
..... .. be I*Md upon tor .. ~ br .. CiOIft8I, Adorno & ZedIr. p A.. MI8mI, Fblda.
TAX EXEWnON
Os**ln clBand CcxnII
In .. 0J*Dt 01 Bond CcuwI (lee APPENJIX E), WIder IllIIIlng ...... ~ "*lOI and
CCUI dac:ItIoo. and aqeca to.. conc-.c..~ below, .. "..... on Ihe ..... ,.. BondI Is exdlldable
Inn (1081 Income Ind Is noI ... ...,. 01 .. pnfeqnce tor pwpoMS 01 Ihe federaf ~ "**'-m tax Imposed
on 1ncIl'WI'" and' CQ~IIb.. ".... on the .....,.. BondI ~ by C*taIn OOlpOtadona... however, be
IncUIId In the ~ cllhe II.-nIdwe "*'*tun .. and 1fMr00....ldal tax ImpoMd on 00l pOtadonl by the
~,.... Code 01 ,.. ..~ (Ihe "CocW) (II ,.,...... decllued). F.... by the Cow1ty to comply
..~ to 1he ....... 01 .. .... 1184 8Clnda ... ~ ........_... 0I1he Code ~dtlQ Ihe UN.
e.peI....1nd fn.J..\~ 01 bond ~.........., .,.... 01.., n...._. .....ly6 to 1he!"*"Y
-11-
... (OJ"'J. J22
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\,
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...
'::;t!"'~!f'\n;',::
AUG - 9 1M
,J "',
GI .. UnIIed - ,.,., cause ......... on the ..... 1184 SondlI to become Included In grosa Income for fedcwa/
Income ... pwpoMS IWCt08C:IIwe to Ihefr cMIe GI ..... The Cou1Iy hM COOtel--..cf In the PasoIIlIJon to comply with
.. prMIIo.16 GI "" CocM .~ I J . 'I to. ~ __"~ fI'I8haIn ,1fMf W .aon,ff~ groa klcome oIlrCerest on
...... 1184.~.tqr PlJIPOI8ll GI.....Income,~ In """'IQ, __ ~ Bond Couul has 8UlM118d
CClr'Ih*1g CiOII..-lQt '-,act) ~ '
. ',- .
.,..,... ~ ~.~ ,-
, The Code coruInI . nunber 01 ~ 1hII appy 10 Ihe Ser1es 1 * Bonds, IndudIng. among
ar.. bIgI. ...1db. rafng to Ihe ... GI /rw~n... GI "" pl~ 0I1he Ser1es '* Bonds and the paymeoc
GI'*1IIn", .~.,,~"., kl,....."",' .~,..,"~', . on,' ",....."".., ,8onda,,1Q!he, T,'~, 01 !he UnIted Slal8s.
HollCw....~wIh'tUcta~......,.. ft ....on.....1.. ~b,.rng h:tuded In groa Income
''*......n:ame*~~.~tQ._Cl..... I' "'/ "
- . . ',." ~ . >. f"'"", ,-' '. '..' I :.~ , '. ". " '
~~T~.~.~~"
. "'_ ", " -' I., " , . '" .
The ~,-.o Inc:bfes kit ..... r-w begIl.' '" .... 1. ... III8r1wfve "**'nun tax on a
CQ,~~(s ~ ................... .."...."... "**'un..... rncorn. ~ among other
.... 7K Glthe~.br ~~.r-'.'~.r... ~~. ,t::: 8 Corporllllons.
~gH"'ed~~...... .".:,.....~~ ", ~.~~ " "**nun~
t:.," ~1Ut11......~L~i..ftII..!lIIi,okll[lii~~."*-onIheSerles 1994
~bI'k'd"""",... .',.............~,.~~L~~ GI such aIlematlve
..... &a. '.'" .." i, , '," ,'. ." .' " : ,: ' , ,: .' ,
FIartda T_
In !he 0J**ln of 8clnd ecu..f, ,. s.w ,.. BondI nf !he ~ Ihereon .. 8X8mpC from aI
pr-.. IrIa agIbIl. patIO. propMJ .....1mpoNd ...... 10 ChIpt<< 18t, FIartda ~
EMOI.....1tM T.
The Code mpae.. ... ..... ... equlllO 0.13 01 the -=- GI . c:orpcnrJon'S "modified
~ "**nun ~ IrlconW kIt,......,..1n -=- GI S2 milan. The....1mpoeed for taxable years
~.'''' _,_ nf befcn ~ 1, ,. nf IIImpoNd -.n I. COlporallon pays no aIamadve minimum
... .,..... on !he 8ertes ,.. Bonds ~ be Inct~ In Ihe 'mcldifIed ~ "**nun taxable Inc:ome" of
. co...... ado. , for pwpclMS GI such erMl 011.._'" ...
~ InsIIulans
..... nf.,.. ~.. gel." .....1Odeduc:t..., por1Ion 01 !he ......... ellp8nM aIIocabfe
10 pu'dlM '" Of c:anytng ....... ~16 (-.:epc .quIIIIId ....... ~., 1 such lrCerest COlts are
Incured In taxable years tncIng... o.c.nlb. 31, '''' wIh ~ to bclnck acquQd.... Augusc 7, 1986. An
"(..,00.,. provided for ~... 8llM~ ~~ ~~IIJ deIIgr*Id. such bJ,....... The Set1a
IBM BondI do nee quIIfy kit ,. ___..
~~I..T_~
~ pwc:r- II . of.. ... 18M1klndI1tQAd be .... 1hII!he owne,.rlfp GlIax-exempc
~-,* may ... kI ~.. ...... n:a. 1M ....,.,... to '*"'" ~ ~.... PIvtdua/
.~.. of 8oc:III 8tc&dy Of AIIroecI .....--. ..... ...... . Corpo.~ ,8nd....... _ ma, be
....., to ,r.. hvrIld or CllI'IIInwd kldllllld...lO...... Of CIny... ...~ ~... kI ~ C8ftaln
IDrtIgn CClIo~*b. M1g bullr-.In!he lAWd _..., be'" to !he "br8r1ch pdb... on IheIr IlIfllCllvafy
-19-
... (OJ ,.(o! 123
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eo.."-' _. .~ ..s,pn:lfbhcludlng" ......,..... ..._Ir-.. en Ihe .....,:1* BondI. Proepecdye
pw ~ II .. 01 .. &.tes111N '1IorIMII'1IhcUd ~ IhIIr ta ~ . 10 .. ,appIc~ Imp8d 0I1hese
~ ,I'
f', -, " 'c.;,".
or. T. .....
r: :~','
1 ;
" ' "', ' "," 1: " ,
........ on "'~1"" "-IIIlIW',be ~IO'" 01 toc;8I ~;~ .Wlder ~abIe
...arll;ql....1n Cldw ~Clt...~U I .01... ....,.. ~ ~ ~~:_adwlecn_1o
... ~. .... 01 __.on....... :t8e4~ ~.... ~ .... OfIQcal,jurlacIc:don
Du1ng,...,... ...i rrll;':':~ ~ been rrt,oci.ad In Congr... ~ In some cases
enad8el1hll IIIered '*'* federillaIc ~ ,aAIng from Ihe OWne.tI~ 01 obIgadons thai are IimiIar to
Ihe 8er1es '" BondI. In 1Clf'I1e._'" PfGPOI..'" canI8lned pro.IteloIlI6"" ..8nId Ihese coruquencas
on . ..~ beeIL 8uch....... 01"'" _ ~ mlIy' heww Iffec..cs the ma1IaC v-. 01 obIIgalions
IimIar 10 the 8er1es ,.. Boqda. ,F'IQ'II_IO...... ~ p.~ ...pendIrlg ~,~ r.. an etrecl on
boCtl........ 'w.M 8clrids8nd ~ ~.~ Ho~ c:.n.be~ ~.~ ~ PJopoIals
"nclCbe~OI~~wMtO;'.~ IPPf'itqOl,'" an~'~,~ ~."""" BondI.
0rfgInII__ DIKo&n , '
, The ce.1l1C8,,~ "~~d"'sns 18SM~:~ In the years_
~ _ (!he 'DtIcou'<< B<lncfs"). ns .". HIiat oIerfl'lg prtce 10 !he pac, ltxduding'bol1d t'iouses, brokers or
IlnU persona Of organtzaIionI adlng In Ihe capaclIy 01 ~ Of whoIesakn. . which pnc. a IUbstantlaI
aJO.r& 0I1he DIIccut Bonds 0I1he same maI&dy was IOId. .. .~ Iaue c:Isc:QurL' 0riglnaI1uue discount
,~....ti n..a which.. .,.olded from we- Income: ~.1UCh 1rUr8ll.. Lakan Irm lICCClW1l for purposes
01 dIMo,.. 'lQ adIuUd curenI ea-'*9 tor.. pwpoM 01 ~ thelhrr18dve "**nun laic ImpoMd on C8f1aln
(OJ pCliI.rb II ..s mlIy' .... In Ihe CClIIrarIII..... _ conaequenc:ft ~ above. 0r1gIr1III1aue diIc.ow1l wi!
KCrUe ~... Mnn 01. DIIccullIond.. conecanc,n..a rile compclU1ded pe.~. A pu'ChaNr who
IiI:Iqlfts DIKo&n Bonds . Ihe InIIIII c:&rfnQ ~ ~ 10 Ihe ~ .. be tr88Ied . rec:8Mng an ImOUll 01
II-.... ~.., from wo- Income tor ......Income .. ~ ~ 10 Ihe ~ IIIue dIKou1l accrWlg
cUfng .. perfod IUCh pwch8Mr holds IUCh DIIccull Bonda ..s .. InctaM .. 8djuIhId baIlIln IUCh Discount
Bonda by Ihe 8mCU1I 0I1UCh a:cnAng dIKou1l for plIpClMS 01 ~ taxable gain Of aa on the sale Of !he
~ I 01 a DIIc:cut Bond. ProcMda ~ from .". ..... e4ha11ge. r8dempClon rx paymert 01 a DiIco\rt
Bond In .... 01 .". hc:lkWI ~ ba8I (aI hcreaMd by .". ImCUll 01 orIglnaI ... dIIcowt which has
acawd ..s II nac.cs . _.-.mpc IraretIIn Ihe h8ndI 0I1UCh ~. .. be treacad _ . gain from the .. or
...a.lQe 01 IUCh DiIc:ounI Bond ..s nee . 1rUr.... The tederal Income _ ~ 01 the JUchase.
Owf........ ..s ~ .. Of Cldw ~I 01 DIaccu1l Bonda wNch.. nee pwdwed In thelnlllll offering
. Ihe InlIII cIertng prtce "., be .....* ecco.cIlIQ to ... wNch ... from thclM descttl<<I above. Holders
01 DIIccullBondlIhol.dd c:onIUt IhIIr OlIn" 8dwtIcn"",.....1O Ihe ~ 01 ~ 0IIc:cull Bonds.
IncUIng .. -.c:t 0I1UCh o...tI.rp under ~~ ... ..s 1ocII.....
VEfWlCATJOH Of MATHEMATJCAL COMPUTAT1ONS
The II1IIItIemIIIca 8C'CInCy 01 CI) .". ~ c:omplAadona 0I1he ~*Y 0I1he maIU1ng
pn:fpII....... 01 and kUrISI on Federal 8ec:urIIM 10 be haId pwIUrlIlO Ihe &crow Depod ~ to pay
-flII'l{~GI.""~"""'" and w...onlhe.......,1ondI1O mII&dy Of.... rWldImpCb...s (b) !he
.....~ ,.~ ~.....CICInI:UIOnI 0I1ondec........1he..... IBM 8cIndI.. nee 2I:lIIn9
bcnW....1etIJan ,............. AlMnue Code al1-' . ...Ided. ..be --..s bJ ea-y OImg8n,&
Uocn Inc.. hIIpeI'1dMI ~ I"Mc eccounIanIIt.. Iuch ...., .. be .... &lPCln ~ powtdId,by
Ihe ~_..... non Bond CoInIr. ~. al8ectIon ,..., the ~ ~~.
-20-
.... COO".-! 124
r
!
..
. >;:f;,1tl::f;i~,
AUG - 9 ~
; ~
, .'
Fl'WICW.. AOYIIOA
R8,ma11d.......&!AIelJ L'IfH.1nc., elI8cca RaIcn,. Aortda, "~_1n8ndaI acMIor to the
CounIr'" reeped to" .. at.. ....1.. Banda. :" ;
\JNDERWR(TINQ
n. ~ t9lM Iondt...... ~ bJ w-.m A.~"GQ..I."""'l.yrJd1j'Co..and
.. ...., Ino.,~~..... ~.,~ 10 ~....end ~,MJ bth In 8 P\xchaM
CoIlbc.t ~..~ end.. ~The tlggl'egIM ~ p1ce~bJ theUnderwrkers Is
. '.-.wd........ . ,,' 1.1..to....4!I,delwe&yell.,.....1W4Bonds.
lhiI.... 1ll11M8clndI... ..."U'" ..10" P'* ... prtc:ea Of yIIIdtI_,.... ~"COW8r page 01 this
o.dII,....... The,~ 1~~'" be ~ 8nd IClIdto ~ ~...~ Ioww than such
~ ~ 8nd 8,,!:4(P!A*___ipltJcea ~~ c:I'llI!WlQId. ~ ~.,IO~I_,~.~!,
." -!',I; '11 i,
: AAlWGS
and have assigned !he Series 1994 Bonds the
..-ngs 01._. and . _., r~, on lhe ~ lhaIlhe standatd poley 01 munldpal bond insurance
n.mg......., ~'::'T~~1It1d ..... on lhe s.n..1~ ~ ~ "'**' byMBIA. There
.. no -.nnct N ~..,' .1fI!I:~,"'"gtwn ~'of~:.r ' , !"loot ~ Iowere.d or
..iIoofI.....,'br~~~ bt lMIetofJhtm. .In'~.~ ",' '~tanca Ie) warrant. A
clMh4d c::r.toe In at MN.MM of "",*or bo1tt Clhuth l'1IGngs.,~.... *' acMf'4"~ On lh8 maN! price
01... s.fa 1994 Bonds. An ~ of lhe lNgllil'lc:.:allC. of lhe ratings can be ~ from !he rating agendes.
FIWICW. STATEMENTS
The gIfWII purpoee ..... ........... ell Coller Courty. FlorIda . Sepc8mb8r 30. 1 gg:) and for tho
,.. "*'.nded. ~Ided ,.. ~ II. P-t 01 the "'''I1I1''t 0IIIdII ~ have been aJdltod by
~ldIpIlodilloll 8UCII<<L 8uc:h..........., Jt I J .... ,hMt ~ IncklCIed In .. 0IIIdII SUiI8m8nI as public
~ 8nd the car..- ell.. aucIIOrS.. nee ~_~ The..... have nee J*b.ned..,..... relallng
--..0. end .. lhettb. not IlNll ~lI'rd wIh, .. ~ ell the .... 11M 80ndL
aFOACEABlUTY OF REMEDIES
The ,.,.... ..~ 10 the owners ell the .... 1* Bonds upon .. event 01 def.... L#lder !he
Bond ,..iClon end the poley elIlnM.nnce '-'erred 10"""" In ~ respecu depelldeft upon judIdaI actions
"'*".. alien UlIeclIO dIIQ.... end"". \h* 8IlIIIIng ~ end --..cry ... end Judk:laI dec:iIIona.
h:IYcIng ~1k""11II1t" ..&d8d__Codft... .....~Mt bJ........ ~ code. the
RII ,. ~ .. .... 1... Bor* end .. poIcJ ClI k1Iurw1ce rlf8rredfO ,..." "18J not be IMdiIy awalIable or may
be....... The YIfIoua.... CISlIr*n 10 be dill.... ~ wIh the dIMly ell the "'1* Bonds (including
Bond ecu..r. ipplOwfng ..... .. be CII f~T~ .10 the ..ib~t ell .. ~ IIgaIInItIunerU, by
~161n'lpoe1d by~. .-.olge.IIuIb.. "~lC:r Of 0Itw.........1IedIng the ~ 01 c:redilorI
....., bIfcn Of 8br1UCh ,"*-Y end by the .-die ell Judk:lI' dllalClol..
MlSCEUANEOUS
n.lnbtDllol.ln.. blgOklQ PIgM II ",...., for the glAdInce ell ",~ p.wchaIers of !he
....1... ~ The k_.!IIIIon" beIn CClIqIIed from oIIcIIf end 0Itw ~,8nCI. MlIIe not ~ by
..~. .. bIIIlNed 10 be c:cncL 80 fir . ." ....... rrI8de In .. 0IIIdII ___ end the appendlces
-21-
... 000 ,,,).125
'j .'
- ~ -< '
(
':.,
;,t
. :.
r
~
j." J
, ~ ~.. - .. '".... .. - -~ .. ~
~. .. .. ~ .. .. ...... .
AUG - 9 ~
cac:hed,.. ~ meers a 0I**ln Of a eIdm8I-. tIrheCher Of noc expressly stalad, they .e I8C forth as such
8nd nac .. ~ a fact. 8nd no ~ .. made !haC q d the 8SIknaIas wtII be reaized,
FIorfda law requires Ihe ~ 10 ma. . fUI 8nd fait disdosure d any bonds or other debt
~. wNch · ~ Iuued Of QUlIral'teed 8nd whlct1 are Of have been In defaull as 10 principal or Interest aI any
lime ... o.c...lb. 31, ,ers (indudng bonds Of OCher detll obligarJons for whlct1. has Hri8d as a CXlnduiIIuuer).
The ~.. nac 8nd ~ noc lira o.c...lb. 3', ,ers bewJ In ~..IO pr1ndpaI and lnt8l'nI on bonds or other
debI ~ wNch non 8d ~ ~ alhe Cou1ry.. pledged. ~ Ih9 ~.. noc aware of any
--...... · has nac ~ ., ~ ~ rwtew a bonds Of OCher dItlc obligarJons for whlct1 it served only
... conduit....... To the ext.. ItIPf a IUCh bonds Of ocr. dItlc ~.. In def.. ..10 pr1nclpaI and
"...,. .. dlIg;H"lOrJ a Ihe ~ ~ .. 1mIl8d ~ to funds ~ from the patty borrowing the
~ a IUCh bonds Of ocr. debI ~ 8nd Ihe Cou1ry .. nac CltllIg;hd to pay prlncfpaf and lrUrest on
IUCh bonds Of detlC oblIger;or. from anr ocr. funds a Ihe Cou1ry,
AUTHOfIZA'OON OF OFFICIAl STATEMENT
The ~ d IhIa ~ 8taIemena has bewJ ~ aurhclrtz8d by the Boa-d of Cou1ry Commisslonera
a the CculIy. ~"1Ime a deIwry a.. s.tes '54 Bond.. Ihe ChaIrman d the Board wi! f\.mish his certrlCale
to.. --.:. .. nooq has come to till IIIenIIan wNch WO&Ad Jeed tmllO beIeve IhaC .",. 0ffIdaf Slacemert. .. of
.. dele 8nd .. a.. dele a ~ a .. .... ,.. 8andI, COl'IIIna ., urwrue ........ a . maf8riaf fact Of
amb to ... · ....... ,.. -'*" ~ be ~ ,..., far .. ~ for which IhIa 0ft'Ic:faI SlaIamenc ..
........ to be ..... or. -'*" II .----, to....... ... ._lIlJ CQ"'''..d ... ., ~ a It>> c:fn:unIIances
WIder -'*"..,.. mede, noc ~I' J lIS IV (p.~ ~,.... Cou1ry.. 8lqnU no 0I**ln regarcIng the
.Ib........, CQM..d,..., prowtded bJ MIlA or DTC).
COI..UER COUNTY, ~
If:
ChIlriiiiin ,a It>> BolIrd a Cou1tY Com. I olwL, -..
~"'''t
-22-
.00t C(J)",~ 126
<
!
..
~~ ~ -~~' ~~-.-.,,,,,;,,...,:,,-,.
....:... _---.....4.li " i ~ """- .;.. .".;.,,,,~~':..........'.__._.~.~.._...;.........,..,,,.. "._ ,,.4....
APPEHDIX A
AUG - 9 ~
GEHERAL IFORMAT1ON
RELAT1NG TO
. COWER COUNTY, FlORIDA
The foIo.,,!alg.Jnfo,......... COl..."" eo.. Ccu1Iy ~ ~~ by Ihe ecu.y and II Included
~tar~ 01 ~OII'*IIIl~MLn~cIl""lhe ecu.y. ,The,~" pey.,.. adefy from Pledged
~ 0I1he Ccu1Iy heI~ deec-., and .. not ..,.,.. rram C1f,.....by odw,..,... 01 property 01
.. Cow1Iy 01 q odw poIIIcIiI..IbcIl...,... ... 01 Fklr1dlL "
o.n... .lIo..........
, '.'" . ~ ,i 1,' - , ,,; " ','". (' j- 1
c:-. ~..~ ......Clft..~CiDlIlIJ "'iht ~,~ directly weal
01.. ~ort ~... The CIIy 01 N.p.. In Ihe ..-m pert 0I1he ecu.y. lllhe Iargesa Incorporated
cty In "ecu.y. The ,,~u.J.,c.-.~,"""..iht,... ~'~~/n Ihe UnI8d....
. a ~ WOWIh~~1ImJ01JJQ..1be ~~~, UIN ~.~ .!tlhe largest
CGiIpJ n..... n ~.O(_ .....' ,
'. " ;' .. .,'" ":"
PopAIIIan
The ecu.y ,. e.pe.1eolO.d tapd pt"9l oWIon WOWIh In fKenl decades. The fc:lIc:lwllag ratlIe presents
1'1II&otk,,4 .., Potec:ted pop ~ WOWIh tar Ihe ecu.y tar Ihe pMod 011 Sl60 10 20:20:
POPULAl'JON TREhDS
Aww8ge
AnnulI
p~
n:r....
14.3%.
14.2
12.1
U
U
...
3.7
2.1
U
AnrIlge
AnnulI
.~
m..
7.K
3.7
4.4
3.2
3.3
a.o
1.1
1.1
1.1
UnIed
....
p......-
17V,323, 175
203.302.001
228.!04,821
ZJ7 ,g71.ooo
Z46.IO'l,ooo
""0,000
-'-'000
282.m.OOO
284,3154.000
1~
"~'
1~
..
f.
,.
. 2ICIlO
2010
..
Ccu1Iy
IJwolno ........
11,713
31.040
1U71
11UOO
135.300
112,100
--
'284.eoo
217,100
"'a..
........ ........
4,151,5eO
I, mAti
t,74e,S1S1
11,3Z2,,300
1UZ1 ,It1O
f3.112,700
11,572.18t
17-"-
11.1I1.400
'...
Pen:eruge
Inc:rnM
'''''
1.3
1.1
1.0
1.1
1.0
0.7
U
OA
CoIIIr CcMIIy,,.. u.a. ......d c.....'" Ihe UIMlII) 01 Fbtda. CcIege 01 BuaInea
MI........'.....,. ~l&"''''' A....ch. DMIIori 01 p~ SCucIea.
,~,oIlhe ~ 01 eo..,ecu.y ,. been,cM 10 ~ . ThlI chIr1ge '* gr'adulIIIy raised
.. medM . 0I1he Ccu1tr. The....., 0I1he P'l"oWIon !t ower Ihe ege 0115, wth Ihe . c:aIegory 15-44
~..."" ovw ~ 0I1he ow..I J"<'Pl~
--:-.,,~ ..~. u ~;z(.J:..:- ",fJ ~.~- ..... !3rm~7~.~~ :'7:~'~ ~..~~",~.;.'~.:-.: . ',~ ''':;~ 'r. .:,~_.. ~.~ :- ~.i..,~~.....~.~:~. ..; ':.,
,~~. ~~r.~~J.Q- ';.1.7'.I(~t.,...J~'~~~~;:~:~.."':;If~.I~.~(:!f/.~. . .... ,-,'i. ',:' ~;.t~'........... "~ ~.:.:r; '.<. :'0 1'. ". I.
''i".~.I''i;:.:~<<.,:.::j:\':'';<'r~~'':';'~'~:''~'':};);'::<~':" ':., " :;~:- ::,1, '., ',' "
'~~"''''''!:+.~:''''':: ":"~:~.?I",r"';'..~~/I!~"(,:,::,:", ..' ...... . '. '... ".t".,
'##~::.',i:-:;-:~~'~,,:':'.,.~. ..... "-::;r;'~;:':'J';':;#.~.?J.I.-r;t1t~~:~~~:.:.:, ~'~:, ',. ~. ::" ':'::,:;. ..~.:..:. .'. ':~'.~" .
, .rl''f.t.''';,,;,''I1.'' t "'.?4,I .. "". .~1.:ok-. ~1; ..'r'-~. ' ',;I"....~;t(...;.~..;.r ."'.', ~. ...,.~.... . ........~~P:,J);'. .. 1.1'
o ':"'-r: ,,"'..f-""f~'. .1.. ~"'~ -t.:...... ., ........."'.. "'~.:I..~'~. of. ,..~. .i..... 't .:. _'. '.' . .....
!!.;~...-:J~~'."~~<k.':f":'r:;~~-~~~~~'f ~"'r!!''':''''''~.'';,'') " -:(.. '. .:. ::......... ,;'.: 1.' ....~ .
~""ii::i'fJ.':9'1".~~.~..~~If'.""~': .,' . ,.,-t~,.~J,:~.,>.::..:/:1~!:... "" .,.:',;:' .,':.:(;;..:.:,....:(.:.'.1;.-;.
'.' ;{~.t. ,.~"JJrI:.'Jr:.~. J' . .,.f..... . ~ .,...;>,. "~.~,,,'.4 .,. ~..
""(~ I~'~ "'~.: ~~.i1~''.l:1 ~r.: '~:H.f.'" .(\' '" '.... '. , ,', :, ..; !::." '" ...:.:~:.,.t,!:J-:'~::,' :;;" ;{-.
~'~1 ~...... tr" ( r~~.~~. ......., ~~~.,;':.., ~.~.....,~ .... ,.,"'.........,.,.....",\..,.(.....~,.,..,.,,.~.~..
,~f{X~:.:.~ff~::::t*~}~}~t~f ?i.~ f'. ~~.":r1J~ti*t.ifr,\,.: ~ j!:(/' 1'- /1~:: ,.:~~~()f!~~k;it,~&,>
I ., (.-' . 'I' -.-11." }.." -=1...',. ,_~'/-": ... . .~. '(. '. . . - J ..'.' '~'.",.) I .' ~'-.
,.:.~~,....:.,..:q;:..;;:.v..~!.,.~~.~~,zJ.!:,.~ . ~~," z....".;,:.','", ,:"..,..', ....".. ";..,.t.., ~.",. ".,,'tJ
~ ~ .'. ,r. 'J..~ .....f..".'tt ~... ~ ,. ~./~'1-';4,,,,,,)';:/o1,.' ~. '.d,.I. '. ~~, ..\ .; /j,,'1;"':"'''~r:' ..' ~~.
~/~ . ~.:,.,:;;t:1Y~.~~r~~~i/ r' I . "~~f:.}*!1}:tf4't)'.i'~i;";';~' ..~:':;-(r~';.,:;~~r~~,..!!::';'.;.:~':~~:!
.... ,,' ... I ,. .... . a . ...... . . 1 ~ 'f' .- .... . r I ".' '" " , ~ ! .
A-t
Boor 000 '. ,I 127
AU8 -9 1M
COWER COUNTY EIiFLOYMEHT
, '.IV MAJOR NMITRY
~dedt
The ~lg tIIbIe..... -.lnOf1IHJ ..~MI. bJ maafor IncMIry C8IIegory Ioc;Ud In Ule
Coanr lor .. r- 18Q2.
c..ocrv
BmI
EImIowe Cclln-
e.w:-.
......... oa. ~r'
HIIIh.... "
.... ....
~ & ReQeaIb. e.mc.
..... oa.
.~: "
18
...
323
100
1.341
3MB
5A34
3,OOl5
2,21 0
-UIZ
. ,"
lL ;'
20,714
AII8I T...
&ling ... M*Ing .....
Food aor.
Ado 0Mn...........
~ FunIwa & ~.....""
RIIII Trade . oa.
32D
...
127
2D2
171
6,2It1
3, 1ZJ
1.
870
-IJII
~ FcnIIry'" FW*1g
CclnMdon
~ GcMn....
~...... &... E--.
~
Tt~""" Cclmmanc:.aan & ~ &.-..
.. . IIf I TI8de
-~._.
FedInII ao..IiI._11
MHng
15,990
12,SH8
5,857
5,"'
4,518
2.025
U88
1,742
m
514
65
371
..
22
171
154
181
318
.
13
.
8cut:e:
FIortda ~I". 01 LIbor & e..~me.. 8eady, ...... 01 LIbor .....Infonn8aooL
.,... naac. 0I..~,.. ..~ In 18Q2.
A4
tOle OOJ "',1 128
.,!,~ .~ ," .1 ' . .'~' ,;; ..~ , ..
.., ' ,'" "r
\"
. ,..' .', '~')l1i,'1;' :.oil? ,j, "~',i'~<,, :",: i';~' '~.AH '. (
r
Collar Cc:u1rr ,.. co. . ~ Dr r-*ed ,. 8mOng F10rtda au1IIIIln ....,. of peraon:at Income per
~ The kllIo../fIlO ... co....... J* ClIPb pellOllllllncome tar the CQrcy wit! IhIl of the ... 8nd the Unhd
- _ a whole:
Ecoo~..,
~
1S112
,.
111I4
,.
,.
,.
f.
,.
,.
1~
8clIRe:
,I ; '>'- .'~
, ,
PER CAPrTA PER80NAL INCClME FOR
COll.JER COUNTY, nE STATE OF FlORIDA
NfD ,'TliE lNTED STATES
(1-'1",")
"","
Coller Cau'IIY
14,282
1U31
11.Z28
17,504
11,701
21,Q32
23.081. ,
.'01 '
2S,I7I
28,813
awe of F1or1da
11 ,364
12,234
13, 105
13,Wf
14,883
15,188
''''''
11.133
18,8lir.Z
1lMl87
f
AU6-9fM
UrlIed States
11,4;7
12, 123
13, 14D
1~2
14,864
15,484
18,800
17,738
18.696
1 D,Qg1
~...... of Fbtda, CClIIge of ~!d.'MII6.ot.. EknaI of ECOIlOCnIc 8nd BUIlnea Research;
U.s. Depc. of eo....._C*. ..... of ECOisc..~ ~
x-
,.
f.
,.
1187
,.
,.
,.
1"'"
,.
,.
8c:ute:
UIxlr Force
44,ODI
4U7O
I4.2ZI
83,413
""5
71,158
78,018
71.171
'1,113
77,114
COWER COUNTY UNEIoG'L.OYMEHT
(1814-1.
~ I d.,."TnIW'i
41,132
.....707
--
10,321
II,ICZ
87,124
71_
73,231
73.M
11 ,474
Une.,d.,."menc
2,IllS8
U83
1,171
3,084
2.173
3,234
4,187
U37
7,214
""0
Cou1Iy
U1lel,~me..
Race
8.7
7.a
8.0
U
4.3
4.5
U
7.4
U
1.3
... of FIor1da
Unemploymenr
Rate
6.3
6.0
5.7
5.3
5.0
5.6
5.8
7.3
8.2
7.0
UnIvw'IIy of Fbtda, CoIege of eu.n. A,4.'MII6.ot.. EknaI of Ecclr1cmc 8nd BuIInea Research; U.S.
o.pt. of C<<I"._C*. .... of ECOiIOllllc AnIIpIL
" -. ~ '-1'. J.
", .>:
A-3
'QOf
000'1',:129
',,,:,,,",,,::~.,~
"T~."7'" ',.'
.
",
..
,j.~. ':,,:,:~.) "PI, ('t' ..,J.;tf :.\1'.;" i ,~1.-'iJ 1;(.:"
.,i ~.I'~ r~ ci.")., '; .",J. ::'\ 1\ ,;
I. ,...-: '~r ,'q ti', ,":l"'!.. 'j' -,i'~f!'"I~ j,1jj b\'
AUG - 9 1M
'" 't' ," ," jY'" ." ,"; ; ::-"~"
COWER COUNTY, Fl.ORIOA
MllIIED,YAWEIOI"TAXASLE ~I'f
(11184 . 1183)
'"
-,,",
.il; ;
~Y..
11184
,.
,.
1117
,.
,.
,.
1111
1112
1113
AnI ~ ~I IlId V..
! ' r......,.,e11
",>' ! rtt.Oll.227 ,110
".72I.1IUA
i"l~
'I, :(;~__''-
", i"'~:"'"
'~10,211.711.113
. ,,""OM18l5.783
13.821 ,ClI24.114
'3.1'>>'" ~
Ptl~'" Proo.1v JaUU" V..
. 317,1)14.713
377'-'07
41~.2150
47'1.818,001
111,S184,128
11I.543._
ft1l.,fIT7 ,ntl
144.177.325
Al,7Ili2,OO1
7I4.0e8.231
Total AsIeaecf Value!l)
. &,1M,244,324
"'8SlO,017
7,'42.221,805
7,733.888,478
8,434,825,678
8,2l53,064,281
10.882.7&4,245
12,148,373, 108
14.307,118.115
14.546.382.399
,
(I) .' flllll" __' Uied.. nal.... __ ....'~ ~~ ...IpCb...
I.:\. ;.';"~ ~ ."""
: ~i._; ~_"':' ~:~, (
8ol.Re:
CdI8r~, ~,App, "'J," ~~, Ad V-.n VIIu8IIorw , Tax Data. December 1992 and
o.c.'~J~,; ~"; ""~ ,," :,
Prop8rty II III. I N.1 _ 01"'" 1, Ind '-- ~ on.... III.. ._Ib" levied and become due
on" LA...41Q Nowe.IIbel 1& ~ filii. .....Ind.... ~ ... to. c:ertaln ..,... .. collected In the IlscaI
,.. ending cbt1g the ned .nMCIIlQ c-._ ,...
MAJOR TAXPA'tERI1N COWER COUNTY, FlOAOA
~ ": I,
No 1IDcpeyer povIdeI men .., one J*C*'ll 0I1he totIII .:t ftIcnm .. ntVW1U8S of the Ccxny. The
IIn IIrgaII ~ In 1sm ... _1aIows:
Ownertr8llmWr
lMIIiId T~.. Cclmpeny
FIarIdI PowIr & USta eomp."
CoaIIadIII 01 W....r,I~
CaIIIr 0....'0'1)0'''. Corpo.IIb1
car ...... k* 01 a.r.m. T"....
The All c.tcn HcfIlII
lie CcuIIy EIac:* CoOp. Inc.
CCfr._rnc.
HIiIIIC P.'ll...lIp
R1t/l1Qlld L&Agert, TNIlM
T*
T~ Prop8rty T_ levied
183 Proo.1v T_ levied
. 1,313,114
1,118,fS52
1,Cl81,11 0
1,G22,22D
.,.
I3UI4
-.zc2
441,133
418,444
383A93
. 7.882.814
$217.28e.025
Ptn:8nI of Total Taxes levied
o.~
C1S3
0.5.
0A7
OMgQ.38
0.22
CI.2O
0.18
0.11
3.~
8cuce:
Prop8rty IIpplIIJ I ~. ~ IIIIIng ~ ordIr 01... INec1
Amcu1Ia tor tLP8JWS ..... .....,.. .... ,.,. nal been co.ltiW
M
.. (0)..,1130
(
!
~
AU6 - 9 9}\
'1kM:DtNG PENoIT AClMTY tf COUJeRCOUNTY
(1883-1.
, .<.\ !
,\;
.! -:
Hurrb.r of ~
SIngle FanIy MIAI FanIy
:r. 1'000'-' I'OOO'sl
1083 ~1.1"" '.151
''''"314,, " ' , ',,721 ' ,
1_ . "ta ' 7a2,
1. ",....,.. 725
1817,A17" l' ':" a.-
,. ,1." ,,' -3.083
,. 1.152 3.!a8
,. 1.835 2.753
UI81 ,.... ,'-
1S1Q2 1,gee 2.3118
II) V-.aon In ~ of dc*rL
Rntd..1IlW VIIIuadon(f)
. 1a1,e04;
...., ;'- ','.',
,,7tOIII, ,,';oo
70.180
aI,081, ,
448,412
433.027
313,!Q5
255.805
402.147
Non Reltdellllaf Valuation(1)
. 31M2
18,888
22.725
18,128
38,0&1
56,798
86,069
65,248
118,982
71,086
'.c',
&owe:.:
~.., of ~ CClIIge 01 .... ~.rbJ. IknaI of Economic and BLUlesa
~rtU.J~ "*lIng PInnI AdIwIy In FbtdL
Agrta6n
Aorb*n II. doo.._ .llIcIor In.". econom, of Ihe CowlIy. RalrhI averages ~ 52 Inches
1mUIIy.." rrac of Ihe pi" \.f'lu.l oca.n1ng cbfng Ihe "'1pIng and SUl'lm8r. The ~ yearty ralnlal and
re-~ mid ~... -.till ~,to be . ~ MCIOr of !he CowlIy economy. Aa 01
Dec...h 1_ .... ... ~(l4. ..~ S78,<<IO'Ilcrw In egrtcUbnI producUon. The CowlIy Is FIor1da'.
.... produc.w 01 ~1tlW. frDdng ~ cucunbn Ind JMPPn . major ~ Approxmarely
ZIMI acne .. dMlIed 10 cIrw ~ In Ihe Ccu1Iy. In 1-.00, .... ... 2.542,000 boxes 01 cllrus
~ Oww 170,000 acne .. &aad for '*lie ..........Ind nIllgA.,ld.
TowtIm
Towtam II · ". f8cU In Ihe IiClOllwo.., of the Cowlry. VIIIcn to Ihe CowlIy ~ .. Gulf 01
....., ~ gel. .... and 0Itw -~ E~~....... '_Ihe Unbd sc...- 0I'#f UlCroplc:al
.......,... ~........ ~. .-..... pclI1Ian of Ihe CowlIy. eo..~1Ol. Pn and
ecn.;._ ew.np .. 11Io ~ dale by. ... _1INng In the GcAI of Wedco. . ... . fresh water
IaNng. ...... the "." ..... and ... ....,. ~ waaan spcl(S. The CowlIy II ~.w . one of the
IIro-a sheIIng _In Ihe \dad -.
A-a
; )y.' ,4-. .
.. oon rl.~ 131
'.
- ~ ',.
.r ;"-,',
... ,',- .-,.
(
::......
... i* .
!
..
,";",....,.,'" ~,. ~
~~ ':.; ~,~,:~_1"t;,,'"-'i -, ;;:':'I~ ,./..'a, ".~'.' -'
,1, ".
:).. -n. '
AU6 -9_
TI611pQ,1WIIoo .
"
The COui'IIy 1ee.lWd t1fUJl.~41'" T.-nI8ml TraI) and the Everglades Par1cway, which
.... Naples to lhe east c:oeIC 01 FIcrtda and IrUrMcts U.s. ~., 7:1. providing aceeu to the Sunshine Stale
Pa1nray. ~ ~ '" ~ 8CCeI8 tll.... c:cu., rram the Ned\. Gteyt10und Bus lbls connects
.,. County 10 .. pokU ..... lhe..... FNlgtC foe ....... provide IrUrwtD connec:dona.
Nt MMce II ..811I* .... tupeI AIrport owned br ... CIy 01 NapIn and COV8JS an area of
~<.lIA~ 850 -=r-.. The *'PO'1 .,. two ~ 5,000 .... fwd ~ ru'1W8yS, each 150 feet wide,
Cclrnrru..... oller ~ sc:hecUed lIgtU 10 MIImI andT8mp& Nt MrVIce _the ~ IrUmatIonal
IIlrport ,.. A. Myers. 35 mIes nonh 01 Napea, ~ II81f map c:ti8L
~~er-n
The County KhooI .,-n ..".. appoo.dlllClUfy 23,000 IIudenIs In over 30 schools. the public
ect1oc* prowtde . Y.ned ad!.<< educ8aon progr8m and . Iped8I program tor pr..moo! children There are
...... pMIe and pel od'IIIf IChocIIIn .,. County cI.tng cI8ues tram knSel gartan through !he twelfth grade,
~ Comrru1Iry.k.r16ar eo..g.'a"'" C8n'lpU8, In A. ~ wIh. br.-.:h ~ In Naples, off.. technical
~ _ ... _ college p.~1IIon lor IIudara.
..... ,....
tupeI ComnulIIy HoIpII8.Inc.. . ~ ptwa COo.-o.adoIl provtdea h8IIIh MMces 10 the
...... 01... County. . "'Ippl~ 1.300 P' ~r I lito- III and ~ persomaI and an 8dcIlIonal1,650
.-y menlbetL 'The haepbI ~ .. 311 ~ Uhcu lm8lg81tcf room MMce, and . 2O-bed
~Ic__.
In ~ 10 the '~1iIII haepbI...... and...... Naples Comrru1Iry HoIpbl provides
.. ~1g ~~...... and --..: PhJ*III n.ap, ~.._.. .,...,.. ear. UnI, 8pedal Care
WIng (IncbjeI!r'UnIM Care UnI, c.d-= c.., unr and ProgI...... InI8nIMt ear. Anta). EJectto.dagnost
LIIboI*,., CEEG-EMG-ENG). ...., ........ ~ AacIoIog, and )(.Ray DlagIlOIdca, 8peclal
~ and ~ TOfnOQo~ (cT) b..ly.
(REMAINDER OF PAGE INTEH11ONAU.Y LEFT BlANKJ
M
.. OOOw:132
r
..
~
. (~'; ;"1'
\
e._..___._____ ._-
-,..--. ---.-.-
, ,
..'1' t;"
i .,:1
'~: ,"\"
" AU6-9~
. ,
The CoIief eo...y HelIIIh ~ ~ In wert cornrTU1iIy Ii It>> Colny Lm<< the
dNdIon 01 . ~ ~ .-1d wtIh . IlaII 0I"""~' -11.. Incldng ~ heaUl worUts, ruses.
_&I/taII.. ..s. ClIItIIaI ~.
"'FlNNlCWJNflJ ECONOIiIC Q.\TA'
(1814-1.
,.
~
"1,872
17_
18.411
21_
24,348
28, 112
'0 ;ra
28,813
H1A
H1A.
l';f ",j.' ," ". t
FIIc:III
:r.
1114
1185
1_
1817
1_
1_
111IIO
11181
1S182
1883
_........m
11Cl,ZlO
115,SlOC)
122.000
1'0,700
135,300
143.700
1152.100
1I1.eoo
118,10O
17......
WA - CilIa ... cunna,. - ....
P""
n:r...
u
5.2
5.3
4.7
a..
1.2
U
1.3
4.3
3.1
Sri
~
tmlllIl
. 8l52.1 &0
G23,281
1,100,ag2
1,323, 1 &0
1 ,.!505,433
1,s72.041
1,it! (),.521
2.oee.21.
2,0S7 ,215
2,Ofn,133
UI~
e.~
e.O
5.5
5.2
4.5
4.3
5.3
e.5
U
8.5
~
(1) 1883 florida "~Jl 4 ~ ........tet cI florida (1814-1S182 N'IIIed 1a83).
C2) 1883 florida..... 11 f" AbIhcI. ........., 01 florida (1114<<lt N'IIIed cU1ng 1 Sl83). &cUIng 1 gQ2 and
1883.
pt Florida ..... ~ Wr<'-..
f4) Florida ~'I" c1Utlor...... c1Utlor "b~-{ t.... DMIIon c1",~rMnlSeady, Depar1trIett
cI Collwnal"'" cI florida e..p, 111.. .-ce.....
.",. 1111 I If VIIl.IIIIon
The &ItIIe on the klIotdlg pege"'" the r II Till cf YlIIue and IalCatlIe YlIIue lor open1IIng milage
~ ..... cI the pelt * ,....
....J,,.., "
:-'
, '.
~. :.
, . ". t,.
.. '"'" .....
: ;-~:.
. .
.. '.. .
.~.:~-:':~" :'
.. ~;. ,:",-:
::-.: ':..~.
, " . ~.
!.' .'
A--7
MOl 000 ...'.r 133
(
,
r
..
AIcII
.lIa.
Ccu1tr T..-
va. RaI
ProoerIY OIW
. 7.822.181MO
uee.~
1C),281,7II,I13
12.104.185.783
13.821,QZt.114
13,7D' ~.<<)A
,_
,_
1180
1181 -
11R2
11183
ecx.c.
CIJ
CIa
TOTAL ASSESSED N4D TAXABlE VALUE
COUJER COUNlY, A.ORI)A
,...,.
Ccu1tr T..-
Va. F.1Ol1ll
ProoerIY OIW
.111.....,28
S6U43.IM
fJl:Il:I17 ,n:z
6M.I77.-
-.78Z.G01
714.081.231
TClCII TDItlII
~
. 1.434.12'\1lI78
1,253,084.281
10,82.784.2A6
12.741,373,101
14,307,778.111
14.54t.31Z._
TOC3I
AJ...Nd ValueC21
. 1,8l5I,234,ooo
10.811,21 e.ooo
12,.504.100,000
14,833,011,000
11.401,800,000
1e.740,888,CXlO
IJBWCJER OF PN1IE. INTENl10HALLV LBT 8lANKJ
Coller Ccu1tr eo,Ip.r.... AnnulI Aw1dII Alpert tor AIcII V.. EndIng ~ 30.
,.
Anal CIII-.d... . CII ~ 14, '"
The~ do nallncbie~ f'..IITllf
M
'OIl O(X),.-! 134
(
"
AU6 -9.
R.so CII TIIXIt*
va. To TOC3I
Aaeaed Value
tr1~
tr1.38
86.58
86A1
tr1.12
tr1.11
!
..
. ~~..
COlLER COUNTY DEBT STATEMENT
C- d SeptMlbeI ao. 1883)
-.cT.0WIJILM ,IMG ~~,...,
.-.cr ..... COWITT , " . ,
.,...... "o-.I~ "
_...........~-.I?' 1, ,'.
tin.....,.... "'-- C ~ . I, , , ..
.". L4................
-..... ..... "'-- ......... ..... '"
-... ,. ....... ......... .....
-...... ~.........
--............. ....
..... u..., c:.. .
,..... .... ,.,....
_"t....~
.. .# t .... ,.,....
t' J rI_........,.,.....
t' . - - r.... 1- -. " ' " ',' " ,
,. ...........,,--.~ ~,"""',^','
,..........W...~ ' '" "...
=~=~~~i"'''~='
_ c:......., .... ~111111I1 'II...
,. ...... 'I J 1 J............ . ...., t' J ~
_......-1 1 J ..~.....~.,.....
.. .......... ~ ~
,."................. ~
T.-. DnIC DIM
0lI8I.- J _ DOT ICHOCllIMWID
a..". ..~. o. - .......,..
...... ..... ..... 1m'"'
TtIIII 0....1 J J DIM
-... DOT
.... ....... ... a.w
_.................... _1.'
ar .. ......
tin l ~ J J ........ ....
........... "'--....
........... ,.....................
.... c...., L ~ J 1 "'-- ....
.... c...., ~ J J:J II.........
... ......... "'--...
,.................... n...1 I ~....
,........... "'--.............
-......... ,. "'--............
ar.,a ,- r
... ..............
tm........ ....
WI ............
1V1llI........YlNO DOT
'""AI. DIET. 0WNN'PlHQ NfD~'" ClOT
......
-- --o.tIt
. 12'1'-
t.I1UlO
. ......
. -.-
..-.-
. .......
. toM1,.
........
.~.a .~ 011II. ,
. uc_
UfII,GIO
3lI.DlUOO
2,IOO,&lQO
,'--
~::
221.3ClO
tUlO;COO
,......
,.. ,711_
1,DClO,DClO
.~
. 1U4O.ODO
rlIHI
. I4O,QClO
--
tl2,QOO
t3ll,QllO
......
Tt.StI
. 2IlM,QM,:a4
AU8-9~
....
. .III ~ ..-.a Debt
. 2.710_
",III
210_
22.110.000
10000000.ooo
825.000
"'1lS,OOO
14,310.000
. 101.644,113
. 130_
tUto.ooo
uoo.ooo
11,G1,DClO
~ .
11.
113.000
. 304.214.000
. 1a.a.1a
-- c:... ~.,...... <:1 J A...1lI"."';" ,....... ........ fie,.., V_ EndelI 'lpl ~ m. t. Md 0INclI0N 01
...... .. fie ... ., twill '1 r .. .......
· .............. fie ~.,.. .............
M
.. OOO,,'! 135
(
,
, '
~-;; I
AU6 - 9 1M
"..', : e"l:~ '.'
';OaIIarCouNr.flIoItdI., "
Cotr,.-...... R.a cI Bonded o.tlt
ToTGIIIt~~_ln 8nd
,,.CIipIIIt,,~-
J ;..
:,', f ::.~
.1,--;'
1~ '~J 11S1i13 ~.......... ' ,~,,',~ ~,;~,.;~:n
(....~ I
...-t.-"..
174.644
2. ,T_Taat V...... (1.' -;
'.';
, 14,.546.382,400
:~~-'~; < ~ '*. ~ ' ,~.., -~'~.It .
& DhcI ca..n.I ~, oiiiI--......-" '_.'-'",-'~"'-'
,"'At. ,.... cI Taat VIII.IIIIan
", .:PwCllplll ,f';, i. -"' ".>"",,', """[1
~
I3U2
4. DhcI tnd o..~1g ca..n.I ~J DetlC
.. M . ,.... cI Taat VIII.IIIIan
(lit Pw c..-
.044()%
$36.62
5. DhcI Nano8II ~.1g ,...,. tnd ca..n.I ~ DetlC
MM. ~ cI Taat VIII.IIIIan
M Pw c..,
a. DhcI tnd o..lIAl'lg ca..n.I ~ 'OJ tnd NcnW ~1Ia1Q ,...,. 08tlt
'" M a ,.... cI Taat VIII.IIIIan
&tit Pw c..,
.8541 %
$711.34
1.3491 %
S 1,123.56
The toIoIlIIllg ... c:cwun the CculIy-wfde ed ....... mIIge ,.. tor the tax years 1... 1hrougl1993.
CdIIr Ccuay, Fbtda
Ccu1Iy-WIde Ad V~ .-.ge R8s
..1m....J&....tiI1...1im..JB1...1JII..Jm.....1iIL..1iH..JJK
CclIIIr eo...., .ue74 <UIII& 5.1617 L2D7D 5.4161 6.2711 4.8222 4.11N8 3.B871 3.8150
8c:tIoclI DIIIrtcI a.oooo 7.a570 Cl2500 a..o:zeo 7.8830 7.6400 '7.1 &QO 7.G480 tS.88UO 8.8750
.....
DIIIdcIs ~ ..JSZI .J..IZ1I ..1.ZI11 .J.&l2 ...1.H1I .1&ml -LmI..1.,gm 1J.W
Tc:aI WiD .ail!! ami aaw. W!5IiJ aBI.1imI1U!5lZ 1LIm 1UZ1!2
tbRe: CdIIr ecu.r Complhll... AnruI AIllllIdII ~ tor FIIcIII V.. ending ~ 30,
1883.
A.-10
.. 000 "',: 136
I
....,~
!
"
)
~~---_.,_..,......, . # ~_.. .. ..". ~-"" .
APPENDIX 8
AIJOO'ED FWANCW. STATEMENTS FOR F1SCAL
YEAR ENDED 8EPTEMBER 30. 1W3
1001 000 'L~ 137
AU6 - 9 ~
~,' .,
,
,
"f 0,
,I
r
!
.',..... .'
: i: ..;.;:~r,,' ":}\'!I/'~':'::
:'.,'
" .. ",:
.."':
COWER COUNTY. FlORIDA
COMBINED BAlANCE SHEET
AU FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1m
AU8 - 9 ~
l (":~l
~,; :;;.. '"...; .", i
ao....~ Fund Types
Sc>ecIII 0Clt Capltal
0.... ~ s.me. Profecu
.. 2D.1t3.701 .. , 22.713. fll3 . 1.382. fa . 43.358.190
2.113.D23
, ~ " .-
,,!"-~'...
21J7 .01 a 179.986
43.432 110,.443 51.711 195 .306
4'.128
11O~
71.7" 34C,I47 1$4.820 a.ooa
111_ 184.11' 5.074 106..541
7OI.71f f A2.084 4OlI.7a 851.290
UOO
11.152
UOI f .soo 1.468
...~N<<JOTHER,~
'c...... 111 1>.
c.... ~ .1>>.,. lIlo.4 __-
Ill. I......... .,\ U :':: ~
Ae.:: II 11I--.
IpectII fI U _iii
......
T,.
UrltIIIed
....
0Ifler
0. frcn........
0'.......~.__1Ii
M.'IlacM'" ....
.......,
~ CIllIII
~~
CIIIII... In M AlIIi
IpecIII II J ... ~~
ClIImIlI
--
Acic:rIId ......
_.Iuf ...
0........ tJIMI..........
~.............,. (MI
..... -W- ""., eca-"1Ced -~l)
ClIw_
~.......,.. dItlt
.... .....
~..1Ie pnMded lor,..,....
_ ~ ......... dItlt
TOTAL ASIETS AHO OTHER DEBtTS
· 21,714'-, 25MUI2. '.J12.124. 44.H1.78t
I:'
aollW COO" ,: J~8
'The.......... 0If*Il jlUrpON lInandII__.... ....1*1 _w.........
r
!
1;:J.:;f~~';r,':
aow...mtoUl Fund Types
COWER COUNTY, FlORIOA
COMBINED BAlANCE SHEET
All, FUND TYPES AND ACCOUNT GROUPS - CONTINUED
SEPTEMBER 30, 1m
0enerII
8pecIaI
"'-'ue
~. EOUITY AHO OTHER CREDITS .
~
V~~1fld aecrva. . 4.157.2l1O' 1,782.711'
Due 10 CICtlerIWldl " ---____111_ tN.34.4
BondI 8nCI depoIb
Dueto--fliI'WeI'''iCI~'~~7_,._;~~ .
Due to IncHduItI 5.115.1tO
InIurwa dallnI ,.,.,..
0",.. ......... of .... CICIIgafJonI
0",.. ......... of IIClteI payIIlIe
Deterred,.....,. 17.(154 1.313.025
~depoIb 401,1. 718,192
AIllrId empo,o. depoIb
Rec.IInage ,.,.,.. 31.211
~~.... ,i;.';'(l::'.t~ '.'.:i"-"'~'<1' ~'" ;'...\ '1' ,'iI,..~",;;, :~:~'j I".'i, !t' " _,
Due to hclIdIrw of IPIdaI _I J ._. bonds
PapbIe rrom ~ aAII:
VOUChn payIIlIe
o.r.nc ...... of IIClteI pepIN
o.r.nc .L'" of ,....,. bonds
Due 10 __ ..........
Ac:cruId .....
CwIcll..-....
~peratte
~ ceo.RCGIII
....., bcJndI ~
.....,..... .....
GInn ClIlIgIIIaft bcJndI payIIlIe
..... bcJndI PIPI*
Ccm._dIf PII* Ioen payabfe
NocaI ,.,.,..
~..,~ .... CltlIgaIIona
Ac:cruId CClllIIl-IIaIed IbMnceI
TOTAL LIA8IUTIES
':,~~":~
Aua - 9 ~
,Dille '
s.rw:.
~aJ
Projec:ls
5.330 . 471,363
17.851
145.672 17.830.864
188.754
501.790
I.281AOO
1.453.OH
· 5.7441'-' "''',823. U70,471, 1'.010.822
lhellCltelto IhI general purJ)OM 1lnanclal1Cal1lMnll........... '*' of... ..'__II.
."'<..
aoor ooo....r 140
'~r"'"''''
~tJ, "'>_> -,' '.
,i-::",' ,'_.;
t
"
. #:, )f):.....~~ ,.'.
" . ;I~.: .
..~<...,~
. ~";-,,
<-;-.
"
66,.. .
I
__.. J. ,.
AU6 - 9 ~
FIdudIry
~ FunclTypeI fund TypeI Accourc Otoupe .,T~
Genet"
InlerrIlII TIUII General .......-r..- q.temorandutn
er..p.w IeMce .. AoencY Ar.d AeIIIa . ,Dee. Only)
. l,ooc.ot5 .' ;~~f' 120.171 . - . - . 8,106.828
JUIZ ....-.-, ,..at.l. -, '1.425.J28
2Me.122 2,.499,122
,._.~~ 1.' .t':~ . - . "Uff:_ . "2A1Jo.I4a
-,
5.11.....,. ;,0;2:30.J31
5.163.G1 5.553.825
50.703 1...... lV1.841
1.208.310 1.208,360
1,271..- 20.888.110
U20 1.363.855
lU21 lU21
533.ooe
1.%11 M1 1 ZI1.891
2A1_ 2,.431 M2
251..... 251.....
131.331 531.331
'-"3.213 3,443,2S13
117'- 157 .2M
2.*,270 2.4&4.310
U51.7OI U5Il.708
2.1ot.101 2.10U01
.... 5.ct2.000
10.200 1.27UCO
It.G'7:1 to,G21#>> 11,.ct3, 142
Uo465.ooo 52.-455.000
10000000m 103,.210.575
13.150.000 13.150.000
12M3.17" 151.25f '''.315..233
..137 27I,G', 1.302.G5f 1.170.2&4
51'.232 ".- .......2M 5..2A1.1V1
. 138.oee,348 . fAUlt . ,..... . - . 13.'25"'1 . 278,1.....587
(COHTIHUED)
aooc ooo,.'~ 141
3
.'
'. .
"- .j.{~t;"l:.i>;
h(
(
i. ~~, <
~
-.... -.''- '" ,.-., -- . .~
COlUER COUNTY. FlORtOA
COMBINED BAlANCE SHEET
AL1. FUND TYPES AND ACCOUNT GROUPS - CONTINUED
SEPTEMBER 30. 1993
'.cC' J
l, . '~
AYG - 9 199\
General
~
Aewenue
o.bC
8eMce
Ii.
J !}'rn "'.rl~ ~,!
~ Ind Qf..-CI-.:
ConIrIlutC ~
~ In fIIlI'IIlIed....
......,. ~
AIMrwd Iar:
Aewenue bond ...~..
....... Ind .~ I Io.'lI
UlIt" ....d
Fund~
AIMrwd Iar:
EI~..,,-
~
PrIIlIfd c-.
Impec:l...
0tWII progr-.
DItlC ....
Trull lurid P'WPOIII
UI.....
'PIJ'J.~III: ,;: , ': ,'." ,"
DItlC ....
,.....~ .....
~~
TOTAL BUiYAMJ OTHER CAEDrTS
AI. I.IAaJTEt. a:urv AIfO OTHER CAEDrTS
.
- .
- .
LDa(
t1OO".; 142
lIClIIIlO... Dl'*1l purpQM Inanc:IIl ........ .. an """11 PI't 01.... .......
~,*~::.t~~<<:~~)YA<;r ,.il '::':"i't.~~:;~~.-:~.(;:.!..~ :r,: {-':t~~~(f:'4~:''''!',~':'.' .'
:'/J}:;';:)( , ,'" ,: '., .",; ,<.,~~., '"
· ,'- .,1t~~1Il1M1'II'I - - . ~ · . . .:. ':. ,..~" ,,{3
~:} :}lf$~1~( ':'. .,A};Jji~:i::~':~/;%~t~~,i:::;\ .<
.( ';"~7:'.J!.~r:'J;"'1(l/ .. ';'~"""".' .,.....,.~."..,.......... "
f.~,i._ .;,,::'~t:; Jt1~~,.J.;..:,.',': ,:: "., : '.:,,~ ';:'~'~~"::"'::{;:/~(.'.: ,'.', ':'~;"';"~,;(;:;fl;'.,.;,:;:/j.. ~ .-
.",~: "71;.1-1:.rt.!..~,;.;',~,,-..;f' " J:, "', ". ..;~ ~'.'. " I , " ...1;~".oi"'''''''' '. '_",J! . ,',
;~J~'.I':"~'P~:"~-:~~;t(:~~.~~"1;~ '..~~:",: .:.t:,~l::.~... ....,:.:,.... " '. .,':- ~.' ',;"; ,':"::', :;-'. , 'Pf!.... . .
, ! t ..~ ~
- .
. I ".' '.',
..
f.
I
.,1
Capbl
Projects
':,'
;d~~i\i~:F'-
I' "",
, I
, '~...; '.. ......:.?: "
, '
AU6 - 9 .
"
PropltICary fundY.
NuCIIty
,...,.J'PlIi
TcUI
.'.. ,ACCOUnI 0nIupI
~': o..aI'i,-~.
0enerIII Lano- T.-m
fbI~ A8MIS ~
~andum
Only)
1:>..",111I
InC8maI
~
Trull
.. A9fit'Cy
.s .-."... , . f.2M.7W ., - . - , - . 1to.413.ooo
111,A7U17 1M.478,sl67
1O,f~ 10.182.3ll8
170,21I 310.2"
".-r.fa 2. 1 34.231 51.....,.519
10.000 ....708
51,852
t,574
725.74'
11f.131
..18Ut7
~.>>t 2.230.324
115.151
,..m.3l1
29,353.155
M.ua.1l15 '-"29M1 2.2IO.>>t ''',41I,JI7 "',480,21'
. _.5".513 . ..It1_ . 1UtU11 . 111,A7U17 S 13.125"" . 715,224_
aOOIl OOO~arJ.143
~
',# ''';',
'.
(
'.
r
C(: ;.'~ 1-:;:~ n:n bYi\tf\ ~ i<.: i~ :,~ !'~
I!' ""11 'i ;'1 ,,:.
,
AUG - 9 ~
COWER COUNTY. FlOAlOA
ca.l8rNeD STAl"EMEI'IT OF REVENuES. EXPENDn'VAEs AHa CHANQE~ IN FUND BALANCES
AlL OOYERNMEKTAl FUND TYPES AHO~A8l!: rRtjs1FUNOS
FOA THE FISCAl YEAA ENDED SEPTEMB~30.1l193
....,.
T... . ,,'
..,... ..l* ~ ..........,
:' ~"''''''';''l :.'~1"""'"
. "'~Jb._....
0lIIIIII- ___ .
.... ...1ar1'...... .~ : \
. ..........
:~...
IpIdlII II J .. III
1oIIii::1" Ih4
", ao..."",*.lIJl Fuod Types
lto<<bI DIbC
a.n... ,~ ServIc.
. ......770 . Z1.21'" . 2.171M7
MOMO
T7'- 5.503._
t,....GO .f Jo77...,. ....865
'.G22.142 , U7t;824
S,U7,M 115.863
t.tOZM1 ,1.''';281 4I3.J38
1.os.c ..24. 208.263
2.t27 .- 152.31'
_~.3OI.t21 4' .423.271 7.135.154
ql~ , .
""I
T... ,.......
I;" ~.
~IA.....
CWNrlt
~SJCI'I"oo....
fI'iMC ....,
.;:",.,... "Qo~"
.n......,
Ercoo..... erM 01......
..... ..",...
a.ur..., ~eadon
CIIIIII...,
DItIC -wa
'..r-".
'UeO.J2I
4O.711.4tO
II5UC2
2.514.135
f:z7UJo
'~2.1I2
W.5t7
lf7.17'
;, 701'.'
,.15'..'
171.5et
~...~~~"""t. 'v,;
S.so..27'I
, .;, ,. ~ \;', " ~ . f..' . ~ , '" fj'"
>l;....'JI\. f-
".982.'SO
..7".oso
TGtII~
&c.. Of ____ ",.1
...., .......
0IIIIr InMdng ~~
7I.17U63 41.334.3154
'.7".oso
C381.A241 (UOI.Q78)
(1.825.296)
.....,. .. capbI.... fCiql "'IMJ 1
Prac.edI.... ...
Cllo61l.G1.n tom property 0WNq
E8r1r" ; ....14.... Of dItII
0peraIng ......In
0peqIJng...... OUI
TGtllCllhlrInanc:lng ~
....,
e.:.. Of ____Ind ClItW
-~~
....Ind ClItW_
f.s~.. begiI..."" Of,...
........ ..,.,..,., In
,..,....,.,..,. OUI
f.s~.. end.. r-r
The..... 10 .... 011*" putpOM In8nd8I ......... .,. 1ft ...." l*1 "lNIlCaIemenC.
aOOl( 000 'I'.: 144
, ,..", ""':'~~"'4" ~
~,+:",:'r"'" "~I
\,
,
f
"
" .<' ,~'
CapIaII
Pr~
, <. ),~
.
23,241
2MUell
11O.G8S
,.....
,.....)
41.711 .
1.Z7'.1~
,,'.,.,1'.
11.511.140
Z1.....H1
Z1.-e.M1
(10""4,121)
~.\ <l,
1; 0'-' '"
, ,
.,.....". .
fvnd,T",
~
TtVIl
, I
- .
.....
101.17\
555.7'01
,-'"
; "l ';1.
~7t7
, \
, j
AUe-91M
, ,~",::c .. r'
Tocal
'\iF:
~ancMft
Qnty)
- .
15.5fC.053
110.110
..113.222
21.1'1.*"
'7 ....az..
. aJtI.lOI
4.121.oeG
'.-...0
t .3OU1I
4~
1.oM.t5t 131.410.858
. ~'~ P',1; ;")
-..:i,
11"'11
;' m.tt.t
12.242
,$,!,2.M .
: 'Il..;.
...7....
1,3TUell
(2I2..54tt
21.143,072
.,..,.
10.l't_
'7~2MI$)
m.7I1
'U/11 Jrt,.
1.720.104
Z1.11Uf1
21.143.210
1M.1~
(1"'157,118)
, .
,... ,~'
'.
----
,T_, '.,'_" ..
SpedII J .,. ~...", ..
u..... .......
"'1iI 1 f 11'
~,..,---
......., .......
..........
~ ....
a*Wrrtll ~...
~~
T...'........
. .~ "
~~...
c.r.nt:
..~ Oil 'Hn 11'"
",..~
"Ni;Ibr "~_..4l,JII
T~
I:CoriiaIIlIt.Mio.1ft_1l
...... ~
eu.ur.1/IId ,ectaIlon
Capbf ...,
DIIlt ....
TClUI ~...._
flc.-" ~ tNelI
CundII2~
0IflIr IIWIc:M; ~ (UMS):
~ .....
CcnrIluIaft .. proptrty 0WMfI
&rtr... a .n-... 01 cStitlc
Operlllng ......rn
ClpeqIIng ...... cue
TGIII..1IaMcIng IOUICeI
CIIIIIII
e.:.." ~ 8IId OIhlIr'
~...,..,....' .
..... 8IId __...
Fund ~.. begIl..1Il1G1 01,..,
........ ....,......rn
........ ...., ArIIIera cue
I" i!i
i
.:, . I .,' ftOfIOl,," AU8 - 9 ~
,,' '. " <XlC.LJER cou;trY'" '" "",',
COU8INED ST:~~OF ~ ~A~~ANGES IN F\JNO BAlANCES
" 8UOOET (NON-OMP 8UDGEf AAV 8ASISl' ^'!P!-GTUAl. "
Al,&"OO'iEFMoCEH:TAL, FUND lYPES AND EXPEHOQ~ TRUST FUNDS
, . ):CATHE F~ YEAAEJlWEDSEPTEMeEit~"I993 ..
'~-: .
aow.r--.. Fund Types
_._-,._t
0, Oenirai Fund _ ~.. 'SpeC~ ~ I'unda - (NoI1-QAAp)
1'; j ;;"' : -/,~ r, <;7 ..Y.adIJa ' Vlllanea
,.....,.. F lYOtable
\~,r" AcIval ~~ ~ Aclu>> (Unfavorable)
..,J; '+1.'. .' 'I
. _.- n ~. _n.. _~ ~"---""".__.,---_...... -- -~
.7 M7 #>> . 41.200.770 ... (1M7.130).' 2S. 171.100 . , 27.216.386 . (962.214)
109.300 ll8O.690 (28.610)
11.500 n.2M (1.234) U7O..5tI S.5CXl.OGO 132.471
11.J05.J21 IS..IH.&20 U53Mt " ...s1.1"", 3.453.175 (1 .0&4.668)
5.251.-n '1JZ2.6C2 7aM7 1 .204.aoo 1.5 79.824 315.024
...UOO J.U? Mf (1".255) , 10'2..DOG t$,S63 (6,304 7)
'"-'*' 1....-at, ..nt 1.P5e,~ 1.1615, HIO 109.880
1 .286.8lJ3 l,0S4.249 (232.6<<)
2.1DS.1. Uti>> . 2:24m . "t46m ,152.319 3.582
71,.101 ~ 75.301. t21 3.50UOI '2.T77.an 41.103.546 (1.613.526)
.... ';'r"i "
8.10Uf2 2U15.b'1} t..., .eoo ' U'7".I10 ' 2.514.135 1.090,475
'2A2#>> 4O.~it 106MM 1.052.J01 7.m-.J30 rn.971
Tn.147 , MMZ .U1.1m, , '. .13.342.115 fM2.712 3~.403
8.088.234 UOO..597 1.287,837
.. '..m' t1Ult1 . ..,,! .J,:...... :211..2:31_ "1'7. t 78 '89.J.4 7,
."
'5;Q1t.1.t9' .' 4.M1;10l5' , ' . 5(14...... 1.221.585 101 .893 519.692
5.734.210 5.504.279 22I.t31 1 .2ti7 .!&4 1.151.681 116.203
.' 30.781.... 30.492.460 295 .2301
I
. \.
7t.3tUfT 74,t11_ ',411,158 16.722.216 56,844 .6S4 7,V7 .562
C7 .521.I7IJ :rn J1IO 7,t1 5."* (23,945.144) (17.741.108) 6,204.036
".J82.380 18.J82..380
15.231.251 15.231.251
'.II5I.2OlI '.211.731 (571,470) 2.4Of.7C3 2.443.151 36.<<8
(' .538,081) ('.2SM.3OI) 243.793 (27 .217 ,3(6) (27,052.351) 164,955
4,-,ttO ~ QZ1PT) '.310.021 ..B1,431 201,403
(3.201.518) 4'-.523
1.B1.- (14.555.111)
(1.14"'77) 11.405.439
14.3M,IClI5
200.560 200.580
(991.1 09) (991,109)
5.'26.599 . 5.614.910
10.781,t10 10.m.t10
7tO.Ja
14.3M.805
790.521
Fund~"end"~ I 7.5611.344' 15.M1.112' 1.381,81" (188.311)'
The -.10'" generaf pwJ)ClM ~ 1UlemenCI.. an -..."""".,. aaarement.
I. OO()'J"~ 1~6
(
(
..
DIlle .... Funda
/
ao....~11lelU FuncUiJPel
v~
,...".".
BulSgIc ActUII ~~
Aua - 9 ~
, 'CapItal P\'GfCU '1IIldI- (Hon-(JAAP)
',. y~
F 1lVOt""
(UnlllVOtable)
., ... .
. 2..2315.100' 2. 17Ut1 . CSU03) .
~
4.111.520
420.200
171,222
7 At5,442
t.201,212
t.201.312
C2.1.,I7OJ
".114
(1U!1O,m)
12." 2.853
'44U14)
(t .021.172)
CUt5.542)
-..au
:""'}.
4.2t1...
1; .:-
?,t ,~..
~..,.
~~
...:.:'-,_..
7.135.154
'}" : -~ , ;
" ,,"""-
2 "
;.
'.7I1.D50
'.781.D50
(U25,-
28Uoo
(t3.DIlU72)
12.117.N
(430.1 2S)
(1.D20"')
(UIf. 147)
._.au
14.031
. ....722. 7.cM2. 153 .
';' "'t",.
100.1.
~
35.cM 1
~' :'~ \.
120,312
t '.1 :,'~j ~
lo
'.
"""'l'.
.' ..
l'
.,
440.212
2.500
2.830.D75
105.000
fell,
1P1!~
7,4'2,011
,1f:2.JOO
1.*'-
13.n4.541
Actual
.
23.241
2.83..501
11O.DIS
'- :;".;-
1,W1~
1.CIO.I40
47.1.
1;211.1as
14..2OUOO
. .
20.141
(1.136.567)
15.0llI5
850.1"
641.719
(115.134)
, t1,.85t
434.954
:::;':. ?,~,)"'~.
SMtf ....
440.212 5UI1_
NO.57. (40.217.>>2)
tt2.leil)
:I
4,1t3
,....
IM1
'-'34.'"
(1.2....10)
7"-.171
.... CIUIO.151)
2I.n4,1Q2
....031
133,431' ft.115.....1).
6
loti OOO...~ 147
'.
"'.' :'~
" ",
23_.511
23_""
,un ,011)
"'22.302
(u..~
7 .355,322
"J
, (2.121.738)
28.734.702
CI4.D38J
Y"
30.305,3(17
30.305 ,3(17
30.740.281
(11,&41)
(11,841)
30.728,412
CI4.D38J
a.sce.t21 . 30....31.
(COHTIHUEO)
(
,:. 'I;
r
Fund~."'OI,.. . 1.527,471' 1.11.... ".127' 11.21'.184' 545.104.248' 45.685.462
n.e ...... to lie ...... putpOM 1nIndII____ .,. 1ft ......1*1.. .. "..1JJej1L
7
.DOIl OGO,.,~ 148
';;,' 111*t\';c-,.",..' "
.'(."j.,' ~.' !'-:;:~' ~'.
\,
. ;:.~ ,
.....
.:T.. , . , .
IClecIIf r _I ~.,.
~,.".....
~.'.Q,l,.l,~ ...
~~..,..
,,....., ..~.
~.....,.
lmipecf ...
~_i J....
,"'rcv' IJ J
+... ............
; ,~,' : -'.~, 1
~.-r.iM'
CwrWIt:
. "........... .. iili~A
; ',~.'.... .....
,..~.MNi"-.
Tf~
b"'r.k ~.
...... ...
o.ur. Ind'~
CIpbf ....,
DIlle ....
TCUI..,. ...
&c.. 01........ OIIeI,'
0IndIr) ..........
~.....
eo... - fA ,.. JiIRlI*1J CIWnIq
btr- ~_. ddltll
~...... ~
~.....~
TCUI_1I1iIncMg IOUrCeI
CiIIIIa
&c..t1I__1nd _
-....... "-'~
......,--
""~.~"'lQcI ,..,
........ ....,....... ~
........ ...,.,..,.. ~
.(' ( ": ,r
'f ~
)
/
v, ' ; ",' ,< . , AU6 - 9 ~ .
" " ~coum-.FlORIOA ,.. " ,
CCMJINED ITA:rNNTQF ~ ~AHD CHANGES IN FUND BALANCeS
';" ' 8000ET PION.d.v.P IUDOETAAY 1IASlS)' AkoACTUAl .
AU~Al ~T'iPuAND~TAtrstFUHOS _ CONTINUED
,FOR THE ~ YEAR ENDEI) ~~:io.1m
, >!:';
!." "-'_'1
Fldudary Fund Type
J,J ) ;'11
~'TI'UIt'unw -~
, "',; ,_ ..:v~.
,.....
~*-J
'",,1 ,;,'r i',j
i,
, lcQr ~andum Only)
Variant,
F lMlI'able
(Un1~abI.)
~,
AduIII
"~,
Act"*
. .
. .
.. 71.272.000.
908.300
5~
24~
8,Y1~
,,:l~~
:~~"l3q
.' "7,4'2,061
1,421.015
{~.., .. "~;01'J
7S.5t4.Q153 .. '(2.8n.t47)
180.880 (28.610)
, 5,,8J3.222 144.424
28.2J4.95i 1.852.599
,7.,102..64 1.214,919
3.188.706 95.506
l .4~.-:11 1,388,201
-, '-';0lI0~ 648.719
1.308.278 (312.737)
...~..m.54 (119.029)
'.2QO
'Me
......
".00.0
~1MOP
ni1,4~~
".1+1
555~
"'....
133
237.108
"'.-
--
,",~..
-,431
2.206.105
m .It1
(182,543J 13U.ce,2S2 138.452.367
J.,.~ ~ . ,~, -f~
1..100 1.102 117.1. '28_,322 , 2!5.801,ocg 3.165.273
7'00.Jt1 AZ2.D05 27U12 51.1..11' ........345 2.101.713
1U43 lun 1 '4.128.175 .. ,10;3,;,. 3;816.509
~.- 112.11I "'.GlI5 1.892,327 1.313,sgs 1.378.732
~ ?'\, , 1..... " " '- '. '. ' :'4iU02. m;767 118.035
."c" .-',--:'o!P.'r --"".--"-,,-
~~ "r;: " ':'1' .,.7W ~ '"17,41' ,.., '-'.:"':. ''''... ' 8.35t.034 5.301,417 1.048.617
".000 ....744 1.2M 1.DS1.0t4 '.720.704 347.390
53-"' Me 23.8*5.581 30.305.307
.' 3I,-.ooe 38.253.510 135.496
1,1'JAa
'''',310
-.,~ 210.151.141 181.254"'4 43.591.132
319.tOO (74.105......, (28.802.247) 45.803.231
".351.04A li.344.180 (12,864)
15.231.251 15.238.251
(13.DlaO.375) (13,ogo.372) 3
32.025.. 31,4&1,718 (541 .878)
11 ,527 (33.194,840>> (33.35t .478) 436.964
11.527 1..1315..... li"1'.111 (111.715)
".127 04.181.531) ".,...D16l 45.685.462
M.D88-'22 ....-'22
1.Gl56.145 1.055.145
(1.055.145) (1.055.145)
(735,412)
(355.112)
13.750 13.750
(325.....1) (31U14)
(311"') (300.184)
(1,oc1.113) (-.-
2.574...., 2.574""
(
~ ;: ..~. ".
AU6 - 9 ~
COlUeA COlII'fTy. FlORlOA
cor,.t8INEo STATDIEHT OF REVEHuEs. ~NSES AND CHANGES IN
RETAINED EARNI'tGS - AU. PAClPRleTARY FUND TYPES
FOR THE FISCAl YEAR ENDEo SEPTEMBER 30. 1?9'J
Pr~
Fund Typa TOC~1
1nC<<na/ (Memorandum
~ s.ntc. Only)
~~..
awv. b IeMcee . 43-,.e07.4<<I " "14.008..572 . 57;418.055
TClQf CIOIrIGng,..... 43.407,483 " 14.008..572 57.416.055
~811*~
......1eMcee 10.mMO 1.785.778 12.539.666
~"".i"'"",,>, 'r_ 'Y32A32 13.111. 2U24.788
DIclw-,Wlll, ~ fl";lrI~ 1~ :' 5.83At3 7.881.i711
,
TClQf c,ler..tg--. ~.7ll5'" 15.540.745 50.246.430
~Ino:rie_' Uot.198' , /(1m.1131 7;1Sl1.825
~...'V """'(_-' ~,' I ,. I:.... ") ..
.....~ 4M7 "'0 27a.060 4~.670
..... ..,... (4..574.005) <23.8 1 8) (....597.823)
1AIlr..... -"lncone Ca'1Il ~ ca. 121) (a. 1 29)
OM,., an ... 01..,__ (127 .QS2) 11.330 (1111.752)
~ from 1nIurance...... ....7113 127.113 173.876
~11iIoo_ Md VIfIII ....027 "68.027
TClQf ftGn...Gptw-.., ,...... (Pp J ~ 471.184 -.. 1180..
Ina:lme ,., CIeIor, ClJ*aang ..... '.17U82 (1.1"2...., 11.030."94
Opeqang IrIrJIIeq:
~"""'ln z.oc 1.215 141.400 2.182.815
()periling It....... our (2ee.t27) (40.000) (308.n72
TClQf ClJ*IIlng "..... 1.772.288 101.400 1 .873.888
... h:onIe,., 'O.J4l.Z70 (1.G40.- '.JC)4,382
DIclw~oI~_ 4.131.J03 3'4.J03 4.454 .808
~ I 'Jec."-4I11,......,...... '....'73 (725_ 14.35t.188
........... .1l.at..1Q 01,.. 45.27".701 2.J3O.322 48.205.o2l1
.....,., IQUlIy "..... our C70.coot (70.000)
~....... end 01,.. . 10.35"'79 . 2. 134,337 . 82.4i4.21 II
The ncu.1o!he QtnIrIf pW))OIle InancfaI ............... J*1 oIl1111lUternent.
,-
.
(J(XJ '.' ~ 149
<
'.
!
,
, 1, ~. i
..
"
t. - . . ,/
COWER COUUTY. nOADA
COMBINED STATEMErrr OF CASH flOWS
AU PROPAR: I "'A'( ruM) TYPES
'FOR THE F'IICAl YEAR ENDED SEP1"EM8ER 30. Il193
c...lIG-.lronI ~~~
c::... ~ tDr ........1."" . " " '
. t' . t 1 L ilia oI.........~...._lIII '
............ ,'( 'M\
c::... ~ '"'*,....,.,..,
-10 .t..~'" '.' I ;"",', '"
c::......, rro. ~ dIpCIIItI
c. ~ tDr"'te~t.,.....
0Ifw caIft ~ (UIIC)
c::... pe,..,....'WOOCllN IMCI'--...e..
c::... ""'** 10 -...,... ','" ". . ,
c::... .,.,......10... 0CM0 .~.....
... aIIfI ~'"
~KMJeI
c:.....frclm.IOII~~ IdMIec
c.......... .......,'...
c::... .......IO~
... aIIfI ~"ftlIW U:t'"
~~
~ ....1ronI eaplIaI...,,.... , '" '"
~~ "
..... .."... on Il)edaI ."1111*"
-...~
c....~r~
....1ranI eaplIaI ~
PnlceIdI tom .... 01 CIIIIII_
........ ......c-...
~* lor c:apbl1CQl~""1 .
..... _1rUr_..,....,.. - ~ IIclndI
PriIIdpIf rtPa,lNIa - bondI
..... ~ - nor..
..... tIpIymenII- eaplIaI.....
..... - IIIcaIIgIrIt ... PlIeS
... aIIfI UIId lor eapIIIl
.,,...., InIncIng ~
c::... __Irom IrMIdng ~
....._~on~
... aIIfI prcMded by
~KMIeI
....,.... ~ eafl
ClIft. Ocklbet 1. 11t2 (inducing
m 1533.080 ~ rlllrtc:tad calli)
CIlIa. ~ 30. '" 0ndudIng
15C..oeo.738 In ~ CaIfI)
Prc:oritI., Fund Types
1nIarNI,
ErclWptW s.w.
. 43,801.140'
.!i9_
455.771
4JI5,44t
(2.725)
(I S,SJ I ,ISC)
(10,1!i2.301t)
( .36.1'"
17,.00.138
1..'"
(1n.2OS)
1.717.712
1.834.171
'.73t""
21...71
21.257
....713
Q3.1T.UC11)
CS,GlW)
(11.123'-
(133.801)
(8,240.5SC)
(.2.m.843)
3.D12..,2
3,OS2..,2
(20.011,(101)
.....11..
. ",770.11"
..
AU8-9~
Toea!
(Memorandum
0.""
1l.111.11l1 13.',1lll5
- . 43.801.140
4I&tMt
~,77I
.' ~. ; ~QM'
(2.735)
(12,11 1.3:11) C28,&42,Sm)
(1.7f@~'1 . (12.m.2f7)
(.36.1 &c)
I'; :
7t.l105 17.5 1 0,04.3
,'}, ;/., [:1'>
...~t.fOO
(110.AlOO)
.' .;..: '!';'''j
"',., . tOt.tOO '
': " 1., '~':' "'!
125'-
1>>,712 .
(110.338)
(115.755)
(28,213)
(&ClI.2IO)
270.54li5
270.54li5
. ,::t.JOt.5t8
(2S2.206)
, ). i
..-_.. .....,..-..,-.
"".~t~
1.834.811
'.721,,"
V ,A7I
153.522
177 .5C5
(33.823.141)
CS,GlW)
(11.123.213)
(133.801)
(1815,755)
(I,2lI8.7S1)
(42.t08.1C3)
3.333.477
3.333.477
(1H.1 tot (20,2.45,111)
7,317.OM .'7',200
7.110.. . 75.t31.ooe
(COHTlNUED)
The IIClIeIIO IIIe geMl'a1 JlUrPOM 1InandaI"'~ ~ oIlh1s 1UIement.
.. ~1J'.'o! JAJU
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......
y "" t'/~'~I,.tr
.~ ,......,'~l..) ",... ~ , ~
. '" ~,1
if
,
AU6 -9 fM
COWER COUNTY. FlOAlOA
COt.t8INED ITA TBlENT 0#', CASH FlOWS
AU ~E.r ARV FlIHO TYPES - COffT1NUED
FOR THE ASCAi YEAR ENOEO SEPTacsER 30. 1m
< ,;, ~,.- "! .-
j Rtc:o.k:luATlON 0#' OPERATWGftCOME TO
.' fIItr'~ ~ BY OPERATiNG ACTMTIES
I '~"-
,." '!
.
~FvndT~ '
.. -'-'" -,,- ' ,n.na1
~ SeMc.
T 0flII .
.~3rIdum, :
0n!Y'
::~ '!.
" 'I . -0' " ,l" -. ~
, ,""
') 1 ,~'-'-'':l,;
Opnfng Inc:Gme ~
~,.".,~,...."" ~ _..~Jt:-,
.-.. ..,........"-,~- "'~.~.'"
U,532.173)' -'7.1..825
. 1.7Ot.1M'
.Adt.,... ... ~ ClC*IIlIlO Inc:Gme .. ,...
-=-~brClC*lllllO ~
DIol 'In\~ ""U'1 5I3,Ot3 7.202.332
. ......., 01 CIClbf Impt~"... I4I.DOO 541.000
.1lICl>..... 01 bond ~ c-. 121...... 131,1oU
"10-"",,,,,, In -=counq tIQlI.*- 201.510 (200.449) 1.141
0.0- In due "011I __...... ..... 141.m 1..7&4
~1iQo II...,.... In due".. __~.~._ (15M3) 4" (15,OS2)
fnc>-t In -..c.. Md___ (200) (200)
,.. IJJJ___~~,.., 1" '. ,..-, ~~. ,231 ;" i ,(7~" (7.83lS)
~ J HJ In IIMrIfory (114.101) CSO.Aso, (11115.158)
mer.- ...~ In WOUdlIrI".,.. C:1I5.G11) '..071 C21I.oo:J)
co.:r-, In due 10 __...... (1.101) (14.1~ (20.2SC)
-.- In 1CCtued...... 47.82 ',3:>> 55M1
.........~ J 111~ (21.101) (12.483) PU,,)
-.-.. due 10 0ItlIr ~"'-.. 121.DM 131.DM
-.-..~---".,.. _.771 _.771
-.-In tIIhd..,...... 10.11' 10.111
II--. In ............. I32.DOO I32.GOO
AccrueiJ~~ .....- ......-
0IIIr 8CCrWd f4*IIlnO ...... CI.301) CI.301)
... e-. low ,...., .. 0C*IIIn0 wanes .at.- 49'-
TCICaf~ 1.721.340 1.812.071 10.340,411
...e-. ~ b1 ClC*IIlIlO ~
. 17;430.1.'
7"'05 . 17,510.G43
(CONnNUEDj
lOG( GCfJ,q 151
11Ia.,........,.,................. ....1~..... ........ 01 "* ~
9
,~iI'l;"'~'~''''';,\-r
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Ali6 -9 .1990\
( COUJER COUNTY. FlORIDA
COMBINED STATEMENT OF CASH FlOWS
AlL'PAOPRIETAiAY FUND TYPES,.COffTINUEOI,! ,
· FOR TllE FISCAl YEAR ENDED SEPTEMBER 0011993
Sc::heriIN 01 NOlleash Investing,ClIpbI..end FI...1dl1O Ac:dlItIes
~ Ole.,... 1henI... non-QIIh_"~.n:_tdonI 01 ..420.201 In lhe-Wal..s.w.t Oislrlc:t Funds.
n-w...s... DtIarIcl~Funds~ c:clnIrII:MIone 01...... from'" o.n..tF1lllld:AlMl Acc:ounc Group
.... _......., COlI 01 $47,<UC. The ortglnIl cost 01, Ole 8SMts..... $53.869 'ldh 16.215 In 8ccumUated
_~L The WlIIer.s.w., DIItttct F\nf. Jna.rwd non-CISh Ioaes on !he dltposaI 0I1Ixed assets. Junked
or.....ClI.wIh. ~...G1....Je. .lbe~ ~ ~............M40m'" $290.880'
In~depr~.. .. J
'.'" ".-, 'J "
The w.co w...Sewer Dhtrld IncuTld norH:aSh Ioaes on !he Ir8nsI4It 01 assets ptXchased during the year
... -- 01 1'1.075,
"-:~~~'~: ", <, :.-~ ',' ".', ," " ".' J""-': ,'" '; 1:," ,':
The sdId WaI1e F\nf r~ contIb.Idons 01.... from .,. GenenII F~ Axed Asset Accounc Group with
· depedlUld COlI 01 532.232. The origInIl COlt 01 Ole 8IMtt ..... $80.045 wfth $47. 813 In aCcumUated
-ec:IIidol\. They ~,~fCt~ m...,0tI,1t1e^~ ofl~ ~ bT+ed~ ~en off Of traded,
wIh.~ VIIIW 01 sm. The origInIl COlt 01 !he 8sMts waj 151.219 'ldh SSO.220 In accumUated
depedlGon.
The Emlfg.ncy Medlc:8I SeMc:ft F\nf rwc.Md ~ 01 UMta 'rom !he Generaf FIXed AsseI Account
GIcup wIh. depredated COlI 01 163.718. The origIrW COlI 0I1hne .... was $71,535 wllh $7.817 In
~ depledIdon.. The EmelglllCY MedIc8I s.w:.s FWld also Inaa-red non-cash losses on the
~ 01 Iud ...... j&ri4ld or wrtlan off wIh deplldIted __ 01 S752. The original COlt 01 !he assets were
14'- wIh 14.108 In ~ cSeprllclafJon.
The Wan:o I*1d A/rpor1 F\nf r~ ~ Clf..... from !he Gener8l Ftnfs FbcId AsMIs Account
0n:Iup wIh . deprec;ieI<<f COlI 01 S 1,0C3. The origInIl c:cast 01 !he ..... was S3,e63 wllh $2.610 In ac:ctJrIlUated
depI~
The DaIa f'r'caufng F\nf ~ . por1Ion 01 r. acIMy Into. new fu1d. A&tomefed 'n10rmad0n Systems.
AaIItI wIh . ... book COlI 01 S2!5.DSl8 ...1tInIferrwd 10" new ln1 The origInIl COlt 0I1heM assets was
$857.351 wIh 525.791 01 pepItd ~ COlt .'~, ~ cSeprllClalJon 01 S305.831 afong with
.. ......10 capilli......... cI S,.....,....... Dilllfemd 10.. .... f&nt. The DIIa PrtaISIng
fU1d ~ 01.... prevIouIIy conIrbAd to 11Im wIh an origIrW COlt 01 165.215 and aecunuated
dep~1 01 $21.795.
The Recorda ~ F\nf ~ ~ 01.... from.. GenenIl FWld Fbcad Aaels Account
Group wIh an orIglnII COlt 01 S73.252. Thne........ pwdIaId In ~ yeat 1993 and transferred
~.lhIrekn ortgInII COlI and deplldIIb)........__
The fIeIC Managemenr F~ lnalTad . non-c:uh _ on .. d1spoaII 01 jwllced fIx<<l assets wIh . depreclated
COlt 01 $83.763. The orIglnII COlI 01....... .... ... ">>.824 wIh ~.oe1 ac:c:urnUatad depreclatJon.
The noIa 10 .. general JUPOM Ilnanc:lllIIalemefU ..an Ir1ragraI P8I1 0I1t* Aremenl
lOGIC om lJ<-! 152
10
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AU6 -9 ~
COlUEA COUNTY, FlORJDA
NOtES TO THE 'GENeRAl PURPOSE FINAHOAL Sf ATEMENTS
SEPTEMBER 30. 11m
.,'
( ,
H01'f t . taIl&l.\RYQfi,SIGNIFr.ANT,ACOOI.JNI'IU:1;f'CllJaFA
\, t' ,r,-;.... , , .
.n...aa:G.r1IIng Po.I;IIa,~ ,..,~~ QI~~~ ~ c;c..~. FIorlda. h;we,been
~.., 10 ~I,Q;QIl.4~ ~,prlI~ "'~I.O,~~. In
~..... wit! !he ,~~~"""~~~, (~~ ,.Tha,f~. laasummary 01
~"".~'~''':'''':'I ", .
~::,!":'J""'( ',.1':-)(-,<' .'" ,~ -::' ~;';:':;;l.
A,. REPOAI-<<l ~,;, U :,'. '.' j',,'Y':",,'.\ ,L, , ",; ,I d /"
':. ,~, :"\;"{" :,.~,.,~ '" ;':',:,'<ito: :",~ t',,;;, "".,:C,i''';;, .~
CClIIIr Cowlry II · Non.a.,., Couity estItJIIIhed Infer 1he ~ II1d \he laws 01 \he Slate 01
FIorlda. There.. Ilx oIIIc:ft ~ CClnIIIrlng 01 \he Boetd 01 CounIy CommlsIJoner.. CClmpOMd 01 live
rnemc:.lJ; Oert 0I1he ara.. Cowt; ~ ~ ShIrtr: ~ 01 EJecUona 8I1d Tax ColIecwr,
The Bo.d 01 Cou1ty Col,,,,~,,,,,, ~ wlltlIn shgfe tnII'ntler *ricts. The remakWng live otrIces
"1Ieded Cowlry~,
The Bo.d 01 Cou1cy ~ II IhI ~ body for CClIltr CounIy end IS IUCh, budoets and
JIrowIdes II 1he 'WIdIng UNd by !he ~ ~ 0fIIc:es wth 1he excepclon 01 fees CCllIeded by
!he a.tc 0I1he Clrcul Cclur1and 1he Tax CoIectclr. Under 1he chdJon 01 !he Oerfc 0I1he ClrcuIC Cooo.
IhI ec.r CounIy Fnance ~ 1NIntaIna!he IICCOWldng 'Y*m for !he operatlona 01 \he Board 01
Cany CommIssIoners and 1he ~ 01 a.dJot.. The a.rtc 0I1he Clrcull Cclur1. Property Appraiser,
... and Tax CoIectclr. eech INIntaln 1helr own IICCOWldng ~ The opetaCions 0I1he County as
11IIIhaIe. hc:MwYer.1ndudIng IIIhI ~ 0ftIc:n, ,..,. bHn comtlIl..d In these lInInc:faI ~
',,;'-l..t_.,'} i,
The ~ ...... 0I1h1 Cou1ry Indude II P..",...1CII1&n:dorlt and operaclons ~ by or
.....,.. on 1he Cowlry. In IddIion, IhIIrW1dIt ...".,.. ~'''P.I",,,,1CaI fln:dons and
opeo.... over wf1Ich IhI eo.., ,.. ...... o.~. ....~. ThIe II ~ on 1he beslI
01", cr'"..... /ndudIng. bill noIlrnlIed IO.IrwQf ~~Y. NIedIon 01 goyemi1g athcriy,
~...... 01 ~ Ib1iry to s91111ta1ty InIuInce opndons and 1he ICaU1CabIIy for fiscal
......... At::t:adIntJy. 1he fInenc:W ....... Indude II 1he IIeded oIIiclBIs referred, to abcNw. Ik1ce lhe
CorI".~_.II. '"POi'" for 1he rewtew Ind IpprOVaI 0I1he.",.., optr8tw,g budgec for ad1 elected
oIIIcIIl The fInIncIaIllatemenCs IIso Indude wriouI specW tamg ~ located wlltlIn 1he Cou1cy over
**" !he Cou1cy hu budgtcary and fIICIII fI'IlII-o-neq 1Uhorty. These may Indude. tu .. nee lmIled
10 1mp~1t DIItttcta. SIreec ~ 0IIutcIa, ~. ~ and $,eMct DIsttlcta.
'lOlI en),.,>! 153
11
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~~- 9 !M
, COUJER COUNTY, Fl.ORJOA
NOTES TO THE GENERAl PURPOSe FINANCIAL STATEMENTS
)' SEP1:E!!C~ 30,1993
':.' : ,." 1'1' 1'<; r" - ',~ . !.
;;'" I
NOTE t - SUMMAAY,(JF SIGNFIOANr M"rrW. JNJING POUCIES . CONT:1MJFD '
A.1IEPOA11r<<J EH1lJY'~!" ,\" i,.,'
~ ;. "," .' ,.? ~.
'.1\''''i ,r;
. '
n.,...C*tain~JeoII""',"""~",,~ or~~ Ihelr own
gCJWI/l.'_UI ~,1lI1d ~)'n.-...... ~,.. o.qC,klducIId,1n '" ~ ~
",_ fallows:
, "} ;. ') ~'! .; <'0;." :<1' ": I i'1!
,-- Aa.ndM . The Boetd 01 Colny Commlaioners ha no 0YlI1IighC rnponsNlry 'Of !he Souh
FIartda W.. ~ DImtcl. lhe sag Cypr.. BaIn Boetd, or !he Coller C<xny Housing
,~. The~~~,~~,~...~,~~~~.Ioc"
~.... ~,~.,.~,,,~uiitng.......~ ~)'~'~"cloa,AOC haw
"'~CMII 'MW''''I'?'~~WJona,..... ~~~~aod does nee
,~dher ~~~,,~.........,,~porUonof cr.,~'~,oIlhe.CoIIer
,CowIryF.~lI,~,,~#,It,8oInf0l~~~~.~
,bJ the... 0I,~,~1n"'1~ ~of ~~~.,If)e,'Fai' Boetd Is
8lX:OU'UtlIe 10 the SCate,
DIIIr1d Sc:tIM Baud 8M u.~ . The CcIIer C<luncy DIIttIct Sc:hooI Board, lhe Ofy 01
..... 8nd Ewrglades Ofy.. sepnIefy ~ klaII QO\'....._~ for wf1Ic:h ColDer C<luncy
ha no ~ rnpol....-,.. The ~. 01 IhIIr 0CJWl"'W bodies are el4IcIed by !he
1alcpI,.... They ~ IhIIr own .... 8nd .. noI 8CCClU'IIatlIe 10 lhe C<luncy for fiscal maaer..
t;( 'f I
hteoe..dtrri Soedaf Dllfrtdtl .1ndtPIi..... cIItrtcts nloc:al ds 01 special gcMlmITlent
c:rIlIIecIlor the JUPOM 01 perb"''W ~ U1c::IIons wINn Imbd bcu1darles. and whoM
gcJ\"el"'W heed Is 1f11ndep1l~ tfed<<f body Mae budgie II na~1shed Independendy 01
ec.. C<u1ty, TheM ~ specW dIIItfcts lor which lhe C<luncy has no 0Y8rIlghC
respo.....f R:bfe: CowIIough w.. Corvd DtIcrtc:t. OMs Garden Water Control Dlslr1d.l8fy
Connu1Iy 0evII0p'I..... Dtsb1cI. Port oIlhe I~ Connu1Iy Improwmenr DIstrict. ImmokaIee
WIler 8nd Sewwr DImtcl. Coller Uotq!.-o ConIrd DtIcrtc:t. BIg Cortcscr.,. Island FIre Control end
Aacue 0IIIttd. Eaa .... Fq ConIraI '**t GddIn 0... fIrt',CGnrat Met Rftcue 0IIIttd.
IIMlOWw fire Contrd 0IIIttd. MIn:o w.nd FIre ConIraI 0IIIrtc:I and the Nor1h Napa FIre Control
DIIIItct. '
Fmat AdhottIH . The ec.. C<u1ty HaIlIh ,.... ~, the CdIIer CowIry InduICrtal
D.'l..,cp......~..,the,HouIIng ~~oICCl11erC<luncy..~ ~
SU* bodies. Ct.-.:t 10 InInce ImIed Pldc ........ ~ lhe BoIIrd 01 C<luncy
Col........... does eppoInI ~ 10 lhe ~"... boIrds of IheM 8I.ChortJn. . cloa nee
-* UhorIy CNfIt IheIr w.rw ...~.. does nee ,... tufgNty Of Ialdng dIorIy. 01
",,~ 10 fIrwa dIftcb ifili mey OCCU" 8nd/0l1o prowIde opIlllb. IIIbIIdIeI.
... 000...,).154
12
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-...-,.........--...---
AU6 - 9 !M
'COLlJER, COUNTY, Fl.ORIOA' i,
flIOTES TO THE GENEJW.-P.URPOSE ~,~!tT~ta~ :'
, ~R30,1m '"~
NOTE 1 .IlAIWAAYOF ~ lICCCtJNnNQ,pa ~ _ alNTNJEIt _ i
iJ.8ASIS OF PAE!EN'rATlON' " ' " I ." "
The 8Cccutulf lbt ecur.y'.. Clo~6.d on lbt R.- o"undl ertd'8CCClIClftt: ~,.aICh 01 which ..
cOII.fdt..:! a....... accounInO.ey. """'.,..,.,.... ~aI'JW,twWbeen!dMlgtl8d to comply
..... II fWqlAr...wc.ot ..,.,A..... bClndrftClllllcn. The operaIIcne 01 each fInj araacccxned lor with
'. MC oI'Mp8IaSe ...~ ICCOUlCs compiMd 01 ls/aMts,- IIabIIles, equldes.' revenues and
~~/~..... -~Otoo"" n.,~"",,,,~ by,llypeillt'ItIe.IInandII~.
n.'a.a.tllg,~~.........WCM>>~~by"".~ i" ','.
GOYaV6tEHTAL ~
0...1 Ftnf . The o.n.aI FWId lllhe ganeqI ~ tu'Id 0I1he Cany. ~ general tax ,..,.,.,.. and
ClIfw ~ 1heC ara not rlqlftd ..,. IegIIy Of by gentrIIy ec:cepC1d ~ pr1nc:lpIes to be
IICCXUUd far In CCher ..... are 8CCOUIted far In !he GenerIf FWId.
o.n.aI opeladng'" ~ Ihe CIIrk ~.. qrcua Ccut. Properly AppraIMt, StwII, SuperAIor 01 EJeclIons
and Tax CoIedor raprIMnl ......,ClI... ~. G.nnI FWId 1heC ara held and 8CCOU'Iled 'or
1ndMduIIy, tu pr....-.ted heretn wIIh .. befancit 01 the 808rd ~ Cany CommiuIoner.' General Fund,
SmdII...... Ftnts - SpedaI...... F1nIa....., 10 8CCCU'II far .. PfOC"ds, ~ specIIc rewnue
,::.~~- ...---.... OI......~.~ MS**~ because 01
,... 01 ~ protttIb16 <<-i.......... 8CIIcln.' '
o.tr 8eMca Ftnts - Detll s.Mce F&nfs .. "".,10 acaUt for the ~ 01 nIIOU'Cft for, and
lbt peymenl of ptndpII. ~ ind ClIIw ~-.... ~ Iang-c.rm d'ebI. OCher 1tI8n bands and notes
~ from the ..__'of Prop1Itary Fu1dL ::".', , ::
"." ;J '.'
" ~ ProIed. FlRM'. ~".. f1ftta. ~,k,''='''',follnlncill rescuces 1l9ega!8d for
Ihe ICqlllslb1 or COf1IIluc:IIan of rnIfOt apblllclllel aIher rtwIlhoM lInenced by Etterp1M operations.
to. OCO't'~I55
13
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AU6~9 1I't"
" , COUJEIl COUNTY. FlORIOA
NOTES TO me ~ PURPOSE FJNNK:lAl STATEMENTS
,,' , SEPTEMBER 30. 1B)
l f' r, ~"
lfOTE', t" tIlJIAU.RY,OF mnNFICAHI' ~ ,fPQt 1nAl. CONnNUED,"
P . BASIS OF PAelEHTA11ON,.CONIlNIJEIit ", ",
~~' .
~ ~ !'
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F~Fdm .~~....~:~f9,r,~.aIk!-~.....~~. ~ 10'
a ~..,..., 10 ~,~,~ ~....."" ~.,.,~\~,!I1lt'1~'~ )
~_~,~~,~'~'~~~~;~lpq,.~,~1;Ie
~~ Ihr~ ... ctwon. 01 wtaere periodic ~".1tIdon 01 rewnun earned. expenses
~ _/01'* Inc:ome II deemed .......OPrllIIe for'" rneIrUNnCe. ~ policy. mSlleOemenc
~.,-,-+~,~;~~~ ,"t, ",~ , "~
il',~,)! ,;r;':;'":':'''; 1~'''''';; :1, >,,'r....jt 'in ,-\:1'
~ ,~ Fum . Jrqrl,W SeMce F1M1ds .. UMd to 8CCCUIl for Itle 1Ir..; QIg 01 Qoods 01 seMc:es
~ by One ~ io ortw ~1nWU 0I1tle CcuICy 01 to oItler gayemrnenIaI .... on . COIl
.......... ....
FD.JOARY FUNDS
~ -WM Trull Fu1ds . Expe IdatN Trull Ftnfs.. OIl-tilt UMd In InItances whereleg8ly mandated
01.... . forrnIIleglllrUIIe8 ~ IIHp edIla. M ~ IN prfndpII _ Inc:ome "Vf be expended In Itle
co.ne ~ .... deIIgnaIed ~olIb... . ,
~ finis. A/;ItIncY Ftnfs .. Cl~ In ,... .... 1qUIII1IIbRIn) - do not Irwdw
. ~ 01 reNts d operadons. A/;ItIncY FU1ds are dearfng 8CCCUIlS for aaNta held by. ~emmenI
as In 8gltll1or IndMdUlIls. prt4Ie 0IW-1uIIoI1I, oCt.- ~ 01 oItler f\nSs.
ACCOUNT GAOUPS
~ Fad ........ a........,. GmuD . ,... ~ .,. II UNCI to ~ lor property. pIanI -
,~ naI UMd In proptICaty U1d ~~.. Alto. Ddllded from Itle g.neraI nx.d aaNta IICCOlR
WCJUP .. ~ ~ 0I1nfraIItuC:Ian. ..s,...... IUCh as roeda, bridges. curl>> and ~ lit....
and... JI' t. chlNge sysaarne. ~ .,...,.. and .... ......1haI..1mmovatlIe aid d VlIIue orIy
10" CcuICy.
~ lJn).TInTI Debt a........,. GmuD. ,......... .,.,. II I . 1~ to account,fGr IheJonO-Cenn
dItlt.lncIulIng caP'~ ..... and 8l:CfWd __oo4Ilf .n ;'I......... II bel::Md by CheCcxny"a credl
and ..... gIIIng pawn.
'-.j
lOlI (0),.,) 156
14
""""'lrr'l""
,; ;~~ "~Ii ' '
'''/r'1 .... .::
r
..
j,'
" )
/
"f.r' "r' ,;
, ': ~~,.~,:9 ~
, " " GOUJEJ\'Ci:OUN'tY..~ '." ,"", I'
~~1;O!~.(l~PUfi'PO$E, ~ ST~TE~~S .
,1',:",:""" ~~,.,'~ ".' ,,'i:I''':!.I.!~'
. ,.II"'''':: .." ,- ", :Ji ~ ., '. ,~ ~.' r f:' .
""-, :..,'
,,".~ > '"
Ball 01 ~ '....10 ~ rewnues rd exptrd.... 01 expenses are ,ecognIzed In !he accounts
end repar1ed '" IN..... HI..... .....'. ~ ....., 10 PJe' JIfWnG, DI, y-.mt8IU'..".u
..... ,~df"'c:lJ.",.mlU ~~~'" <. ,; 'f, '1 ,'r,' ,rj "J'
. . f..". , . ' ........1 .~: ~ ~ ' - "" ~' .
~ fI'IOdI*S KCtU111laII oI..:coundng II tclIoMd In IN au..,........ Flrd:t"ypes and F"duc:laty Fund
Tpa. ~,~~~~~,~~...~~~.,~plldod
~ ,"'*" ,they" ~,i!lcllb,~ and ......,,10 ~~~.Qf ~c:oo" ,~.
.a"._ ..,. manI ,~...,.~ cur" pedQct;or lOOn ~ 1hef..-1Cl be,~ Ip pay ~
fA .. CUJenI ptrlod. Prfrrwy rewnun . including IpIdII .....,.".,u, IrUfgayemrnerul revenues.
c:Nrgn for MMca. ,... n ....... . are .,...., .. ~ 10 KCtUII und<< the modified accrual
t.II. Pros*IY:~.~~r IJ ,~"'li",~ M. 0Pwr~~~...~,~ ,~ed
.......~,~ "...,~..._"'.~ 1O~,~A!S;lII"H~,when
....-..cf bid ~..~:' ~ ~~;~,""1nduI>>: (1) 8CCUt'I"dated sick pay and
vacIdcn pey. wt1ld1.. ~ In" genIfal ~ detlC ICCOl61C goup; and (2) prInclpal and Interest
011 glnlfJllong-Carm detlC wt*=ta II ,-+lIbd when due.
In ~ the ~-tcHICCtUII ~ 10 IrUrgayemrnerul r.wnues. !he legal and contractual
~ 01 the runerous IndMduII p10glMII are UMd ..~. There are. howvver. essentially
two types 0I1hese r8Wf1Uft. In one. monies mull be,.pellded 011 !he specIIc pu-pose 01 project before
",'._. f I ' "
.., ~ wi! be peJd 10 the C<xny; .,...: rI'ierIU8Iare~ed baed upon !he expend1tures
NClOIded, In the 0CIw. monies are WtuJIy ~ .. 10 purpose 01 experdure n substanllally
~ L... tltYOQtlIe OIly for..... 10 comPY wth ,..ete:tbd ""'....a ,~emera.1UCh as with
.... ..1pIoymenl oppoI1Y1Ily. n.e mcucn are rdeded .. ,..,.,.. at the lime 01 ~ 01 earfIer
IIhey rnNt Ihe IIYaIabRy csbrton.
PloptlJlaly FW1ds UN the ICaUII ball 0I1CCCU11lng. Revenues are recognlzed In the ptrlod In wf1lc:h they
......, and ............ .~~,'~ ~ ~ NMce"""" oIb County
........ DtIIrIcI......... _.....Wj..,. by~"'''IO~ "~1If1I -. '
'The ,......,.. foc:UIlIpJlIId 10 go.e.. ..,.11II Uld typ8I and 10 expencIatlle lrUIt U1ds II !he spending
0I1rW1d111ow mea&nmIflt Iocut. 0rIy cur.-. ...... and c:urrenl ....... are get III Illy IncIucSed on
.. bII8nce Iheel Fwd bII8nce II c:o.llJldeltd . "..... 01 8Yd8bIe. IpendatlIe 01 epproprlable
NIClUC8S.
'The ~ foc:UI applied ID . pi""".., bid type II .. _ 01 MMc8I 01 c:apIaI matrunance
.......,.,. foc:uI. M...... and.. ..... (amnI 01 noncurenI) are Inc:fuded 011 the bIIance sheet.
f1n' eqJty II ~ InIo CClI'IIrIUed CIPIII and rICIIlned .mngs.
.. OOUl,-,r 157
16
I' <~.i ";I';;'l'J~l~il~16i
, ~ :~~,:.: i~;;_:';t:~t~,;t;~,~~,~m:m
f
'.
," <~""","",:"':r":::'.~:1",
; t~ ')1 t ,,"';'1" ,- '; :~-", ',,'?,~"J ,~,' '
i.>' ':r-;'"
.:1,,-J!1 ~ ""( t',-;~"'":.: r;' ;'l':,~' l'U,
i ,:.p ;"~" ,. ,;'
. I '.r;J' ~" t ,.'~,;.".;
l''':'' I ~'r\
,,',,1>,, ~ L.,~, '", r'
C '"l . .- ';: \ '::'.r:
-----. ........... ,.'
, d. ".",!'-' , :;:1 /'n ,j i', i i h~.
~ , .::. ,,' ",
r ,- 1
AUG - 9 ~
,,"~, "",~L.~,,;,a,.--...... ''''.",'.r'',."" c, "
";,'.. ".",,->,~. ',..t'....'f j
NOTE.$,TO ~~" FlNAHCIAL ST^~NTS
. "J "aEPTEMSER'30. 1993 "" ' ,
f"'i '.ir.-:U . J ''<1.'' i:;- ,'j:' ,,: !~ ,', "'/.If;~;-':, f:;
~ I . .-.am OF _.K1.Mfr-~wnNl1'f!OIltWIa. ~:! ;' "r
D. ~ NfD BUDGElM'f'DA'JA, ,U.. -" . 'f.","'
:i\'r.' L ~":r.,:,,;~j;~., 'r~'iO!: i',,':;~ !~l!~~;t. "_~j,'-l d"
TheIallc:Mll.....1he .......,'~by 1he Bo8rd d Cou1ty CommssIoners In ntabIIshlng
.. budgIt:a for 1he Cou1ty;
'.,..,j :,r;p("ro"!"i .~: j",,,,;< :"('.~H
.'--1'/. :l"';,:"
~. ,,~ ,
.. /'. ~:, r, r-';;--: r."
I) WIhn 15~...---..._the-.h'llk..m;"IClI,by ..Prop.ty ~j,1he Cou1ty
BudgIe omc. ......... ...;..iiI.....to,......dCcu1ty~ .......budgIe
lor.. .........,..,:r'" tufgII'IncIudeI-AI ~~"""IO.(bt"broughC
forward. q.. nUmaled ecpendIlnS, teMI'WS and b8lances 10 be carrled forward at the end
d the ,..., as IpecIIecf In Secdon 12Sa.03. FIorfda ~
2) WIhn 80 days d lhIt ~ d WIIlue. blA noI ....... lfwI 85 days aftar cer1IIcadon. the
&o.d d Councy Co.Il........,. holds . sunc harfng on the Iar'UfM budget and proposed
mIIege,... AllHs '-fng the &o.d d Cou1ty ~ 8m8nd and adopc the tenralIve
~ ~.. pI~ mIIege rD. and announce p&tA:fy the percet1Cage. I any. by
wNch 1he tKOn'lpIIad propoMd ".. ,.,. eaeda 1he ~ rD. If 1he dage rats
~ adopted eaeda.... plop....d. ~ tapeywwlNnChe ~J II nodIed d the
Inct8aM by h daM mal. al1he ~ d 1he &o.d d Cou1ty ~
3J WIhIn 15 days d 1he nwclng ~_~ budget. .. Bo8td d Cou1ty CommIssbJel'I
aMrfIses 1he Cou1c(. .....101IdoIlf a... budgaland"" t8la.
.c) A pIAlIc hIemg II hIId by .. Bon d Cou1ty COl...........1o fhIIIze Che budgie and adopc
· mIIege tale. TNI '-fng II hIId noI ... .... .., days 01 men Itlan 1M days aftar the day
....1he ~"III1" ~ Theedopdon d..... ~ prior 10 ~30.
and ~ levy .. by 11I** __ and rn no IVWII II ... ~ ,.,. adopted IlIow8d 10
exc.ed "1enfaIWy adopted mIIege tale.
I) The ~ appco...d althe... hIertng II bNfd.d 101he Prq)erty AppnIIur, Tax CoIec:Ior,
and FIorfda [)epnne.1I d ~ and noIlaIar than 1t*fy daysfolowtng the edopdon d the
~ 1he Bon d Councy co.Io'~.1 C*1IIeI ro 1he State d F1orfda. ~ d
....... DMsIcn d Ad VIIcnm TIX .... . has c:ompI.d "'" 1he prcMsIonI d a.pear 200,
Fbtda SbIIlas.
,,: ~.,.
... OOO,~.! 158
II
, . ..-
'.
. . .
(
ri.1 !
.' .
< "
l #,
,. ,J: I: 1" ":,Ii-
j' t
I:: '~ T '~".' :- r 'F
"
.._,-....:....-"""~'.:.-<:..............
,'e'
- -_.~-.--.......~~~~_....-..--,......_....-.-"...,..~." .'..,....~-.
, cCou,JER COUHTy,'A.omoA '1:AU8.791M
~s T9~ ~~~~~,~~!t~E~~.:'
'. '
i' 'I I
~~~::=~.~!"'~.',: ,j~':,
f5) Ourtng ~ ensuing IIsaIl y.r, !he COU'1ty ManeQer acts on lnCtadepat1menla1 budget changes
IhII do nee _.!he lotIf ~n d !he depar1ment. M oCher budgetary changes ar. acted
onby~.~d'~~/I1.~~ T~.bl~ry,,~pr~
henttn~~by ,q",E!cwd d,~C9cjlli~I8l~,~lIJI UleY.~.~~~~ '
Aor1da,~ Thf'--~~9',,~~~,~~~dlA1rlg,the
IIcaI ~)lQ, ~.~Mj, " ", .,.
7) Sec:don ,~ "F,IiQrtda........ as ~ IdeeS In 1 Q78, prcMda !haC arty expendIu-n In excess
d 1otaI'1lri3 ~ .. &dnU
,'.:.'
F~~~~~"':W;:::'~~~i~~rh,f~1~foralJ~
~ 8udgeIs ')':"!''-'' J~ "".~ .':, '''''~''':a.!,
8udgeca'" ~~ by'" ':;:d~~~".~~~~,~lor ~
~"'IhoM~~In. ..,12. The".~IPd....r-:r]:~~fadopC~
fIl)r"* Gen.raI ~ Indtpende.IGy d!he 8oerd. The Oertl dIM ~ '(lb the exIenC d his
I&a1dfon as ex ~ an 10 Ihe 80erd .., Ihe emcuu d hlI '" 1IrUcU. as Oertc to Ihe C1rcull and
CcuIIy Cowts). "-If. 8nd ~ 01 EJIcdona ~ tufgers tor IheIr GenenII Flnfs which are
Ulm1Ied 10 8nd ~ by Ihe 80erd 01 C<u1ry CommIuIoners.
Ikdgecs .. 8dopCed on . ball CCJnIiIlenI wfrh Q8n8nIIy accepted acc~ing prfnclpIes for aI
ao.....Il.._1C11 FWlds excepC as detcr'-f In Noce 12. M apptoptlarlonllapse"!he end d!he awr8t1C year.
Capbf prefect COIlS .. budgeted In ... ,..., they .. ~Id 10 be otlIIgated, ,In ~ yeatS.
... W1UIId budget II r.~o..."'" .. 1M ~... ~ ProprlNty Flnfs .. budgeted on .
~ ~ wfrh Q81.-., accepIId ac:c:cu1IIng ~ excepc Chat caplakelated and debC
1n.II........... bald upon cah ~ and dIItuMmenu. ~Id begll...." fU'Id balanca ar.
. COl~1d In Ihe budgecary prOCfta. DiIf.enc:ea between es1msr.d beg/l.i1lg fU'Id beIatlc:es and acfual
'::r.~~IC*"r~at.~Io~~~;~".,n.ldme.1lS. " , ,
,;~.~
,'. ,
;'" ~.o.~ 8CCOU1dng. ......" IUd-. ....~Iobe ~. 8nd oCher conwnImenIa at.
. ~'lIlC:QIdI.d.. ~ 01 budgeI. .. .I~". ~oI,1he ~ rwquQd budget process;
, .~..... Ccu1ry'. ~ 10 honor 1t....nCl.Ilb._..~ prcM:fId In !he IlbNquenc years
,~ ThtIpP,f~ b1d bIiIInce,1I ~'~..~ ~fot.thne ~.lCh.
f '. ....c .
I". ,I ' . '
::;.f'r~AM)~~~" " " '" '. . ".,. ",'
.~'.... ~ In .....~:C!f!II' ...........~. '~IliI:nIId,& ~<<f',~ on the
:~ b1dIlIYftOedaly......... c:a.trpod. InVettmencs "lIIIledatcollt'WtKh 8CJproUnal..
nwtceI -- excepc tor deferrtId COl.~ IIatlon ~ f\n!s which are repot1ld at I1'Wbl
CIIh ~ art -- ..'~~ hIgt'Iy ~ .,......."""*........... 0I1tne I1'ICI'lIN or leu
... .. ... 'JIU'Cf:-,l ,tit ~.,."" IndMduII .... eqUIy In pocIId c:ah II COIllldettld 10 be . c:ah
.......
e311r 00,;, ,I j 50
'. ~;., : '::'>':;.' ;".; :. ,"
,,""_,,"V<','
:-';i"[::4~~ ~~,,,;.
" ~ "t ;. ,
1'>,~."
, "" COLUER COUNTY. FU)RIOA,:.
NOTES TO THe GENERAl PURPOSE FINANCIAL STATEMENTS
, '" ~! SEPTEMBER 3O..MIIlG ; , ,,;,'~';"""J
AU6 - 9 V1t
'.r".l;:,
".. i n '.~ : .n
! ,_~:' '''''':j f li',...
NOTE ,:..~ a; "1AClllHT' ACCOl.NT1NG POlJC&- CONTINUED
'" \"'rJU(~
...~lfTAXD
f~~"d~.rl~!
Property... bclme _MIl pey8tIIt on ~,I>.I 'II 01 -=t'I ,.., _ become deIInquenl on AprI
'II 0I1le1olowll1g ,.."', ~ on prapMy..... nlllirNlllcl tar,..,... mIde prior 10 the AprI'.
.~ d8Ie .. ~. ~I_ -........ 0IeIn_ - ,~......, ...ft" _ FIbrwry - ,,,. Tax
(lI(JIIo ," r I tar the U 8mCUlI 01 .., ...., ..... _ .IJ J j'. ';... mull be Idd not .... ShIn .kN ,.
oI-=t'I,... Ho ~~.!he property IaXIewy ~~ duI.. """,,,ot>.. 1W3 It Jnduded In !he
4lOCCl'npeI~ Irw1CIII ........... lira IUCh ..... n CClIeded to tIrwIce expendIM.. 01 the
.~ pertod. "..,
Property..... (~.... _ . COtI'~d"g ""'a lor UlICdec:IIN property....... not Induded
In ..1rw1CIII ......... .. .,.. n no ~ ..... . 01 ~ 30. 1W3.
K-r dIIes In .. property laX c:yde 1or..1IcIII ,.., ended ~ 30, 1W3 are .. tc:tows:
0' J J J II 1*11 n:lI c:omPIed
r 1I1111W11 n:lI c.r1IIad
JInwry t, 1.
Ny 1. t.
Ho .... INn sa days following
cer1IIaIdon 01 ......".. rei
~ nIIClk6ln ~o..d
~..oO oIlIIaII ,..,Ior
"'*II .... ... been II\IIId
T_ due_ peyItlIe
tMY d*)
PIqJIIty... ~
IIDInun dIIcocIlI (ftJ
Due dIte
0IInqun (UIn DIU)
T..~ ...
,i~1~t.
", ','
NoMil_ t. t.
>>.... ~ o.te
M1rd13t, tBl
Apt t, ,_
PrIor to JUl1e t, 'BI
20
.. om 'l'~ 162
:' ~~.
(
,
I.
~"",~<,;.r ,. ,,1
'\'.f., ~';';~;-
.f
," ,
._~~,..,-----..............-....~. ~"..
COUIIifl C(Um', F\.ORIOA.
r,!,~TO.~,~~ST~~S
(.,,~ "".1\-' , "-~"l"l":;'~' 1~_,:,.: r~ /'''1 "1".
AU6 -9 1M
\ '. :'! ,'~ !'." p' : +
, 1 ~., ~ '
NOTE 1 ~ SUMMARY OF ~ ACCOUNI1NQ POlJOEB _ COHT1NUED
N . ACCRJEDCClFENSAlm ABSENCES
· II.. CounIy'. ~ 1O,....~_tO<~_ ~,(UJ1berol,.'txxn;oI,Ul'1UI8d sick
......, up 10 ~~.of 4-...i~""""""''''~..~mey.~ ~ ,lick
..... ~,~,~....# ~Gf,...,..'the~~oI~.tftcI!:""~11ncr~
.~ JIll up 1O\~_'20~4.w:.-~~ 8mCU'& 0I1Idc Ie8Ye hcua that may be paid ._._.
to an tI,~ lI'em"llIlIk"., It UMO hcxn. Upon ...",..6...,~.,. grBnted 1~ 01 dowable
.WCIIIon ~~II;!e'_~,..,,,,...'fGrI~,~J~~_~~~. 1993. ct:-1IabRy relatJng
to unuIed lick Ie8Ye 8tId the U 8mCU'& 01 ..... unuIed YKadcn Ie8Ye Is recorded In the accompanying
.1rwIdII ~,~)~!.~,~_tl;f.l~;,~~,~ ~ 1yJlI8tII,.,e
.~ded In Ihe,~ L.qng,J",""'~.~ ~\'~,_.rlKMr~, Ihell4ll 01 ~8
1J*~~..II!Ie~""""'r"l ,.,C. ';',': " "
Fot Plop;.... 'f FWIds, the w.y tIIIIed 10 ~ *Ie n WlCIIIan.1e8Ye It rKOlded In the accompanying
Inanc:lllIIIIIements .. . ~ 1IbBy.
0- TOTAl. COlUMNS ON nE COMBINED STATEMEHTB _ OVEJMEW
TClIII CCUmI on the eo..~..d""''II. . . CMMIw (0tnIrII Pwpoee FIn8nc:W SIaIements) .,.
~led "MemoII.~ Ott( 10 ~ 1hll1hey.. pr...ced orIy 10..... &w1Cl8t InlIfysIs. Data
In .... CCUmI do not praenc lrw1dIf poIIIon. raUb 01 opIfadone or cash lows In contormly wllh
glillIIIlIJ ~ ICCCU1Ilng pdn,... n llliCh'datalt not compatlItlIe 10. COf~ Interfood
4,'..4... ,.. nee been rNde In 1M ~~ 01.,. data.
P.INI~T COST
. ...... COlI It dwged 10 Illp8rW or expetldlan .. Inc:&md. axcepC for rnrernl capbIzed In the
.~ Fanft. In IlCCOfd8lI1Ct will" ~...~........ d fftnc:W Ac:ccu61g SCandatds No.
. ~. ~ ,d ".... eo.... n No. a. -c..,.~ 01 ....... COlI on CertaIn Tax-Exempt
;'Boi,~~ n.~ GItIn GI-.U,...... ~.... '
i,O -APPUCAnoH'oF F~~~m PAOPAIE,MYfUNDS
:/'" ,. ',-.. " "':.-,:.;,:+..'. .:.- ' \>,.," .
The Ccu1ly hat tleded earty /rnPemeI1tdon 01 the povItb. 01 GAS8 S1atemenc No. 20 wit! regards 10
the~ 01 FASB ~ 10" pt~y fUl1ds. In 8CCOIda.~ wllh GAS8 SlaIement No.
20. !he Ccu1ly has tleded 10 not ~ IhoM FASS SIIIemeru.., /rQrpretadona Iuued IIbr NoYember
30. 1..
21
.. lXJo't.-! 163
~i1~Y,i?;:~'~:'?~Ei:~i'~;i~t'~;:;: ::<~ ..
, 'I '~~l*'';';I'''A1.. ,. ,<. ~~.'.. ...",;'lj."I..~'~~,'( I' ' ,
~~'I .:... '-'" ". '.~ :.r'~.f\~"~::;.~~',.~':tJ,..: " ::t:.~_~..~~~_:,/:'#'~ ,', . ~"
. >"...j "I,;~.~,,:~~::}.,:~~~~~~')'t:.~-:,;.,.,:t;?;~:;;il:t:.;;-;J.~":"':;'?;r:.ii:'l. ''', .
.~,. ~~. ~'~?-'*";"~::f.lJ~'~ 'J. r:~',,:' :~P.-'* "fJ~~;.\o! :.,' .,:,.:', "
:"'r.f;.;r,r.i7."~~'~;t;i...~... '/..'}.~.I~:ftt',.;?1:'/";:fJ.!.;~~"-~A.f..J..''iJ.'' ,.;.,:';, ..."
'. 'f!~ ~~~")~~~~~.1il.'~"f!'t~',,;:.~!..f ~".r-.r.'~':;;:1':;.f.;;""~::-:' , ;,
r:f'.: :2f,}.~:';t~:}!~.;_~.:;i~:/~~~f1'..it!-M'~,~~.:g,:.:~:/f'::' ,;, r"
., t. ~f::~ '.~y.. ,.I;~~:J;NfJ.~)f,.1:'/~~~~ ~...~~~ ~/~../~ :/~'( ; ,- .". .." '. . ". t:.,
~. :,. : I,) r.Jrf: (;:: ntJ'j:I..L f:q.,~nt't7'll~t r :;.(./,~;.. ~/:"i1 II,' l;'" ';..:'
...... .
":,: '.,).1.;\r:i',.1i:'1 :
. ,'"
, i ~ :,.:', , , ;>
-_..--...._---_.._-~ - ----.............---. .. ......'.
.........-..... ..
'1:1
: ::H~.
. eot:UERCOUNTV,ftORlOA
~,!O,~~~.~STATEME~~"""
AUS ':'9 1!m
I t ,;,1:' ;":.r-: ~)~ '-,'-:, lV: ,I.
~",,4' i ~ '.; .
NOTE 2 - CASH Nm INVESTMENTS
; 1-~';-<l,'>,'~: ~Irf~rl ~,lr(if'.I\ {... 'ji;"l'~",!" I '!~; ~:.~! ,'J ',I ~;:"",t
The CculIyn....... ~,"""~~~~,......"'Y"I~l~~~
tunda. &dI fund type'a ~ ~,~pod It ~,.-d an" OOiIti..d blIIance IhlNt W1d<< the heeding
01 CeIh .., IrMItmInIa. 1m.,NC.,_iI Income It IIltoe.ced fnClnIIiy 10 ~ l\rds baed on the
'*'*" ,~ 01 eech u.r.~~~,~,~,~,mr,~t~!~.,~ are
, .', 'borJ'" ~
Nf*Mt tlIId by 1IcIII"!Qf,'~"",Ir?,~~!i~ ..... ""~}"~~""'1'h~
........
~:4 C:-1 r
~ ";~ t
~ ":'~ ~
(~i"....,
:1 "l'-f'j \.1
~ i ~: ": t...,
;'" '..., ,i "~'.'l', ,",:',' "_-f ';, '*':';::;' ~'_ :r'>';':' ,,~;':,~r' ~"f'I"~ j...',.j,'
CeIh.., b_..... ~,~,~~, .~,~ 'igg;):,:..,,;,' 'i";;;,,,,;":j,
Ll ''''':t;.~r 'I rf,~. '~:ij ,'1",~'
" 1',1',' .., ,>", e..h n
b.......,.
~ .. poc:lI.cI C8Ih and')'~' f V ,
,~: '''';.:'(:::\;~''", ~.~ s' ,
h....._. ~ ,.' ", 104.833.521
" ~ (, ~ ",~'1 "; 1; , ., -,'~-""'" ,'I ',!~ ",~ 1~
,~ '~Cah
n Itw....n.nra
TOClII
. ~~' .
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54 . '.fJ8' :$" I "5a~~"
,!.~",: IG~r' "";;"';~; v::>,
."', '"..,:, ';.'( I'" C, 5.220.188',:'
OI1WC8Ihn ~"".: 1 ,;",.,. -,'.....' ,.,
s
54.oeo.T.J6
s
188.2'5,231
FIortcII....... 125.31 .., the Cowlry'a ~j"'1C paley ~..the CoIny 10 Invnt ..-plus hnfs In
.. ~'Y-
The leal goytmmInIlWpIuI fu1ds IrUllIUl1d; or
~ ~ ;;
;.'~:.:;" -r:" . .'.
~~ dhcI ~0I" or'~ the prInc:/pIf and'"... 01:
wNd1are WIC(lf....~ ~ by,,'" lJnI.s.Stara Gov.n.i1t.1tand II
.-=-. 01
.~
. , , I .
Horh~""""~~oI~,or~~'r(,/. ."
..... OfGl'..............Gf,INa...... ~1lIICbW:~.~,~":.:,~,,:,,.: ,
the.... 01.,. tHed,....,~ buIIi1na.and......, In IHia ~ In"'~' ;'.:.:"."
."' ' ' ,"'" ' '. ,'-,',' ',' . . ',' ' " _"-,l,!;; ",' ,
'1M91nd~ ~,frr~~...........'...~~.'~.::'}\?~:'~':::~ U: .
......,..._ ,." IocIIad In IflIi ""and .*'ed....;~::, '. ~~," 'fi: 'c~"
taw .., *'-IIl1UPlMlb.. pnMded thai '"' such deposb .. l8CU"ed by
c:cIItentI . may be ~ by taw; or
td)
fl'"
.,'
0tlIgIIb1. 01 the ..... WIn crd r.-. Federal N8dcnaI Mortgage
wu ~J''''" f*MllllHorne L'*I s.. orllclllttct bInkI. FederII Home l.o8n
Mortgage Corpcndon. IncUIng FednI Home Loan Mor1gage CorpondIon
.~.~.or~~IINd.bythe:~rlIo.....~
IbIgIIge ~W"l')t\ 01
'* tbJ".-! 164
}I.t"...'., ~e/./',,,?'
"t:......~;;T~~::.'t:::~:-... .
. . ' .-:, -::;'tt~~ ':,~,'.; .~'<
~.;,::,. ;~.;,:~.: ::'-iill ,.',' .,'.
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. ,.... ~-f!'h. :l-"iI'i .
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" ,,3:~!1'ff~.-/.~';I.
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COWER COUNTY. flORIDA
NOTES TO THe GENERAl PURPOSE FINANOAL ST"TEM~S AUS - 9 ~
SEPTEMBER 30. 1m ".~,:.,,~'
,:;\.
,:,,:t,':
i J.... .i}
,
*,'
'l;,.-i I Ji'-"~ "'-lr.~
T"'l,.i:.I<i<'., '
f"r.;,' "/.1
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It';
NOTE ~ - CASH N<<J ~ - CXlNTHJED
~ I ?,' ~ ~
:o;:"-""r'''''~'''''-''", - ..~,olj
let
",'.l:. 8lIIIaIier ~aI wHch .. ...., by ~ wNch hive an M rating
from ....1dItd & Poor". Of Moody"s AIlIng s.Mce ~ mey be domesdc.
" ....I..-o...;orllrong,~~ImlI;.iOf' I"
PrIme (;()o1...e4d1t pepIf wHch ,.. rKaMd , ~ .,., POOlS raflng 01 A-
, 1IIf!J/0f Moodys~oI PrtrM-': Of .
1)'jJIi!";j~"" ,.'i'''l J'f':", ".', ;..
,~ ~"gowwned by 'tbt CoU'lry'.. "masa. repu-chase
~II;", ',1',: I
kMtfmenII .. IIOW'Id In ~ bond f'lIIOIL(lons.
I.;,., .J))
f)
(gt
,.
. '",,~ ,,t,
....~ No SepCamber 3O.?~i" c:cu.ry ,"~,780 In ~ deposlls ~. $3.245.0046 with
1IaI8gInIL 'TheM ~.,4j. .t.....J :iCJ.J..A'" 'JJJ ~ ~.,Nur8nce orby1:dlreral ptnUlItlI
to" FJortda Secuty far N* Oepoeb Ad (FIortlta sc.nus o.pc.r 280).
b.A~aenea. The CoU'lry'a ........... yeer...s ..Ihown btklw. The U.S. GowrnrnenI AgencIes are
,., by .. CoU'lry's 8gInI1n .. CcuIly'a .....
us. Go._.ill'" AgIndea
.S
CarryIng
AmowlI
.,,457.l1i51 S
4JI/IT ,tIfJO
"111;,.:
,~ .
....
VIlue
SIO.122.107
4JI/IT 1!/90
"171,751
183.1__
I'"~
{~,- ,;
o.r.r Con~1UIlon In........... ~ TNIIIe ........ fundt
:.i" ;~,Dac ..-..........,'..' ......~...,' 1.....~
! O!-., '\~:",~.,~:r.r ~ ;"r!"f"',r"W7 '~0 .
,.:'~:I_~~...r:
:, ~, :;,',' ';' " ' , ' '. ~ ' ':" , ' ',,- ,:~''; ,,' - , .' " , :
"'; ':;':i~ ......Illr,f;..~'f\ntI'...... .Ifj~~tot......~.. fclIcMs:
i.'.:',j3'f:!!:~"" .":,i~~a:i. .~~~~i\...~~..' ......~..
01/"',',1'.' " ,'\" .......'.... .".,~' ".'., ',.~,. . AIrDcJlt. ,
~,:'~'~:~.' ';,~,JF~". ~(~~':)'i , . '. ..,,~: '_~",,');. .~":'l' ' .,,;,'.. /\~ "':,>:' :,~.:' ,. ,. " <,." . ;,'~~
f'~"''' ' '. ,.....F'.' '1..ua . "~7,*"':1 ' 'ttDto; s
I
j
;.
, ,'."'"
~ IcJr
cIcIIaU ~
(8$T7 .060)
4,170,555
fUT7 .060)
Accour* .--.... nil
s
2.411 JI/IT S
1,383,23lS S
~,'i22 S
'1,010 .
, -.1
h::
,. O~I'.1 165
I
,J._.__,
COWER COUNTY, FlORIDA
NOTES TO THE GENERAL PURPOSE FINANCW. STATEMENTS
SEPTEMBER 30, 1W3
~ ;
AU6 - 9 ~
N01'E .. - IfTERFUND REf;RiAl'll. FJlIDUE FROMl AI<<) PAYABlES.~ TOt
Due 110m lnd.dYe to oe. llndI . ~ 30. 1W3. .. . tl*Ms:
8I:.~
',' ~";':". :';':' .:.,J,~':;:.r;'.;i:"F--"C.~~~~~1.\:,':":',T:! '. ,,7; '.: ,';:~: ,;;' '.. '/.::' '.~:,:; t. .~: '
.. . .". 1"~i!.'ti~"'-~Y~"r..s,s"4""~".,r'1 .#....,4"'1.~....f"J.)Io......:::".: :uJ..rJ...l.,I..'..... .
. :.',: ..:.:...,.{~2::.dk;: .;.~:\:.';-, :;,: .' ',' ~ ~}2.~,'"..:,:::),:i.::.:.:;.<...:..!..
'. . .." ./~"""'''''w ,'. r ... " '11'(*'.... ........,.."".,#".' '. -,'
. -! ...::,:" :~:;',~....~~~:;f4~<.:::1.ff>~~~. t. =,." . Ot: ..#~~.:~. .': .;.~~:i',,:,tc;;)~;.:~::;~.;:::'"
'''. . "'''''.~'. ......,.,,::tJ.,......!~~;:,....,1. J:. . . l,,~;::.. "..:}l.-;'~J~y".'.. ':.....'1....
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. '. " ~ , ".1..;":~} ,.../,;.,.f.... /~'''~.',,11.' ,..l.'!t,.,.. : /..,: " 1.'1"'O.of :' .' :..,..1 )I\:.t......,.':.,.~ /i!l1j.~;J'l"':!./:""""'::tt....,
:, .' ,.,....., ....'1t~,:~J,.~~,:.... 'PJr:.l'~r:' '-:~j . , :'1 . '. .... ,'t "1';..1;:; ..~ .'''~~J:'r.~: ~'.,~.i) :~..':
'i.":':, .ft..:....,f:11::$.~.,.iiZ;~.;'t fl{~':-:~~~.i:;~1'... ...;,.;~:"\:..:...:I:'..r..V::Sr:;;:..:.:i=!J~ ~J; :.. JJ>I'~:;("
," . ',,:;:' ~).:'.J :""..':;j',.' 'rWr.V~, ';.' .:',:.,." ../:', .'. ,)"',"'" :..: "?:~... ~..J '~':i:'~ '.
. :'.;.~':'~:~~!;.., '''~'i(;~,; ~~n~~'~..';.::.~::.~.'/~.....>.... '(!',..:,).;.(~;~'~ '\":~~."l'" .i:-::
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c-.-...
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or.. .... ..... ....
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...
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,.... ..,. -r ClIIIIId
.....
...-
c-....-
c:a.... ......
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... r - I .......
... ......, ....
T-.
: -'.:; /; ':~~s'If~~:':: ~;',~~, '
. ; .....
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.
161.1JT1
am
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.
;
COlUER COUNTY. FlORIDA
NOTES 'TO tHE'QEHEAAL PURPOSE FIHANCW. STATEMENTS AU6 - 9 ...
SEPTEMBER 30.1993
NOTE 5 - ft.:S I t9I.Il t:D .ASSETS
c.1IIn ..... 01 the ~ F\RSs are mII1c:ted lor tpICIlc: uses by aUlhorizIng resdltlons and bond
egI_....... Tal-' ,~......'...rCIW .,... are .. tc:tows:
< Cah.., ~","'",
lpec:IIIu.. J ,.~ ptc::......
kcruId 1nIereII~.c.t ~ . ."
..... .......
Due from oe- ~..,.....
TaI-'~.""'; . 1 '
s 54.oeo. T.J6
20,270,703
'.340.178
4.488.344
1.Mi71lM
S 81 M'1.D48
i i'
i' '.I
NOTE. _ ~ fOfil.fIE1li It9I.Il ~ ASSETS
< j, ':
~:,.~=~~.~~~~~~-====-=peyable
. ,,' r<,~,;1 '; {I _! ",., j, . ~ :'.1
PII r wed for ......bonIt~....._.. S <"to.t82.3lI8 '1 ';': I
"," wed Ior,....--.nd.~ 37D.2W \.' 7 ,n; ,
Tal-' ~ ~ S 10~8!r1 (')'l:;,Y
.......nnas ...~.o tbt'~.oIuie.__'il.r.artdad...... cwr.....;~ from rntrIct8d
......-~ ;: ,,"~'.1 t'V':'f"'J1, . "",__,.. :),r~7~-'.!c
Tal-' ~ ...... S e,.6X1,048
&.e. 8mCUlII for which ,....,., ..-r*1gI
.. naI '*Il*-d 10 be merwd:
ConIIrucdon fu1ds
~ Procadl
L..a doIcn COllI
o.rwc IIIbIIIeI ~ from nIIIrtcted "'*'
ConIIrucdon funds:
Vcuc:hIrI peyItlIe
......,. ..,...
Due to oe- ~/.mIf" .
GIwt funds:
Vcuc:hIrI peyItlIe
Cwra ".,.. 01 bandI & naIlS. peyItlIe
Acawd InIarIIl
UIIhnd bonltI.. ...... ..,...
cwrorn. depoIb
lnpInl ad YIIknm (lQlI<<tJo.lI ~ lor conItrudlon
~ ~ pice..-
Ir*n~'"
Ipec:III _........ deIIgnIIed lor fW.n dell ....c.,
~ ........, .-nk9
(1g.437.Q68)
(1.000.888)
(5.(W2.OOO)
(230,881 )
(2.1 0I!I,Il0 1)
(157'-
(21,1e&)
C3m4.831)
(2.4&4,370)
.C28P3)
(2.358.708)
(533,3D4)
t;l.8'Z7 P1)
(U7O,804)
s
121~~
10 ~,~
25
100I( 000'1,;.167
r
,
)
/
COWER COUNTY. FlOAJOA
NOTES TO THE GENERAl PURPOSE FINANOAl. STATEMENTS
SEPTEMBER 30. 1W3
AUS - 9 ~
..... --. ,......... r_ -.
,.,.,. -- - DooolIaM .. 00lI '~/"
. a.a:a.-t . cun Mt) . -.at . . . . ZUtt.OO1
7I.M.III7 ... Utt... ..... "31.m
.-... ..-,)t, u.u. if .-.-
....". ....,., ..taute ,..." ,. JIlt.A17 t7Il.T.112 >>'oIe3._
tIt.n1 liliiU'2iit .----ta.m ,.T:IlI
.. .
r_ . ttUOI.n7 . . Q.'", . ,....- . JIlt.-n . t7Il.T.112 S ''',.71.''''
,
i iJj'~ :'~ . i r~..t ; I ~, .. , '" i"~, ~ ' ',n
_'~r_.n~_'_..,"'" .._._.~.,.____~_H,., _
,.. ......... .... .... ,..'lI 1If!!t..,~l:!tll.!" iIle,U.~l!!!.l" 11,l~~"',,.a -t.'. ;" ~l) .,
..-----,.,......, ,.."..,
~,,. .',
c...., -- 11IM .........,. -
-- -- ....... - ...... -
.... .... - ...... . "...... MpM r_
. 4.tSI.M . - . - . ,'-- . S . l.>>1....
....,. -- m... Soe.2lt.>>8
-.'''' ...... '.m.,' ..... a. 1%7 2Ot. t2Utt
UIIMI UNo.. '1.717.7%1 n ..,. '.>>8.758
~ ~"'3."
Utt.G7 Ut..t:17
..,.... ,,'ft.-
a..a.7 Ull5..W
--
...-.n ~ 1.'''''' .".... I..IfI.aI n ..,. ZZ2..t:IO.5M
" ,"
..
~.... .. CI.--. INUttt .. ,....., t'7't. 'Nt ....., joQ.lII\J7"'fl
... . ---- . UtU71 . ..... . --- . ,...,.aa . GJ7'I . m.5t2.T.lI
.
2IlI
lOlI( (0)'&',-168
, i.~-:;j~\
.;:;!j.l~_~~';:~" :",
. "'''''~'''( .
-.
r
"',1:,\): ;:= n ,':.:J~1! ;..;
~. . .,' :..'
,
.~ --..,..
"--'!:' '~-~"'--:''''::':'~ 2'-:-
"]\' '" :',
r I" ;
," >'COUJER COUNTY, FlOAIOA ,,',, ,"",
NOTES TO 'THI!:OEHSW. PUAP08E AHAHCW.'STATEMeNTS'" AU8 - ,9 ~
" ' " " , , ' 'SEP'TEMBt!R 30. '1CI3' , ]' ';:., , -,'
1IOn:7._~.~
" (:, ,I' !; ~\' , '1'< ~ t, .~.. t
'----.....,....,. ...,....... .. .............,...........
.......
I ~ I:.
---
--..
.......
a..
r
'..-
'-
/; : r.;.:,'-\;".,
I ~ ,,,.... .
t ,.l"':i,;-~, L.;~-~,.".."._. II
, ," ,., " 1 .' .;! 1 '.t}( .0........ h
".'~,.
'---.. '
.
,.."
NUt2
n.1I7
I......
-....
-
.
J7.....
J7.....
.....,
lUll .
i I', ~
., ";. '...,' 1" i\_" "
i';' t,{'lr .>.) , I
',I'cr.
vd r"q'!'!-~
T_
120.147
lI.m
4....451
4.171.110
C2.nt.lS7)
".-..."
..... . 2.nT:n:J
%7
... OOJ 1'J';.169
/ i:~ 5'; I ~:-"'!' 1 (,fn..ij'j
... -....
- -
I......,.
II..,."
""''''''
IIUW .
.
.
t2lU47 .
~ . - AEVENUE BONDS AOYP.1o. utU BY THE STATE OF Fl.OAIDA
SecIon 201.41. AorIda ......lrnpoMs en exdM lax on mocor full IClld In.FIaIda. This lax It known as the
~ gM lax (IIso kncMn.. .. 5Ch .., IIh C81I gM"". TNs lax Is coI<<:t<<f by the SIaSe 0eperIment
01........., ItenImlIIad 10 !he"" Boetd 01 ~ The... Soerd 01 AdnWnlsmltlon malca payments
I>e( III 'f 10 reduce the bond-' ~ Iaued ~ 10 the prcMsIons 0I1he &are ~ 'or road
.., ~ pwpoML Excaa....... nn.mIIed 10 the sa... ~ 01 Transpor1aIIon, which can appropriate,
bids lor wort done In CoIIIr Ccu'Iy .., 11Io IranImI U1dI 10 the Cow1ry .... 10 fW1d ~ capIIaJ
r..... ......llellb..
.
... tel .
".lIe
2An.7115
2. INM2
In ICCIClIQnce wIh the .txM.the SIaIe ~~ ~. ~ Colier Cow1ry Roed Bond c.rtlfIcates
01 ~ dIIed 1m. 01 wtlIc:h 57 AOO.ooo II oUbtancIno Is 01 Sepcember 30. 1W3. Thla Iuw Is not
1*Xlo"-d In the Gen.IIl Long. T tmI DetlC Accoul Group, ....the pfndpaI and n.r... are twqIftd 10 be paid
fdt/1tJ (rom fie groII ,.... 01.. MCOnd gM lax adri1II&enId by the SlaleBoerd 01 Adrilllbllllon. TheIe
bonds.. naI en 1ndetUcfr-.1gIinII, CalIf CculIy. '
;,,,,,.o~'-i;'" T'~; ;;:.~,
":.,.,,..
:i T'. .t:
~j'"
...
II2M'lII
,,'" .
, ,w.,......t...."Ii'''- "'~
' '" 'MIl.. .......,'~ I '
.
r
,
"'.;(1 ~"1
,.' ii.',
~ ,"',1
'/ '; ~ ~ : ,~.\ ~'P, ,,. " ,;~,( ')
"-"--",,,,,- CClLU~I1.couN:r:Y..f\.ORlDA."...~"~'~,, ~..,~"" ._...,,""
NOTES TO THE GENERAl. PURPOSE FINANOAL STATEMENTS
SEPTEMBER 30.1993
l~ ~~ ,.-;: ,',3 _,,: ..f_.'~, ,;,..~
:__" .i"~)8'~~J...~crl!- ~.} J~ ~: " .)l:: '~_..t1: i:::-
AU6 - 9 ~
,}~,;,: L I.
~9-.~TERM~,r',i"::'''' "~, ''''1.1
SUMMARY OF CHN<<lES IN GENERAL LONG-TERM DEBT
The foIowfng It. ammaryGl;~'fl~1ong.cann detll tor!he,...,. encSed Sepcemb8r 30. '993:
..
....If
~ ,,"". #\ ~', ,.,.,-
;.t,:,l
j ,,:,';;::: ,$7n'~I~1' ,r,. ::r~
:,' .;:~!' """"'' ;r '.( I"l-r l' ~.)
;~'I,.~,=,J..o /l(:!
it,< ;: ,'.~' r~, r, ' r {,,)~i"''t
,.,,~..~
.:1
,o.tlt., .
'~""(:
, ,
o.tlt
"'*-d
151
o.tlt
DefaNd
~ 0IIIgIII0n BondI,
......~
~,~
Spediii 1\1 I I .__
BondI
S 10.171 S
.
1- .' I) .-')
S
j ~,) ~.:'?l',:.t'!i>).;rl :r~~.t!.r:~if''f;'';i,-;t!i1
(ii'']' I,h!~Ii"'i;( ~,;>",;Y'''.fH.r;
" ;~,.: ( ..
t./. \,-,;
) 2.871
ec-~..._~ Paper
~,;'q: i:"f , -' ~',,'; 'r. "
,'\
12.245
., I " . .. ~. ~ ~
713 382
t3.~
4.1'01 11.
t .xv 7'85
S ..oaz . 1'- .
12,245 S
',}'},({'PJ
"-i~~~
214 '''''''' ''''.,-'~~'''"', .
Go-,~"" HOIII
Co.llpIo uUJf AIlMnc-.
~~
Tea
17'1
m
.... .
GerwII Ob&o""".., Bends
S3OO.OOO 1m Odden Gale MSTD Bonds dulln ..... ....._... 01
"4,OOO1OS45.oooIhrough~'.1_""".~Io~' 121.000
$8.715,000 ,. PIttc..s Rec:tIIIIon MSTD fWudng Bonds due In
.....1nIIaIImIfu 01 15.000 10 $835.000 Ihrough Nooei.w t, 2002;
w.... II 4~ 10 7.25"- 6.275.000
15.o00.ooo ,. Mateo ItIand B..aIa~' ~ facIIIIs
Lbted GInIfIII 0I:IIgaSl0n Bonds. due h ..... "......IT ......Ib 01 S270,ooo
to S83OJIOO IhnxqI Ny 1, 2000; 1nIeraI. uo-4lo 7.10"- 3.825.000
TCIIII GerwaI 0tlIIgad0n Bonds S 10.D21.ooo
28
..
OOOH,,~I70
(
!
.::"'l'''''''w.
r L '.',
Payable
8eptMlbIr ~.
1993
10,021
52.455
951
13.750
4,646
1.302
83.1~
..
';:'-".'''1';;:,'.....,; l,:;t~n.>: i"i"f\ in
t':,~ f~;': , ir',!'e ,- r: .,1
",:~, '!
,; Fl......'.;;'...-.1,-.J i.,;,"
"v! 1 :; ~"~!'~ (j
,,,. 'I' '"i, ., ',>0"", COlUEIJ',I'V'Wi~. a 1'\iIIr\jj,"" ".' 'I
;ii~', :i'~fti~GENEJW:~'~jtfjTEMENTS
i'i' V'!i SEPTEM8ER 30, ,_
",,~~:::t r::~~.;'I~ I' :\..i','t\'-l~"
NOTE II -l..ONG-TERU DEBT ..~A\
v...~ '_'~"~""','
~;',:';~~~"rr~;~'~,~. .;: "~',, ,.]
::>,'~~u:t' (',";~~ I) t'. p!'). ':", ,I, c "l ;','Z"~, ~'I ';
'S5.GOO.ooo .1813 ~,_"f~~,duI .........'"-111....
.=r:::.'=~~:':.:~foUK;! Race
~ I,.. '" t:t.. r':I. ~i ~
15.000.000 1917 Guar.....f~ ~ Bonds due In lImUIIII
~~ Il.__ oI....to,S318~~i,.=,,~
IO.~ ....,.".,. ......,.,.....'.... ....:Clf1
,__bandL :,;.:;:j <.J",,/~t>~:r i:(I'). f;~;;(::'f; ^,";:'1~'l_ ;':1:;:2_ :'1,1'.;, i~ r:1",';1,t.Ae .1t
. $4.400.000 ,SIlilO SP<<:ItI ~ A4Mnue Bonds due In 8nnUIIlnltalmencs
aI.$77I,OOO 1O$l_-:'~.~""~=,,, "~,;(~
i ,.,;=:~~~ , , ,4liI' ,'" I"'~~~., i Jw~...
l.~, .,: ::'1 iI.n;'n'l ,'pJ ,?cl;':~ C:~""\ "r,' \ ,'ru I":"l~'., ;:;~"":i!!
'SU20.ooo ,. ~~~ ~ Bonds due In III'InUIII
"""'JNl"aI~~~~l~~-=1O
'=-~, :,:, hr;'F,,'J I,:l~'_' \' l'tl,.~l""':.;:"r," ,,,r'
(1:3,.375.000 ,.' ",: . "'~'i~.:;~,~ Bonds due In
...., ....,.."""...=-= $2.780.000 ~ Odobei 1, 2012; lrurna
II ~ 10 72S1l( . LOaIf ggwm,,_1C hfII.anI "'Ialc tIVWlUIlt ~ for
.. dIbI-*e on .....tlOndI.
~ "5.000 ,. CIpbItmp...... ...... AefUldna Bonds due In InnUIII
............ 01 1240.000 10 S480.ooo ~ Odob<< 1, ~'3; lrurna.. 2.70"{,
10 5~ lOCII oowm....1C hII",*" "'Ialc nMnue It ~ lor the debc
...c. on IheM bonds.
TOIIIltnIed ~ RevIr1UI Bonds.
ea....~~ P-.
$130750.000 eo...._.... f'aP-Ir, ...., ~ the Fblda lOCII Gov.rlM"..1I
FhincI CcNI........ Pooled eom,,_iCW P~ ProgrMI,. .... ...... rase
..... :cilhe IdUII COlIS 10 Ihe POCll Ratts *led ~ 3,&4" and
2.~ CUT.... lIIal,... ToCaIlmCUlC due ApI 21, 1984. Hon-Ad
V*-" noI ClCherwIte ~ wII be ~opwed for debc...w::.. $
Hates ~
S7'82.II5I Hoce ~ to hncIII InIIUon. rolWt IIz.d ~ fpedeI
~r"J '-'* Ie*d iIaIInIa ~In"'" '-tW,._ICS
01 .... ~ 0ct0bIr ,-' ., ,-' ....... ~ 8l
~par....-n. S
$1e0.500Hoce geyaJ:lIe to I tInIndII ~ ~ ad '4Iknm
..... CCIIIedecf ~ Ihe .. 01 CaorI Fn 0tIIrIcr. In ......
..,. . ._Is 01 S2U281t1n:lugh Apl2OOd. deled ApI 1, 1 ........ peyatlIe
.. ~ par ....-n. .. .'
~ Hoce peyatlfe to IlIrw1c:III ~ rolW. ~ad bv C*tIIIn monies
t:"..::~ PdllIc HMIh lMI TIUII F'1.I1d, Jl8Y8bIe In
~ rn.c.lIrrN ....... 01 $UA6 ~ ~ 1.
dIIId ~ 30, tS183. ~ II Uft par....-n.
,~.. ....'hyaIe S
.. OOOW.! f11
... 1.!P .
;'. '
~. .,.
I >_.
'-Iti.
.~.(
:.
.. '.' ,.'~ ~
't .~ i '"..' 1
t '~
· AU6"'9~
..
S 2,780.000
2.880.000
2.soo.000
5.935.000
"".>
30.095.000
7 JIM 000
S 52.455.000
13.750 000
561M59
11'0.500
221.300
951,2!5g
r
"
"""~,,,,.,",,
"liP""j ;r!';"fTo~"l> IY'f., ,"
,.'~~
, ,"; '>:" "-'< (:.,,~!r;,:'~1 Ir' 4"t, ~fl"'~ :,".~f
'':' i'" ~q .-t; ir,~ ;:;"f~ ",,', ~ 4' " ,.'i ",,.) 'I. ; I' ';, l,;j ~:t} ';:~ ,V~ I~; [~,,<
{<,t ;;J~ ,{ :";"'~" lG C Jj'f~/, .,....1t;.):J Co",;, :,~;ii::~".ii is:';]
'.;I1'~,.;!t, (,.It ;,'_':: C(~"'~'l' ;':r:; ',1"~'N!~' L;j.~J~t..i,,;l.r~IY.lii
, ''"' '1. ", ""."''''''''.__IU'I'V et..-....A,AIIl!.J~;9 4ItIft&.
~",h:, , ',' '~~",r~"," "","". ~
NOTES TO THE GENERAL PURPOSE FINANCIAl STATEMENTS
"";i d.3!1_-!' '>'.'/1';1 i>~'31.~_ ;.,t,I:;.',;..;':
i,-'tJt;:, it1 -ar'f"~,,.1.: 'k"/~~,,';.(1.f""'."i C~ :;P l~.J,(,~,.j l') "-.I,~.<,(~fi
.; L .~~lf.."'~1. .fit' ,t.. ~-, jr} ~ 5".-"'l;,;~:f..;-';ltjl"J!i.d:'-(j ;.,! ~:'(;. \
NOTE'.:"~T'EJU"DElrff.,~~j, \> ~_,t'~(.! ~./:i:'j 'i 'd;/~1 .....' ,_, ;.j':i'I'~::
l- " U, ,1,-: ;~" ,,~',;J'~
EnlMnrIM Ftnf ~ Bonds
.';#+:~~4Ik_~~.e
=~<~".., "',, ""~~~"~"d~'"
,,' '.' n. " ' , ," ",". .. ,"'. 'JI!o:'I!"" .,'
....,~' ..."" , , " "I" ",.", ,L~,l', ",~ $
"]~"tllJiTl":~,,,, '
:::,uif:~a:~.~~'nd-,~, ,~s;-~'W~",....,
~ ' '... d~.""""'" ." 'iCm n.. ;' .ti l.J:""{'I'm '"
lWld ~=II'\llltrt'" ", ... J:t P ."""'!P",!";:r;'~
;~,.., 'i",,'iPi-:' ,jJ,~'-~n>"~r,,\ t';:"l!l'~"r'''''~'1'<1<
$24.240.000 1985 ~~.... DIIItIct w... RevInue Rebdng
BondI dulln..... . 'crb:trctho S2.t15.ooo Ifwough Ny '.
2015; "..,.. II 7.1" 10 8.7W. ~Q,~ are ~ from ,..
nMnUIS 01 the SyIIam, syIIIm ,,-,_ilMi .... and IJ*taI 1111_1_.
CCllIec:tb...
$11.eoo.ooo ,. CClIIIr Ccxny CapbI Imp~ Proor-n Rewnw
BondI ~ One due In ..... In........... 01 1185.000 10 $855.000
If1rough Ny 1. 2018; InIartst II 4..!iCK to ~ ~.., InIartst ar.
~ from ,.. ...... 01 lie Ccucy W....... 0IIIrIc:I. tyItem
dewIop......... n IJ*taI rrll I Jl...lI Cl*,L...
$55.225.000 CClIIIr Ccxny Wa&er.s.w., 0IIIrIc:I. Wafer and s.w.r Revwnue
Bonds. Sertes ,gg,. Due In..... ".,~ 011170.000 10 S3,5SlO.ooo
~ Ny " 2021; InIartst II 4.~ 10 ~ c--.l.&1d by. party
.. .... on .. pledged revwnues IsIed on the $24~ WIler and s....
Rewnw Bonds StrIeI'Sl85. ';'~, ~.; n J ,:
513.OllO.DOO C<lIIer Ccxny WIJIM-8tww 0IIlrtcI. w.. n s.... Rewnw
Bonds. Sertes t992. Due In ..... 1nItIIIn..... 01 $585.000 to S8t15.ooo
Iflro&9t Ny t, 2010; Ir1IerIIC II ~ 10 I.37K. C<llIaIl ~ by. party
....... on.. pledged ........... on ..~ __ n ,..
~ Bonds Str1e11S185. '
11.250.000 ,. M8tco W... ... ..... DIIIrtct SpedIt ,AlII .11... BondI
duI In ..... InsI8ImerU 01 1125.000 Ifwough May 1.1. ........ II
CUK 10 ~ Prtnclpaln............,. frOm 1'1II'...... elf..
tyIIIm n specIII III I J J ,...It c CllWIIonI.
1011I c.rIId forwW
(c:or6ud)
i /.,
"
'::01'
'\ "
q" .-"
1*
30'"
cn),,,,, 172
(
\",
.J,
, ;~~r',~
~.ppo
.._,_.~, ".1-. I. ,'_ '.
~;;,} ';'.1 ;',1,':'
22. 1 go.ooo
10.505.000
504.310.000
12.490.000
82!1t.mo
1
100 711l1S.
I' ,
r
,
I' J i,,' t, <.- t_~ ,.. I :,,,1 ~ ,(, t '_~',(I c.(
. '"':,. .: , ," " ' '-' 2', c_':~ t,~:'~ '-!t>' -e,' L ':-t i"}
" ., C1QlUER coutItY,,~.., ""~ f /" '1 AU6 - 9 199\
" ~TQ'n1E~~~i~...t~S
. SEP1'Si!SER 30, 199:J
NOnJ!'.LOfn~~~~~'i'" (:J":,~'"
',,'..: .' '.-'~""~'-': ~:--. (';-,,-," '""", :~ "('":', '
"~~~,fkWnu.~'I~'
,I j' , I :.1' .1~
tl."-'}J"'f:ljP1
O~':fj r'()-t'l ",f
{' 'r-" t_-.t"i (C,,'"
\f:"""ll
'T~~F~'~
, ,~, '.' ,'j
..
s
100,719.184
6.165 OQO
;",;f! !.'....~tl f 1f l~;e- ~ "'i:';~t;l t,;f?'~'(>f-..l~..,;, , '..3) 'H;i'~:' li:t:-_'.;r/,I
'~".IIl)o~bonIt~ ',"";'" '''''' ' 1 r'.,N i"",'l', C"!1l .,~, 1150~un
106.884.184
TOCII EI'Ufprlse Fcnf fWwnut BondI S t06.1331l88
, .E'.oIiriI"..t.A........ l'awlH
H" :~".,: ,~ 1 .-j "I
$5,D).100 nace payaIJle 10 prtvaIe... and ....~. ~ rhrough use 01
.....s....,.,..,., d.v.rllpl1........ c:rds'" COAIt-.,. 01" mr,;,._ or. 10
the ... 01 WlUI<<f CI'dI, ..,... ...... CUTIflI C8Ih __ 01 .. credb
Cd*run 01 the ortglnIf .. "'1n2OOl. ~.~ nocr. InIernc
~.7~ S
S'4,547M7 ... ~ Loan nace pepbIe. 10 be cn.n down . requ!rld for
car.-UdIon c:omrnImerQ, "..,.. ..,... . ...as tepA'" In 20 8nnUaI
..,..... OO',.,_dllg October t. tt82. ,,'l&tu .&..1 by. IIn on JlIedgId rwwnues
co.....'" 01 nil ,..... (II deIned In .. 10M ~ from .. opnIb.. 01
.. Counry W....s.w. System. p~ dnoId from .. *'Y 01 IPIdII
11II1M." levtId upon the popdM ......, ." II>> profect, Iyst<<n
.'Wlgp.._,.... and connec:sIon..... The 11ft.,.. be ~ In II rapedI
10'" ~ upon pIedgId rwwnues nc.tIIIhId ." bandad ~
.t.... Counry W....,... DIItItct nace ~ 10.... .~ ~
~ we 01 -- and .... .,..,., ~I_II ... c:rds. ~
beng naIe.
$1.D11.74t PIbn Bay DMIIon nelIe peyatlIe 10. prIwIIe dewiIopIr. ..,...Ihrough
we 01_ ..s .... .,..,., dewIop.._1I ....cndb. Hc:1rHUrnI beMng nelIe.
UnalIIiOIIIud ~
T. ~.~.,.......
a1
IDOC 000 ,...;.173
-..
(
. ~"..' It,
'1,I"i i:;::; fO t,~c (J!~:.:'H:,r~,~,! ,'qnt"~~"f~;h ~'l;i'JIH'1 ,';A :.;n~.\ :~ ~
:;':[ 'j '~ ir, . rl
241,353
13.435.B09
'.D61.578
tlO3.208
15.342.()44
1158.372\
S '5.1s:,.1572
r
,
e," I
NOTES TO THE G: ~ ~ STATEMENTS, . ,AU6 - 9 ..
SEPTEMBER 30. '993
NOTE 9 -LONG-TERM DEBT " COHTIMJEO
SUMMARY OF DEBT SERVICJ: REOlJrREMENTS TO MATURrTV
~ .---. -,.....---."
:1'... '.
i>!('
The klCII .... debt ..me. ~_..~"_~., _~ ",01 ~~. ....detle".~., 'COl,~. _~~. ,.IeCS~bNncn., and
~......... .... follows: . -;;lIf='~:',. "'"
, " ; " "'.t.'<"'i':'~~ ", '~'':'; ~'o::~r~!! ;~l' oJ ' I' "" ,"C; ". f:"j I".IJ"1,"\ ,t,".
:: ,';~ ,.. . --'~':'l ,-. "1 " ", -T ,~ ~',: r ' ~etptfM , ~"/"'i~'"
\" i~ h, IJncfs -: "
1W4 I 22m1,811 I 13.G43.0eD S 35.0&4.4]g
" " " """''l- ;f' 'r'.]' '"': , ~ ; \:,"",.,
1. 1... 11.205. T33 19.186.214
, "II.'
1. 7.770" ..'.d'.. ~.,,~ 10.852.712 18,581S.727
1W7 ,I:',~;, ..'.t ,.. 6,835.317 10.828.888 i~
O'.'~" ,~"'...1 ,J.7,. "",~, "
,. f~ '0.780.8:>> 'j ,': ,,~ .17,.421;332
, ""2003 j :'~ <;' 3O.m.m '52,745.'52 b 83.483;087
, '2004-2001 ~,135,511 5O.333.J20 71._::.c38
2DC>>-2O'3 1<<.*..302 .....345,111 60.711.483
2014-2018 25,240,sos 25.2<40.505
2O,e.20Z2 e.m.105 6.7;9.105
Tear DIbI
SeMce
~ 1'~'~"~ . 235.173J182 355.431,513
~ InIemI 42. ,38,3lS2 113JM7,754 156.064,586
Tcx.I I 77,177.259 I 122.228.228 I 199.366.987
The 1InlUC...... In DIbI SeMce F\I'1dIIo MMce glnlrlllIHIgIdon ~ lmlIed obIIgadon revenue bonds.
Cil,...._.... ~ ..s noca ~ otll9"-()I1II" 147'- S5A3U17; S891.>CW; ".3>C8: r~.
The taIcMt."" II llUnmIty 01 ct.,...1n~~...~L.ong.Tann Dttlc:
aaa. arnII.d
,.... PIIr*e
0cIIib. 1, o.bI o.bI ~30.
.. ..... ...... o.-.s 'S113
....... lands . 11U07 . . 11.123 . . . 1CUS4
..... PIIr*e . 15'- . Il50 . 1,133 . . . 15,342
32
IDOC
OOO,...~174
r-
r
,
".', '1':-- i l t
C'. "",
;~ ~it~_H :";1"1 L:~:t)n A~~,;j ;..;:~
',..' l;. 1~ I";, J f .. I. ,.1 a
j ;'
,~ l :'}
_.11'1 ',,""1.J :'AUG "'"/ 9, ~
: i.,l i' :-f~ I... f ,'!f ; (
l " ,,~
-~.j l' r" j; ,1,,1
COWER COUNTY. FlORrOA
NOTES TO THEGEHEMLPuRPosE JIINAHOAl:'STA'rEMEM'S ;. ' 1",1:
iJJi '~r,' i",!! 1~4~,.1O,""193 );ii~! Ij.ir',j~,. ;;"', i.,;.1 ',I L'~'illl
,:.<; ",'_1' "'}, ~'
", " ~ ,--; '}
_ ,'\ ~ i", . i ! ;. ,', -; :' 'f~ '~; t' r "'. (, l -', ; t.
I'f ";;'";f
T i' "'/ r ': .,: ~
.I~ "."":1 f:,/ I ( ", (, "'.,..;', r /\1)
\'- i':"I"~~'!C~ :',.,r',~.';> 'l";ilCi'!
~ 9.,LONG-TERM DEBT"~~::~"
NEW DEBT ISSUES r',,~.. "", ""," ""
:!'t' n~:<
j ,~', ;7,~'" ~,~ ":t~.N';:r o;.t-,!;!
If'.l!, ;
~,~ r"';' ',;:-:, Ii ft>'-:' ,i, '"':''1'' r'f'~ .',
,,~", ~,.,. n".~
. i~;;-1"
ALl' V_:,I ,(!." r I!-t,:!'t L(~ r~r~;,'.
On Apt '.1W3, ..County*,**" S1eoMO......,.,..,ec.nftom........InIt.~ Thilloenwas oblalned
10 prOItde . III ICIng for r.noYaIlonIlO bu1dIngI ... . ipedgf tDtng dIIIItd ... the Ccu1ty.
"':"1"". >",~~"~"9;'1 ",)~, ,t;." ;"i '~'..-...,.,. .~ i'l :
On ~ 30. 1W3. ~ ~~.SZ21.....,..Ioef1Iql1p.~ ~~~~,,:n- ~was
otlClIInedlO pRhMe ~Jor~~ HeIIh Una. , " .', ,,;
r~:'~" ,~'i' .~} &,1 I~'/'<'~
LEGAl.. DEBT MARGIN
, ~ ~\I.:)~'(' ~_.' " ,~,r ~ ,,'~~" :-.,' ,,::'j,j' .,r ;"'i:~-t'~~n.t:: ,t l;(':-'~~
The CICIriIIIUIan 01.. ~,pf\ ';~ ,*",,~J';""'~,~" nolecij,~.,~,,'r1';' i~i ,'.1 ;' ~~ 0
l-~,'"",{~~ .! t~ ,of'"
RES'T'FI(:'T"I ~ r I ('I "'), n I /I
, ." [lId ., :",' .
r', "
L":':':: :'l:-j '~"Ij
... ~<~ '~,-,
" , ,r" ~'t I,',:.. ~:',"'!, -', ,'-<'.i",. 0";" . ,-:': ',:":-r,;:r'-r',V,,", ~--~ ,'('T r>>,l';'.~;. ,;:.,~,
0!IIdII.......... n~",~~.'~lQ"',,~~m~,,~~,.~~
.., ~JtitOl'dlw ~ .oH.OfoI......a.. .. ..... be ~lild r,c'" . I " 'Will
~. ,. . ....'"T.,~.......~!!-'~c'j.~, "p"I~!c'~as .... as
esiat&h ,...". rwcP~M req.lrlkfblNncft Mr.~: .., I . . ". ".
w.. n ... mwnue bondI .. peyale IdIIy from .., secured by . firlllIen upon and pledge 01 the net
,.........., QII1aIn ~ f... .., c:twges ~ from !he opetllllon 01 the CowlIy'I W.. .xl Sewer System.
The ~ 01 the net ,........ ~ by the Ccu1ty from the operlIIIon 01 the Water and Sewer System does not
~ . IIn upon the WIAet and Sewer SysIem or .., OCher prop.f1y oI-the Cou1Iy.
The ~1Il1ll 01 the r~ UhortzIng the Ccu1ty W3ler.Sewer 0lItI1c:I Revenue Rehnftng Bonds. SerIeI
'aIlS, ,. tkb-SerIts One. 1W1 Sertes.., '182 .... Include. among OCher INngs. 8tI otlIgadon for the Counry
10 lbc. ~ .., maruIn IUCh nus end cclec:l1UCh '.... renIals or OCher ch8tgts 'or the aeMces and faclllles
0I1he WIAet .., Sewer System. and 10 rMe !he same .from lime 10 lime whenevtl' necawy. 10 as 10 always
provide In acta year net rewnun. .. defined In Ihe ~ 8IAhortzlng !he rwvenue bonds, which Ioged1er wlth
the aystem dIwIopmenl fees.., apKIIIlll'J.J,I1JIltiC~ ~ In -=t'I fIIaf yter ahalI be adequate to
ply . ..... one fu1dred tweney" J*eanI (12S'1i 01... aMUII debC ..me. ~emeru for the Water 8Ild
s... ~ Reb1d1ng Bonds; provfded, howeYw, .". net ,........ In -=t'I fIac:aI yter ahalI be edeql...1O pay
. ..... one tu1dred percenC (100%) 01 the ..... debt ~ lor the bonds.
The Marco IIIand WIAet and s... Rewnut BondI. Iertas ,., n Iertas 11J8811ong wIh the Gocdand Water
0IIIdcl WIler Rewnut Bonds ,.. .. Cow1Iy to ...... IUCh ..... n.... (JncIudIng SpecW AIIesIment
~ 10 provide rwenue lIdIIdInt 10 per Me, I I J 'f epet... oI~_lQ and lNlIltiIfI*1g .. sy118m18Ild
10 malt . ..... one fu1dred J*eanI (100%) 01 !he aMUII debt ..... lor Ihe bonds.
The BcnS ~ 01 the 115'-.000 ec:.. Cow1IyWlAet..... 0IIIrIct s.w.r ~ Bonds, Sertts 1990.
prowIdaIlor.. ~ n".",.,.,.,. 01. ReIIrw AccoIn In an In10WII equlllo the ,...,. AcCCU1l
......... wNch IhII be I'a,._" tor' the banIlI 01 .. hcltderI 01 the BondI. The,...,. Accourt
~ It defined .. 8tI1n1OW11 equlllo Ihe.... 01 (J) !he MDfrnum AnnulI o.bt SeMce for.. ~
Bonds; ~ one hilnSred twenty'" J*eanI (125-4) 0I1he 1Wf1lg8..... debt..me.1or II 0WtandIng Bonds;
or tit 18ft PM*1I (1~) 01 the ~ proceedl 01 the BondI. The,...,. Accourt Rlqt*1fIW1l It f\fted by
........-a on the ~ 01 cWwwtolthe Bonds oil debt I8Mce fts8Mt UIIy 10 be IuuId by Ihe Inalnr In the
atIICUll 01 11.586.000.
33
.. 000,.';.175
.",0.....:"'.,,,.,..(:
,';~~:,.rr:",,:;;.d '",',,' "-
, ,',' il_' j,' ' "'.;; ~.r;i~ .' :
~ ~,
I,
r
,
COWER COUNTY. FlORJOA
NOTES TO THE GENERAL PURPOSE FlNANOAL. STATEMENTS
.,,~ER 3O.,t.
AUS - 9 !M
r:.(~ iJ~~:~ j~,r:.) ,'i
,~ ;', _ ~ 1 r>l r-- \;1 t ',A" :::.,~.
...i.d"' (i r~;I,'
The W.. .., s.... Mrdt were In COlT1plIance wth !heM coY-. III U for the yar ended hpCember 30. 1993.
,'" ',' :-,1 . 1 ~d :;:, ~,:':
IttrEREST CAPrrAl ~
f " <'i
} ~' , _ . V" - ~._,. ,... ~
ltUreII:CCIIIS on Iong-Ienn ~t:1CW"';fiod --.1IzId Ckmg the,..,1nded ~ 30,1993. were u
foIows:
}~: ~"... i,.t"~~:..~LL~::",
il~~! lor J\', -::~
";,,, '. ,. '''T0cJ lniernr
i.1 ::"~~:Ci'
~~"r"i"I;~~.
IntareII ColI
Nee If1temc
:l!'..;~, -ii.i- ,~, ,i,~
~'Ftnts ""1i":"!".110 ""'..'12' 4.51".D05
;.'>':;.a fi ~~,: ,,' ~ f~:: J , ._' . .' H: J ~ .J
~"'COia' ~~~ ~J'~I bY'S20'4.ti4 d ~',.., on,....". debt prOCftds da9mad for
~ prqec:Islor I ...lnct-.Io~~
LEASE: OBUGATIONS
r.... ...~ a.... 0tlIaItI0na
The Ccu'IIy It commlIIad 10 wrtoulI ac*II....... QIpbi..... are QIl"'~ defined ....... wt*=h transfer
bIntfb..s rIIb 01 0WMl1hlp 10 !he...... llItfdloMlQ ~tlhows!he amo.n CIphlIl~. by f\rd type.
.. 0I....c- 30, '. ..s ~ In gInItII.......,. (Gow...._UI F&n:r.) 01 property, JlIanIand
~ (Prop...., Ftnft):
GcMmn....w
FWIdI
ProprIeIIry
FWIdI
~
S 2.240.530 S
1!50.245
oesa:aPJ.o.f OF CAPfTAUZED lEASES
O\".MT~ "- PIyItlle II ~ 30, '. It Clln1ptIed 01 !he 'olowlllg;
........1""' CIpIlII.....~ .....10 COlpolllb't.
?~ "..J by .~ ..s wNdes witt ~
. 1.1 A..." ""'724 h:IulIng ~ II1IIIft1g ......
'... .
t.--
; 'i~
". t
34
1M OOJ,.,~ 176
(
\..
,~ l_,; L1
" -
tll'f 'J~.J-il~,,_f;l...;..
...:,. r
..~~;. i:II't'4!l.:,~i::,r~'~,,~
,....)
AU8 - 9 ~
COlUER COUNTY. FlOfVOA
".. HOrEs TO THE GENERAl.. PURPOSE FlNAHCIAL STATEMENTS
,-.,,~30.1~
..
NOTE 9 .I.DNB.TERMdtm- _ r.rwin..~.
LEASE OBlJGATlONS (conIIrud)
.." ,L
.,' ;' ,~~. .I:
lJIeldbA", II. .......CIf ..'..... -.CI nil ,... "**run ..,......_........,.. 0I8epamber .
--.~ i~t,,f ;llnl'~ ,,' rt;f!'!:,1,,'nf':,:,,, :; ,1
~ ' >, - 't J .,. :' ~fIl :- <
V.. End<<f ' .'. ,
....'- 30
" QeneqI
, Lono- TIfm
Amcult
Pi~1llCl.iy
FU1da
0IlIgIIb..
1184
t_
Ullll8
11l1ll7
; ~ fl' i 1.
1.
. 38lU7O.
354.114
,--~:
245,510
245,5'0
128,241
~1~!t~,.~
j ,'!ln4r'u'~',,: ~~,11.'" f'.)f!t27.lOO; fA i~;t-j1 t;;";1 ;iii',j:."-
T* ft'timun.... ~..
83,507
tm.oe1
117.281
~ Amcull.......'"
.....
T*..-. __ 01 nil
......... ..... peymeru
t71.005j! . " 51'-
~1~i :;)~'",i~,J
S 1.302.058 Sl'. _.-
n......"f:~ 1 -, - ~.
~..c,\ '
The ecu.y,. ~ InIo fUnIrOUI opel..."'....... L-...s 1IflI. DpIIlIIS lor Ieaed facIIlts and
~ Ior"- IIacaI yw ended ~ 30, ,..... klIows:
8o.d d ecu.y COlI,.,....... .s
a.tc d aa. Ccut
~ App~rl...
...
"'*~ cI e.c:aor.
.JIt~_ .
T* $
....t
31,411
823,372
~,_"Ior U&n "**run..... ~.. are noI ~It.
/
.. 0G0,.,~ In
3lS
. t ~ ~:"
!
'~':~J:!~~\-r,.t
" ,~, ',' .-"" <'; , '( . ',',od ,i,' \ ~. .......
:! . ~ ,)"or-;; V; t;~, "'.;
_J. ~: r'., .-r
,-",\ .1,Ji 'j""_~"'~'~ r~(~~'" il ~~:'} I..',
,f:: It li,,;{"j ;r;1 f'~r.~ .1il' 'j,~-~\ i,,~'I;
~r" ': ~ ;'~ ,~t ;h(t ~,;o~,J '
,~ ,-,. ,.
..1 ,~-::,{;rr--,,~ J.~,.S,i':<:"1~ H.....':)l-.-;,I ~;,.,,'\t.,( i.,~ ~ i,;' :-::'1'.1;-2:,:.(:~~' :,.1'";;.
,~ I
, . ,.,~~,t~" . ",;'(;""''':1',;;'''(;:
NOTESJQ,~~q~~. ~~~~~" l"'r',,,
, ~. .,,' '. '_ ,.- (" ,18:3"- '" ". ! ,-' ,l ' . '
~ :,,:," ,';-, ~ ",.,';,:" ~", '4 '"~''-,i'.'''''
NOTE 10 _ ~~ DEBT WITH NO r..nvFRNMEHT COI&flMEKT
8y.~ Ill).335 dated. J\n 11..1.. Ihe ~ IC<.oNded to Ihe powers. rtgtU;,~ fu'ldkn and
~ 01.. p**, Bay hllp....tnWll ClIIrld. as proWf<<t by ChapI<< 7442. Uws 01 FIotIda. CarVel 01
the 0IICr1c:t. NCOrds became ~ JcJy e. 199o. II. h111lme. the ~ bec8me'" 8Q8f1I on $3..5GO.000 Water
.... -v-oMIC SpadII ~,JIIII-_ Bonds. SpadII!lt I J 11-.u are JNdgId by property owners wtNn the D\stI1cL
The CoId1- not ~ 10-"''' tpedIIIlJ II I 1--..nI.1 ..... ..., I 1 TM f&rds .. not IIY8IatH. The
CourCyIwlc:dclN. 8genl wHc:h rr-. hII" .111 I ........~.., b...ded 10 the detlC hclIdera. TheM
manIeIare acccu'IIed tor In ... 8ger1CY b1d.
The CculIy IIIuId In sepe.mbIt ,. on W1III 01.. proptrty CMnIfS wIt*t Ihe NapIts Produc:don Par1c and
PN fIdge InduIIrtII hftc. $17.335.000 01 SpadII All II I ,.,. Bonds. SpIClaI AuatrnIrU are ~ by
~ OWIWI wIt*t .. 0IICrtcts. The CculIy It noI ~ 10 ~.. spICI8I.....-nn detJlllUIIdenI
JIll r nenI f&rds are not ....IlII.. The CculIy U1dIoN aslgll'lllor the property owners In c:oIedIng Ihe
~JI I Nnh. b......pg.. cdleclloolS 10 bOlI""ddera.'" InIIIdng IcndoIure pueedlgl..l.......opiaSe. The
bond poc.ads IrClm .. ..... .... UNd 10 r..-r Ift'ICUlIS pmtouIIy IxlfrOMd &nSer Ihe Ccu1Iy'. .. 01 c:nIdI
..MIiQIIIIIfC dIct,...-.4 In Hclte 21 .0cJIIIng ,'6,231.25') ..s 10 s-Y rIIaIId coa 01 ~ The arncxri l.-d
10 ~ .. .. 01 CId bOll...... ..Hc:h It ...,.. It c:onIrIUIona lor property ownIfS. and Ihe rwI8Ied debt
..... _.... are r.-.a.dln. tpedIII ~~ In" ~1~1)ing hndII ~. '" OCher
monIII.. acccu'IIed lor In ..1gIftCY U1d an....... 01.. popIl1y CMnIf'I.
d
... ~ ' .
i. ;:\j ~
... OOJ,p 178
31
,.)';
'.J L
(;1 f ~
.~. .
. ,or ---....-_.___.--1-.,
COUJIR,COUH1Y, FlOAIDA
.' HOTES TO THE GENERAl. PURPOSE FlNAHCW. STATEMENTS
SEPTEMBER 30. 1l11l3 1 ,":c:: C,, !
" ", ," ""',."" .,,,AUG - 9 ~
.---.-, ._._~..._...... ., '.... ... ... ,... .'-
~. ,t-~A..~~"'1
" ~' " . -. , '~I
The Ccu1Iy - cWeaed ~r~ bond.... by ~ih:~~ ~:~bonds In Irr~
.......ID prowtde for ..'.....-a...w:. ~ on .. dd bondI.. Ac:co.cArJy. the IrUII ecccuu and the '
d"Jffl.1 bondI..nclf~ h N Ccu1ry'1 an..cw "I"*_'N'~ 3O~f_the foIowlllg Iaues
...~.a d"fn'J1~ I"'f "1
........~....,J~_.
., \:' ,f.
'.'. ~. '.1
',~ 'Jl'\
.;:~ ,i:" :J 1~; s; 1 ! 'J~,1-';
~,~i'},! ,():,' J
,,; :-:~ :;' t -~)"-<~ f' ;):t'tj
0rlglrW
0iIlI ",,;
o..w ~...o.bt~""
, '112 ~ &mp~."",~,
t. "-U1dIng ... Tax
.1...........,.. ~ BondI
,.... Tax ...... BondI
, ,.. CltI*f fmp/~Imerlt ~.~;; ,~,~.: i \ ::
,..' ".i,i':...... 1ofldI;' M .........l.... :'
, ,,:', -' , r J '-. "i ,_; ~::,:";\ .:; lh~~'ni-;,~~
:T~'J""IIJI~~~t~~,,:!. _,
';,~ n.
, ~
.,'
.'3....)'.
"'~~;O:ih"~"',a:1J!;e-~..'!7'" "''','1\1- 'I'''''....~I!I\'''''"~..,...",. """"'.... ,l.':
,-I...""
2.D.825.000
7,7110.000
~ .
"{:'~r \ i: ':"~ ,': 1. 1
'~;,,' '12.2f1;a,I:n",:;~" .
(Y; '''J~'(, ~qpi(~:.I:~:,~,;~)JoQ.
EnIerprIM FW1d DetlC
t.. Ccu1Iy WrI<<{s... DItcncI
RWdng Bonds , $ ,
t. Nan Bey Impo._. DIIIrtcI
GInn ~ n.....,.. Bonds
t. ~ 1mp..........1I Pn9wn
....;' ~t""...1tondI. """Two
t. e.... ~o....,... Pn9Im
...... BondI, ....... nw..
I. CIrlItII.....wmenI. Pn9Im
....... BondI, ....... Few
.1_..... Bey In\"--"'II DIIIrtcIw-.
. ' ....... o.nn 0tllIgIIb. n, .........
T~OJr 1I1f~Fu1d~ .
22.DOO.ooo .'
80275.000
8.OOO.DDO
2.DOO.ooo
'I.OOO.OQO
U7D.ooo
.. '...
: :1':"'.::".,.
h.;' Jo),::o,
Def....,
Bonds
~~
5 ~ ,f,*~
2O,ilI5O.ooo
7.240.000
's.seo.OOO
7$15.000
4.eDO.ooo
1.835.000
1 S. 730.000
7$15.000
17 .J75.ooo
DImg eec..lb.r 11l82. the Ccu1Iy pieced "3.080.372 ..,. an &:n:Iw Agenc 10 be UMd to "-feat the 1986
CI!pbIInIpl......,.1I ProgrIm RMnue..... lib ..... MDdt ~ ~ construcdon proc:.eda IIong wIh
~ ....&:lCfw IeOIIY I'4IIItltt manIM... ~ed In an bftOCItlIe IluII .... ~.AQInt to
pnMde datil .... ~ urlII lie __ .... No... datil ... '-'ed 1heI~..' nQ ecouQ,* gUt
~. '" ',"'"
...
fDl....; 179
37
" ,,:
"
(
'. ~ '
".
. '.
r-. ;:(
.'~
"
AUG - 9 ~
COWER COUNTY. flORIDA
NOTES TO THE GENERAl PURPOSE FINANCIAl. STATEMENTS
~8ER,30~ 1993
NOTE ,~ . BUOGET TO ACTUAL
BudgIes are adopCad on I ball consIUnl wUt genetaIy acapCed ICCClU1Ilng principles (GMP) except as follows:
. GenIraI Fund . Cepallztd ..... are recorded .. , C8PIal ~ expendlIur. 8Ild a COHespOlldlng
..1dI1g IOUl'Ce In Itle c:ur,.c pertod; ~ budgIl ball accoundno ~.. approprletJone In the
.-ana and fWK. petIods arty 10 the flCIenC 0I1ha..... ~ed.... oblIgatSon peymeru.
.. " 8ptdIl ....,... Funds - Dwfng.IacII.,.., ancIng September 30. ,9ln !he R8Yenult end Bond
,.. ~ nee.. .... ntClOIded . . direct lIatl8y 0I1he IncIM:fUII flnlllnce Ih8y did not meellhe
c:tter1a 01 being daulled .. Genmf Long- T enn 0ebI LnSer. GMP. , O\.ring fIscat year ending
~ 30. 1W3 the '~J"l*lC 01 Ihtse Ihort.c.m foenI wer. budgeted .. cwrent year
~ howmIr, I6Ider GMP the lepeymenl oIlhtse IoenI .. shown as . teductIon oIlhe
1IItlIIy. Addl.oullf.!he Spec:III Rewnue FU'Ida tealMd en ~ which Is repor1ed .. . Due to
00. Funds I6Ider GMP ~ .... ~ .. I loan. Thtnt.... no budgtC adopCed for the State
HoUIIng IranIhw ,......... Fu1d..
.. ~ Prqtc:ts Funds . o.ferrId ,....... r.am ImpKa ... are budgIled as ClITWIt ,..,. rwwnuts.
. . ~w/If,1he CapbI Prqtc:ts Fundt COl'UInId ........s Bond AndcIp8don NoCts.. descrbd
abaw.
;-:1 ;, i:.. ;J.-,
. EilpIIIdIIM Trull Funds . Thtnt.... no budgies ~ lor !he Law library. Inmafe Wflllate or
InlI*I F... Etc:row bids.
I., ,_I
l:'.~
. l~';r ,'11 I. \J
~,
:Ii;,:"!, )'1
.'\ I' ','.
.'" '.i'S,', 10'
&001 0LlJ"... 180
,:1
31
(
;i,,:
!
"'~:IH'H:ft'~li""":
'.
;
,
. '-~"i>"l'..,~,,,",,""'-"
caJ.JER COUNTY, FLORIDA
NOTES TO THE GENERAL. PURPOSE FINAHOAL STATEMENTS
SEPTEMBER 30, 1S1G3
TJw ....'" ~ ... ,...... '110 ~ !heM bids' ICIUII deta on I bucfgecary ball (Non.GAAP)
~...~: ,~~,.;
, :, s r :.~, II;!:
/. ~,~
atoe ooo...~ 181
>>
'"'' '.,-, , ..( ,
f ,.;p,~:,'1
rt.Jt';rf~~,~r r ';;!t"',d t~:\Jt( Sit jK;' ~,~,nL J n ~~.
." (' ~
in
Aue - 9 ~
,
I
,
pr'~<, !Pi" ;'''Ff'r,',i :'(:.4;:'~' 1/')(
l1'WI ...,~fti1~ !d .....)
,. (0)"',1182
;,:,,.......*'-l\,':~\j~
",.,,,...,.,~i;''''"''''''C.....
'~-"("""
AUS - 9 I9t
(
~
"''''1<f'~~'~~,'-'<'''
AUG- 9 _
..., 11"; COlUER COUNTY. FlORIOA .
NOTES TO THE GENERAt:PURPOSE FlNAHCTAt STATEM9lTS
SEPTEMBER 30, 1m
tfOTE 13 - SEGMENT INFORMATJON - ENTERPRlSE F\JND9'
..','''' "'r,
The CGunty............... JuncII tIfIIcIl ~ ............., "'~Mt'IitItrO*'leYMtdIeaf..-w:_
~ .........., tor... yew.... ..... ~ 1m. II.....
"':"l-.'P
.j;'. "".....,'I"....~ '~.,....."...."''"_~_..__....,_..~
',,.
"""-",",,,,'" i'>';":l ""'...~' _'_"'.",_
County
WIler......" _
MaIQI W..
"""......
000dIand
f'INr' ~.
SClId Wasle
~..
ClIMnIrlt ,...,.,.
.~J...". ~. ~
~~.Jlj,lllllf ..........
~---
~.....,.
, ~....
. 1:1.510.Q8t.
~1U22 .
101.103 .
11.5-47.082
~,;.... ~ '} ~ ~ ;:; ~ ," '/ Ii" \ ,j 1 ~ ,: ,~:
--.c"'.'.-<<p! ....-''''''"'''11.c:122 -~~-'57.3f5 r=" , " ''Jf3'~
12.55""7 m..ao f7:114 1I.J40.347
"~':j?1:.l'j1 .;.,,\) , ;~n-rcO) -'i. ,,'
",-~,";tM;tIt "'","'" ..~ ,...~',~,_.-, .=. ""',' ,. '...,.532
;;-2 ;;"j:j/"! . ,":<; ! .)',',~ ~:~1 'J'.
,.'".-..,._'-...,....~-,..~":"T........ '-: '~",* ,',-,-,!:""",-_~ '110 ....,.....-,. ";738
(102.,., '.1St 111MO t31.8811
1.512.112 (21.334) (3II.5tI) 2.825.420
~7 .57'l (151,217)
. 1.454.541 . (:lI.3:U) . (3II.5tI). 2.474.203
. 14.540'- . . . 7,02D . 32.232
... /lOll CII*IIng ,...,.,. ~
......., bIbe ClP<<IIno
.......
~"""'tn~
.......,.
a.rr.eapltll~
......,. ..... IlIlf IQUfIlmIIt
AMIana
. 31.544.443 . '''.T.115 . - . 1.000.073
. 4<<).211 . ,..,T.115 . . . '01.572
. '~1' m,eq. 4e7.115 . 7 sn ~1
. .'.'51.171 . 1..2Q5.740 . 1,.315.7:12 . 2U1Ut5
. "".817 . 711.545 . aT.ooo . 5.1....730
. 223.2t0.m . 4.'..... . 1.ooe.121 . '11.251.227
DIIIIcN
... WCIftdng capbI
T___
T_.... ..........
,.., ..,
.OOI om,...~l83
,~,"",L
I li
\,.
,~ " ~
,'ju.-1., ';.,
!
,
"-~'~,: ~ ,..~
", '-;f....~1 ~_..."".....,..'....,,...--r,.
,;'of'" 'l 1'"
,')
, }'
/
,:~ tA'
. ,,"',1\!
~ ': :::
-"'<~'''.'' --"'':"'''' ~,- '~-~ ,.,-" -
';..t: 'It If: ". ~ 'j -;' >.;
"
-'t~""':#;1;l'1.
Q -t ~ : ~i: '"'
~''"'_~'~.'''','''J_..
~-a;"
..-.. ,! ...... . ' ':
.,.,.......,-......_~,',-
I a,41,.J2I I 451.141 I
:' I '~''!i , ,')" ')
m.-.'-~~,,_
5,147,211 43,51'
., . '''J
~;,....-.-
,
"...' '
" 1. ~'
i!~"""'-"""" '.~-
110.teO
4.331
I
(1.mMC)
1.1" ,D1I
....112 I
31 -'" I
31-,"
.
"3,300 .
1.0<<3 .
~,):~ ;1
~'."':~.
1;,1\ t. .Ifj
1l"!'l:t'*'".'\!I':..-lIi'....~
. ,.....<~
, -""-',,....-'........, ,-
"f,~y:'
4t01A3
,..,"
.....;,.,~.....
27,401.722
";";'!~"701,711
l' ;-~t
'..G27
411,1"
','~i
',172'- "
10.141,270
15......
I 1OI,D11 I .u.seo I 4O.312M1
-
I . I - I '._
I ...,." . ''''"1' t....M
-
. UI3,A53 . '..122 . ......,513
. ZC1,m . U1t . 'ZU2l.t1.
. 2,8110411. . lIU15~ . 24,471,'.
'",""~t~,,\,....:..ill! ..~..~:,~ ~,' -~'Jil.i;4ol':H'~'
r";
40
aQOl( OO(),"J.184
~
i ' I'
. .' Ie '1' r "'~: t1....."""Wi~j'I;I....'ItiI. "
"..,,~,.,r:
?, ~
AU6 - 9 tM
,
,':... ' "",~:.-..:,_~!!;;>:,i;,;;.&~,;:'1~1i~_~~~..-.>"iiA';fl!~~)~"""1""'V, ~,
f
I>
~-'-"---_._.~--"-
"_"__" .__~..~__ _._L~,.
lo 1 .,
lc,_ _,~
,.",j/
AUS - 9 ~
.,Ca..uER COUN)'Y, f1.ORIOA. ,
NOTES TO TH!G!N!RAL PURPOSE F1NANOAl. STATEMENTS
""stPTEMBER 30. 1993 "
l~' ..
....'.. _,~CMIn''''
A -r "'..... III _.... ...d....-... ____ .
..... .,.,.
\i~'~ ,'.;'} ,":". ,.
,,'I ;''1 ' ~,.,' " "'1
j -"11 "'f .,., P' rNT~fUNDS "f ~1 '~ "
tti-'_"""".....*".\','.... ".......-.,..".......- .......~.....,....."'''''''...1'"~'!lI i';'~'iO:--'u,...,.'.,~
c..., ..... ... .......,.
... - ....... -- ....... .... -..
.... .. .... - ...... --- ..... Tciw
I m.-.. I VIt. . "'... . n.... . .~ . . I f71.,....2D4
.......- 7'- au>> It~ ,.- . ...-u.
CU'IIMtJ ."" ,...... ~ ~J ,.., . ft. '>>,JO:l)
I ....... .... . 1IU7' . ...... . '........ . .. . ..11&211
0...." " .J
c-..-... __
..... .,.,..
~~RJM)I
~
....- DIM -- ... ,....
.... ....... .... - ,1 - .... -.-- .. T_
J':"''f \I",; ,
..... .,.,. . . -- .... . ...,.7 . '.'G.MI . ,.....lllIO
r 1 7t,7r1 ~ 7UIIt ".., '1Z.1G
....... --
....,. ,... 1'O,ClOO
........ "....,. ..,.,....
-----.....'"
~-- ..tel) ...... CN7 ,22IJ
f. ..... ........ ....... .., ~ Pt...."
.....~ I m... I ... I ...." I ..,.. I m7'8 . .....".
11* oeo'to 185
41
(
,.
r
..
;~~'"\'-~",...:,
',' 1~'"iJ1 'C:'1 --'01 ')f f"';1"'rtH'..'.:; ,;.,~..-~....~. ',; H.1" '.~'
4 -~. _~_,i 1,':.) ,~;,.
, .__lllo< ~~l)~;,~i:' :,;~:'.;\
:'; ::liA A'
I
"'H ~,~ ,1<,'" r,.~" if, !hli~~;:;C'1;,;; ",~h-i>"'l'" ,I ::;Y"";M'1A~"i60':9'1IJ9't
,"1 ; -I C'l n~;, ":.CC)t.t8If~ ~c,;;I,}.,'''~'''~';.;\~:A~r' l,;' ;'j0(, !2 i.. .
~TQ,THI.~~flNAHClALmTBtfNJs("'.r'cl1':": L,
) ,'\'~"'~:' ;)'~-J(I~ r_Mf1EM8ER30.;1~_, :( li'-\.;1~'1C' 'lct,f:'??-llC';-',
, .'~~ ':';;, 1-:1 I"J:' .'~\"' lJ;"!1
"" ':, :.~'J r~
NOTE 15 - ~t:IV'It:1J COMPENSATION PlAN
':J.;:i . ~: '} (;~ Ht"",t?r~+. ~,~.,~t' '_'-l';;,~_,,: r~)l;'j';;ll ~Y,:-ti'r.:f>r;';
lJIW'~ ...,.-,....,.....'~(1IIb'I oI~,QIart,...,.. ~,qy,M8naglt. -
~~.~Ihe. Ccu1ly~,If~~'~c:I~.~..(;C)lI~~,.~ ,.' ,mml~
....1tCerriIf..RMnue ecxs. Sidb1' 457.' The'~' ~to."~ ".~~f1fs*rTti'''*" to defer I
pCir1lon'd .'1IIary wd Wi....~~.COI_~.'I*'f1cll ~~ ii~_)'c)ihlr ntaIe
....:...MIl6A. ....~....... deIIII;:'O'!urIoltl. ....IIrMo...oy. ", .r,'
~.. '.~,:=~,~~"~~~~~~and
OIhii~~YllClllfyto,.~~.==~;o~~
"* "1lIiNJ. UlfecI orIy'._'dIIMI;."lCNIy.'___'tI~)l~rfJiIS'1.riMr the plans
........;Io~ 01 gInInIt~ef"'~ ~ ........!...IO....~... oI....deferred
~fcl!'.......'*~. ~ 01 the deferred compenMIIon plans.. recorded at'" mertcec value and are
ecC:cuud lor In an 8ganCy ""'-
. lithe __ 01.. ecu.y.1egII counMI ,.. Ihe CcunIy tw no IIbRy for ao.... unci<< the plans I:M must
<<ICIfCIM duI en .. woajd be expecIed 01 an onInary prudenllnwsIor. The CoIny beIleYts IhIt . It UlGafy that
. .. ... .. ..... 10 IlIIItty the cWmI 01 gIftnI crdorIln the ""'..
NOTE 18. PEH!IOH PlAN 0BlJGA110NS
M ...... Cow1Iy ......}WS are '*~.. In ..*".. FlorIda ........... Systam ~ Ul'Ider the
dIorty 01 At1Ide X. Secdon 14 01 the ..... ~ and FlorIda Sl8h.Cn. Chlpc.r 112 and 121. The plan Is
. deIn8d bind, COII-st.mg. rrlll.fsl'. .u~ JdlIc '.....*11 IysIem, wt1lch Is c:omoIed by the Stale
LtgIIfaIan..s ~ by the sc.c. 01 FlorIda. o.pn,..1I 01 AOI'...1on, 0MIl0n 01 R4rdremenL AduariaI .
.., ClItw .lbll~ wit! rnpecIlo an IndIwtduII ~.g tndy It not ~.
The .,..... ~ lor WSIIng 01 .... ... '0 ,... 01 etd8I:lIe MMce. NonnII rtChmenI ...... are
.......10 ~~ who .. II 01....12 ... 10 01 men ,... 01 MMce. &rty '....*11 IIIMIIaIlIe
...10 ,... 01.... wIh I K NdudIon 01 baneIb lor -=t'I,.. prior 10 Ihe normal ,... .....nIage. .....enl8tll
bInIas .. ...., upon age. ftIfIIge c:ompIlllldon ..s ,... 01 .... crd. .... ftIfIIge ClOlq)ICIIaIIoo fa
CiClIIJIUId .. .. ftIfIIge 01 an 1ndMdutI. .. ~ ,... 01 ~
Pa1k:IpI6", ...."... ~ are beNd upon~~ SIIlIe wide rain nIII:.tIhed by the Stale
01 FlorIda. ""exprtsNd as pan:erUgII 01 annuli CCMrId ~ arelldeql... 10 acamIale IUIIdent ISIelI
to ~ bnIIb... due. These,... are appIed to .,~ ...... faIows: rtglAar ".iPo"... - 17.75-4,
IpICIII "* ......YMI. 27~..u 1nII~ner1l - 21~..s ~ oIIIc:ItIa. ~ n.. are no
tIIl~ ~ to Ihe JlIan.
~3ar
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AUG - 9 ~
\, ,. ?,-' .'COI..LI&RCOUNTY; FLORIDA
NOTES TO THE GENERAl PURPOSE FINANCIAL STATEMENTS
',J'/: ,,,(,~'ao.,;1W3 ,,"
~"..; '1".',', (\ ~ /,",,',~,!t ';. ::,J'C .,1
\, \ . ':~; ~ ~,,' ~ (' ,'-'" r . ,~'
NCJIE t8 _PENSION PlNtQBUQAtIOHS ,.,00IfIJNUIiD
'j I
',. ~ I
The ~.~ 104hep.t,Ior4he.''':WtC!ed .....30.;1S),_ ...,.,ilWl~.-ey.s1O;882.000 and",
_.."... duldIIe tarN~' .............~'..~. ~ peyroII 01 $61,646,000, ,
The IdIII ~ tar 1IIaI,W3 was 164,526.000. TOC8I annual ~ peyrollot the enClre System lot bflscal year
ended June 30. 18Q2. (She ...... IIIcal y.-Ior wHd1 eta lll1Ya1atN) was S13..4 ~ Total annual empoyer
~ 10 Ihe SyIIem lor INI ume lItaf y.-, were 12..4 bIIIon. At:t:t:JtdInI;I. the C<u1ty'. share of the
8dWr1IIy ~ ccnrtuJon baed on hl percaruoe .. appo.dl.WISIIIy .45 percerc.
The 8mCUlI1hown bIIow .. "penIIon benII& <<:I'9/I''O'( .. all8nd8rdlzed meacn 01 the pqMf"II wIue 01 penIion
...... ~ tar .. ehda 01 profeded ...., ilia 11111. ~ to be peyIIble In Ihe flAn .. a ,... 01
*,~ ....10 ct.I& The,.,..................,. __ 01 c:rded prCJled.ed ben8fb and ..1nIended
10 NIp .-s _ .. .,....... IundIng ....... on I ~ ball. _ progrna In accmUadng
1UDdInI.....1O ply benIfls when duI. n make (X)ol~ II11Clng P\dc:.EmployM R4IIk'ement Systems....
The ,.,.... .. IndepeIldenI 01 .., ~ not be confuNd wIh the aduQI M1dlng meIhod used 10 deCermIne
~ 10" 8yUm
In ~lOt wIh !he Gvr..lI, .,....... Ac:ccu61g SlandIrds eo.d 8I8IemenI No. 5. en edUIrtIf vafuBIion to
~....lt .. penIIon benIfI ~. 01 June 30. 1. was ~ by the Sysa..n'. ~ actuaries.
Slgilllcwt -=-rtIl ......-npdonI UMd lndude &It I ,.. 01 ,...", on the ............... 01 pqNnln fWn ...... of
. PIf'l*II .. ,... ~ ann&IIIy; Cbt profeded ..,., ."en.... 01 5.6 ~ .. ,.. c:ompcxnfed
.....,. .......10 Ir1IaIIc:n tct ~.. proIIc:Ied ..,., .1ClU... 012.0 percanlper,..-1IlrI:xIatH to
-*dy~ n fit) poll"."'. .... Ina..... 01 , percanI per y.-.
n..... no tlgiA::M cNngeI....1O __'~.. ~...... ~~~
The pINIon ... ~tO'\ lor.. s,.m by. I ..... ~ ftwoustI8ft -=-rtIl -..son was S37.9. '.
~1I""3O, ,. (She..... ,..1or"'*"dIIII..ItJ..IJ.... The ~ lito IncIaIIa hlthe Sysgm had
...............Ior berWb CwMd II ~ 01 ~~ S28.I ba:ln (nwkat wIue) on hl eta. rnUdng
In 8ft &a"AInded penIIon benefI ~I 01 ..,pI04'IIUty., ~
T..,...~ nnd !nfoj/llllllb'llhowtng Ihe.,....... progrna In ~ dIdenI aMlS to pey benefb
__ dullI ~ In .. .,....... June 30. 11182. AnnulI FIf...1dIII Rapcrt.
,I
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COUJER COUNTY. FlORIOA.
Nares TO THE GENERAL PlIU'OSE FINANCW. STATEJ.AE~~
SEPTEMBER 30.1993 '.' "
NQ1i,17 - ~TWG TRANSFERlI
~,....,.,.Ior..,.. ended ~ 30, 1W3, ... ~
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AU6 - 9 1M
COWER COUNTY. FlORIOA
NOTES TO THE G~ ~ FINAHCIAL STATEMENTS
SEPTEMBER 30. ,Si93
.
') <~ .; i :~ I
tl '; ';"
NOTE 18 - RElATED PARTY TRAHSACT10NS
F6t..tIcIf.,.., ended ~'30: 19i93.' Ihn ... rib 1lgl1IIIaII,. riIIIQd....pilrlyl ~.
NOTE tl- RJM) EOtXJY
~.: ~"'i ,~':..~ j,:..'L}
~. t;~~d'-H,'J"~ rr'~.~(I j,(H,t J
,I';" >>' i-,i;;, i.,("'\ r>! 1', ~i(,l;
;', ,,-! ,
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"",.,; (jIlt} ':.;",<I'''_,:2;~frJ if ~,~ ~
ErtercrIiM FW1ds - Rnerwd for ~ Band ~1II'Ml1I: B818nca.. rnerwd In ~ wth the Iuuanc::e
atQallr......... ~ __........~~ , .,.kS-...,,...... ........................bond
.... .,..,... '-' f&n:fed by InIiII ..... .-om .. bond pi oe>>eds .., by tranIf.. from the operadng .
ec:court 01.. ~ .......... b1da. The UN 01 monIts In the Ilr*"'g f\n:S It rntrk:Iad 10 the ~ 01 prfnclp&l and
....... on ~ cWlI.
t r\~ ,~t Eat.;s,(".rt"; ~""""!"'('r'''l .....~~:~.!.:i~.it<.-_~...~f~, ,"":'1' ,.,~.vq'Jeln1 0' _~)ffr,:,lrc;'d]'lln
EiM.DlWFInts - AeMrwd far........ and ........,..ll: "'as.. r.-wd In ~ wth the Iuuanc::e
01 Counry w.r..s.ww and M.n:o W...., s... .., PeIcan Bay SeMces DIvfIlcn rewnue bond Iuun. They
.. b1ded by"""" from the OPI' -'"0 IICCOlorU 01 the appl opItMe funds. The UN 01 monla In the t8n8WaI and
~~"",,'''' It ~,','~'.~ 01 ~'......... _~.Io,;I~ or
-'''~''''''';'I'' "'.<. '.
EtWDrW FU1ds - Urnserwd: "'as are noI ,.... lor spec:IIc pwpoea.
'~:;_.,d~j ,
,~:, ",' "'1 r' ," .... .;
.-/1'
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'''.-' ::!
,"rot
,1)( :.,,1, r:q,~" .,:~j~ d:~' ,t,j
Fant SalMen A...rwd
D _ far EnCUY.IUIIICft:. "'as...~ lor.expII~ upon wndor ~a.
,. ~icr n..arv.~as r.......1amI WIlctI ~ not ~..,.,.-d IWIatlIe and ~ mcx.ces.
RaM_far PrmIld Colts: "'1Cft repeserlIlnI&nnce. 1nMI. aod orhIr I'CpInMI peId In ~ and which
arellCli c:icx1llcWed IYdatie and 1pIl~ mcuca. .
RaM ~ for GIW'II f'rocnrns: 8", as ...... manIn .".. areltglly rntItdedlo expenclI&nIln. accordance
wltipil_MIlonI.
... - lor o.tlt SeMcr. "'aI ~...t rnonIeIltgIIy ~ 10'" ~ 01 prtncIpIIn kUftsl on
1aII..1b......... :,),
D lo.ood for Irnfwtot Fees: "'1Cft ~...... 8IordIItlIe hauling ImJlecI ... ~ by !he eo.d 01 C<xny
Q~.. t JrJ'" 10 be fwIded by Ihe Cculty In .. .... ,.
.. wat far.TruIt Fmd Pllrr,,_' '1l'1Jas are r..wd.. '-gIIy ~ or "~MM ICIpMi-' by I
dclnclr. .
aIOll 000".; 189
45
L . ~~'~:' . ." 'if ' . ." --......~ '-.;r,'1~J""'~':A'c.:.i. ."....;.' ~... . ,.r.... . . Po'.
".~~/~~...;...,~...~~J(~::.;'..J:.:<.~;.;~.f,. '''I'~'''t:'J'!~;'. ,'....~~.,~~...~..~J..~....t1IfI?Pt!:~/.),.i..:~,(,..:~.. ,:/",/;~.'~.':, ~,,,, ':'''~ .
;:1,~"t~~t~t.. ..... .~~(J:,!;:>;i,;:'~jt0X"'fj:) .,"" "'"',,,.
, " . .,.', .'.,1''''>'-1 ,~, . ",," '. .. ." . "." '",'~'" " '" ,,(2i
":';r~~~~;~, . · ':>;:~;;&~,~S~"~~:4i~{i.:.,:~;, (i\.
~'. ; ~~, '::.:": --::::: ,'.
.....:.,
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r . .:.~<;.I ,~~/:~~_:,
",
AUG - 9 !J9lt
;,' I :' ~,i.. .;
" tCQUJER'COUHTY. R.()RIp,.\, f'! ,
~,TQ.~~ft~Ar~f:M~$", (I'
.tj1i,~' . '/~;I;~"'-"."~.l'~~;' .'-, \ r~:,~ '" I
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{.; :,i,,&l, "~
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FInt Balances lJrnserwd
~q
J'
~T"~ P r~ ~ ...~.. ~6d lor'" proIecIlrXpeIdIns.
, '-' ..,,~ ~'<
n-hwt<Itf fcr'n.tJrs.Mca: '..._..~ lor.. ~ 01 prlnc:IplIII and ...... on Jong.qrm debt., ._.;'
': )~'
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UI~~~ "'~'~r~~'~~j'8f,~~~
1-:'~-'l-(~f.lj '1('" ~ t,.:, ~'14?:'\ H'j~
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. ::~... ;~i .., i:',<! l' :y;:'}rn'i.
;,
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'I), ~t't!" (";,",fl' rl~ "'!<l,ll [: !"lr" ,,,,-p'.
't""~') ,",' 1"', .! ~',y ,_'1'~! ':'1 ~ ~ 'I j [~
HOtt~'.Is:tt:~r~' ,} (:,',',J'" " ,
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. " ','-. '. "" .',' .', , " " ,
-n....' :llt.. ~~.~~i~: ;',..........,..,:~f.~. ,~' ~ ~;....y.t i.a::rA!,::,:.,:\ 'i:.:J.tQ1.:.,:.,d', . "1I. " (~.r. U'''''''', t.~.:'rd .r",'1f.I' '~lC..I~;'iO'-Wortcers..' ""j.".-"
t.t..,,'~~., ,'"<A2 r "l"~'" ,~-.,.~ p(f'''r..fI!':i~t~''--f~';1~ '~("i"l ..nJ;'v....""',.."':Pf~.i~~":,'I.I~~.
~'~~", heIIIh ~ ~ .., caUIlIy. The CcuitY 8beorbS Idaes uP 10 I ~ .mCu.i'......,.
~ ..s ce. tpeCIIC ~ .. pwc:hesId from IHrd perty c.rIerI.
c:a.m. w.Ia are reporIed when . It ~~ IhIl . IoIa ha ~ .., the ImClU'II 0I1hBI1oa can be
~wUt......... l..IIbRJet IndutW an ~~~..... ~been Inc:wqd tg.not ~ ThIs fmd
It MJIed to P*nIItI au. In ... 01.. amouia ICCtUId at ,..--enct:. . It ...e.ty... "1tnCUU 0I1UCh
paMnIIII ~ wcdd be rNIal1IL'. '1
Ie ...,.. 30, 1W3. ...~ dalma ~... c:omprIMd 01 the 'ollowlng ~ In Ihowanda):
....... Coi.~1IIIIon . a.5tt
. ,QIoup...... .,..
~..s CauIlty 735
ToIIf . 5.554
a.g. to opeqdng depettmIrU.. beIed &lPO" amcuu ~ by 11'IIl~ 10 n....c.. ~ IInJ8f
peJlCll* cbfng..lIIaII ,.,.., 10 pay fat''' _,lTlJ~", COlla oI"progIlWM. For the lIIaII year
andId ~ 30, tW3. She opeIIaIlnQ dls*1m.ul. ... c:flqId ~OIld""11Iy SU18,OOO lor wortc.r.'
CClft~IIIIIIIo... heIIIh and property .., C8IUIIy ~ progl.....
"* dalma 1oIa,....,. lot Group"""'''' Worlrer'. Compefllllfon was eflaMltd by ~ ac:II8tes, baed .
IIPOft ~ IIIndards. n..... Iou ...... fat' pnlpIIty'" ....ay...... IUlfllQlRllllI'. eItfImIed baed
&lPO" ptar dahI experlel a.
j,;i/I. 000 'J'{ 100
A. ) ,t, I", ,,~ i
'I'/.on!
..
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~' f'~ ~-/~, ,~~ '-f"' ~' r.,.. ........ '::-'::~~""-,:":'....'
AUG - 9 ~
, . ..COUJER COUNTY. FlORIOA . i
~ JOllfEQENERAL P\JRPQSE f;IHAHCIALSTA.TEMafTS
_. .. ," .,~30, 1.Sl93 . :;,' , '
".;t~ . ~.
j, ',;. ,.,
{( (',.
11"r
!~ I
,Ii'
l1T1GATJOH
; r _ ~.
n..ecu.y It.boahwd In ~ IIIgIdon ..,.daImI .. d4Qc1del1t 01 .... .wng In the ordinary CXUI8 of
opaqIb... In" opHon 0I!he1egll CCJUnIII, !he ~ 01 poe.ndII ~ Of IatlftIts wII not n1IIerIaIy alrect
.. rn..:ItI poIIIon 01 the CoUl1ry.
STATE N<<J fEDERAL GfWITS
GrWII monr. ~ .., dIIburMd by 1M CoUl1ry .,. lor specIIc pIIpOIts arid are IUtljed 10 review by the
gr.a ~...... Such.... mey ,... In ~ lor relmburMment due 10 dIseIowwd expendIUes. Based
upon prior ~ao.. !he CoUl1rycto. not bIIrte ItIeIlIUCh dlulIo..waa. I any, wcxjd ~ . maIerW affect on
.. rn..:ItI poIIIon 0I1he Ccxn1.
UM: OF OEXT
On,..., 20. '..Ihe Ccu1tJ ....1W.Go mWon'" 01 mea wIh IIrw1dIII ~ 10 be dmm down
on....,...., 10 rr.nc. ~ COl'lIIrUCIIcln prcf<<a"On Augu114, 1. !he ecu.y .....,"<<f an amandmant '.,. .
10.. .. 01 mea wHc:tI .1Cf I 11 Jd .. ...... mea 10 S25 mIIIon ..s IXSended .. DJlhdon s.m 10 March
3O,.,SIIM. o..tng.. IIaiI ,.., ended ~ 30. 1sm. .. ecu.y drew down "U34,880 lor wrtous
CClnIIrucIon prcfec:la. These cbws ....In .. form 01 ,..,.,.,...s bond ~, nora. 11M ,..,Ienn loan
'.~ by monIeI ,..., tam .. SIIte 01 FIortda NllIc HaaIh UnI Trull F1nt. ..s I MYII'I ,.., tann loan
,.~ from 8d VIIorem .....1evtId wItlIn. tpICIIc dIICrtc:t. AddIIoIIIIIy. dImg !he lIIcIt,.., ended 8epCember
30, 1. .. ecu.y ,.. .,1.1.... N. 8epcamber ao. 1sm. Ihe ecu.y r.d IV.wM appo.d.NItIIy
12......000 oIWIUIed balanceon".af crdto....,........ CGI....'.....1n .~ per1ods.
.. om~'J191
47
!
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,
',f'<!I\l!Jlll~"<
ldJ6-gM
i'to
COlUER COUNTY. FlORIOA
NOTES TO THE GENERAl PURPOSE FINANCIAL STATEMENTS
SEPTEMBER 30.1993
. -, ~~ ~. },- ,:
~.;;~'nMnn!ll~~'_i":
,,;; \. ,.:',r1, ';'..:"~ .':,.i,t"!'j;:! il ~":~/.~,l1,&,1~ ~',:~! n;\;-:".I~' (j'
~~::.':';:'"
"
., ,~,,',' . ';\
,":,:",;'~~)~:",' :',:~t '~I,,~; ~ ,:~:~"-~,to!
Profed ~ 30.
, i!rc:r;vtr:1 ,~~, h"""~,,,151Slll,, i
'fJt:\ ,:":;!-".!'(,;'~' ~u1ld k}1' ~t;); . I .
L rf~ f u;-,.
JI f l J ~""._.... Ie,:: ('~ ;. ,) :>I._ '1 ;(~ '
>~ '~r;<i ~ I Y';l_ if,'}! r'~-ir"('<,~}-",:'\ . j"
)'f'"(';','\-'.j lj!,,-fn ;.f~ ,:::L':~~ HU
;~"':',;,<;jJ ~,.: ,1,; . ~r,::V"P~"j :;i J.'
;'-l~J~'!'?'"ll;':(t
,ii,,; :f"li ;i""l(
'CO;I~'~'
"~~~
,i t. .". : 11'.'71_ S
,\';1'" 1(1 ) ',-'7f;lJ'
;" i roo,' r '. :fa;n.fi,2tt
;w,:~~!~ ~.:~i~.
, "'1 ( !.' ,..; 3I!5lS..388
1,581.253
t1SJ.<<M
SID1.51V
S 17,,221.1158 S
11.130.838 S
M,82,
".434..122
~~
2S,,823
345.517
100.705
tl82.874
~~ ~~h /';'W"I:f'IP"{j "?~(:?"H?'l itf'.,
47.osa
". Jl:!U.'irv; ~G 1 :r,
l';ii~: "~_!'f"\fJ '(; rj~:I:;Cd! ,.
1~'5iI$~ '\r!t'''iJi
....I"~',-, ~ ,':i! ('~r'tf'~}l
8l5.578
1.215.fl66
18.81l8
308,705
28.853,392
," i
Icibelql.. to .... Boetd 01 CoI.ny ~ decItIon. the Water ~ OperatIng FLnI and the
~ M VIIcnm CapbI 0l6ry FLnI ... eollapMd Into the GerwII FLnlIo con.dIdaIe the CClIedlon
01 ~...... ThII ~ In I,.... equIy""'" ~ 01 S5SI5.3eO..s S1..1ee mpecIJwIy,lor I loCal
.,..,., InIo .. GenerII FLnI 01 S71IO.sa.
c.mg .. ,.,.Ihe lit.. ~ opecllblit In .. ,... Bey DItIrtc:I.... mowd from .... WaIer .....18gImIl1I
..s PCIl6:In ConIrd fundi 10 .. .... ~ F1Rt&. TIlII ~ In . ,.... equIy .,.... 01 S2OO.580.
c.mg..,." cash In Ihe amocn 01 $&4.031 was 11....-" from the 1990 8pec:ItI 0tlIgtdI0n Rewnue Bond
ConIIrucIon F1I1d to Ihe 0ttlC ... fInS fer........... The cash ~ ~ &npanI
COI1IIrIdon bond pOCMda to be UMd lot "*'"0'--
c.mg .. ,.,. c:ah In the amocn 01 $70.000 .. IralIIfetNd from Ihe o.aa ProclJllng Fund 10 Ihe ~
..Ib......., SyIIIrnI F&n1 TIlII money..... !nail fwdng ICUce for eIIItlIIflIng I ,.. hnS 10 8CCOW1I1or....
epet- I'IIII&Id to prcMdIng ~ cornm&ncaaan..w:.. AI Itq&ftd by NadcnI Ccud on
Qot.oaj._AllI Acccu1rIng (NCGAJ ....... 1 .... ,.... equIy .,.... In II Ihown .. . c:onIrIlI6:ln to Ihe
AImnIIIId ...'k...., 8ystema FU1d.
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70.368.566 S
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NOTE Z1 - EDlITY TRANSFERS
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COWER COUNTY. FlOAIOA
" ~iSTO,lltE"~~,A~lfT~J~Jq'l c:!(,,;, "n
V;31 r:.c "Vr( :-"~'''r.JP:;:;{'~'trf~t'f'::';~':;J <>:r .-1)t;, ~ , f:': I.
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Hl::nE 1M - SUBaFOl.wr".EWN'r1I
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TOURIST DE'YaCPUnrT TAX
M ~ &nSer Fbtda ..... a.., 125.0104. "LOCIII Opclon TOUl1IC ~. Ad' the Board levied
a..... PM*1l ~) TOUl1IC o.v.topn...ll Tax by appo.fng Oldll_1Cor No.,SIO-43. The Tax.wa JeoAec:lIo hnf the
CGIIIr CowIry TcutII o.wIopme.. PIIn. The Tile became elf... NowmI:w 1. 1Sl11lO. ~. dUl'Ing JtJy 19oo
....IegIIty.d-...Tax..... ~lQtd....,The Ccu1Iy.wa IUCCluloA In.. CIrcUI, Coc.1,pI'OQIedIngI.1xA during
Ocrober 1., ... Second ~ Ccut 01 Appell oYIf1Ul'ned "'Ioww COWl .., nHd IhaI ~ ordIr1Mce h8d not
been -.:led wIIh ~ ~ foll...... .., ~ "'Ialdng Ofdll_1Cor lrMIIId. Prlor 10 the Cou1 01
AAJU dng ... CowIry fled CCIhd<<t ~ taxa wtlIch, wIIh ICCtUId Inler.... now lOCaIIng approximately
S5."UOD. 'TheM ImCU1lI coIec:tecf are IhcMn .. "Due 10 IndMduIJa- pending fMdc.Clon 01 the c:ase. These tax
men.. .. being tIIId In I IpedII rtvwnut b1d pending an flppIIaf. dNminedon .. 10 wheIher the Cot.ny Is
...., to rICaIn !he b1dI .. the ,MAl 01 ..~ ~ ..~ PItMd by the FIortda legIsIaI.... Of'
...... ... ~ ..... mull be r.IUmed 10 1rldhtduIII1DpI,... The CIrculI Coc.1 ... Iaued . nA1g In favor
01" .... ~,..,. 10 !he eIed 1hII.. ... ....... mull be rftmId. hcMww. !he CowIry.... appu'ecf !hat
dec:IIIon 10 ... Second 0IIIrId Coc.1 01 AppalL The c:ase It ~ 10 be If'gUId In .Jarx.wy 19SU and an,opInlon
--.ct from .. DIIIrIct Ccut 01 APPIIII.,.,.....
EAALY AEDBPnnN OF WATEA-1EWet BClHDA
The ,_ CoIIIr CowIry WlIIar..... ~ ......::..fJlIJJI_. Boncft.arelUbf<<:llo an opdonaI rldempdon' ". ,....
tIIhcxa......", In M1dt ot In pert an..,...... ~ dare. CClII~,_""", Odober '. 1W2 flam moneys,
"'*" may Indude UPuI","",- P",",mtI1b 01 "'ff'IJ 1_" RIot """'P-oldlld bond ~ On 0cI0ber
1, .... Ccuty called ",130.000 01" (lII"~", banda.
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APPEHoIx c
8UMMAAY OF CERTAIN PROvISIONs OF THE RESOumoN
f I;' \}'
100I 000"1';.195
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The followinq!; 1.3 a:, ....ra;l ,.uaaary of,c.rtaln provi.ions of
Resolution No,,\'"I..5-10''' a. :lnaImded and i'lI'UP}ll...ntac5 (the
-1Iesol\ation~.). ~ ;C~ry i. not to be considered a c01llplete
.tatalent of the Resolution and, accordinqly, is quali f ied by
rater.nce ~ra\Q [...s. ~) ..b~ tQ,! thetulili teStri th....at . A copy
of the Aa~l\J~!ol"':..rlJ""';'~~'J'~ ~~trtllOlt'tth.; CQunty.
'" t'"'lflpi' "~r If-~" .';-:'-:_ip:~, '.,.-'! ~,~;::_ 'l thr_! Lit'li \..,:'-'
Oar iAUlo;a ; ~:<~' . '~ ': " ,j ,'" ~;1-1 ;. Ill, ~ ere;
:,:I',-,'j,~',(:;' r) i\rl-'!';':>,~'~ I-'url~ .! "')j'~f~ t" ,";': ,~~',~
contaI~:cti~1,1{.~:f!ietf~~ t~~, ~:~::~l~.1 ::;;:;: ~:~:
~C::l t:::t~~V~)~;~: ~~~~ a;lfr;:tgV~1;,!,7r::~rt~~, in this
"Act".h4).X"a~l~~~.::~~!5~"h()~~c1.)~~~l~~~!( :i.,a..nded and
suppl...ntad, and Ordlnanc. No. 82-47 , duly .nactedby the Board of
county Coaais.ionar. of Collier County on Jun. 18, 1982, and other
applicabl. provision. of law.
"A44itioaal .arity 8oD4." .ball ..an additional Bond. issued
in co.plianc. with the t.nIS, CC)nditioM..and liaitation. contained
in Subs.ction 19(1) ot ResolutiOn 85-107 Which .hall have an equal
lien on the PladCJed Rev.nu.s and rank equally in all r.spects with
,the Bonc:ts bsuad and out.tandinq und.r the Resolution.
"~rtization Insta11118nt" .ball ..an with respect to any Terlll
Bonc:ts of a .eri.., an aaount so d..iCJnated by .uppl...ntal
resolution Which b .stablished tor the T.B Bond. of such series.
"Autborize4 I...e.taenu" sball ..an alW of the fOllovinCJ, it
and to the .xt.nt that the .a.. are at the U.. 189al fOr
invutaant of funds of the COUnty:
(A) Direct obliCJations of the United state. ot Aaerica
and ..curiti.. fully and unconditionally quarant.ed a. to the
U..ly pa)'1Mnt of principal and Interest by the United states
of Aaerica, provided, that the full faith and credit of the
United stat.. of Aaerica aust be pledqad to any such direct
obliCJation or guarant.. (-Dir.ct ObliCJationa-).
(8) Direct Obligation. and fully quarantaed c.rtiUcates
of ben.Ucial inter.st ot the Export-Iaport DanJt of the United
stat..; consolidated debt obligations and l.tter of credit-
backed i..u.. of the Ped.ral Hoae toan DanJt.; participation
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certificat.. and senior debt obligations of the Federal Home
Loan Mortgage Corporation ("FHLMCs"); debentures of the
Federal Hou.'1nq. Ad.tntwtra;tion.;ltOt't,age;"becltedl s.cut'itlea
(.xceptsttippediJlOrtgag8 secNl"oit.i_,whitihia<<:t.'va1:uedgr.ater
than par on" tbe) portion( of .'\unpaid . pr1nclpal-t rari4 ..,,1101'1 debt
obligatiol1jG.,tof :tthe Federal Nation.l Mortgage Association
("FNMAs"); participation certiticate. of the Ceneral Services
Adainistration;; I I gUar....t.ed, rl aor;tq.g....becklt<l, c ..curi t.i... and
guarant.eed, -paniCj,"~4OD:~iticaU8l1.jot".,\the..:,GQv.rn..nt
Kational. ,I JIort.qege,jt .'i M8OCiat.1on 1-; ("QffMAa!'I';<5 -"quA1:8nteed
participati,oncenlit1<<ata. ancS quara~' poQl:>cel"~U:icates .(if
tbe s..li ;BU..!....... ;Ad.... .tntawat.iAA.. ; d..~. _I,. J,9a1t~qM '~.'. 1.. _. tte. r-
of credit,.tNc~. ,t.suil".pf the &tqdMt .: J..9an ~rJtetinq
Aa~iation.;;~J.,...uthoritYi ,bond. ,fi)t tb., p~'s.: ~~~nt of
Hou.ing ".UJ;ban~..,lp.PMnt; '9U~rant..d 1',L~l~, Xx. if iM~inqsot
tbe U.S" ,Mal'iU"'A4.alnhtrat;iop; CJUal'ant..ecS;tH'~~ii.~, ~nd. ,of
the Na.hi~to.A~opoli tanAre..Tran.J.tA\ftbo~ i t;y; 'A4.~~ution
FUnding Cpr;por.t.~ ,HCUritie.."" i . ,
C':,i
(C) Direct obli9ation. ot any state of the Unitotd States
of AJMriC;o\, ,or ~."l" .ubcSiv1aionor ,,,.g,,~! ,.tb~( . whose
unsecur-', .... ~nJ.~~J'~, and u~rante8d~e"F~l. qJll.J~~ deirt:
i. rate4.. a,t;,tbe .ti_ of purcha.., .... or,;~tt~~~ MOody's
Investor. Service and "A" or better by standa~d , Poor's
Corporation, or any obli9.Uon fully and unconditionally
qu.ranteed by any state,' subdivision or aqency whose
un.ecured, uninsured and unguaranteed qeneral obligation debt
i. rated, at the ti.. of pu~chase, "A" or better by Moody's
Investors Service and "A" or better by Standard , Poor's
Corporation.
(D) Coaaercial paper (having oriqinal aaturities of not
~re th.n 270 d.ys) rated, at the ti.. of purcha.e. "P-1" by
Moody'. Investor. Service and "A-1" or better by Standard ,
Poor's Corporation.
(E) Federal fund., unsecured certificates of deposit,
ti.. deposit. or bankers acceptance. (in each case having
..turities of not ~re than 365 days) ot any doae.tic bank
including a branch ottice ot a foreiqn bank which branch
ottice is l~ted in the United state., provided leqal
opinion. are received to the eff.ct that full and tiaely
payaent of .uch deposit or siailar obli9ation i. entorceable
aqalnst the principal ottice or any branch of .uch bank,
which, at the ti.. ot purchase, ha. a short-tera "Bank
Deposit" rating of "P-1" by Moody's Investor. Service and a
"Short-Tera CO" rating of "A-1. or better by St.ndard , Poor's
Corporation.
(F) Deposits of any ba~ or .aving. and loan as.ociation
which has coabined capital, .urplu. and undivided protits of
not les. than $3 aillion, provided such deposit. are
C-2.
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continuously .nd f"lly 4Mul'ed by the,aanlt .Insurance Fund or
the savinqs Aasoclation Insurance Fund of the Federal Deposit
Insuranc. Corpo1ia~19t:1. l _ ',"
-.... ~. t
(G) "t';Jnv..tllents in aoney-aark.t", fu"",-,' rat@ "MA." or
"AAAa-G":b)' St.e~~4 " Poor'. corporat.!on.' ,
(H) Repurchase agre...nts collateralized by Direct
Obligation., CiIPlM)'c ,FMMA. or FHUlCa:vltb, ta"Y'l'eqistlllred
brok.r/de..l4;r .~1.ctto th.S.curiti.. Inv..ton~ Protection
Corporathm,j"'lliaiqUon or any co....."'i.l JJ!a1* ,insur~ by the
FDIC, i( .~. ,~,*er/dealer . or bank b~"i' .",uninsured,
unsecured: .~,u~r~J)tee,d. ~bl,"'gatlo",: rated, ~~"'4-r 91"" A3" or
better~:. Mooc,ty!s \ :nv.stOl'~ S~rvice~an4 ,~~-1~ i ,~r "A-" or
be~ter by Standard" Poor's Corporation, provided:
i h.) '. , ~,' ,:',. " ' , ' ": 'tj" -':! "
a.., ~.. ~-.t"r"r:;~rcha.. ~grern~t, q.r '.pecific
vrit~~:,~e~Ij~", ~9,J'~,-q~9~.rn. *h., ,1;r~n~ui.c~,ion; and
b. the s.curities are h.ld fr.e and clear ot any
lhn .~. ~~, ~~p~Y.9r'la,. ,~nd.~~~,..t t~l,-:~;~~ty ;acting
.olill~~.. i.~rtt ) r"~eClJ~t., ro~. tb. ,~o,u':'~,)""~ tluc.t.l third
par~y i. err a '~.tal ~serve 8an~, eli) a bank vbich is
a ...ber of the Federal Deposit In.uranc. corporation and
which has coabined cap,ltal, surplus and undivided profits
of not les. than $50 .11lion, or (iil) a bank approved in
vritinq for .uch purpose by Financial Guaranty. and the
County shall have r.~~iYed writt.n confirJlation froa such
third party that:.lt bOld. .uch ,securitie., free and clear
of any li.n, a. agent for the county; and
c. a perfected first s.curity int.rest under the
Unifor. C~rcial Cod., or book entry procedures
pre.cribed at 31 C.F.R. 306.1 et seq. or 31 C.F.R. 350.0
.t seq. in such ..curiti.. is cr.ated for the ben.fit ot
the County; and
d. the r.purcha.. agr....nt has a ter. of 180 days
or l..s, and the County or the Aqent viii value the
collateral ..curiti.. no Ie.. frequ.ntly than ve.kly and
vill liquidate the collat.ral ..curiti.. if any
d.tici.ncy 1n the required collateral percentage i. not
r..tored vithin two bu.in.s. day. of .uch valuation; and
.. the fair aark.t value of the ..curitie. in
r.ution to th. a.aunt of .th.reP\lrcba..obliqation,
inclucUnq principal and in.~flI'..t, i. eq)UlltQ, a~ lea.t
103'..': . ", ' ..1" "
(1) CertiUcatN of dePosit ,or ti..., or ~p4. depo.it.
vith a "qualified public depos~t.oQ''' (a.,.4.tined in Sec:t.ion
....' ..'
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280.02(12), Florl4a,atatut..) "..cured in the,unnell' required
by Chapter 28D~ IU.orj,da Statutes.. "c \, '\ I "
(3) Unita.>of ;l!aJ:.'tici~tionJ.n the ,~.li: 1~IU'''ent
Surplus Fu~r ~t 'l'Fi\lnc1 r...tablbhM ,p\lrau,,.t t<<;'.R,;P~IV,
Chapter 218 ,,'19r.).~ ,~ht"te., qJ;'any, ,.,f.~la..r'/c~n , tx:u.t
tuneS Vhich J..; ;~~tfa~l~.I;I~d'l "marlJua~t,.toL ,J"wfi'~, .;: ~,~al
.~itory ot(PJ.I~M: 'IOqeY'~I'" ,'. ,..'H (<;i. i;,;,,_'
=,' l1J:::[#.,"1,:,:~~,t,~:I,,' ~'~.;,'~,t.'::,~'\~, ~l,. ~~..~,''P,,:j~:.~i;,t~~
Deficiencie.i~'r~ i~'tl,~n,~ ',~",.;~e~l~ in,,~e.i~~!i){~ ~~nt
ruulU~ (rolt . ..4ec ~~~n,..rkl"tva1ue,."'..!.ll, ,,1H(~..tored
trOll fir.t..;.u.~J'*,," . ",'aftd 'in no '1~~n!~I#er::,~~n":the
eucceedinq V.I.~lOij,,~t,~r-' , . I \:", q :q".;,:!' ,
, ':... , .... '.~ ..' , ',.' j, .') --< ,.' :,. ......" "" '." >;~, __", \, 'o-j '"" }.' .' _' ~ ... _. ,
of 'Jiy--=i::~~~l~~~~o~~nY 8p/I!I:l~.r !.;,~r~,'~,,; ;~.
(1) 'th..!~J;~ired ~ Pay ft.e ini'.~'~~,,~C~{~'4ue
on the Bo~ot"uc:tl.'~fie. duriricJ .~ch.,.~ t~"f~' ~.~;to
the extent ,~t,<<~Jntere.t. .hall have ;~en'PfovJ..dedby
paYJlent. fjito the SinJti"9 Fund out ot' 'BoneI' proce.d. . tor a
.pecified period ot U...
(2) The aaount required to pay the principal of .eri..
Bonde ot .uch .erie. aaturing in auch Bond Year.
(3) Any aaount. then owing under a re.erve account
letter ot credit or re.erve account in.urance policy.
(4) The AIIortization lnatall..nt tor tl}. Tera Bond. ot
such .erie. for such Bond Yur. In coaput.1ncfthe Bond Service
Requir...nt for any Bond tur tor the Bond. of any .eri.., the
County .hall a.S\U18 that an allOUnt of th~ Tera Bonds of .uch
.erie. equal to the AJIortization In.talbent for the Tera
Bond. of such .erie. tor .uch Bond Year will be retired by
purcha.e or redellption in .uch Bond Year. When deteraininq
the aaount ot principal ot and intere.t on the Bond. ot any
Serie. which aature. in any Bond Year, the .tated aaturity
date ot Tera Bond. .hall be dl.reqarded, and the AIIortization
Inatall..nt, it any, applicable to Tera Bond. in .uch Bond
tur .hall be de8lMd to ..t.ure in .uch yur. In COlIpu~inq
sucb Bond ..rvice Jtequbl lrat tor __. future period,.aP)'
VariablJt Rab Ionda ....11 be deeMd to bear .lntereft at ill
ti8e. to the ..turity thereot at a constant rate ot intere.t
equal to the 9ruter ot (a) either (i) the rate borne by .uch
Variable Rate Bonde on the date they were i..ued pl\Hi one-halt
ot the ditterence between such rate and the Maxi.ua Intere.t
Rate or (11) the actual rate of intere.t borne by auch
Variable Rate Bond. on .uch date ot calculation, Vh.lch..er i.
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1_'':' i) t ~'! j't.1''-1: \ . +: n .' ' . .... . .' ... ",j "1'5 ~"; ~l C U.l. .;
~ ~;(fJ' I: It. ',Jldp :,( I. ~ i i ""_'_"~I,i~~("\'J t.t....ln.j _
higher" .or;, (b)t I. Ut p~ldecl, how.ver, that,; lini c01IP\1ting such
Bond Service Require.ent in tuture periods tor purpose. ot
Section.J.Jl(I)..2)1 jQ~ Re~ut1ona5'\"'107, ,an, ,ViU'ulbl.cRate,Bond.
" then out.tandlnqt:.baa.a.ybeldeeM4, tObear'int4r.e.tr14kJUal, to the
,.MaxiJr\bl:,lntll....tl1iU1!tf.ftl>1'" i~.._" .~" u\ "',"'1 L'l';"I!,
"Bond Year" .hall ..an the tw.lve-aonth period c~encing
October 1, ,~ IMlJlIUntI~l~ 1~l-,lpvJ.pg $ep\~r ~f",
i .' "C>>\1AtY;' ~~~.~~~,~~f,~b ,\~I), ' UL i~~';r~~~i(~ect ~nd
r8OO9"ized ~~~lt~ ~lneer., other con.ultant. and architect.
having a tavorabl. reputation fro. ti.. to ti.e retained by the
coun,ty, or,' ,',C,M, J,!" .,\aCh., "lCi, \1&, lit ied, ~tt ~.cia1:, of. :l.~f1~.....'. c~~y. '. dU. ~y
d...ignat.d tOp41r(OQ ~~. aQt. ancScarryout th.,~"H~"l~~,Rrovided
~c~~:,::'~l ~jl~~;;:('~:I"~~"COfl.Ult1rag .ng ~ne.;~!:,~;~~;::~~,~te a*~
'-';':-.11 +-, ': 't:' ." ",' .-i 1. ,\; __r,:~(, _ ;,
"Fb~l ~ ~.~. .hall ..an the tW.lv.-aonth period' ending on
S4tpteaber . 30 of' .ach y.ar, or oth.rwis. a. provided by law or
.uppl...ntal:,r~~~#'pp. I, '. ,; ;" "" " ': '
"Ineur.~"~h~l1 ..an euch .ntity a. .hall be in the business
of ineuring or quaranta.ing the par-ent of principal ot and
intere.t ~n aunicipal ..curiti.. and who.. credit i. .uch that, at
the ti.. ot any action or con~llt required or peraitted by the
In.urer pur.uant to the t.raeot the R..olution, all aunicipal
.ecuriti.. in.ured or guarant.ed by it ar. th.n rated, becau.. ot
.uch insurance or guarant.., .4n.on. .of the two aoet ..cure grades
by one of the two aoet wid~ly ,.t\lonaHy recognized ratinq agencies
which reqularly rate the cred~itot aunicipal .ecuritie..
"Iny..taent hnaiDlJ." .hall ..an all inv..t..nt incoa. d.rived
fro. the inv..t..nt ot aoney. in the Re..rv. Account which .hall be
tranef.rred to the SinJtinq Fund in accordance with the t.t'1I8 of the
Raeolution.
-xaxillua Bond ..rTic. Requir_ent.. .~ll ..an, a. ot any
partiCUlar date ot calculation, the gr.aten allOUnt ot agqreqate
Bond Service Aequir-.nu for allout.tafNstnq Bond. for the then
current or any future Bond Y.ar.
"ObliqatioDs of tbe unite4 .tat.s of Aaerica" .hall aean
dir.ct obligations of the United stat.. of Aaerica, obligations of
Public Housing Authoriti.. or ~bligation. of th...v.ral _q.nei..
of the United stat.. ofAller1ca Vhich, in the opinion of the
Attorney G.n.ral of the United stat.., are full faith and credit
obliqations th.r.ot.
"1tl.4qe4 ........... .hall aean the sal.. Tax Rev.nue. and
Inv..taent Earning..,
C-5
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" "......Z'Y. ~t.!.' ".heU ..an tM separate" !atOC~nt, in :th.
sinJUnq I"und cr..tedi .pyr.ug~ to Subsection l' (C) ,.qt~"'Q1JI:t1on .Jfo.
:'5-101. ,.,; " 1,: 'I:, . "",',:";. . ~ '
" 'f," ~,:; ,., ~ :,I'''''r'~ r .;~ ~': ~
':'"-"l..'l'q::,h..cs~: ".hall ..anth., fund. created pursuant to
Subsection 19(A) ot R..olution No. 85-107.
:";, ~' ~
"8al.. Tax ReTeDu.." .hall ..an the proceed. ot the local
qov~nt ha.l(-"n~""~..'-i~X' a.:detJ.ned., 'M q~b.ed \i11,,4nd
41e~ibuted ~ ~~ H~tr;-d1nc:S.r: ~,rt ..IV, ~Jrte~n,U"",~);Qrida
.,Stat.qt,ea. .) (:t t..nl(), (,;'\"t'."" ;~',;..:' 4'~ ~ ;,,'0 ('t;; ~...~,
c:" _~"r1al .o.~ .~i.r";~~~.\.t:Io~.o.t ~c~~'~i~~,,~~~ S~pl~ be
l~~~to ..tur.J~la~1r)).M~,l..nt.. ; ",.; nt'," "lL (" ,.
i:~'\~'i;',:: , '~_:_'!'r.<:-'r"!111S l 1~r;-"(r,IF;:,;."~,,, F: I_):::.n,.':: .~ l;l:~~:
; ,....;;, : ~"iUiAq :~~"., ..~~ ~( . ,..an the tund cr.at.d pur.uant to
SUbSection 19(C) ot Re.olution No. 85-107.
\. "".ra BoDeS." .hall ..an the bond. ot a lI.ri.. allot which
.hall be .tated tc) ..~~r,. .90, ~~. d~l~' ~ Whi~h~. ,H, ~ ~~~~ect to
. . ndaeo' red ' tin ',bY, ~ ' t':lQ~o. f, . f:)t~ "Bond, ",.........' t,~ iIir..~....
,:-"ri"- ry ~"tt~"l' ,,':'J!'l.t, <I" _, TL ,', 'd'~I'tl,Y ,",i'~"~'''''~
...ol'tatiOD to Cois.ii'tu~' '~~tr.dtH '. ;nll: ,! r n n 'H i,.-,: (.. '? ;,,;
",~.
In conaid.ration of the .cc.ptanc. of the Bond. authorized to
be i..ued und.r the Resolution by those who .hall hold the .aae
trOll ti.. to ti.., the Re.olution .hall be dened to be and .hall
conatitute a contract betw.en the County and .uch hold.r.. The
covenants and aqr....nte ..t torth'in the Re.olution to be
pert01"lled by the County .hall be tor the .qual ben.tit, prot.ction
and eecurity ot the leqal hold.r. ot any and all ot the Bond., all
of Vhich .hall be ot equal ranJt and without pr.f.r.nc., priority or
di.ti",*ion of any ot the Bond. ov.r any other th.r.ot, .xcept a.
.xpr...ly provided th.r.in and in the Resolution.
8ecarlty for th. BoD4.
Th. pa)'1Mnt of the principal ot, rednrption pr_iu., it any,
and inter..t on the Bonde .hall be ..cured equally and ratably by
an irrevocable li.n on the Pledqed Rev.nu.. superior to all oth.r
lieu or .ncuabranc.. on auch Pledqed Rev.nue.. Th. County
irrevocably pledg.. .uch Pledged Rev.nu.. to the pa)'1Mnt ot the
principal of, redeaption pr_baa, it any, and inter..t on the
Bonde, for the re..rv.. th.retor and tor all oth.r required
payaente und.r the Re.olution
. f
~.. t'
~1ow of .....
eo-nci"9 the II011th i-.diat.ly tollowinq the d.liv.ry of the
Bonde to the purcha..r th.r.ot, ~ Sal__ T.. aevenueeon ~lt
in the Sal.. Ta, ,Fund .~1)., be dJ".po.aed of on ,or, before the
,,,.....lk,,
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titte.nth day of each aonth in the following aanner and order of
priority: " ,'i ~'i'\\ ,>,t" _,," t. '.
, L"" il~'~.'l 'f, ~"'':::~' ., ~ J, '..' 1.. ,
.,(1) Th.....qountY".haU.,cSepoeit .(a) in~;pth.81"Int:.r..t:Account
pUblished ~j.ith,ln.l,t~~,.&iNdng ,f,und, .uc:h~:;..~.."as 1"'111 be
suffici.nt, tQCJe\b.r ;v.l:~ rXJwutJMtnt Earpings;:al)d: a..m.nte. therein
nl;):t th.r.totqr:.,. ra,l1.~~.sl: "to, nsuppl-.nt; an'Yl '_Rl'4lIViOAA." JIlOnthly
depotIit, to pay"qne""1.1~~,;(lJ~,) Qt .Uint..,....t ~"iJ:l9.au.,on the
Bonde on the next ...i-annual 1ntere.t payaent date and (b) into
the Principal Account ..tabli.hed within the Sinking Fund, one-
tveltth (l/U)) o,t,.I~,W;~i~.1,..turing on t.,be.lIIIria~!~nd~on the
n4lxt ..turitX{. d, ~~..., ,_:A\l,~. ,.;,p,ayaent41',~o,',th"", In,tAt, r~.~,...~count
s~ll includ~ i..n,a~t. ,;8U.~-et. to PA:Y>: ~ ~.e.ap4.~harges ot
.theP.YingAg.pt.:~~tl :lIOnthly. d.po.i~, ~l.",~,. ~pcr~sed or
'decr.aeed pr~%:t.io~~"~y to the, .xt.nt:Z;~l.,r~ .;tp, ,p'aXJ';.incipal
a~~nt.restc:l".~1"9".4",. for. the firsta,od 41~~ht"s~~i.nq Bond
Y...r, alt.r ,~klpg ,~U9Vanc. tor t~ a~nt.t! ,.Qf'i IIO~, it any,
vnicb ",ill ~ ~'~~~ed,Jn the Intere.t Account out ot the proceeds
trOll the sale ot th. Bond..
~~~ty ~tiftr~tft v~~~ ~~:-~: u~'::.:li:rf:rtJ~~~~t
Utlablished w!thin the Sinking Fund, it and to hie extent required,
a~, tog.th.r with Inve.t..nt Earnings and amounts therein not
th.r.tofor. allocated to .uppl...nt any pr.viou. IIOnthly d.posit,
equal to on.-tweltth (1/12) of the ~ization In.tall..nt which
aball becoae due and payable during the current Bond Year plus a
.ua equal to on.-tweltth (1/12) of t~. red81lption preaiu., it any,
on such AItortlzation In.yll",,~. .
~ ". " ; ",,;' ~
(3) Th. County .haU next deposit into the Re.erv. Account a
~ .uttici.nt to aaintain th.r.in an amount equal to the Maxi.um
Bond Service Requir...nt. Any withdrawal. frOll the R...rv. Account
sball be subsequ.ntly restored frOll th. first Pledged Revenues
available after aU required curr.nt pa)'1Nrnt~. for the Principal
Account, the Int.r..t Account and the Bond Aaortization Account,
including all defici.nci.. tor prior payaen~s, have been ..de in
full. .
Mon.Y. in the Res.rv. Account .hall be u.ed o~ly tor the
purpose of the payaent of "Wcinq principal ot or int.r..t or
Aaortization In.uU..nt. on the Bonds wh.n the oth.r IIOney. in the
Sinking Fund ar. lnaufficl.nt th.r.tor, and tor no oth.r purpos..
Wbenev.r the IIOney. on cSepoe it in the Re..rv. Account .xc.ed the
Jlaxi.uJI Bond S.rvice Requir...nt, .uch .xc.s. ..y be withdrawn and
~itN into the otb.r account. of the Sinking Fund at tho
cSi~ion of the Count~,
Aft.r the tulfill..nt ot the requir...nt. ot paragraphs (1)
through (3) abov., the balanc. of any Sal.. Tax Revenue. reaaininq
in the Sal.. Ta. Fu~ .y be used by the ~ty tor, allY lawful
JIIIlII'potI. .
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Upon the vb.ua.nc:e .ot~ aayl~itiona:J,'P. ari.' ty I Bond.: uhder .the
tera., liaitaUone anducond1l!'On.. a. provided 4ft tb. ....olqtion',
the ,County .ha11"incr....1:lh. .uarequired.\to; bet: acCUJlUlatled~ and
'..intained on depo.it in the Re..rve Account to be at least equal
to the Kaxiaua Bond S.rvic. Require..nt on all outstanding Bonds
and on the Adc1itj.qnal~p_.l,~,Bond. ~OIling cilI. i",.-.nY".J!I.4~ng Bond
rear. In lieu; ~~titb.'~lI<Dl41'~ deposita lnto,u...' ~~,"'cc::qunt.,
tbe I.su.r aay ,'.~U.., to ": iSepo.ited ,into t.h."......,.".., Account a
surety bond or 'an in.ur.nce policy is.ued by" a r.putable and
r.coc.mbed i~'4~,f~JT: t~;tben.tit ot.th.hold.r. ~fi"th~:~_ in
U, -.ount equal tW ,:,t,he..,ufl(.rence a:.tv.~.. th. ",,~1~. LIl!O~ ~"J'Vice
Raqu.ireaent and,:~.UN ,--,no" d.po.,l~,ln the'_erY.jA~~~nt, i.f
.nY., which .ur.ty,~rt4t. oJ;',!i"Y;'.nc.~Ucy .~1,11'~' ~N.'Pb.1!' (upon
tbe" 9i vi~ ot np,tjc::. " all, :J7equire4 th.r.u.ll'll; on '.' ,.,.y~ "illt.'ier...t
pa~ date 0", ~M:~" .~ .t.c:i.ncy. .xi~t. tthJ,ch, .~~~: ~, q;w;-.s by
f~in any ~.r:,f~')I::t~nt ~.1"tpuraU+J:lt,itp~P4.,~~eo,t~~ion
,and .vail.bl. fOJ;".uffi pu~.. . ,~ ..~rJUa~(,:~r@V~.~~,J?t .uch
aur.ty bonde or, lin.~ra~r&j~ic:,i.. ,~~thepr~~d.~~; jO! .uch
R~~~ti.';f.;r, ,eel. .Lt...~l .,'..,c;::.)i~t.~,.,.,".'!U~t.t,.....~, '.,~,::~~~Jl :M1, ~AIMl.~"a~h
.i.ta~~-- requ .~I,by.i(I:Jl.\ ~.r:;~ Q, ~~"apna., al a. .et tort
n 'WI. .ctual Reao ut on. '
~licat101a of IknMI Proc.eds
'i
'lb. proceed. deriVed froa the ..1. of the S.ri.. 1994 Bond.,
inclucH"9 .cc:rued int.r_t, .hall .illUltan.ou.ly with the d.livery
of the Seri.. 1994 BoneS. to the ~~"r: or purchaser. th.reot, be
.pplied by the County a. foU~JU
(1) Accrued int.r_t .~..,U.. be depo.i ted in the Int.re.t
Account and .hall be u.ed oirry for the purpo.. ot payiOCJ the
inter_t Vhich .hall th.r..fter beCOlM due on the S.ri.. 1994
BoncSe .
(2) A .utticient allOUnt of S.ri.. 1994 Bond proc.ed. .hall be
deposited in the Re..rv. Account, which toq.~r with the .oo.y.
tber.in, .hall equal the JlaxillUJl BoneS S.rvic. Requir...nt.
(3) A .uffici.nt allOUnt of Seri.. 1994 BoneS proceed.,
together with oth.r legally .vailabl. .oney., .hall be d.posited
irrevocably in tru.t in the ..crow deposit tru.t fund Und.r the
1:ftw8 and provisions Of an Escrow Deposit AcJre...nt and .hall be
inveatect, other thana ca.h d.po.it, in c.rtain Unit.ed state.
Tr_sury ob119atione in th...nn.r ..t forth in .uch Escrow Deposit
Aqr....nt, Vhich inv..t..nt. .hall uture at .uch ti... and in .uch
UIOUnta a. .hall be .ufficient, t0geth.r with .uch ca.h d.posit, to
pay the prirlcipal of recSeapUonpr-u..,. if ".ppUca~~, .and
interest on the Serie. 1986 BoncSe .. the .a.. utur. and becoae due
and payable or i. red.eaed prior to uturity.
c~.
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(4) A .ufticient, aaount ot the Serie. 1.99i,;.,BoIJd; proceeds
shall ,be applie4,to.the'~YJMnt ot the pr_hJll!ot'\:a!IIUDicipal bond
insurance policy and, within .ix .onth. ot the i..uance ot the
s.ri_ 1994 Bond., to the paYJIent of ~t. and expen... relating to
the i.suance ot the Series 1994 Bond..
:,')!l ,>:,~,t"'1:1 ,....,-;.{-'.1 '" ':..~; ;_' -,)';:l:' \'1 . i.. ,.1_'1::. <,':')~~',_,.,:
, ,(5) The I;Iala~'i; i!.~1 .ny, 9C"tM;,8,erAlI. ,~~~4o~, p~~eed.
eb.all be deposit~j~ ~,J~.~J;'~ ~t,\q: . \: I');,. r
.;,: !'~ t-r-i. f'nuc:t :~(" j-'!'i.":'e}..., .':. "P'--!i')
~...t ..1:..1~ i:'1 h"'~ :,":;.'~<Jtj'~ t" ),:',,' i,~~ 'I..'
" . ,'Moneys on 'd~~.'~~;)t~;\t.h;:):aka~"9,'~JJ4 '('e~~~t~~'~~aerv~
Ac:c:ount thereiJ'))'.~~" S~le. .'r~ ,~Ild aay be" inve.ted and
ie'!riveeted, to''' the> .Xtent' lawtul, .~ hi - Author hed Inve.t.ents
aaturinq not later than the date on which the .oney. therein will
be needed; proVlded, that aoney. in the Re.erve Account in the
Sinkinq runes ..~ b.!.~Qve.~, a'l4...f~nye,~ted"a.,p~cw:J.ded ,i." c~.u.e.
(1.) tbrouqh (4l-r,'t:'~~'" djl ".161),01,. ~uthoru~, t~'1..~_ntS,
~:::n~~.~:~~~';f'f. ,,~, " flv! J5)~.:.)'~r~,,,~~~~ fl1.:'~~te ot
.",,1 ,,-"') .~.,~t t.h(i. t'....~~;~' ,.~..t
Except to the extent the County appointe a cu.todian tor the
&al.. Tax Fund as authorized by the Re.olution, the ca.h required
to be accounted tor in each ot the tund. and account. e.tablished
pursuant to the Resolution aay be depo.ited in a .inqle bank
account, and tund. allocated to the various accounts e.tabli.hed
within the Sinkinq Fund aay be invested in a co..on investaent
pool, provided that adequate aCCO\U1tinq records will be aaintained
to reflect and control the re.tricted allocation of the cash on
depoeit therein and such inve.t..nte for the various purposes ot
such funds and account. a. provided in the Resolution.
aBate hD4
The COUnty has e.tabli.hed with a bank or tru.st cOllpany in the
state of Florida, Vhich i. eli9ible under the l.aw. ot .uch .tate to
receive county funde, a fund known a. the "Collier County, Florida
capital IlIprov...nt Revenue Bond Rebate FUnd", (the "Rebate Fund").
~ on deposit in the Rebate Fund are held in tru.t by the
County and used solely to aake required rebate. to the United
states and the holders of the Bond. shall have no ri9htto have the
.... applied tor debt ..rvice on the Bond..
aoou aDd .eoor4.
The COUnty shall keep book.a and records of the Pledqed
Revenu.. and the holder. of...~~.14tlNtban H. ottbe, ~ s~ll
ba.. the ric;ht et ell r....bl. tu.... to i~~ a1.l, .reqqr~,
~ta and detaof tb. COUnty r.1at.1~'Jberew. . . i,.
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} n ~. n.., ~';l . 1'~ t '.. ~ ,. !~<:! h i~..> U ,J..,.,.
aaa.a1 Aa4it.. lc j'jt'';l F~'/f.'n\J\",:1 ~)...i...~'.Hl ~.;1('t ,.),"
.1 n ',( /.....-.-:.~ ~,.., ~;'.'"lI '-" _S~. ;-;.( :.~ L~ } i:',
w" 'lb. CountY."sh611,1 .in rACoordanc._v!th ,1~Y" lel\ls. it,be:.book.,
recorda and aCCOUft~ Z:4kUng :to. UJ.,,;total: anJlu211. '_1N4cJ.t LQf the
County, includill9. ~"'Pl~ed"Rn..n\1..,s. ,..to ib.e,\g~~opJIIr.wY;."l~, d.iit.d by,..
a. rll!'COC1nized ind.~-o~< ~"'Ji.t~~itie:dPub,Uq~C;WI)~nt... A
copr.of each 8nn~.l.r~~,t~"'11 t'..-qu18rl)',~,"I~~!~,:~ .uc~
rati,.OCJ 8q.nebs; ea. .~. '.' r~.,. have .., r_.~. llMJ AI. bLi!IP~., '.~' '.' (. ttJ;\e :.' ~nd..
a~. to any hol~~r(".01'. ,,boJAen ot ",f,)f ~ a9qJt~~;,Pf~~ipa~
~ ot Bonds,Who .MU r.que.t in writinq a cOPY' ot the audit.
OperatiJacJ 1ha49'~'~ ~,!, J 1.1
eaeb ~~ ~~~ ~~l~'t.t~";c:a~.CO::::"':::~~a a~~:tltg~~::i~
UM. ., ...ti..ted ,r.~,. ..' ~.'" '....,. ;~.", ~...,~~ ~,' ndit.'*, r.. dur.' ins,;. ,..~...."c..:.'J\,.I'r O'~~,.'..'.'''':L,u.l.r. .,~..,~iOCJ'
Piece 1 Year, vt),l,d)" .~,:..y be, a..nded,~.r~1 t;J*e" ,~o .t.i.. in
accordance with.;1~1f.,: .,.FOunty ~11 "il:~opl~.!9f.;,it.'aiinual
budg'et to any',IlQ.~d.~':~~,;holder..o(:,"ot ;t~a.~;t,~a", 5t.~f, the
agqreqate principal allOUn't of Bond. Who .hall ti'1e' thelraddred
vit::hth. County and requ.st in writinq that a copy be turnbhed and
.hall aate .uc~ ~.t ,8~ail,b!t at.all r.a,onab~~,~~~.. .to any
~ holder of .~<> t?"7,.~~: ..'!1~,.~c:tI~ tqr>,~~ ~n;,~!1~~t,<',f .uch
hold.r. .' .' . " .' " ," ' ,. ,., .,. " ,.. " .., "
I8.u&DCe of other Obliqatioae
'nIe County will not bsu. arn;.:~.r obl1qation., .xcept und.r
t:be condition. and in the', ..~, pr~1ded in the Re.olution,
payable frOll the PledcJed Rev.nu.s or any portion th.reot, nor
voluntarily cr.ate or cau.. to be cr.ated any d.bt, lien, pledge,
a..iqnaent, encuabranc. or other charg. having priority to or being
on a parity with the li.n of the Bond. and the int.re.t thereof
upon the Pledged R.venu.s. Any oth.r obligation! i.su.d by the
county in acSdition to the Bcmde' or additional P4J'lty bonds payable
trOll the Pledged Rev.nu_, sllall contain an ..... .tateaent that
eucb obl1gatione are junIor and subordinate in aU r..pects to the
Bonde, as to li.n on and sourc. and s.curIty for payaent trOll the
Pledged Rev.nu.s.
X.nuce of l4c1itiODal"arity 8oD4.
.0 bond. payable on a parity trOll the Pledqed Rev.nu.. with
t:be Bonde .hall be i.sued after the is.uanc. ot the Bond., .xc.pt
for the conetruction and ac;,qubition of additional, blprov..."" and
faciliti.s ot the County, ,coapl.tion ot projecteol:' for r.tundinq
obli9atione secured und.r the Resolution or ,obllvatlone vbi~ are
subordinate ther.to, ..cept upon t:be conditione .-cI in ~. ..nn.r
provided below:' .
(1) There shall have be.n prepared and aecept.s by thll
9OYemi~ body of the County a report by the county Repre..ntative,
C-10
.. 00l'&'~ 205
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whic::b ..y be "ba.ed in part on report. ot otH.r..i a.necessary,
aettinq torth, th'-:..~ablieh.d capital cost. ot propo.ed projects;
.chedule. ot con.truction and debt .ervice; and the e.ti.ated
anmaa 1 r.venue.: '1'011' ,any;"! r.venu. produciO<Jfac~J.l~-i_ proposed to
be. conetructecL 9J'1 a""ir~ fr01l the proc..ede ~f'i,th."additional
par,ity bond.. ';:'. r p Co', ~ ,
(2) Ttullr!llo....U.;...V. been ,obtaifM!4 a~ t!i~e4, 1"f.fJ;.ll,\ ~h.County
a~iticat;"e,~. ~J!~~&rl~II~rtit!.~ ,JNb~J.C;,'AJ~~ritant of
suitable .xperienc. and r..pon.ibility (i) .tating that the books
a..nd, r~rd. O{:~.'" ..,.__.~.'." t.,'1'.J,a~~,'.'9-.,t. 0,th.ecol,l'~~i.~.n:~I')dr..~.,_9._e. ipt O.f
~l.. Tax Rev.n~J~~"'Wll \~.~~d by hi...;, ,Hi) ,..t..~i.!1q.for;t,h the
aJIOUnt of ~l.s\ T~(~~~I1~.~F;~&:;:!liv~ ~,C~"l F9-"niYt(~,or; .any 1~
4:., '. ~~t~:, ~i~_,'3~'t:~~,~.. ~. ."'.l,~".)!IO. 't~h:..rl.'~~.~.'" ~~:rP ~~i::.~.~ ~ t~~
whICh the certri~tlW ~ 'i,~;(ii~.t~JDg"?rh~t~ , 'sJ.. Tax
a,v.nu.. r.ceiV.~.ii~~~'/"I'-'.~h,-~, "n,.tY"lcfr .uk,. .i,2.';~~,,".t!h'''~. fD:. ."e.o.\&a18 a., t
1..~ 1.35 ti...j.'~ ;,.... 'l..nno ~'..rvl'c:e,"" iJ;:"'p'~'()n;Ca) all
BOncle then oU~~ijlUM W7U"~Ul. .4d..1.t:J~';.'.\:',paritf lborid., with
r..p.lct to Vhiefs' the '~rlft1Cit'. 1. &ad.'; ,"t'l",Tm, , ,
..-
(3) Th.r. shall have ..n prepared and filed with the County
· certificate of the cl.rk ot the County ..ti..tiO<J that the annual
budqet ot the County tor the current Fiscal Year in which the
additional parity bond. will be i..'Ued, adju.ted in accordanc. with
qenerally acc.pted accounting principl.. and practic.., will be
autfici.nt to pay all .xpen.e. to,be incurred in the operation of
the County and to pay the Maxiaua Bond S.rvice Requir...nt becOlling
due on (1) all Bonds and all additional parity bond., it any, then
ouUtandinq and (11) the additional parity bond. with respect to
which the c.rtificat. i. ..d..
(4) Each r.solution authorizing the iss~nc. of additional
parity bonds will r.cite that all of the cov.nant. of the
Reeolution will be applicable to the additional parity bond..
(5) Th. County shall not be in default in perforainq any of
the cov.nant. and obligations as.u..d und.r the R..olution.
(6) In the ev.nt any additional parity bond. are i..ued tor
the purpose ot refundinq any Bonds th.n outstanding, the conditions
of paraqraph. (1) tbrouqh (3) above .hall not apply; provided that
the Is.uanc. ot .uch additional parity bond. .hall not r..ult in an
incr.... in the a9gregate aaount ot principal ot and int.r..t on
t.be outetandiO<J Bonds becoainq due in the curr.nt Fbcal Y.ar and
all subsequ.nt Fbcal Y.ars. Th. conditions of paraqraphe (1)
t:brouqb (3) abov. sball apply to additional parity bonds baued to
payor r.fund. junior or subordinate indebt.dnes..
C-ll
10. 000 '1'1. 206
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....u of Default
The tollovinq ievent.H .halLteach coMtitu.tia, an: "EVent, of
Default.- ! nu!,", a,~:tlr,r; ';'", ,.",,," "., 'f'" ,:.
~. ) I'" ,'J.r:' r'i, "11.1 r i '"-, i.i i C ;~II , '~ J_'i " ....,;, r- ',~' ).;. c 1 .
A. Detaui.1>.'.hd\l!;~r"'" iIl.\the payJlieDt:ot, ,t.he.,prlnc,ipal of,
AIIorti~ation In..tAl~n.l, tl\ed..~ion pr..in", ,or: j ,tn..r:..t. ,:on" any,
Bond or indebted,..., .!Ubo~cUna\e4.,thereto wtMn>du.. 'I i,
~-' ... ,....:~, t...-} r;;" r:r:-rt.n:(:-'f1J! ,~, L~t, ! c.~" :"'.(";
1 ' ,8. There .hall oc, CUJ'~" h "~,.,' solution or l,iQUidatiOn of the
County, or the fHine) by , ',ty ot a voluntary petition in
bankrvptcy, or;/, tile ~" on _. .t.he CO\I.ftt,y, ,pt,;! lonY;I,alCt ot
~, or""uclri~t.Oft of ~e',CCXlnty, ,a,_.' "hJ~~JNP.t, or
.., '~,' nt by ,~, ",~'Cf:nI, fI'Yc,.l,' or the., , bene tit Pf, i,~,'[,;'~J'~i~O"J;'., o~,
appOlntMnt of, :a tf~v~r, for the~tY'j or ;tti,,!~~~;~ th~
~y into an .~t,~f.. cOllpOil~~ion with it. C1(~it~..,.~or the,
approval by a ~.: ,0(".C:OIIp8tent ,judecSiction ,0("" pe~itioll
aPl':li~ble to tJ:lf ~y :;s.;aany proceeclineJ for i~"<1~~~'t~an~~atio~
ini,tltuted und_r. ,~,e, Pl='px,lsion. ofth, Federal ~n}t~pJ.~Act, as
~nded' or un4.,r ,:~y.~~ar act in any juri~dic'tJ+Oni~~~h, iaay noW
be in eftect or .ubsequent to the Resolution. '
~;(l:-: r~ .'-1" 'l~';:' i " :'~;',;":~'", ,:~, ;, :r':; ,~',)rp ":,1
,c. The ,~nty ,:,aha.ll det~lt '., J,nth.e d\l.e/" iiPM,pi,anptud.
pertoc.ance ot any other of the covenant., conditions; 8gre<<.ents
and provi.ion. contained in the ~nd. or in the Re.olution on the
part of the CCXlnty to be pertonM4, and .uch default .hall continue
for a period of sixty (601., <<Sf):-; after notice thereof has been
received by the County. ! ,> ., ,",'
ae.e41e.
Any holder ot Bond. or any tru.tee acting for the holder. of
aucb Bond. aay by .uit, action, aandallU. or other proceeding. in
any court of coapetent jurisdiction, protect and enforce any and
all rights exi.ting under the law. of the Stat. of Florida, or
qranted and contained in the Re.olution and ..y enforce and coapel
the perfoc.ance ot all duties required by the, Re.olution or by any
applicable statute. to be perto~ by the coUnty or by any otficer
thereof.
'!'be holder or bolder_ of Bond. in an aggr8Cjate principal
a.ount of not le.. than a aajority of the Bonds then ~tetanding
..de by a duly executed certificate in writing appoint a tru.tee
for holders of Bonds 1esued pursuant to the Re.olution with
authority to represent .uch bondholders In any 18Cjal proceedings
for the enforce..nt and protection of the rights of .such
bondholders and such certificate shall be executed by .uch
bondholders or ~ir ..,..ly authorized at.torney. or repre..ntative.,
and shall be filed in t~ otfice. of the Clerk ~f ,the" ~y'.
FOR PURPOSES or THE FOREGOING ~IES, AN. INSURD WHICH HAS
JW)E A PAYMENT or PIlJJlCIPAL OF, OR INTEREST .ON, NlY, BOND WfI:tCH THE
C-12
ute OCO'I'~ 207
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,...~
COUJn'Y HAS DEFAUI.lF;EDllllfl PAV"~xOF, SHALL BE.Cq>>ISIDIRED,!'llH8 HOWER
or ,SUCH.8OIft). ":,(1 r, ':',;', ti' t': 1 i'
'. t ' ; , i: t, "" ~ :;.. () (~J'~ f; (:_!
Bothinq in tb.~.e.~lution.hall be co~truedt~'9r.n* ~o any
hold.r,:ot the ~~,."-y!., li.~~on any real or persona:1L,f)!l"p~l;',ty of
the county , or .: ~'t ~ ~tK. '0 requ ir.or q~pe I ;t~."" 1.fI"Y tot, ad
val~_ux.. byl ~hf;lC:OUJltY"lfor any purpo... ,;,"'''''''' {
. ",'
":, , '~ ~,.",~. :'
AaeD4aeDt Witb CoD.eDt of ID.ur.r ODly
. . If aU oftil-., iQ~~~:~~.~.~4J14!nq Unc1,err;~he )i.(~~~A1tA'~~ I' are
i~ed,a.. top.mp,t.oCpi'~nc;lpa,t, 'nd in~.n~t Ih:' aqI'".urer~ or
Ii\rii'~d, the C~.rit~,iWlY."",,~ on. .o~r~t,.,. ,SJ\lPP l".nt;,a~,;~'~lut.ion.
, nest' ., aU or ~,. ,. 't 0'; is........ nO!: 1.( and 19 of. t ~ D'.l.ioe) '\.tUon
"'ftdat~ to the~n, ~truxt{~rr7~'~;.na. ~b,.'7 ~nt~~'; ,:~~.ria,Jlt.,
. ~'ii:.alnq flow O~', ~M.,j"r.;tll~~th" i~ ,~,l~t:tln- c,on,!nt ~~,'"ch"i:'r.~~er
and the . aCknowlea,q"l't,. ~ r~A~ r' Insuter. ,tha~ itl, ),n.u,I"an.c~ or
~..'r..nty POliCY~'lf.i,.tl it~.t~}':, .t\.,':t,~,.. 1..r, ..'tor,.ce" ~fId''''.tt.e~(.': ['''The
't~.t901hcj riqbt~ 'c:rt~:r,~~.w^~'~.I')~.v1i't';",d~. 'not'-.:14~ry<J't6 ,any
~~. .....'. ' .to SUbtJ.~q.'1tt.o.,!(".1.~~~t'a,t~.,\.; .~1~U~.~!?l1,Jfb.~',:8.5-HI7. ~)~ri:r.,. '.pe." ct
to..,. . ".th., ...., , '.xeaptiOr'l : ~!:.1:flt.' ~', ilt!., ".. .'~. .~c! ;;.jJb..n4. . ,'t~"..,'. '. 't~",r,.~" :1~:e~e
~'Pl~ion'nor aay ,~#y ~.'(at:h) ~~nd", ,rH(, ".Ot,'{vtJ ~~~',\*,old..tJl9,f l!1Y ~nd
b'.t:<r.i9htto paV'IMJtt:bt' eh.'e~~.~ erc-*"'a'~ ~h.i.r'..1i.t/:-dn..' the
Pl~~ Revenue~:'T< 'T1\i' jtJtjdlutlalf lrIa'Y 1Tt:' ...H'dld In'ditrtaln''~her
r.specte with the con.ent at ~h:e. holder. ot the Bond. and the
Insur.r in accordance with the "Usolution.
Def...aJlce
".""MIlo.,
~~_.~
~,,' ~ (i 1,,'
If the County .hall payor cau.. to be paid or there .hall
oth.rwi.. be paid to the hold.r. ot all Bonds, the principal ot,
rede.ption pr_iUla, if anr' and int.r..t due or to beCOlle due
th.reon, at the ti... and nth. unner .tipulated,th.r.in and in
the Resolution, th.n the pledq. ot the Pledqed Revenu.., and all
cov.nanta, .qr....nt. and oth.r obliqation. of the County to the
Bondbold.rs, shall th.reupon c.as., t.rainate and beC01le void .nd
be diecharqed and utistled.
Any Bond. or int.r.st in.tall..nt. .ppert.ininq 'ther.to,
Vhether .t or prior toth. aaturity or red_ption date of .uch
Bonds, shall be d.eaed to b.v. be.n paid .s s.t fortb in the
Resolution if (A) inca.. .ny sucb Bonds .r. to be red..-.d prior
to the aaturity th.reof, there shall have be.n tak.n .11 action
nece...ry to call .uch Bond. for red..ption .nd notic. ot .uch
redeaption .hall hav.be.n duly qiv.n or provi.ion .ball have been
aade for the qivinq ot .uch notic., and (B) th.r. .h.ll have be.n
deposited in irr.vocabl. tru.t with a bankinq in.titution or tru.t
COIIpany by or on behaltor.,~h. County .itber~ney. i,n, anUtOlQnt
which .hall be .utficient, or Obliqation. of the United State. ot
~ica (dir.ct non-callabl. Obliqation. of the United .tat.s of
Aaerica in the .vent of .. d.t~aaance of th. Ser!.s 19512 Bonde), the
principal of and the inter..t on which when due will provide aoneys
C-13
.. OOO'~;. 208
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HUV - :J _----"'. .. '"
which, toqether with the ~ney., if any, deposited with .uch bank
or truet COIIpany at the .... U.. shall be .ufficient to pay when
due the principal ot, redeaption pr_iUJI, if applicable, and
inter..t due and to beco.e due on said Bond. on and prior to the
redellption date or ..turity date thereof, a. the ca.e ..y be.
Except as hereinatter provided, neither the Obliqation. ot the
United State. ot .-..erica nor any ~n.y. .0 deposited with .uch bank
or trust COIIp8ny on account of principal of, rede.ption pr_iUJI, it
applicable, or intere.t on said Obliqation. of the United state. ot
"--rica .hall be withdrawn or used tor any purpoee other than, and
all IIOneYs .hall be held in tru.t tor and be applied to, the
pa)'Jll8nt, Vhen due, or the principal ot and redeaption pr_iu., it
applicable, of the Bonds tor the payaent or red..ption ot which
they were deposited and the interest accrued thereon to the date ot
_turity or redeaption. _~'"
1':,jii
,
)
I
APPENDIX 0
FOAM OF BOND INSURANCE POUCY
f.
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,AUG - 9 ~
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FINANCIAL r.nAftA'NTY INSURANCE POLICY:
~ .1 " ,,'I ~', ,11' ' , , ; -: t>
M.."i4paq~mA ,lny,atPn ~~~Q~~C>o,mor;lti'1(1
" . , 'Af"1f11'hfk, NeW' ,V orldOS04 ' : '
f'OOcy No I NUPoIUER J
~'&i.d 1IMIIcrs~ ~ '(.hc'~~;;'; ~~.lb)'lc:llh: ~ .;r~~ aR1 si~ 10 UICtCnns dlllis
~.'~w~""~ aDd~7 ~ 10"" --.:r. _ ~ ~ dlhc fdlawinf: dcIcn1xd ~ lhc fuU am
~""'IIIIIfIMdIDtlc IIlI:Idc"'PI,-~A. ""_~I~ tw.4E.Aif,"'~~. ~~,(dlC ~Acicnli
~_... ~ 10 (i) lhc ~ d (cid1a . Iho: -s -'ty Of by My ~.............. d ..-icy ~ 10 a rn:JBbIory simnc fund
pI)'U1CIll) arid iacraI_1hc ~ (.M da term is ddn:d bdooo) _lid pIJftICIU dIIlIlI bcIcumc cb: tu sbalI DOl be to raid (ooa:pllb:ll in IIIC
~d.".. ~ J!"tdlllcdae.-...-=tI J*1ndPIIIIiJo.....'tIf.... ) Gl'~,,..t. """",,_~__ci::IIIIIiIIIg fIaaa dd':adl or
~ cdIcr.... -r .tl2\.~~ d......., p.... 10 a IRIldaJry Jidlia& inS pIJIDlD. tb: p:IYIIIOD psr.nad hcrtby sbaIl be made in
'ad' ~ .... ~ ....'. .a ~d'~~'ti:wC tiIa 6Je1lld1ti'. tiilai fin; 'lid; :~).'ard (u) lhc
Ib"W~fII..,adt JII7IIXft.... is ~ ImMftd Iiona ""1C1M1O' pnlID 10 .6a:liploncrc by a aut 0( ~Pildidion
da N:fa ~~.. ~ pd:nn:I:ID N:fa 0MlCI' MHa che lIIC:lIIiaCfII." ~ ~ bw, The amcuu rd'cm:d 10
in d.a (i) aDd (j)..lhe ~ IeI*ftX shJI be: lldCnat II) haan CIllkl:Ihdy. de ~ ~.. ,~,smn I11CIrL
, " " . ,,' !, l ~ .j' .
(pARI
(LEGAL NAME OF ISSUEI
Upolt .q. d IdqlIIaalc or u...~ IIOIIa:. ttdllllJliae ~ c:a61IIld .. ttridac by qisIl:nd or czr1i6cd aaiI. or apon ~ d
.... ~JIIJ"'" orcaiilllaf IIIIil by che __ 6aIIthe ~ At1:D or.......... OIlGpbIthe ~'d an'lIIuaf AnIlxn
for ...e.i::tI II'" ~ .. JId\ .... .."...,. ... aol bx:n made, the ~ CIII tbe cb: cI:IIe d a:fJ ~ or lIl1lhia one t.mnc:. 6zy alkr
nlClI:ip d ldSIz d adt ~'"""... ~ is bIa. .w ..... dcpaIil dlatl. .... 8rXlaIG MIa ScaK SCIa:l B1aIc aid TnlIIl Company. N.A..
ill tbr YA tbr YCldl, or lIs~. ...... for the ..,.. fII-r -.:fa r..ns ,.,... MidI _ chen cb:. Upon ...-..~ and
~ fltIIdI.~ or.p,...A...n d IIdI c*r pod d CMnI:nIIip d ~,.~,~ MIl ." _""';.& inlInImau d
-4--c 1Dc.fd:Dz1II: ~ ~,n:.' dlhe b..t AnIOIlIIII dae CIIIlhe ~. 1ft: plidby iIIt w..a. and "W''''''''* iRIII..,~., 10 dICIC1
Ih:~,.;.,. . dill: J.wcr. rcr:nr for IIdI GIMICJ1 d che <HpjanI ill ." IeP .... - ""~ !dad 10 JlIIYII1aIl d Inutd ArIXMU on Ihc
r7 ~ ~ J --.~ L. b:iacill. inI ~)' IDs.. Soas &nlIlldT... eaq..,. N.A.. ScaKSCIa:l Da*aldT.- CoaIpIay. NA
'JhII cIllIblnc ID adt ~ or che ~ ~ ,.,... d the Ir-.:d AmaInI dae CIII adt ~ Ics." ...,.. hdd by che ~
Ap for lhe~flgtI""" AIntwlre aid ~ ~dIcIdw, ". p6:)'dlxs" inIft.... .. d.,., ..~....... panUn
tobidI..,. ..,....,.,...... .apd lit"" Ol~ '"
1d ~ Ia:ilI. die II::-. "DMaa" .. _lhe qImaf 0MlCI' d ." 0:iGpba .ldcad .. die bccb ma;.o;.alCI by lhc P.ayq AtJ:d.. Ihc
a..:r. << .., dcipae fI the a..:r for adt purpx The II:nII 0MlCI' .. .. indadc de a..:r or ." I*Y Mae _......~ wida che r.u:r
[J ~ - Ilhe~~forthe~
AIIf..-fllpacaI_lIIc --IIIIJ be lnd: 10 the "-u III ill c6:cs b::ad III 113 aa. Scam. Anncdl. New Ycd I~ aid tueh ICn'ia:
d~"'.d11I11dtJWa&.
llIiIP*J II.... .~... for.".... The ~ Oft'" plIity II.. ~b..,.... ~ che ~ prior 10 malldyfl
daeO"J.. J -4
Theillllall:zpotdl:dbytilp.llity II.. ~ by the flarida "--=cc-., ~aaIIllI"ch1per6)1. flarida SIaa
IN wmESS ~. die ~"'ca.ld'" plicy lit be~ ill.... _ III bdIII'by lis tit aadllwtmS Cll:Iial:ft. Ibis IDA YJ 6zy
dpomt YEARJ, .
~
MUNICIPAL BOND INVESTORS
ASSURANCE CORPORA nON
~U-SA.-
PJaidaIc
^*-,
c.,. s..
.-... Sa::nDy
1mIlCSft"
JIlIN
500C 000"',1212
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FORM OF OPINION OF NABORS, GmUN & NICKERSON, P A. BONO COUNSa
; n I'> Yt11}I,FE8R&CI:ilO'DE~ ,1*:8011)8,';:,::""">' ~')l IJ",:1
. l~l 'i i~)1:'7~'I~(:^: !"',f Pn't-;\nl;q p "--i ;,r,.d~' 'Ii: ,~1 -~'~j:!\\..:U.!"l t}:,}ci'.;1;" '.~l:): ,~;Cl \." ....
'Upon:dIIwwy 0I"~'5M__ln-"""1Ifm. ~QIIIID:"MllI JM',uP.A.::r--.,FIortda,
Bond ~ proposes 'P{,~~~ ....'~ to 1UC:tt'~I", ~iJlJ :~ !he
~ISIJQI'Ja: u.;d ~.""~"_'__~_""_";'_~_"~~"'_" .~J(/; h ",L .1, d:i,;(.;,:.t,ti'~~;::1,(J(l1 (,1 il-~l ~,'!In(:\.
..l,'-!..;1~'~r. ,II ~,l ;.(.,-Jr.~)J:~1') ~~,r:r\ V,~'1~ a~i (j!'IIK'fi.1J ,. .~".;t7(,I-;t f:,,-n i{al(J (A,;';(r'J'!''!)!''~~';_ll/~!jl("
~~'i.;..iI\.'1"..' .;1<.)..;' Fl.J''lJ, ~i,L..J,'t ti.) st....f~;c~er1( 10; dl; \j'l"':)i,~i! cf. ;'l:~'.;'1n':r:"! O':~l ~3"~;pf;'~
4:'1-; 1 \ ..: . \, ;"1 ".A'YJ1. :{'\ rt ,I) ~ajrf) t~"'l-: r;ln~ C\.J< .I' .:.?U'( ~ <('If) ~J' !'~',,- 10 n\ It lJ\ '~"j
8. ,'" ,J, <"':;;; ..~, 'i~.~,'ial t ;"','H. Cf,;(lJ.irjl.,..... S'.'\;""" ((\(,'.''''
'" ," '~.-.~_'~l ~'o(:eeQ,(l9" rotalng 1J.
~'__"'" I,." \ ~~. , _' .i\.;;J\..c 0 1,(;1.) ~ (Pfnl..,f)!j~~:O U., n 1., ,fH:.....
~'J ,.. 'o^"~'; t' ~~;!2.1~;t".:(~
>-,i j;,lj: i ~"~~'e~.(JI::1 :t1d<in:\ 'Of' ~i')l' CCt..1{
l~.; lo- tl}'J f1~\.iiilfV:9 ot 1i\(~ L;edc). l t'
;-lt4f\'it'N1\) 'it,if"O~l: Ufl1..;(lr:nfw ;,'~!
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~~~.~ "~i,,,'I'~ ~n1; ri'l t'j,! ~1in~()"~
~~~lpI~~~':;:,~T'~J~'1Lst4.~:~Cowly,
~~.,~ ......ri'.~=i":"~~~~ ~
~...,,~ 25. '" "i',,' ,.," ...._-4 . aT, .', '",." " ,t:, .,. ,', ~
~.~,~30,1~.~.-r~ . ~'-- ""'~~"S'?'il'," th,' v,r,r', 1,'vI' :!\::
The Ser'- 154 Bonds .. d8Ied and ... ~ ...... from 154, exc.pc _ ocJ1erwIM provided In Ihe
ReIaIl6:ln. The 8er1es 154 BondI.. "... on the dll.-and In Ihe prtnc:lpIt ~ and .. bar IrUr8It
. the ~ ,... per 8lYUI\ _ prcMdIid In the ReIaIl6:ln. .,..... on Ihe Series 154 Bonds thai be
payatlIe on each ApI 1 and Ocl:)ber 1, COo,....ldllg on ApI 1, 1 SJg5. The Series 154 BondI .. IUbtect 10
opcJonIIand ~ red8mpCkln prlor to INUty In ~da. a wIIh Ihe r.ma 0I1he ResoIlldon.
The 8er1es 1 ~ Bonds .. IIiIued tor Ihe prtnc:lpIt pu'pClM 01 prcMdIllg moneys tor r8fLncIng Ihe Coller
Cowly, Florida CapblImprovernent ~ BondI. Ser'- 1. CIhe ~ BondI"). Cer1aIn pI~ 01
the.... '* BondI. togeCtw wIIh ClItw moneys oI1htec...y,,,,, be depoIhd InIo In eICtOIr depod InJII
ILnd CIhe "Esaow F\KXf') established ptnUart 10 Ihe Escrow Depod AfJ ~ daI8d .. 01 1,
154. betften Ihe Cowly and . and ~ In dlr8ctdllglfllOf. 0I1he UnIIed 8caIas 01
AIMr1ca (!he "Esaow ~. such IhIIlIhe prtnclp8I oland ...... on said oblIg;ICJor-.. IogICt.- wIIh q
cash on depod In Ihe Escrow FlMld, thai be IUrIdIr1 to pey Ihe pIndpaI 01, redlln_l premum, . q, and
IrUr8It on Ihe Refulded fklnds. as Ihe same become due Of .. rld8emed prlor to 1NIhdy.
M 10 ~ 01 fact n18I8rtIf 10 ow opinion, we'" NIed upon the ~ 0I1he ec...y CXlf'UIned
In Ihe ReeoIllllon and In Ihe cer1Iied plOCMdIlIgI rIIIadng IhaCo and 10 Ihe IIIu8nc:e 01 the Ser'- '* Bonds
and ClItw C*1IIcIIIac. 01 pWIc 0"IIcl* ILmIIhed to "'In c:onnecdon.".,..... ~ ~ 10 wrIy Ihe
.... by IndepeIldenIlnvnClglICJot\.
s..d on Ihe ro..1g, .. .. 0I1he opHon If.a:
1. The C<u1Iy II . dUy crea:ed and .,." 8ldIGng poIdc:aI abMIIon 0I1he Stale 01 F1ortda.
2. The C<u1Iy ha Ihe r1gt-. and po.- w1der Ihe ConIIIa.clon and l.Ilws 0I1he ICaIe 01 FJartda to -'opC Ihe
~Gon. and Ihe R..oUIon has been dUy and IIlwUy adopCed by Ihe Cowly, II In U bee and IIJac:t In
~da.a wIlh Is termland II va'ld and bIncIng upon Ihe Cow1ly and ~ceatlIe In .x:ocda.a wIIh bl8rl1V,
and no ClChIt aAhofIzadon for Ihe RetoIlIllon II ~ The ResoIlIllon c:rnl8I Ihe VIId pIIdge which .
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~tocrMeof !he PIedOtd'AMMiI(M'~'i\b""6lr4;~itbfbe'~IIb. C'II!he
AI. :'&d:ln'pe."_",, !he ~.It..,.,.,.. ..'ttII,~ don N....... *1d '~'_""In !he
fill oIi......'.." ',' ,':t:1 ,,' ':,",
4. 1heCoulwy.. cUr ~ --..:t ~""'19lM ~!"'''''t..BondI'''
,--......"..., ~""IIllued"'''4IlIHY~.~'''CoI~:''U..''of!he
... ClfFlClrfdundlhe~"" .....8onda cCl,".nIllMdIllrlclAQ ~06"'Cow1Iy
.-.~irt... ~Gon, ".Ifo,~~di.g .....terma.............. "llatuIon 8r1d
'In'....,..... bInIfb of ..'Pn.a4l11on:......... pudiuanuo wtic:h "'" _ ......i'..... 154
.Bc:lndI do 0ClI conIIlbAe. ___....... at.. C<UlIy 01 ChIt sc.. of F.b1da.~, "~dIpnnenI
:..~4lWtJ..f ilbl fhIqgI, Of. pledge of Ihe r..h 8r1d credit of IUCtI ...... bLC .. plIy8ble from ...
Pledged ~ In .. ~ 8r1d 10 Ihe ..... provtded In ... Fl.a IIfon. No hctder of !he s.te. 154
BondI.... .......!he ~............ of ." ad\'lfcnn IaIIng ~af_~ or the a..
. C'II~ ort." pc8IcaII .1bdIl~..8gInaIyori9,p"lm....lhIrtoIlo.., .. s.n.i1"'~;
~.~" !::':'" ~, ~:t:-lr?;' >: (,1'! '~i;", \..')";>.:' '4 jj'n"~:,
.... n......j.. BondI~.........,...-.npI fft:lm -.aon ..........9',..,...<< fJor1da.
eoepe..to......... and...Il..,gMd....,,~ 2:20, fb1dlI8t__ en __,Income;~prolIs on
ctIIbI~.. owned by COCpo......l........ nllld ~Z2O;";,' "
,L~~...... ~'"*ai .......~......,~ on........ "8JMiIpnds <a)
"-.aDd 1Iiom"~ ~tIdIn!' ........ ~1Od~,.._~.....~'lfu~~_ tor
.~.Cll.......,........ -Ii- JlI!I".III.lt,oq ~. ....,CIOfPO)~... ~,'l~ be
..,..,....,. NlpeClIO '*"*'~..... 1UCtI......1I t.1Il<<llnro ac:cotn In det8ri'1Wq ...,. _lid anenc
eamInga Iar Ihe JUPOM of COn1pW'lg !he ~ "**'un LlDt. The opfnIon .. for1h In c:ta.e (a) above II
~ 10 Ihe CO 1dIdurI1h8I!he C<UlIy compfy wIIh .. rlqlkemeru 01 !he Ir'iIem8I R8wnue Code of ,-' _
aJIIj~ IhIIl71UIC be sadItIed ~ 10 ... ~ of Ihe .... 154 Bonds In order 1hat .......
!hereon be (or c:oncInun 10 be) ...0 Ided from ~ Inc:cir*fit ~, IederIIIInc:ome lax ptrpOMS. F..... 10 compfy
wIIh C*IIfn of IUCtI ~ CXlUcI c:a-.Ihe~,*--' bnthe s.tes 154 BondI 10 be 10 Inc:tJded In ~
Inc:ome ~ 10 !he diICe of ~ of Ihe s.tes 154 Bonds. The Cow1Iy ,. ~ In !he
~ Gon 10 c:ompIy wIIh .. IUCtI ~ Owner"'~ of Ihe SerIes 154 BondI may ,... In colIlIraraI
fedtnIf lax ~ to C*IIfn tapeJ'" W'1IlprIIiI no opHon ~clalQ IUCtI fedtnIf tax CClnI8qU8nc8S
afIfng wIIh ~ 10 !he 8<<tts ,.",. Bend&.
In .,',.lde..., lIlQ!he opInIonI NIl forlh. 8bowe, we .. ~ upon CI) .,. 1fthI..... aca.ncy of '**'
.~....IncWedIn~..........,--..nlt'~.Co. '*tIotO!he~ofprgleded
~ of... Esctow SecuIJes 8r1d ." ~ amcuu depoIIed In !he Escrow Fund, 01... ...c..:,"8Cy of IUCtI
profec:ted ~ 8r1d 0ChIr tun. to PlIJ .. pfndptII 01, ~ pqmUn, . q, 8r1d ...... on !he
Reh.nded BondI. 8r1d of !he yIefd on ... SerIes 154 Bonds 8r1d on ... Escrow SeadIes, 8r1d Cb) !he
~. of !he arlhmeck:aI a:cwacy of IUCtI ~ by . . h at ~1dIt.
CMIIed~~
· IhClI.*I be ..-.d thII (1) ~ - may ~.A4f, be ... forth In ., opHon deI..eeI by ... 10 !he
lot ldel, -... (on wNch opHon or/Jtt hy may ,.." .. !he ..... 154 Bonds on !he d8r.e t.recf. .. .... noc
been .~ or ~Io fwtew!he aca.ncy, ~ or IUIIcItncy of.. 0IIdtII...... Of
OUW ar.mg nw.tar rMlng 10 the StrIta 1184 Bonds 8r1d.. ~ no opinion rwIaIIng fhnIo. 8r1d (2) ..
t-. noc been .Igay.d Of ~ to rwwtN!he con...... g wIIh ." fedenII Of ... 1M wth ~ 10 !he
.... Of cIICrb.cIon of !he 8trIn 1184 Bonds 8r1d .. ~ no opinion ~ IhtrICO.
The ~ "'P 111.ef In pel-or~" 2 a1d 3 t-.oI .. quIIIad to !he .....1hat the WIfoj~ of !he
~~ a1d .. 8<<tts 1184 BondI ,., be Inbd by IiI"I ~1tJtt b8nuupccy, ~1Cy. fI1CrIklrUn,
I'IOIga*-bt Of ~ ....... .... ..~ CtedIclq' rvu geneqIy. Of br !he ... ~ ~..~
In ~(C A._witt generIIf pMdpee 01 equIy.
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We ,.. .......... tonn 01...... '54 8clndI8nd.1n ow opHon. .. tonn 01" ... '541SclrD
II Ngl.tIr .., proper.
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zsaow DBPoaI'l' AGa8ZXD'1', elated asot Auq:u.t:l~11994", by and
betw..n COLLI Dh COVII'rY,' 7LORIDA (the "County"), and FIrrB 'lHIRD
BAXX, (the "Escrow Agent"), a national banking a..ociation
organized and u.tatil"l9lan!er: the law.,:of,:th..\ United. State. ot
AJMrica, havil'MJe'l..u;, :4e.ignated corporate tru.t otfice in
cincinnati, Ohio, a. e.crow agent hereunder.
Ii Pi! _ ~ ~::c,";~;i"J:;r \,.1 .' .".,-~ ..c.t't'~-.~") ;~,'
DD~,;,~~.,~ty~ .ha.",".r.tpto~., iss~ :,jt.s,:,$;;l1.J75"OQO
Colli.r COUnty, Florida Capital Iaprov...nt Revenue Bond., Series
. 1986 (th. "Series 19.6 ~~) pur.uant to Re.olution No. 85-107
adopted on April ~~9,,, 19U,......n4ed,'~,. ..~ppl_.nt.d
(COll.ctiiV.lr",. ~..,'.'..~...h~h:~O~\ltion") of Vhich ;$~,D, 09'$,~,0;00~:~. ~Fe.enHY
outetand nq; a._",
nERDS, the CO\Q1t)' has det.rain.d to ia~"i,ta$J.0/415, 000
=~:i~~:'.lJ.~t..:<~.}. '~!,.~t~,~.. .~,lj:~:;;o.~~.,.,.. ',:\:.t:~.c:l!.p.'.i.:r,",~:'~:~, :
"ill be u.ed_~ 'purcha~. certain s.curitl..~fn or!"r .to provide
payJaent for. ~:a~ portio~ of the S.rb. 19B6Q9~" ~~;iPJ1~tureon
or atter October 1, 1995 (the "Refund.d Bond..) anddiil~harge 'and
.ati.fy the pledg., cov.nants and oth.r obligations of the County
und.r the R..olution in regard to .uch R.tunded Bond.; and
nDDS, the i..uanc. ot the S.ri.s 1994 Bond., the purchase
by the Escrow Aq.nt of the h.r.inaft.r d.fined Escrow S.curitie.,
the depo.it ot .uch Escrow Securities into an e.crow depo.it trust
fund to be held by the Escrow Aqent, th.discharge and .ati.taction
of the pledge, covenants and oth.r obligation. of the County under
the Re.olution in reqard to the R.tund.d Bond. .hall occur a. a
si~ltaneou. traneaction; and
ODDS, this Aqr....nt is intended to .ffectuat. such
st.Jltaneou. trauacticm;
JfOW, ~, in coneid.ration of tb. tor~oinq and of the
autual cov.nanta heret..-ftU.e1: fOrth, ~h. parti.. h.r.to agr.. a.
follow.:
8ZC'l'IOJI 1. nDXBLU. Th. County r.pr...nt. that the
recitals .tated abov. ar. true and corr.ct, and the .a.. are
incorporat.d h.r.in.
8ZC'l'I01I 2. ..C.IP'1' OF ."OLOTIO. AJn) VDIFICATI01I .DOR'l.
Receipt of a true and corr.ct copy ot the abov.-..ntioned
Resolution and thb Aqre...nt ia h.reby acknowl.dged by the Escrow
Ag.nt. Th. applicabl. and n.c.ssary provision. of the R..olution,
1nQluding, without liaitation, S.ction 27 th.r.of, are incorporated
b.r.in by refer.nc.. Th. E.crow Aq.nt a180 acJc,novledq.s r.ceipt of
..,..~..,4,.
ceo ~J',I 217
".,
N!' l'I'i: ~!
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,MlG - 9$\
th., v.riticatiOn' tepor..t;of'lcau..yDe1lq.n' , "~ '~.nciO'/ ;;Denver,
Colorado, a" 1 tlr..'o,'f; "lnd~nt public accountant., dated
Sept..ber 8,1994 (the "Veritication Report"). Reterence herein to
or citation h.rein bC' 'lfriY,' prOvbion. of" tM', Ra.olut:ion or the
V.ritic:ation Rttport" sha~l. bldn ,..d to incot'pOl:a~.'-ibh.....ame aa a
part b.r.ot ia the .....,..._r and with the .... ietf.ct,a. it the
.... were ful~c..~' tOdlb:,'hereini ,>,
~ '1 (':1, ('I ' ~ t"' ." '" ~
~OJIJa,: (' Duc:muOI 07 PLZDGI OJ' BOLD.....fn RZJ'UlII)ED
~. InaCfQQl:4Mcei .,i~ Section 27 of the R..o}uUon, th..County
by t.hb writ,inq,..xet;eU... it. option to have tale, pl.dqe ot the
Pledqed Rev.nu.."".. d.fined in the Re.olution,) ;and aU; covenant.,
aqr....nt. .ncS,J~r"bt>>1iqation. of th. Count.y. to ..the "bolder. ot
the Retund.d I9ncU ~nd.r,;th. Re.olutiOtl c...., tCJtWU and becoa.
'YO!d and bI di~~~ ,and .atistied. Ie ,',
8ICTIOW' 4. 1:111 UT~LI811HZlr1' 01' I.CROW I'UWD. Ther. i. hereby
created and e.,~i.~ w1th the E.crow Aq.nt . ,.pe4!ia),~(;~r.qated
~nd,irrevocab~'t~G~~9'" ~po.ittru.t tund ,d..iqna~ ~,:~ollier
County, Fl, O~i,".~";,C4I?,; ~~"d. :JJlPr, .QV, .~ent R. .v.J1U4," . ..,B~.,.,~, '.~" ',,~,ri... .1986
Ee<;row Depo.It ,1.r}l,"~ fu~".,.'tha. "EeC:;FOW ,Fu,nd )'~("rl'~'l ~~row Fund
.hall be held ~,n ~\ c:;\l.toctX,9( th.,,Eecrow ;;".q~ a.'l~ t.r1,t~t fund
for the ben.r:n"Qf .~; ~~l~..i. of th," R.f\U'14.~ .~~: ;'.parate and
apart trOll other tund." and account.' ot the' county' arid the E.crov
Aqent. Th. Eecrow Aq.nt here~ accept. the Escrov Fund and
.cJtnowledq.. the r.c.ipt of and d_podt to the credit ot the Escrow
Fund the .WI of $29,815,513.53 r.c.ived frOlS the County fr01ll
proceed. of the S.rie. 1994 Bond. (th. -Bond proc..d."), and the
.ua ot $ r.c.iv.d fr01ll the County tr01ll certain .oneya
on depo.it in the Sinkinq Fund ..tabli.hed tor the holder. ot the
Retunded Bond. (the "County Hon.y.").
a~IOW 5. DI1'08I':r "', ,~a UD alCVJlI'rIU I. UCROW
J'UIID. Th. bcrow Aq..,t Ci.tiaPr....,t. and acknowledge. that,
concurrently with the de~it ot the Bond Proce.d. and the County
Money. under S.ction 4 above, it has u.ed [allot the Bond Proc.eds
and $ of the County Hon.y.) to purcha.. on blhalt ot and
tor the account of the County c.rtain Unit.d Stat.. Treasury
obliqation. (collectiv.ly, tog.th.r with any other .ecuriti.. which
aay be on deposit, fro. ti.. to ti.., in the Escrow Fund, the
-bc:row Securitie.-), which are d.acribed in Schedule A h.reto, .nd
tbe Escrow Agent will d.po.it such Escr~ securiti.. [and
$ ot the COUnty Honey. (th. -C..h Depo.it-)) in the
bc:row Fund. All Eacrow S.curiti.. .h.ll be nonc.llabl., dir.ct
obliqation. of the United st.t.. of Aaerica.
In the ev.ntany of the E.crow S.curiti.. d..cribed in
Schedul. A h.r.to .r. not .v.ilabl. for d.liv.ry on S.pteaber 8,
1'94, the Escrow Aq.nt aay, upon the writt.n direction ot Bond
Couneel, upon Vhich the Escrow Aq.nt .hall conclusiv.ly rely,
eubetitute other United Stat.. Tr.a.ury Ob1iqation. .nd .hall
credit such other Obligation. to the appropriate Escrow Fund and
2
... WJ 'I'~ 218
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<AUG ... 9 ~
hold such obligations until th.atore..ntioned E.cr?W Securities
have been d.livered. BorieS coun..l.ay,a. a conditioft\}SJ;'eceaent to
CJi'Vin<J it. cSfr.ction, require the CoUnty to ptooiid.,lt with a
revi.ed v.rificlt:ion' R.port in reqardto the adequacy oft-he E.crow
SeCUriti.. . and the cash D.po.it, taking int~ .CCoUl\t the
.ut.tituted 'obl:iqatlbnil to pay the R.funded Bonds 1ft', ll'ceordance
vi~ the t.ra. h.riltof. 'Th. EscrOW Agent shall:in >M' Ilanner be
r..-ponelbl.jor liebl.for faUure or d.lay of ,80nd; 0t:tUn.a1 or the
county to prOliptlyapproy. the SUbstitution. ot ot1!l.r'united stat..
Trea.ury obl igat.loos<foll: the E.crowFunc1. t~" ,~.'
azcrIOJI 6. SU771CIIJICY OF UCllOW 8ECl11lITIZ8. In reliance
upon the v.r\i~catiorldb90rtl['lth.' countY'repr.a~ ,that the
inter..t on an4c~.pr,ifte4p~l :,iIUKIIWltoa .ucce..iv.ly.,.tudtnCj on the
EeCrow securiti... 111' i;ec<:QC'd*nc:..with '. theUr; ,t.eraa",;(without
conaid.ration ,~t" Nly\:Ii~nv..t..":t. oL..ucb i..tur1(HJi 5JJ;'J.J)Cipal and
inter..t), t09.!-~ri W~tb\h.I~,1) oepc>eit, .re,,,..~t~14;:4ern-~auch that
1IOn8)'. will~ a~.U.bl. t.oc .tb"\ ~C1::qw ~.nt> ,i.n \.~.n:t.,. ."U icient
anc1 at th., tiJl8' r~&"II4,' ~n,pay. the ~nt.( \P.~dlri,nqlpal of,
r~ionpr...i~" U~""Yllr.lI4S,,:.!nt.r..t:,iSJ,J. .rJd IW,~01D. due on
~.. Retunc1ed ~.. ~1~,.n.~hecSW.9 B,a,t~~~J::.to. If
the Escrow Sec\l.. ,r",At.i~. .~.'~:~ ~,oe. . .~.. .itllh41l._. be,' . in" l1f. f..,lCient to
II&Jte .uch re4:pp~AA p :,. ,.,,~nty ,~U' ~~lY~.FO.it to
the Escrow Fuhd, ..01e1y fro. legally available funds of the County,
such additional a.ount. as aay be r.quired to pay the R.funded
Bond. a. d..cribed in Sch.dul. B h.r.to. Notic. of any
insuffici.ncy .hall be qiv.n by the E.crow Aq.nt to the county as
pr~ly a. po..ibl., but the Escrow Ag.nt .hall in no aanner be
r.spon.ibl. for the County'. tailure to aak. .uch depo.it..
8ZC'1'IOJI 7. UCllOW 8ZCURITIZS I. TJlU8~ l'OJl BOLDZIUI OF
JlZ7UJII)ZD BOW8. Th. depo.it of the Escrow s.curiti.. and Cash
oepoait in the Escrow Fund .hall con.titut. an irrevocable depo.it
of Obligation. ot the United state. ot ADerica (a. d.fined in the
Resolution) and cash in trust .ol.ly tor the paytll.nt of the
principal of, red..ption pr..iu., if any, and int.r..t on the
Refunded Bonds at .uch ti... and in .uch a.ount. a. .et forth in
Schedul. B her.to, and the principal of and int.rest earnings on
the ucrow Securities and the Cash oepo.it .hall be u.ed .olely tor
lIUch purpoe..
8ZC'1'IOJI .. ZSCllOW ACID'! TO PAY aUUJlOED BOJI08 noli UCllOW
FUJID. Th. CoUnty h.r.by dir.ct., anc1 the Escrow Aq.nt hereby
aqr..., that it will tak. all action. required to be tak.n by it
under the provisions of the R..olution r.f.r.nced in this
Aqr....nt, includinq the ti..ly tran.t.r of IIOne)' to the holder. of
the Refunded 8oft4e .. provid.d in the R..olution, in order to
eff.ctuate thia Aqr....nt and to pay the R.tunc1ed 80nc1. in the
aJIOUnt. anc1 at the ti... provided in Sch.dul. B h.r.to. Th. Escrow
SecUriti.. aad Ca.h o.tpo.1t. ~11 ,be u..d to pay the principal of,
redaption pr_iua,it ~,,;:_, lnqr..t 0," ~h.. IWfunded Bonc1. as
the .... ..y ..tur. OJ' bit i.d...... U a~, payaent da~. shall be
3
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AU6 - 9 1994
a day on which .1 ther the, holden of the Refunded Bonds or the
Eacrow Agent],.' not'Cpen'for the acceptance or'delivery of tund.,
then the Eecrov "glint; aay..kepay.ent on the neft buaine.. day.
The liability of tHw;E.~t~iAq.nt for the payment of the,principal
of, rede1lption pr..huII, tf~.ny ,andintere.t.'on th. Refunded Bonds
pursuant tothia/ Aqr....ntehall be I i.i tedto :.the, appl ication of
the Escrow Secur.i..ti'e. itnd; tM' tlJlter..t earning. thereon, ,together
with the cash ,oepoalti "available for .uch pu~,ln tbe,;Escrow
f'Un4 .
" ~ '\_ " :'"1
aZC'1'IOJI, '..n ,,. ,.: :alUftUat O..MO.O.!AJID 8ZC11Il'ITIU rJ ZSCJlOW
.VJID. Money& 4epl$itedirirt::, '~scrow Fund .halllbe" inve.ted only
in the Eacrow.,s.curitie. ll.tedin Sch.duleA .,Jler.etzo :and,exc:ept as
, providecS in, Sect.lon:5bereot and t.hi. Section 9" ,.ither the County
nor the bcrowr Agel)~r .baJ.l otherviee inv-.t or,Jrelnve.t. any .oney.
in the bcrQl!lt:~lo
"',.;,;. q' ';. ,
Except .~ p,ovj\ded .in section 6 hereot an4 i.n thia Section 9,
the EacrOW Aqept JlaY,.no~ sell or otherwi.e di.po.e ot any or all ot
the Escrow Securities in the Eecrow Fund and reinve.t the proceeds
t:hareot inQ~!u'Jrsecuri~i.. nor u)' it s"bstitute.. ,.~it.ie. tor
~. of the Ee~~ S~lti.., except upon .writ~n,cti,r~Aon of the
~ and w~r~, pr,ior, to any suchreinvut..nt ,~_..ub.it,}tution,
the bcrow Agent has received troa the County the toilowing:
(a) a written veritication report by an independent certified
public accountant or fira ot independent certified public
accountant., of recoqnized .tanding, appointed by the
County, to th..effect that atter .uch reinve.t.ent or
.ubstitution "the 'principal allOUnt ot the E.crow
Securitie., toqether with the intere.t thereon and the
Cash Deposit, will be .ufficient to pay the Retunded
Bonds a. deecribed in Schedule B hereto (.uch
veritication shall not be nece.aery in the event the
County .hall deteraine to reinve.t cash in Escrow
Securities vbich aature on or betore the next principal
and/or interest payaent date tor the Retunded Bonds); and
(b) a written opinion of nationally recoqnized bond counsel
to the eftect that (i) such inve.t.ent will not cau.e the
Refunded Bond. or .the Series 1994 Bond. to be -arbitrage
bond.- within the ..anlnq of Section 148 ot the Internal
Revenue Code, a. a..nded, and the regulation. proaulgated
thereunder or otherwi.e cause the intere.t on .uch
Refunded Bond. or Series 1994 Bond. to be included ..
gross incoae for purpoees of federal incoaetaxation, and
(ii) auchinve.t..nt does not violate any provision of
Florida law or of the Re.olution.
The above-ducrlbed verification report need not be ~ov.1ded in the
..,ot ~,county purcha.es Eecrov securities tilth t:J1" proce-" of
.turin9 z.ca.-ow securiti.., an4 such purcha.e4 .tec:;~ "~ltie.
..
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AU6 - 9 '~
llatur. on or before '~h'. next interest pa)'1Dent date torth. Refunded
Bonds in an amount 'equal to or qreater than the proceeds at the
llaturinq Eacrow s.curi d.... '
. ~i 1
In the .vent the abov.-reterenced verification concludes that
th.r. are surplus money. in the E.crow Fund, such .urplus .oneys
.hall be r.l.a.ad to~hC:County upon the written dir.ction of the
Chairaan, the Cl.rk, the Finance Dir.ctor ofth.' county' or .uch
other County ofticialauthorized by resolution to provide .uch
direction. The Escrow hod shallcontinu. in etf.ctuntil the date
upon which th.'''Escrowt.qent .ak.. the tinal par-ant ,to,the holders
of the R.fund~ Bond. I'll an amount sutficient :to, 'pay,th.Refunded
Bond., a. d..cribed: in.,Schedul. B h.r.to,w~riI\Jpon the Eacrow
Aq.nt .hall ...U,o~,r.d... any Escrow s.curiti..,r...iniJ\4jJ in the
Eacrow Fund and ~p r..it to th.Countyth. pro~18ds, thereot,
toqath.r wi~ all P~"fllPJ).y, it,any, th.n,J::.~~~i~ i~.the Escr"ow
Fund .
8ZCTIOJI ~Or >:" JlED~;~, ,,,OF "'" RUlTIIDBD / ,B~.., '11.1e. County
h.reby irr.voqa~lY,~tructs the Escrow Ag.nt to qive or cause to
be qiv.n, on l)ehaH of'tb. County, at the appropriate tiJle. the
notice or notic~, .it any ,J:'""lred by th." Re~l~~.ion in connection
wi th the red..#ptior! .of, ;t);t.';, J:(dl1,1i14ed Bond~,."" ';om.'" ~fU~d.~" Bonds
.hall be red...ed on October i'3 ~ 1994. "",,',, ,
SZCTIOJI 11. E8CROW rmrD IRREVOCABLE. Th. E.crow Fund
h.reby creat.d .hall be irr.vocabl. and the hold.r. ot the Retunded
Bond. .hall have an .xpr.......J"i. on the Ca.h Depo.it and all E.crow
Securitie. d.posited in !lf1fe&crow Fund pur.uant to the ter1ll.
h.r.of and the int.r.st .arninq. th.r.on until paid out, u..d and
applied in accordanc. with this Agr....nt and the R..olution.
...ither the County nor the Eacrow Agent .hall cau.. nor pendt any
oth.r li.n or int.rest what.oev.r to be iapo..d upon the E.crow
Fund .
SZCTIOJI 12. MnmlD'1'8 'l'O AGJtEZXD'1'. Th is Aqr.....nt is
aad. for the benefit ot the County and the hold.rs trowa ti.e to
ti.. ot the R.tunded Bond. and it .hall not be repealed, revoked,
altered or a..nded without the written cons.nt of all such holder.
and the writt.n con..nt of the Escrow Ag.nt; provided, how.ver,
that the County and the Eacrow Aqent aay, without the con..nt ot,
or notic. to, .uch hold.r., ent.r into .uch aqr....nt. .uppl...ntal
to this Aqr....nt a. .hall not adv.r..ly aff.ct the riqht. of such
bold.rs and as shall not be inconsbt.nt with the t.r1UI and
provisions of this Aqr....nt, for any on. or JIOr. of the followinq
purpos.s: '
(a) to cure any a~iquity or foraal d.f.ct or. owai.sion in
this ,Aqr....ntt
(b) to qrant, or conf.r upon, the Escrow Aqettt for the
ben.fit of the hold.rs of the Retunded Bond., any
5
IDOC oen '.'.! 221
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6
AU6 - 9 ~
additional riqht., r...die., pow.r. or authority that may
lavfunybeqranted to, or conterr.d .upon,such holders
or the' Eat:r,ov Aq.nt; and ,'.1
,3 t . . "; ," ,.~ . ~., /t .~ . . .. ,.
", (c) to subject: to'this Aqr....nt additionalfund.,..curities
or ptoperti... " "~I
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Th. Eacrow.A9.ntsh~l"JM'.'ntitl.d to.r.ly ."clued.v.lyupon an
unqualitie4..opiniion ro'rl<nationa.lly recogniz.d Bond, Coun..l with
r.apect to C01DPl1.n~,wltilb"tbi.:iSec:t.lon 12,. includJ.ng ;t.h~ extent,
if ,any, to whlcb..aoy ,Cbanta, aoctit ication'OJ:' a4di~iOJlI aff,act. the
ri9hte of th.,l_.J.4a".f.lClI~ toM ~~nd.d Bond.,;,or t~t.. ,uy~ inatru.ent
~tad h.re.wl:4Gh~U..n~,1t.h th.cor;acSitic:m,;,.~'~prpvhions of
"W. Saction.:~, .\ i'i"! l'l.,cn ',,, r:~, "
,C '1 r-~ ;. \,1 7-';~: i<f!/".. \'... \,
.K'l'IOJi ~J;~: ",,\nq i '" ~" . PPP8U, 0.". f~ ~~ MJ:ft;
l.auEDIno'r~mf~~~.~ consid'X-atios;i l. ~~ ~ h~rvlc..
rendered by ~. ....E~~~..,..n-tund!l!r thiaiA9X',.~~~;,; ~.: county
8CJ1"". to .nd ,,a,b4.U. ~Y I f,o the bq'OW Aqen~" th..!.... and ,t!xpen.es
.. .hall beari,r,,~, 1toi ~J?;;rriti09 by th.,parti.. ~r.t.q,..Tb. Escrow
Aqent .halL ,Mv. ,fK) l.l.n what.oever upon any of the Escrow
Securiti.. cir'th. C..hOepoait in .aid Escrow Fund tor the par-ant
ot auch proper t... and .xp.n.... Th. county turth.r agree. to
indalnity and .av. the Escrow Ag.nt harale.., to the .xt.nt allowed
by law, aqain.t any liabilities which it IDaY incur in the .xercise
and pertoraanc. ot it. pow.r. and duti.. h.r.und.r, and which are
not due to it. ne<J1iq.nce or willtul aiaconduct. Indeanitication
provicSed und.r thi. S.ction 13 shall .urviv. the t.raination of
thia Aqr....nt.
Wh.n.v.r the Escrow 'Ag.nt shall d... it n.c....ry or d..irabl.
that a aatt.r be prov.d or .stabli.h.d prior to taking, .utt.rinq
or oaitti09 any action und.r this Aqr....nt, .uch aatt.r aay be
d....cS to be conclu.iv.ly .stablish.d by a certificate .iqned by an
authorized ottic.r ot the county. Th. E.crow Ag.nt aay
conclusiv.ly r.ly, as to the corr.ctn..s of stat...nt., conclu.ions
and opinions th.r.in, upon any c.rtificat., r.port" opinion or
oth.r dOC\ment furnished to the Escrow Aq.nt pur.uant to any
proviaion of this Agr....nt; the Escrow Aq.nt .hall be prot.cted
and shall not be liabl. tor acting or proceeding, in good faith,
upon such r.li.nce; and t,ba,SIIcn'ow Ag.nt aball be unct.r no duty to
aaJt. any inv.stiqation or inquiry as to any .tat...nts contain.d or
aatters r.t.rred to in any .uch in.tnm.nt. Th. Eacrow Aq.nt aay
con.sult with coun..l, who aay be coun..l to the county or
independent couns.l, with regard to l.qal qu..tion., and the
opinion of .uch couns.l ....1:0;,'" full and coapl.t. authorization
and prot.ction in r..pect" of any action tak.n or suft.red by the
Escrow Aq.nt h.raund.r in qoo4 f.i,~ in accorcSanc. h.rewith. Prior
to r.taining neb i~nd.nt coun..l, th.EeQ'ov A9.nt .ball
notify the county of ita int.ntion.
,. OO()'I': 222
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The E.~ t~nt:~ ~..ll'riot be liable ;in ,coninecti,on iwiththe
perfonaance"of it. duties hereunder except tor it. ovn negligence
or willtul .i.conduct. The Escrow Agent shall not be liable for
any 10.. or.... any, re.uQ.,U.nq: ItW8bU i ty of ..itJter..t 0'11. tne. Refunded
Bond. or s.1I'i..";].I9Mt :>sBoncl. 'r~Jlaulti.ng' froa';any. 1 in.eataent lIade
pur.uant to ..tlN a....lMfd 'F;OVtalorltl, o!t ttt,1e Aqr....n't.
i.,d tri'i;~ -~"11t'n'n ~..~"~~~',;
Th. Escrow Agent .hall not be liable for the accuracy ot the
calculation. .. ,to U.Thttici.ncy Of1loney."and1.C)fi~e ,principal
uaount of th.,'Eacmcnt,s.curiU..; ancSth.;.arn1nqs',~ereon, to pay
t:be Refunc1ecb~.-' ': ) ">"
t, :"~ :, .;~ n" ~ 1" \,,-::
8ECTIOJI U. TZJlXIDTI01I 07 MaZEXD'1'. Except tor
provi.ion. hceof :whiCb ar. .tated to .urvive the t.I1Iination
hereot, thia ,:,A9r....nt~.hall t.r.inat. Vh.n all tran.t.r. and
payaent. r~~..e4 ,- to (be IUIde by the Escrow Ag.nt und.r the
provi.ion. h4/r..ofabal11have bee,. IUId.. Upon~ch t.r.ination, all
-.oney. re..ininq in the E.crow Fund .hall be rel.a..d to the
County.
8ECTIOJI 15. ~.Q LAW. Thi. Agr....nt .hall be
governed by the applicabl. law. ot the stat. of Florida.
8BC'rI0II 1'. 8ZVDABILlft. If any on. or JIOr. ot the
cov.nants or agr....nt. provided in this Agr....nt on the part ot
the County or the Eacrow Ag.nt to be perforaed .hould be deteX'1llined
by a court ot co.pat.nt jurisdiction to be contrary to law, .uch
covenant or aqr....nt .hall be,4....d and con.trued to be .everable
fro. the r...ininq covehant.;~Pd:.gr....nts h.r.in contained and
.hall in no way atr.ct the validity ot the r...ininc; provi.ion. ot
this Aqr....nt.
8BC'rI01I 17. COurrDJlAJlTI. Th ia Aqre.lI.nt ..y be .xecuted
in aev.ral count.rparts, all or any of which shall be regard.d for
all purpo..s as on. ori91na,1,and shall con.titut. and be but one
and the .a.. instruJlent. ,~..~
8ZC1'I0JI 11. JrO'fICZ8. Any notic., authorization, requ..t or
deaand required or peraitted to be qiv.n in accordanc. with the
teras of this Aqr....nt shall be in writing .nd ..nt by r.gi.tered
or certified ..U adctr...ed to:
Fifth Third Sank
Fifth Third Cent.r
Cincinnati, Ohio 45263
Att.ntions Corporat. Trust o.part..nt
7
a* (01)'1.,1223
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AU6 - 9 ~
Collier County, Florida
Board of county Coa.i.sioner.
3301 Ea.t Ta.ia.i Trail
Maple., Florida 33962
Attention: Finance Director
......_.~.._--~.
nr 1fI'l'Jrza8 nnz07, the partie. hereto have each caused this
Eecrov o.po_it Aqr....nt to be executed by th.ir duly authorized
otficers and appointed otticial. and their .eal. to be her.under
attixed and atte.ted a. ot the date tir.t written herein.
.' (SDL)
ATTEST:
COLLIER {,;()1jllfn, I'LOIlIDA
By:
Chainuan, Board of County
co..i..ioner. of Collier County,
Florida
l.~~.~"'<
Clerk, Board of COUnty eo..i..ioner.
Of Collier county, Florida
(SEAL)
WIftJI '1'JIIJlD8UX, a. Eecrov Aqent
By:
Authorized 81qnatory
i .
8
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Bond Proceed.
County Money.
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DDT 80VICZ azQUIREMEJI'1'8 roa RBn1JrDZD BOWS
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j.i1r: frl;J:tf't1 iti~~',lf;:,,:,
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Auaut 9. 1994
lD-NI
Anmdon: ~ CounMt. 0fRcr
11M Deposftorr Tn" Cv&;~11
15 W*" Stiftt;<4Odt Floor' ~.
NewT~ J\'Y l0041.ooee.
, ". :~.J"'~ ~'{7 fi~; ;~ ,~i'..
i :, ,~
,I; i
ft~; S30.41S.000 Collhr County. Florida ('-"ptral l"IPrnv~...."t
~.fvndln. lwyanua BondA. ~ari.A Iqq,
c-.. o..mpn.'
Ldn ax! CmtWnwn:
This Ifltrr Ins for1h our andnstandlns with rnp<<t to ttrtaln ma<<rn rrlltlng to thr
~ __ (tJw "'BoadIj. ApaC will KI . tnaItee. ~ IpI1t. &.c:.I1Ipnt. 01 ocher
.. ~ Iuuer wttb mpec:l to dw 8onck. 1"Iw BoocIJ wiD be iIIued punua to a bust ~.
bood resoluUOD. or ocher neh doc1amnt avthonzfnl tM lu"an" of 1M loads datrd
AUIhIU 1 . lee... (the '"Doc1Imeatj. Vl1H_ .. lImtah &. Co.. ... "'"Alln& under-
~ writer
.. dlstrtbutin& dw Bond5 ctnup 1"Iw ~ TnaIc Coms-nY M7J'C'").
To ~ DTC to accept the Bonds . ~ for dqxd at ore. IDd to ct III acxordance
with lis Rules with respect 10 tbe Boods. bsuer ud Alenl. If any. make the followlng
repaentations to DTC:
fl'''' ~
vLl I ' : .' I:.A,O
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f
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if
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1. Prior 10 #tPll ~8ondlon SeDtelllbu II . JgO-,-. ~..~ ~~ed with
ore onr Bond, ~~ ~ In the nanw Of' ore. nornlner. ~,& c;o., " each IUtrd
1niIhIrtt)' of the' . Bonds In ~. (tee amounts Id (orth on $cheduk A, ~o. the. .total of which
:= 1~lo(~ ~~..= ~~(:.::;jne ~ncf~
111),~ ,..,' ", ""..~' ".. '!'Spect
'1~ miDlon or ,~paJ ~ ItId In .ddltiOnaI mtificat,wm ~. ~ with .mpect l~ any
."....." prtndpiI ~ E.dl'I~ mi1Ilon Bond cmilicate'shaD bear the l'oIJOWfn& ~
UnIns this&.. ...:-...;-~ by In IIIJthorbed -~ Of'The~"""'Trust
".",'....,',...."rl..~~:~.~ ".' . ,'..' " ...1"...... ....-. ,...;'".,....!...i.i~
CompIny..~ ~oB . , ' . n roTC"). to Wuer 01 Its I&rnt fOr .~u....;.. of'tnnsf'er.
ac:hInp. or ~ ::J:, cmilicate lsNtd Is~md In the nanw of Ude lr Co, or In
JUCh oclwr ..... flNqIU__by'" ~ ~~ ol\DTC,(.Mcltny ~ is
..-to~~.~~~~,odl'f,~.~,,~by,~.~~of
DTC). A~"Y TJ\A~S~ I1oEpCE:QR,~ER USEH~l\J:pr, t\"l.~ )'ALv r. OR
omER\\'1St.B"i'08Tn~1' ~j.J~ WRONCrtJ,h ~,......;J.~..the~. t,nrd l
OWJWJ hmo( ~& r"'::~ in inkrnc 1wTrin.' , ". ..'!r,wrm';c '. .. " '.'
,.."_!~:,~.,, ~_:-1' ~ .')",
I. In the ~ or -7 ~~,~ (rom 01 ~ by holden of the Bonds. Issuer or
AfmI thaD ntabWI. '~'On:L&.fr fi:ir ~~ (with no P""ision (or ~ of ~ or
~ b)' subwqumc ~riMl~~'~'~'ntl'frt possible. send ~ of such record cLde 10
ore not Ins than 1.5~ ~~ln -!-,~:t! tueh. ret'OI'd dauo,
3. In tM rvmC of. NIl, r,;, ~~~4<"'~~- ac!\~ m\mding of pert of the outstanding
Banda. hsurr 01 A&mt shaD wnd . noClcr 10 orc ~ (a) tM amount of tM ~lIl~l or
rdUodull- (b) In tM caN' of. rrfunding. tM matul1ty cLde<.) ntabIbbed under tfw refunding; and
Cd dw daI. JUCh ~ is 10 b. malJ.d 10 bmJldaI ownm 01 published (tfw "'Publtc.cion Oat.;.
5acft ~ WI ~ wnc to ore by a IeC'lft meam (I,,,. ~ ~Iecopy. ~ 01 ~
matt. CM'mfght d.ltw-rry) In a time'>' mannn dnlgnt'd 10 ISI1In that Neb noticr b in ore.
pounsion no later than tfw dow 01 busmn. on tM busmn. day bd"orr the Pubbcadon Date,
..., 01 Ar'f WI lOrward such ~ dthn In a wpc2f. team: transmlsslon for ac:b CUSIP
DarIlber Olin . IeC'lft tTlnsrnbJion for mukIPt CUSIP numbm (J{ applk:abW) .t1lc:h InducIes a
mnI'nt 0I1bc of each CUSIP IUbmIttftJ III tb.c transrmssion. OM pct)'1eI1dinI JUCh ~ shaD
~. mt1hod 10 ~~ ~ the ... 01 such meam and tfw Clmtlinnl of such noClcr.) Tlw
~ Oat. shall ~ not Ins than 30 cJa,'I nor men than 60 cJa,'I pr10r 10 tfw redempdoo "*
or. III tM ~ 01 an >>~ ~ the "* that the prcx.wdI an dqx:lsited In escrow,
.. In tfw ~ Of' an trMuaon to tencWr tfw Bonda. ~ 11,' Waer 01 Apnt 10 BondhaIdns
tprdI)1nC the..",. c/ tM tmcWr 8nd tM Pu~ Dew 01 JUCh nocicr shaD b. tent 10 orc b)' a
Man mans In the mannn let I'onh III tfw pteceditJC J'aravIpb.
I. All notices and pymmt acMcn wnc 10 ore thaD CIDnCain dw CUSIP number 01 the Bon&.
e. Ndbs 10 ore punuanllo Panpph 2 by tcJea,py shill be IenlIo D'J"C. ReoeplWtion
Dqnrtment at (212) 709.6896 or (212) 709-6897. and reffipt or fU~h noel", .hall be
axl6nned by ~ (212) ~, NOCicn 10 ore punun 10 Parapph 2 by rMlJ 01 b)'
." other mans sbaII b.1ent ~
"'Flril.....", ".'"' ""~"""'4"...."M....."~,,., .'.,~'
RcofplWtioo Dcpatment
1M ~Trust eomp.ny
7 HancMr Square; 23rd Floor
New Yodt. NY IOOCN-.,
.1-
'* UOO Fl'.~ 229
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!~~~~'~~~''!j~~..~l~h~~;;'~~,;l~<;'.~~~~;i':{~~ .:~. ,~I!tti~.'~'~~~.'; .:. !'It'~~k;~~~IC~~::;-:.'~t ~t"~
"!,,-~.;;t'l~i 'E ~ ".,-!I""'!i'<.'-~I::,_"T\_~..>#;rl i'f;_'i,~1 .....!r.: ".~_~.~Io~~..._.t~:_'_~f>""""""'~'.__~_~~~'~___~
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7. Nodc::eto DTCpunuant toP~3 by lekropy shaD bt Ie'Tlt to ore. CaD Notific:ation
Ott'-'b..lTlt III (516) 2Z7-4l6hr (.516) 227-41110, If ~ pa1y ~ ~ notIoe does no( reoetYe a
tdealp,. recrtpc (rom ore aona.,.~th.ubt notIoe .... been ~ such pa1y shaD ~~
(.516) 22i-4OiO, NoCSca eo.IrT.c ~ ID Pangrapb 3 b)' mill or by any other means shaD bt
IrDt to: ,',*' vr ,;,
QJI N~ Otop.rt~nt
,,:tbc~r,.Cornpeay _'" ! ,,: l'
",j ,";.,71.1.~~, "':lh~'i" i"
' ~\T ~~NY ~15JO.471Q " if
.. ~tO. Dl1>J*I'NIM to'~~1 .c and Dodc.s. odwnicIlor8>(1ncIudIna mandator)'
tndns. nchanlf!S. &net '~.' '.' . J by~. .. . . .haD be sent to DTe. R~tzatlon
~pari).ltllt It (212) ~~~IO!H. md m:etpc ~ such notioes shaD bt confirmed b)'
latpoonbll (21.2) ~~ to Dt~ pursuant to the ~ by mill or by any other means
shai bt Rnt to: .
,,'''' .,...~Reotpn~~ !!(:rt r;nt.(: <-
,.Ii' ;,l .,~"'~ \\'lndcM' . ,11n~; h.: ,"i
. 'I1w, Deposttory TnncCornpeny
t "', "" '7~Square;23rd Floor ''''','' "',1",\.;<',>:.1;'
ir:~,"~.,.or!l. NY l0004-2S115"- : "'" y ::~" "
.. T~iD"dwB0&5. shall be "tor.. 'j ~ T,d j; d~Iia'Drc-. ~at~t>.n.
F_~~t.sl~ ~. . ~...ij',~!::.;i:~,,'
A. ~!pI),,""bc ~ by CAde. Cq,. .'~p(:Dfc. <<'Its ~
;,~Ja\_..~ on each ~.,date.(of!~~ In ~ with
aisdn& ~merJCI bftwe.tn Issuer or Agrnt and orC).Such JllIY'l'WDlI shaD be made
payabk to the ordn ol ~ lI: Co. Absent any othn aistJn& arran~tJ such
Jl8Y1M1lCS shall be 8ddrmed u follows:
).(-err. c.h ~.
~~zjt
1M DtposItoryTNIt CompIny
7 H.ftIIlIrr Square; 24th F100r
~Ycn. "'.., 10004-515
B, PrtndpII pyrntnCJ shall be recrtYed by CAdt lI: Co.. u nomlnft cl D1'C. or Its reptned
usfp Ia nnl-day I\mds on each pa)'1Mnt date Cor tJw equMJent In ~ with
edIttnJ. a.1.~nts bctweal ~ or A&mt and DTC). Such pl)menU shaD be made
~ to the arder wC'Adr. Co...1haD br add. 1 Ird. kDows:
NDfS &4 '.... pea Department .
The DepoIitory Tl'UIt eomp.n,.
55 W.. StT.t; sam Floor
NcwTor!l. NT 10041-0099
10. DTC may direct ..., 01 ApnC 10 .. any oeMr tclephont number 01 eddms u tJw
sanber ~.1IddraJ 10...... pgtices 01 payments wln&emt ~ ~ ~ '?e....
lL IIa ~ MIll ~ .....,&..IlXlde~ or." odJer"""" It~ c,.". teadtr~
. ~,ID JaPOIW to Jlluer"s or Apat.s 1nwttIdoa) ~~ Jill,' ~. .lit ....IIe. W"JIl 'e e
pindpII.tIIICUII.tJl.... CIIItItandtn& or In .Mnce .reIundin& cI pwt. w thfl,....~
DTC. ID,ltadlKfttiGD. (a).,. request Juucr 01 Apt to ........... DeW.Bond
~ or (b).., --.. aw-.,.,.Wlr DQtatioa ~ h Boncl~. . '.. ~. ~dw "* and
amount 0(..... .reciucUaata prlndpa1 acept III the caw w'" ~'1.:."'''' ~ tJw
oer1i6c:Me will bc.paes*d to bluer or Ap prior 10 ~ It~'
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l'~'-ll"'~iII'"'-!~~'-;'.~_<~~ ~rr'A'jt, r.
1L lD tMMnI that 1uurr defmnmes th.t be.le8cW GWnen 0( Bonds shaD be able to obtain
cm6::Ited Bonds. 1uurr or Agrnt shaD noc1fy DTC at the ~ at Bond cmific:ates. In IUCh
Plall.1IIuer arrM!aJt~ laue, tnnsfet. and achanp Bond ~ In ~ amounts.
.~b,~~~:)U"
13. DTC may diK'Ontfnue prowidIng ftJ tetYfcles . teCw1tin deposHory with mpect to the
Baad. 81 my lime by &MnI ra.tonable notk:e to bluer or Afmt (81 wbk:h t1nw ore wID confirm
wtda IsJuft ~:~&Bf;_.UhPte pr1ncfl)Sl amount 0( Bonds outsunding), Under neb
~. It ores request Jssun and Apac sbaJJ oooperate fuDy ~ ore by taJdng
Ipro")" i:b tICdon to maJce ~ OM or more IeplII'* ceruflc:ates mdenc:iI" Bon& to In)'
DTC h.~'i~ Bonds cndted to Its DTC 8CCOUntI.
J"- ~ bemn.... be deemed to r'IllJUft Apnt to ~ NodI 011 beW' at JJIUtt
.
AVe -9 1M
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~ ..... If - AfrlIC '- ~ III .... 1.drY.
~L I l.... . ... . ...,... lip ...
. ~ II.... . __.. lair....,
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.......
a o.Irr ..... ".. ..~..... ....~.
....1IIiII!II..... ~ ........___
-.... Ii............. it;.. hi . MIlar..
~...... --- ""-Itw. 'p-'.......II
~"'~""'''nw lbt ~.
_.........IIedrh.d..~a ,~;, ,
l..-a <.' __I,,, '_
C ScIw.Wr I .... ____ .. me...... Ir-
--....,.. DTC. .. ..... ....... .....
.... ....".-- ........ ~ D1'C...!
..........--
Vay tnIJy roan.
Collier County. Florida
,--,
By.
..-.......~ .....'
Fifth Third Bank
CArot'
IMdlerwol 0lI&.r'I..-,
JIecdl,ed and AccrptecI:
DIE DUOSlTORYTJtt1ST CO~c
Ir-
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CC~
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'1'DX8 07 8DIU lU4A BOJrD8 AU9 - 9 ~
Year Principal Intere.t
{July 11 A.lllount Rate CUSIP
~
1997 $1,090,000 4.350\ 194632HC2
1998 1,350,000 4.500 194632HDO
1999 1,405,000 4.625 194632HE8
2000 1,470,000 4.800 194632HF5
2001 1,540,000 5.000 194632HG3
2002 1,620,000 5.100 1946321U11
2003 1,700,000 5.200 194632HJ7
2004 1,790,000 5.300 194632HX4
2005 1,890,000 5.400 194632HL2
2006 1,985,000 5.750 194632HHO
2007 2,105,000 5.850 194632HN8
2008 2,220,000 5.700 194632HP3
2009 2,345,000 5.750 194632HQl
2010 2,4'5,000 5.750 194632HA6
2012 5 , ~"r060 6.000 194632HR9
,,,;,,,,',,;,,;il'
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100( OO()FA,).232
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;.-'11-.1 .h,~j1l'fPt1.t,~ IY'....t/ltl1. ~~r Jt-jf::n'ilt :!~Ifl:,. j,..t~ iif41t t" I i..i,r:
Ji.':'" I",. .,,\, l"ir f>rd.d (i"(:~f\',.l;C 't;
:,"~l~; J";:''.' ,~:
t \:~ t i:S r'
",,$3Q,415,000' ~ AU6 ,- 919g.\
COUl'ER . COUNTY, FLORIDA, , ,
CAP.ITAL IMPROVEMENT REVENUE REFUNOING BONOS,
SERIES 1994 " ,
, '>
I ~~
-'-t"';
" ,PURCHASE CONTRACT
"~
. ~ ,Auquat 9, 1994
~:- j ;
Chainaan ancS K__r. Q.t:"'i'~ard ot Co~t.y Coaat.a.ianer.
Colli.r County, ,F,lor!" . i
Cov.rnaent CQapl..-x;.. ,:
3301 Ea.t Taaia.i Trail
,. .apl.., Flor.1da~,Je6~! ,." ,i!
.;. .,,'
Ladi.s and ~l...n:. ;(;":
: r'. . '. ","'n It '
'11le:.~nd.rdqned Willia. R. HO\IC)h, ,1&; Cpl_" t.x.,n;i.1.l; Lypch ,
Co., and S.~.th B4~~.,Xnc. (coll.ctive1yth~~~~l~") off.n
t.o .nt.r into ,thU ~cha.. Contract with CO.l;li.r.,~~y, Florida
(the "countyitl' wtiicb~ upon acc,.ptanc. qtt:.b,iai.ott~r )?y ~coUnty,
will be bind P9upan..th. County anc1 upon ,...the sQ~4Irvdter. . Thia
otter 18 "de~'ubHct '~o written acceptance I;l..f~~t,,~,~. County at
or prior to 11:59 P.I(., Eutern Daylj.gtl~T,hl~f,:onJ.~!:~t. h.reof
and, it not .0 accepted, will be .ub1ece .to withdrawal bY the
Underwriter upon notic. delivered to the County at any ti.. prior
to the acceptance hereof by the County.
1. Purchay and''sal.. Upon the te:nae and conditions and
in r.lianc. on the repre.entation., warrantie., covenant. and
.qr....nt. ..t torth h.rein, the Underwrit.r her.by aqr.e. to
purcha.. fr~ the County and the County h.r.by aqre.s to s.ll and
deliv.r to the Und.rwriter, all (but not le.. than .11) ot the
.qqreqat. principal aaount of $30,415,000 Colli.r County, Florida
Capital Iaprove..nt Revenu. Refundinq SOnd., S.ri.. 1994 (the
.SOnd..) . Th. Bond. .h.ll be dated Auqu.t 1, 1994. The purcha.e
pric. .hall be $30,039,32'.10 (whiCh repre.ent. the par 8aOUnt ot
the SOnd. .inu. original i..u. di.count of $199,264.90 and
underwrit.rs' diacount otf176,407.00) plus .ccru.d int.re.t trom
their dat.to the Pa~otC1c.inG r.t.;rfd to in paragraph 7 of
thh Purchas. contract (th. .clodnq.). .
The Bonde sball be as d.scr ibed in and sball be i"u.d
and ..cured under the provlslone of Resolution .0. 8S-107 of th.
County, adopted April 30, Its5, by th. Board of County
COsaission.r. of colli.r County, Florida, actinq a. the qov.rninq
board of the County (the "SOard"), as ..-nded and .uppl...nted, in
partiCUlar a. suppl...nted by a Resolution adopted by the Board on
the date h.reot (collectiv.ly, th. "Resolution.) for the purpos. ot
(i) refundinq certain out.tancUnq obliqatio~ of the County and
(li) payinq c.rtain costs of i.suanc. of the S.ri.. 1994 &ond..
Th. Beoo. shall uture at the tiae. and in the aJIOW1U and b.ar
inter.st at the rat.. ..t forth in ~ibit. attached hereto and
aDO' OGf)r.,.! 2J3
.....~
:'~lt.
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_.....~_....."'......a.,u I'~'...
I'~; '. ~
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, 'fJ I I ,;,~ ' ;,', AU&'.'" 9 ~
,;~ ,j 41. ':~,~,~4~~tz:;.;; i '1':}h,l' , ,.r.,'""i'.-: ,_~
.hall be .ubjec:tto'n6hiptlon a. ..t-forth',ih .EXhibit ;~, attached
hereto. The info~Cion required by hction, 2'1.'8. 3.~(4h Florida
Statute., to b. prGYtdad to the Countyby~e~..ndet'Vriter b .et
forth in Exhibit C.ttached hereto. The i~foraatlon required by
Section 218.385(2) ~nd (3), Florida StatU~..;;i, l.";s~ forth in
Exh lbi t 0 attachad hereto ,;,'}, J
';1: ..,
2.' D,Hverv o! Otticial Statement ;and,otihar DoCUJllent..
" It
a..'P.rior to the date hereof, :th4l Cotmty .hall have
provic1ed to 'the I Underwriter tor Lt. revi";. tbe, Preliainary
Otf1clal,It4lUMl\t, dated Auqust 3, 19U,I:('th~k-'Prell.inary
Off1c.\.alStateaent-), that the County d.... Unal .. ot it.
date" e~c;:ept tor,-.certaln penaitted OIIi..ion. in connection
with the pricinq o! the Bond.. The Underwriter has reviewed
.uch Preliainaryotficl-.J.S;'te"9~ pZ'10f ,tp,.~. ~xecution ot
this ~c~~"r~9n~act." <') C':' i
~., '-"', v:' ~. ;lr~-~,; r , _ '-:t:lI: '" 1: ~~ ~-';, r t' '~- .l
, ~ ,,;; , ~ '" ,; .ki.t.h, YO~r accepu~ ~r~,f Ifl'yP\l; ,,!ll ,deliver,
at YOi':'r.~qa"1.1 ~~ ,~e T;7pderwrit~~..w.l,~~n .even (7) busine..
day. ot the date her.ot (or within .uch .horter period a. aay
be :-equ..t,ed b~t~ q~e1NZ'iter: ~n.. Pf~r"'to...cc~ny any
con;i~~iop;~~t (pt~Bt;_p'~,~~f~:pa, any'Cl1.~f?II'lIJ:' to cOllply
with Rul. C-32 ot the Municipal SecuZ'ltie. Rule..~inq Board)
copies of the tinal Offici.l Stat...nt in .utticient quanti-
tie. to cooply with the require..nt. ot Rule l5c2-12 ot the
Securiti.. and Exchanqe Coaai..ion under the Securities
Exchanqe Act ot 1934, a. aaended (the -Rule-), and the rul..
ot the Jt.micipal Securirtie.,Rule~inq Board, dated the date
hereot, toqether viUl' 111 ~l...nt. and "'ndJMnt. thereto,
sub.tantially in the fora of the PreliainaJ!Y Ofticial state-
..nt, with only .uch chanqes therein as .hall luIve been
accepted by the Underwriter, dqned on behalf of the County by
the Chainuan ot the 8oaZ'd ot County coaai..ioner. of Collier
County. It b underatood that in underta~inq to deliver
copies of the Unal Official Stat...nt pur.uant to this
paraqraph, you are ~ underta~inq any re.poneibility for the
accuracy or cOIIpletene.. of the inforaation in the final
Official Stat...nt concerninq MUnicipal Bond Investor.
As.urance COrvoration (the -Irururer-), the aunicipal bond
ineuranc:e. pol1c:y bsued by the Innrer or conc:erninq The
Depoeitory ft'wI't COIIpany and it. book en'try-only systa of
reqiatration of the Bond..
c. The Underwriter shall qive notice to the county
and the Irururer on the date atter Vhicb no participatinq
Underwriter, as .uch tera 1. defined in the Rule, reaain.
obliqated to deliveZ' copies of the final Official stat...nt
pur.uant to paraqraph (b)(4) of the Rule.
d. At or prior to the Closinq, the Underwriter
aqrees on behalf ot the county to file, or cauae to be filed,
-2.
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the Pinal Ofticial Statem.nt with a nat'ionally recoqn1'zed
aunicipal'..curiti.. inforaatlon repository.
lII'(" .\~,-<:lq.trGq, the County .baU"d.llv.r, or cause
to be delivered to,t.....;'Und.rwrit.r ,copie.lo' the Risolution,
C.rtithd ,byt.b.,~C:.l.erk, ,aU su.batanUally ln ,Ut. forti her.to-
for. d.,1,her.d to~,M.Und.c:writer, witt;l,.Ql\,1,y..,such changes
th.r.in ;.a .aqr4~d ,upqn:t~ ,the und.rwriter." Ii. ",
,'q ( <':: ; ;, ~,' { (, 'i"~i "",,~' "',' \, ,: \" j! .-~ " :,
3.".,R.,n..n~.\i~n of the Unde~iter u to Authoritv.
Th. Und.rwr,i;ter ~Il .,..~! 4"u1;}b...uthorized t.o ~~~ ,thie Purchase
Contract a~.,AA~"~~n) cl",l~:~.~tllod~~ tQ,4~ ~z:..~cMJ;'.
'~~',' ( .,,:,~:'r'; /;;"l!:" :>i;~.;; CUi,; I
"'';;: ..h.blic OLtadna. Th. Und.~l~..r ,.aq.t:..~. to IIake an
oftering of, aHth.,ftond.n.~\t~.,initia~,,~Uq'iq!tnhXl pric.. or
yi.ld. ....t, tp" ~", , em,:, ~" ': '. . .tQC:"h,e4, '~, J;'.,tq,.' ",Th, '"e, U"nd, erwriter
re..rv.. th" r:i~~t.to, ~..aio~ ito<. 4.~~.,f.(apd to change
.uch initial. ,pubHcC)!l.rlnq prlc;e. orylli14~"~1~, Und.rwriter
r.uonably d.... ~~cu.ary in coruwaction with,. t4;;..r~ting of the
Bonde. Th.J~O\Jntyhlt:nby authorius the Una,eMit.~ to u.. the
Una! Otfi'cblSU,t..llt (lnclu4inq any .uppl"IlU 'or a..ndllent.
th.reto) ana:'tb..lntc>~t1on cc:mtdned ~er..iD :,~tLc;Onnection with
the otf.rinq~nd ~ale,ot the Bond. and ra~!ti~~ ~~ confi1"1U it.
authorization ot theu.. byth. Und.rwriter~r'iCJr to the date
h.reof of the Preliainary Official Stat...nt In conn.ction with
sucb otterinq an:! .al..
Th. Prdiainary otficial Stat_ent, the tinal Otficial
Stat...nt and any a..ndaent. orsuppl...nt. that ..y be authorized
tor us. with r.spect to the Bond. ar. h.r.in ret.rred to
collectiv.ly as the .Ofticial Stat...nt..
5. s.curitv Deocdt. Th. Und.rwriter has d.liv.red to
the County a corporat. check tor $30l,400 payable to the ord.r of
tb. County. In the ev.nt the County doe. not acc.pt this otter,
.uch check .hall be returned iaaediat.ly to the Und.rwrit.r. If
the ott.r ..d. h.r.by is acc.pted, the County aqre.s to hold the
ch.ck unc..hed until the Cloa1nq as security for the pertoraanc. by
the Underwriter ot it. obliqation to acc.pt and pay tor the Bonds
at the Clo.inq, or if the County .hall be unabl. to .ati.ty or
caus. other parti.. to .atisty the conditione to the obliqation. of
the Underwriter contained h.rein, or if the obliqatione ot the
Underwriter .hall be t.rainat.d tor any rea.on peraitted by this
Purcha.. Contract, such ch.ck .hall be iaaediat.ly returned to the
Und.rwriter and the a~ Q"f such return shall conetitut. a
full retea.. ud cSiac:.baJ:ti Ol''all "olaiM. .., the VncServri ter aqainst
the County arblr'lq out of the traneaction. conteJlpbtecS hereby. In
the ev.nt that the Underwrit.r taUs (ot.ber than for a reason
peraitted here,1n) to acc.pt and pay for the Bonde et the Clottinq as
herein providecl, such ch.ck shall be retainecS by ~ County.. and
tor full liquidated daaaqes for sucb tailur. and tor any d.faults
b.reunder on the part of the Und.rwrit.r, and such r.tention sball
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c:oneti tute ;a.;t-vlWT.~"" ".A4,4,j,.chArq.ot....ll clai..by ,the County
aqainet th."Under\mi.ter. adainq out or: the' transaction.
conteaplab4,Mt.by .\ancLneith.rpartyahAll have' any" flurther riqhta
aqainat the,~ Q.ther oher.1Iftd.r. Ift,th. .-v..nt, that the Underwrit.r
does not fa:.! 01'd...\Il11t:,' ',' ~., ""thet.ra.,c.t;thi.,"l'urc:~.,~cont~act,
.uch ch.ck ,..h4HJbe iJ:~.,t.he Underwrit.,;J';\"K ~ ,Closinq.
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6,!'. ~ Count.v]. RlI!cre.antations. Warranti... C9'f.nants and
Acrr....nt.,. .",~. j,t. acceptance h.reot, th., County cr.pr..nts and
warrant. to."qqve~nt. and aqre.. witb the UnderwrJ.ter, that, a. of
the cSat. h.,r;:~.:." ' ,
a. Th. county is duly and validly exi.tinq a. a
political .u.bdivi~ion ot the Stat. ,ofFlQJ;"i~,. 'i',
, :" ':"~ r' *- .'\ :'-':', ..IIi S1
,.': >:', ,!hI ~ Thf County has full leq.l~;d~t;, '.' pow.r and
author1;y~totis.~. and ..11 the Bonde ..;~n~lated h.rein
and in"t~ ~l~ion andil,th. otUcial st~~~I),t~ ~
, .;;; :-j 1 ;': .:; : _ , . ~ ~::; ,~ <.: ,; S\
, " !~.. ,1:., . nip ,,county has tu4,1 laq~~ dgJl;t",. ,power and
authorJ.,t;td~,.nteF-ll)~", tl,lh Purcha.e Cont~c;:;t: ~t\c1 to ,..11 and
delive,t'tb.. S9,04'. ,to ,,tb,' ,Und~rvrl~ar "PJF~~~e4 ~.rein; by
otticl.,tjj::t1.~ qt th4!, County taken pdorto',~ot ,concurrently
withehe"acce'pt.l1ne. hereot, the'Usolution-h'a. b.en duly
adopted in accordanc. with the Constitution and the law. ot
the State of Florida, includinq particularly the Act (as
detined in the Resolution), the Re.olution i. in full torce
and ha. not been reKinded, this Purchas. COntract, wh.n
.xecuted by the County., ,,111 be duly authorized and d.livered
and, a.lI\DIinq th.~d:u. ,au;t!lor1zation, d.liv.ry and .x.cution ot
this Purcha.. Contract by the Und.rwriter, will constitut. a
valid and leqa11y binc1inq obliqation of the County enforc.able
in accordance with it. tenua, exc.pt a. the .nforc...nt
thereof DaY be atf~ by bankruptcy, ineolvency, or other
aiaUar laws Uait1nq" creditor'. riqbt. q.nera11y, or by the
application of principles of equity and judicial di.cretion;
and the County has duly' authorized and approv.d the
con.uaaation by it ot all other transaction. conteaplated by
the R..olution, the otUcial stat...nt and this Purcha.e
COntract to bav. be.n perfol"lMd or coneuaated at or prior to
the Date ot Closing Ca. h.rein d.fined).
d. Th. .xecution and delivery of the Bonde and
this Purcha.e Contract and the adoption and iapl...ntation ot
the ReSOlution, and coapliance "ith the obliqations on the
County'. part contained h.rein and therein, "ill ~ conflict
with or ccne~ituta a ...tarial breach of or aatarial default
und.r the Act or any ted.ral or rloricSa c:onetitutional
provisions, law, adainistrativ. requlat10n, judqaent, decre.,
loan aqr....nt, ind.nture, boneS, note, r..olution, aqr....nt
or oth.r inetrwNnt to whicb the COUnty b a S*rt'Y or to which
the COUnty or any of ita p~rti.. cr other uaets 1a
-4-
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otherwi.. .ubljedi, nor will any .uch e1leCU~ion, d.liv.ry,
.doptionj i.pl.._tation or cowaplianc. r..ttit,lnth. cr.ation
or iapo.1U.on','ot (any .aterial lien, charg. !ot-ather..curlty
interest or.ncuabrance at any nature whatta..et, upon any at
the properties o~ ::other as.ets of the Coun'=Y under the ten.
or any .uch proYlLtlon, law, requlation, dc:JC\laentor lnstru;"
..nt, ex(:.pt,. a.provldec:1or peI1litted bY" ~h&:. ,BOnd. and the
Resolution. ];!, " :1,
e'o, All," approval., conant. ,'an4 order. of any
qove~J1t.;l.. .,,\h9r1ty,leqial.tiv,e. body",; i~rel, .qency or
c~i..iql\~, _~~ " juri..cUa.1on W1lJ.Ch, , ~OO14... c;;onet1tute a
condit19ncl.M4l~ent'~ ;:,pr, the ~.e~i) ,Ct,.(,~Jth1ch would
sat.r~!lPy.~.~ly"a(t~ the dult P!l'~,p~..:.by ~. County
ot it. i ~~\Jp~< ~r~1,."Pur~~.~'i".C:;P11tract", the
Re.Ol~, t, !q, 9.la~.~e~, ~,":' ,1i,',i,l,l"" ha" :-'r.... b,e""n iS~~',Pb~, ,J., fl.d pr10, r to'
the c;!9~~~I!(;1 P.fP!'J.~, ~~~.r, ;i~~~thie 'iePr,.entation and
::r~~~(Q~~!:<iClt~~.~ :til;h8~~~Ji:~~,1:~'~t~~I~:~I~tfe~~
any .tat.. ~n co~~iol'^ "it'h , t~!I" otter{ rvI,.t;'4 .al. of', the
Bond., or \ t'o ,s~(:fi' ',CJ,tf~~l"l ,:iQtlcin 1i)"tJf~ cOunty wtiicfi' the
~:o~~~~l{q!~i:;~~~~ t4 ~C,~~n:I~~,;:~~~ to tb. a~t.r
f. Th. Bond., Vhen b.ue4, reqbt.re4 and
el.livere4 in .ccord.nc. with the Re.olution and sold to the
Und.rwrit.r .. provic1ec1 h.r.in and in .ccorc1ance with the
proviaione ot the Re801ut10n, vill be v.liel .neS leqally
.ntorc.able obliqation. otth. County in accordanc. with th.ir
teraa and the t.raa ot the Resolution, .xc.pt to the ext.nt
.nforc.ability say be 11.ited by b.nJtruptcy, in.olvency,
r.orqanhation or oth.r .iJailar lava liJaiting creditor.'
right. q.n.rally and by the applic.tion of principle. of
.quity .nd judicial diacretionl .nd the Re.olution will
provid., for the benefit of the hold.r. froa tiae to ti.. of
the BoneS., . leqally valiel .nd irrevocable first li.n on and
pl.dq. of the Pl.dqed Rev.nue. (a. d.tin.el th.r.in).
q. Th. intoraation p.rtaining to the county
contained in the Pr.U.inary otfi~ial stat...nt a. of it. date
and in the OfUcial Stat...nt .. of ita elate .nd .. of the
Dat. of Closing to the Bonde, to the Re.olution and to the
Pledqed Revenu.. band will be true and correct in all
sat.rial n.pect. and doe. not contain any untrue .tataaent of
. sat.rial tact or oait to .tat. . ..teri.l tact which b
n.c....ry to aalte the .tateaent. th.rein, intbe liqht ot the
circ:uaeunc~"~.rJt~ich they w.re ud., not .blnding.
h. Except .. cSa.cr1bec1 in the otticial 8tateaent,
th.reia I)q., .c:tlon, nit, procee4iJ'9, inquiry or
inv..ti9.ti,oa, ,.tJIM, "I: lnMHity tHtton or by any court,
qov.rnaental aq..x:y.,,o*"',....UC~,. or . boc;tJ', ppncU,~ or, to
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the Mst' know14ldqeot Lt:h.county Ithr~at~.ned' fJ., which Ilay
atfectttte'etbtence ot'th'e County, or' the titles ot' it.
ottic::l.hto~.itr respective ottic.WJt~;'( ii', \th'lch aay attect
or whidt~ .:".u 'to "prohibit, re.tTa)ir\ '. Ot:<:erijoin the.ale,
i..uance"cu:'d.liv.ft"y '():tJ~e Bond., the -u.. ofithe sn-oce.dsot
the ,80$cI.. :aaI con t-..plfatlwd:. by the Re.olutloAij"olt"'JthecoUection
or dl.~rs..eftt qt"tbe',-PledqedRevenue. JtolJpaYLtheprincipaI
ot aDd::lnt.er..t 'Oftlt08Ii>lk>>hd..and pr-.1&Dl,i J.i6'l&nY:-.( 11i) which
in Any \olay..COMlute ornat,tecta the, vAlibW ty1 Olr enfprceabll i ty
ot the Bond., the Resolution or this Purcha.e ContrAct: (iv)
which would cause the interest on the Bond. to be includable
in the hdnal g~~~_; of.,.tN1 ,-hold_. kG:! "tbe Bondel or
(v) "'l\i.cG",qQn~JI,*"fW'~,*vay the C::Ollphtell1t..Lor.:.accuracy ot
the Pt;.~f~..i.naJ'Yi :OfticialVStat...n~ ,<<U\..the\etUclal State.ent
or VhiQ!PQQJl~~, the powe.rs otthe ,COWlty....,.;8I1)' authority or
proce.4i".~,.to~ ~e ia.uance: .ale.r ~l,iv.'Y ,pt tM. Bonde, or
the:, ,4!.1e i )aclpptio" ot the. Re.olution o.'u~,'execution and
deliv~r;y.. of ~. Purcha.e ContrAct: vb.er4ll,b .aJ'l;untavorab1e
decipj,ol\y na~iri9.Jor tindinq .would aate~J..,1:l\'Y,a4ver.ely affect
the vaU4ity,,0r.entorceability of the ~",t~RAa.olution or
thia~.c:~.e C;ontract nor, to the~.~ ~1edge o.t the
coun.tf~. la' there.. anybub theretor. ':' :~':"
1. The County will turrii;h ~~udh . iritoraatlon,
execute .uch in.trwDent. and take .uch other action not
inconsi.tent with law in cooperation with the Underwriter ..
the Underwriter aay rea.onably reque.t in order to (1) quality
the Bond. tor otter and ..le un~r the Blue Sky or other
.ecuritie. law. and re<JUlatione, of such .tate. and other
jurbdiction. ot the United States u the Underwriter aay
de.iqnate: and (ii) deteraine the eliqibility of the Bond. for
investaent under the law. of such state. and other
jurisdictione, and vill use it. be.t ettorts to continue .uch
qualiticatione in ettect so lonq a. required tor the
distribution ot the Bond.: provided that the County .hall not
be obliqated to qualify to,do busines. in any .tate, to take
any action that would .ubject it to qeneral service of proce..
in any state or to expend it. own tund. with re.pect to the
toreqoinq.
j. It between the date of this Purchase Contract
and the date Vhi~ h earliar of (A). 90 day. trOll the end of
the -underwritinq period- (a. defined in Rule 15c2-12 (e)
proaulqated by the Municipal Securities Rul...kinq Board) or
(B) the tllle vben the Otticial Stat...nt i. available to any
penon troll a nationally recoqnizecS aunic1pel securities
inforution repo.itory (but in no c..e Ie.. than 25 day.
tollOW1nq ~ end of the undervrltinq pariod),any event shall
occur VhiCbvould or al;ht caWle the inforution c:onuined in
the Official Stat..ent, as thereto tore suppl...nted or
..ended~ to contain any untrue stat...nt ot a ateria1 tact or
to OIIit to .tat. a uterial tact required tQ b,elltatecl therein
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or nece.aary to be stated therain {n'ord.r to uke the
state.ent. th.rein, in the liqht ot the circumstanc.. under
Which'th.y were .ade, not misleadinq, the County shall notity
the Underwriter thereot, and it in the reasonable opinion of
the Underwriter: such ..vent require. the pr.patationarid
publicat.lon :ofa supp1elllent or a lIIe nda.nt to the Oftichl
state..nt,the County shall cooperate with the Und.rwrit.r in
supple.,entinq or: AII.ndinq the Otticial Stat..ont, the printinq
ot which ahall b. at tho County'. .xpen..) in .uch for. and
unn.rand, a.t auch till. or ti... .. aaybe' reasonablycaUed
tor by the Underwriter, .0 that the OtUc1.~:Stat.1II.nt a. .0
a..rid.cS,or supple.ented will not containanYJUntiru. stat...nt
ot uterlalCact or omit to atate a ut.rial fact required to
be .tat.d ther.in or neca..ary to b. .tat.d ther.in in order
to 114 It. t!l~;,~"t...nt. therein, in ,,;the, Hqht of the
cir~tanc,.sund.r Wh,ich th.y weX'. IUd... L ~ aisleadinq.
'"' ;-,,; . i ," :' . ,~ ")" j I '" i
.')c,~~;''nle .. ~unty cav.nante':'tq"C.o~lY with., the
requir....nt.of:.th. ~~rna,l. Rav.n.u. C~.9L1..~86, a. ...nd.d
(the ~Cpc:1_. L,~n Qx-darcto .,intain th.y,clueion trOll qro..
incOll. ot: th~ !1nW~.t .,on the ~nc1e" to, 'INFRCi... ot federal
incoUt'Ax.4t,lQ",.' ,~Tb... requlr...ntla' in<:'IUCS.,,;bUt are not
li.it.d~~', ~~~~s19t,)'~wtllch.. pre.crUM;'Yi.~~""nd ,oth.rl'!'.it.
within Which ~h. prOceed_ ot the 8ond. ahd 'other amount. are
to De inve.ted and r.quir. that c.rtain inv..tm.nt .arninq. on
the toreqoinq DU.t be r.bat.d on a periodic bas1a to the
Tr.a.ury Oepartaent ot the United State..
1. siJadflt.~..,.X' 31,' 1975, the County baa not
be.n in d.tault on any bOhde or ~r d.bt obliqationa ot the
County, .xc.pt a. oth.rwi.. ..t torth in the Otticial
Stat...nt.
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.. Th. Pr.liainary Otficial Stat_.nt i. d....d
final within the .eaninq ot Rule 15c2-12 (b) (l) prOllUlqat.d
und.r the S.curities Exchanq. Act ot 1934, a. a"nded, a. ot
its dat., exc.pt tor OIIis.ions ot no more than the tollowinq
information: the ott.rinq rric.(s)I int.r..t rat.(.)I s.llinq
coap.nsaUonl .qqreqat. pr ncipal UIOWlt, aJlOW1t per I14turity,
deliv.ry dat., ratinq., recSe.ption provi.ional .ourc.s .nd
US.., cSebt ..rvice r.quir_.ntsl and other t.l"1Ia cSependinq on
such utters.
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7. Th. Clodnq. At 9:00 ...., hst.rn DayUqbt Tlae,
on S.pteaber ., lU4 (SUCh dat. h.rein callecS the -Date of
Clodnq-), or at s\lC'b Qtbar U.. or on such oth.r date a. I14Y b.
DUtually aqree4 Upon by the County .nd the Und.rwrit.r, the County
.hall, .ubj.ct to the" t.l"1Ia and conditione h.r.of, d.liv.r the
~nd. tor the account ot the Undervrit.r in Mew York, Mew Yorlt in
cS.tirtiUv. tor. Call the 1on4e to beV' proper CU8IP, nuaber.), duly
.x.cutedand .uthentlcated, toq.~. with the other4ocuMnts
h.reinaft.r Mlltione4, and .ubject to the teB8 and qond~tiona
-7-
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h.r.or, the Undervriter shall acc.pt such del'iv.,ry and pay the
purchase pric.'ot th.Bonds a.ut torth in Paraqraph lhenot In
hlJl.diately av.ilable> Federal Funds to the orderot,th. County
(such d.liv,ery ot and pay.ant tor the Bonds her.in called the
.Clo.i09"). Th. uneashed ch.ck reterred to in Paragraph"5 shall be
r.turn.d to tt'.e Undervrit.rat the Clo.inq,jl1'haLClosing shall
occur at the ofUc.. 'o:t. Nabor., Giblin' Ri:ekerllOn, P.A., Tampa,
Florida, or.&U,ch,.ot1WrI91.ac.,a. shall ,have be.n'lIutually agreed
upon by the Coun.y <and ",~h.iUnderwrit.r. n.,) Bond. shall be
pr.pared and d.. 1 Lv. red as 'fully registered.bonel."in book. .ntry tara
reqi.ter.d in tb..nalH>,061C.d.:' Co. and ..hall be ..d..,available to
the Und.rvr1t!lui" ""I'h.q, th.", busin.s.,daY' "prior l to the Clo.inq tor
the PUrpos.~19t(, I."sp~~~ paCkaqiM~,
,j', i J;,'-'l' ::~, ; ',,1 [:, ;'~..;. I , ..' , ~ > I .~J
,: 8 ~ ' ;C.losina.. CO~lcion~.. Th." Unde~ i t.~ h he. .ntering
into thb P\lr~~.se"c'm~~'l:~iJ.n relianc41 "pon\;~~H~.pr~sen~tion.,
warrantie., and .sqr....nt. ot the County contain.d h.r.in and in the
::~..~~t10~~~ , ~~~f..:MM~,n~n~r;;.~t;n to r:;.i:~:aln~~oin ~~:
docuaent... .pq",i~!-~nt. to be~Uver,cs, atL~. ,c;:~eIl4119:f.nd 'fpon
th. pertoniaoce .0trU~, cov.nan~and .qr....n~, h4!~..\n, a. of' the
dat. h.reof'...1'd ;a~: ,Qt the D~te. i of Clodnq., ~cordi"9ly, the
Und.rwriteJ;'!" 9bl~qatj.'on. undet'thb Purcha..~Jl~r~ct tppur~..,
to acc.pt deUvery ot and to pay tor the Bondi' .hallbe condition.d
upon the perfonuance ot the cov.nant. .nd aqr....nt. to b.
perf o riled h.r.under and under such other dOCWMnt. and in.trwa.nt.
to be deliv.r.d .t or prior to the Clo.inq, and .hall be eubject to
th. tollowinq additional COndition.:
.. Th. r.pre..ntatione and warrant i.. ot the
County contained h.rein .hall be tru., coaplet. and corr.ct on
the date her.ot and on and as ot the Oat. ot Clo.inq, a. it
aade on the Dat. of Closil19.
b. At the date ot .xecution h.r.of and at the
Clo.inq, the R.solution .hall have b.en duly approved and
adopted by the county, .hall b. in tull torce and eff.ct and
.hall not have be.n ..ended, aoditied or .uppl...nt.d, except
to the .xtent to which the Underwrit.r .hall have qiven it.
prior written cone.nt and there shall have be.n taken in
connection therewith and in conn.ction with the issuanc. ot
the Bonde all suc::b action .. in the opinion of "abor., Giblin
, Nicker.on, P....., Bond COUh..l, and Morno , Zec1.r, P.A.,
coune.l tor the Underwrit.r, .hall be n.c.ssary and
appropriate in conn.ction with the traneactione conte.plat.d
h.reby.
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c. At "~the "c'iodnq there will be no pendil19 or
thr.at.ned lit, 19ationor proc.eding of any nature ...king to
restrain or .join the is.uanc., .ale or d.livery of the
Bond., or the pledq., coll.ction or application ot the PlecSqe4
Revenuu to pay the principal ot an4 int.r..t Oft ~, 80Dda or
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in any. ..ny:;l~oJllt,.*U",,; or~'aHecUn9i ~ i>~,vaHcHty' or
entorc.abU J.ity otntn., BOnd., the.. R4t~ut4:on <or:, this Purchase
Contract: er' (!oln~..tlnq': i'n'.n?' waytli....'PrbcAl.ding. ot the
County takln.'lvlU\ r..p.c~q:.ber.to, 'Or aOi\~-.ting in any';.vay
the due ..1."encllHor,,..,ars oti,:th.>COUntY. :or,the,tkl. ot,'any
ot the ....,t'4ll1..rot;tb.;'8<l.rd.or ,-of,I-ioci.l;. Of: 'the County to
th.ir Il'..pectt". oiffic..,; ori!"lIiUc:h< ,,);,Ht~.1:on doe. exi.t,
the und.,r:vJ:t~1P twill; r.~i VeJ...&n.iOP inion\,bf ~t:h8. CUyl.r,
Esquin,,;ht.torm.y.dtCl~.~;~~ ,County ,;t.b.at.)8ny .uch"Utigation is
wi thout.,:a.ri t. _, H '-1','~\:":-' - ,'. ':T:1l CI ;, J:
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d. Exc.pt a. de.cribed in the Otticial State.ent,
th.r. .t:all hay. b..n no' aaterial .!WSVJU''' "Ohanqein': ~:the
tinan~i,~.'c.~i~~on ot the Cou,nty .inC.l~_""r 30, 1193.
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';'", e. At the Cloaing, the Und~M~t.{\shal1 receive
the t01~pwl"9 dOCWl.nt. eacb d.ted .. ot the Clodn9:
(1) An opinion of Jrabor.,.,p,ib.J,Ht faHic~~.on,
,~" Bond. Coun..l, substanUa,lly l.n ~ ~PP4_ ~ttach~ to
~b.:Q.tt~cial State.ent .. Ap~,t', i(~.th.r-,_vith
htter. ,0' ,such couns.l, dated t~.,Pf~,p~Clodnq and
ai:Sdr...ti4. . to. th.UQ4.rwr i t.r, to. (I ~e n!!g.ct that, the
toregoing opinion .ddr....d to the county'aay b. relied
upon by the Underwrit.r to the .a.. .ttect .. it .uch
opinion w.r. addr....d to th..:
(11) An opinion ot Bond Coune.l, .ddr....d to
the county and the Und.rwrit.r to the .tt.ct: that the
intonaation containa4, i,n the otticial stat...nt under the
h.ading., .Introd~ct:'ion,. -oeaeription ot the S.ri.. 1994
Bonds,. -Redemption Provisions,. security for the S.rl..
1994 Bonds,. -Tax EX.llption,. and Appendix C - -S\DIlIary
ot C.rtain Provisione ot the Re.olution, - insotar .. .uch
intonaation purport. to awaaar1z. portion. ot the
R..olution, the Bond., or the law. r.t.rred to ther.in,
con.titute. &<,ta.tr .UJDUry ot the portions ot .uch
docu:a.nt. and the lav purported to b. .umaar1zed th.rein
and to the .tt.ct that the intonaation under -Tax
Ex-.ption- is correct.
(11i) A d.t....nc. opinion of Bond Coun..l,
dated the date ot the Closing, addr.ssa4 to the County
and the Und.rwrit.r, in such fora .. 18 IlUtually,
r..aon&bly .cc.ptable to the Underwriter .nd Bond
eoune.l,
. . (h) An opinion, dated. the Dat. of the
Clo.l"9 and.cSdre..ecS to the County and the Und.rvriter,
ot ~nn.th I. CUyl.r, raqulr., Attorney tor the County,
to the .!tect th.t (1) thla P\lrcba.. Contract. and the
E.crow Depoait Aqr....nt have !)een aUl)' autborincS,
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ex.cute. an4 delivered by the County" and con.titute
189al, valid and bindinq aqre...nt., otth. County in
accordanc.....ith their t.1"1I. exceptt.o th:c_xt.nt that the
.ntorceabiHty of the right. and 7:...d1.. s.t forth
~.rein,'.ay. b. limited by bankruptcy", !,neol,v.ncy or other
laws, at;fe~lnq creditor.' ri9ht.~;gen.rally or by the
.,.rci..; qt judicial di.cretion il'1,,'accordance with
genenl,prl.nciple. ot equity and except fJurth.r that the
entqrC:."llt'i' of the ind.1IUliticatiort :.provls1ons ot the
tscrcw, ,o.pp.it Aqree.ent ay b. Hatted, bY fed.ral or
stat. .ecuriti.. law. or public policy, ,eon,.id.ration.:
(U)"Ul."county has authorized, .x.cutect and d.liv.red
the IOUie-ial f.fJ.tat...nt: (Hi) th. dftforilat1on in the
01'iciah.tat...nt",a. to leqal att.r.j.'relatinq to the
1=ount.y, ~ r\.h. Bond., the R..olution..;.and ,:the Pledged
R4lv.nu.., 1., :cC)~r.ct) ,in all .ate~ial~!J:.spect.and do.. not
mJ~~,) i~y ,-,,,tat."Q,t,, \lhich,in .b1.:':opinJ"on,,< .hould be
~~~~d~J 9~i~.!.n~' to th.rei:n"~;l ,in ~ition, .uch
c~~,.hap.,4~t4 ~hat, bUedupO~~ ,pax:t-1c1pation in
t.6, ~;fi'. ~,:fP.at,~,#, p~,Af,it~e ottici~l ~,'S, ~, ~;.~'.,',n~,:"a" '.,',' f'ttorn.y tor
th., .", (;~,,', p~. l, i, ',".", ,Q(, ,t~, " Dat. ot C,l~,. ",.lJllf" ..no,', tb.", J.n9 ',ha, . cOIle to
hl.'~~t..~tt9Jiq~~,ing hi., to . ~Uev.,,, ~t (A) the
oftJc~a'1,ift_",~p~"a.ot it"~~.co"ta"~n~ any untrue
.Ut"ettt ot~ a at.rial ta~'6t 'OiIittlad'to .tate a
aaterial fact~tciUired to be .tated th.rein or nece..ary
to aka the 1rnte..nts therein, in the light ot the
circuaatanc.. under which they were aa4e, not ai.l.a4inq
(except tor the financial and .tatiatical intonaation
contained in the otticial Stat...nt .. to all of which no
view n.ed be .xpr..sed and .xcept for intoraation
relating to the Ineu~.r, the aunicipal bond insuranc.
policy and Th. Depo.itory Tru.t Coapany and it.
book-entry-only sy.t.. ot reqiatration of the Bonds), or
(8) the Ofticial Stat...nt (as .uppl...nted or aaended
p1Jr.uant to Paraqraph' (j) ot S.ction 6 b.r.ot, if
appl1ca1Jle) a. ot the Dat. of Closinq containe any untrue
.tat...nt of a at.rial tact or oait. to .tat. a at.rial
tact required to be .tated th.r.in or nec...ary to aak.
the .tat...nt. therein, in the liqht of the circuaatanc.s
und.r Vhich they were ad., not ai.l.ading (.xc.pt a.
ator..aid)1 (iv) the execution and 4.livery of the Bonds
the E.crow Deposit Aqr....nt and thia Purchas. Contract,
the a4option ot the Resolution and coapliance vith the
provhions on the County'. part contained th.r.in, vill
not conflict vith or conetitut. a aaterial breach of or
d.fault und.r, any conetitutional provision, law,
adJIinbtrativ. requlation, judqaent, 4ecr.., loan
aqr....nt, indentur., bond, note, r.solution, aqr....nt
or oth.r inetrua4lnt to whicb the County h a party or any
ot it. property or ....t. h otherwh..\1t)ject, and any
.uch execution, 4.Uvery ,adopt,.! icon Or <:oaplbnc. 11111 not
r..ult in the creation or iJIpodtion of any ..udal
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U.n, charqe or other .ecurity inter.st o.encumbrance of
any natlare ;vhatsoever upon any ot th.'property or assets
at the CQuntyutlder',th. term. of any".ucb..orcHnance, ,law,
requla~ion ordnatrwunt, except aa .expr.s.ly ,provided by
the Bonda :an4 the Resolution: (v) th.., County has the
r iqh.t ,and. power under the Act to adopt ,the' -Resolution and
the: Re.o:lutiottr-has 'been duly ancLl.aw'fuilY adopted by.the
County; ,i. ,iD:full!orce and ettec;rt <.andconstitut.s the
leqal ,va.Udc, a":t~ ,bindinq obliqat,ion'ot, the county,
enloroeabl." in, accordance viU1 ,.Lt., ,terms, sub::) act to
applicable ba~tcy, inSolVency and siailar lavs
atrllJctlnq crMfFft)'!iif'r1qht. qeni1:ally'-.o4'ls,ubject, as to
entorcubi1:i,ty, to qen.raJr pI' inc~p)".ot equity
'J:equ'~J.~ of whetber entorc.II,ot t..~ . .ought in a
proceeding: in .quity or. at law), (v:1} ~re ls nO action,
.uit,pr~.dinq, inquiry or invutJ.tfatlcmilt law, or in
.qulty.~!qre or by any court, qove~t Aqency, public
boardoi b~y, pendinq or, to the be.t Q' !hi~ Jc,nowl.dqe,
tbreat.en.d,aqainst or aftecting the~ty-,. nor, i. th.r.
any basi. tor any .uch action, .uit" pr~ecUnq, inquiry
inv..tiqation, wh.rein an untavorable; decielon, rulinq or
tindinq,would MV. a aaterlally advei-'ae:,..ttect upon the
tran.acticm. cont.llplat.d by th4t o~~lcia.1~ ,Stat...nt or
the validity ot the Bond., the ResolutIon, the Escrow
Depo.it Agr....nt or this Purchase Contract, exc.pt a.
ducribed in the ottlcial Stat...nt, (vii) all
authorization., coneent., approval. and review. of
qov.rnaental bodi.. or regulatory authoriti.. th.n
r.quired tor the County'. adoption, .xecution or
pertorlUnce ot the ~, the E.crow Deposit Aqr....nt,
the R..olution and this Purchas. Contract have be.n
obtained or effect.d and, to the b..t ot bis knowledqe,
h. has no rea.on to believe that the County will be
unable to obtain or .tt.ct any .uch additional
authorization, consent, approval or revi..., that aay be
required in the tutur. tor pertoraanc. ot any ot th.. by
the CountYI and, in addition, he .hall qiv. his opinion
to the s..e .tt.ct a. ..t torth und.r the caption
"Litiqation" in the Otticial Stat...nt.
(v)'>A; c.rtiticate, dated the Date ot Clo.ing,
dqMC1 by the Chairaan', or other appropriate ott1cial
.atistactory to the Underwriter, to the effect that to
the be.t of bie knowledqe (A) the npnsentaUone of the
COUnty . berein an true and correc:t 1n all uterial
re.pects a. ot the Date ot Closingl (8) the COUnty has
pertonMd all obliqation. to be pertonMd hereunder a. of
the o.te ot' Clodn91 (C) exc.pt a. dieclo.ed in the
Otficial Stat..ent, there ie no litigation of which he
bas notice, and no li tiqaUon ie pencUnl1 or, to the best
of hb knowhdq. ie threatened: (1) to re.t.nin or enjoin
the iesuance or deliv.ry of any ot the BqJlde, (2) in any
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way cont..tinq or a!!actinq any authority for the
is.'Jance, ()f,::the Bond. or the validity of ,the Bond.; the
Escrow Deposit Agr....nt, the Resolution, or this
Purchase Contract, (l) in any vay"cont..ting the
corpora~ e.istenceorpover. ot the County, (4) to
re.train or .njoin the us. of the funds pl.dged or to be
pledged un4.J:' the Re.olution to pay the principal o!,
intere.t and premium, it any, on the Bond. or to enjoin
the u.. of ~J:'oceeds ot the Bon4s a. conteaplated by the
R.aolution",the E.crow Depo.it Agr....nt, the OUicial
stat...nt..n4 this Purcha.. Contrac~,(5) which aay
r..u,lt~n ~y aatarial adver.. chanqe 1.n the bu.ine..,
propert:l.., !a...t. and the tinancial condition ot the
County i t,aken .. a whole, or (6) ....rtinq that the
oU-1.cial St.t..ent containe any untrue :.tat...nt of a
aaterial tact or O1Iit. any aaterial fact n.ce..ary to
aaka the state.ents ther.in, in _ the light ot the
clr~ta~. u.l'KS.l' wbJ.ch theyw.rIUlljll4_",nQt .hlaading1
(D) .i~.'841.p~~rJO().99J, no ut,rial advers. chang.
ha.~~~,in ~tJ.,nancialpo.l,tion Or result. ot
~pe~.,qDn~ ,.of:.. ; the. County excep~ u, .,e forth in or
conta..p+&;,~ed" try:,~ ottic1alSute..nt, (E,) tha County
haa, na1;; ';..lnce"q.eC;--.bar 31, 1975, })ae# in default on any
bond. or other debt obligation. ot the County except a.
.at torth in the ofticial State.ent1 and (F) the otticial
stat..ant did not a. ot.it. dat., an4 doe. not a. ot the
Date ot ClosiJl9 contain any untrue .tat_.nt ot a
aaterial tact 01''; ~t to .tat.a aaterial tact required
to be included- ~l'Nr.in or n.ce...ry in order to make the
.tat...nU contained th.r.in, in the light ot the
circuastance. in which th.y w.r. ..d., not .isl.ading.
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(vi) An opinion, dated the Dat. ot Clo.ing
an4 addr...ed to the On4.rwri t.r, ot Adorno , Z.d.r,
P.A., coun.el tor the Und.rwrit.r, in tora an4 .ub.tanc.
.ati.tactory to the Un4.rwrit.r.
(vii) A c.rtificat. ot, or opinion ot
couna.l to, the Ineur.r to the .tt.ct that the
inforaation relatinq to the Ineur.r and the policy
appaarinq und.r the caption -Municipal Bond In.urance- in
the otticial Stat...nt accurat.ly and fairly pr...nt. the
inforaation purported to be .hown therein, fairly and
accurately d..cribe. the Ineurer and Policy.
(viii) An opinion, dated the Dat. of
Closinq, and addr....d to the Und.rwrit.r from coun..l
tor the Insur.r, to th. .ttect that (A) th. Insur.r i.
duly orqanhed and vaUdly aXbtl"9. \lDCSar. ..~ 1."s o. tits
stat. of incorporation .nc1b qualU1acS tp do bullio..s in
the state of Florida, and (8) ~ ~.ucybu been duly
and validly i..uacS by.~ Inaur.r ~ncI >,C9Qftltutes the
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leqal, valid and bindinq obliqation ot the Insurer
enforceable in accordance with ita terms except aa
limited by bankruptcy, insolvency, moratorium and other
laws a!tectinqcreditor.' riqhts qenerallyand .ubject as
to enforceability by general principle.:ot equity.
(!x). A certiticate ot Fifth Third Bank,
Cincinnati, Ohio, in torm and substance satistactory to
the Unde-tvrl,te~',
:-,(x};." S.uch-- ad4itional ,leqal opinions,
certH~cat..,i".tnments and otherdocua.nt. as the
UMervritN' ..y,.aa.Gn4bly request t4llVicSanca the truth
and ,a~~r:ac;y,;,....ot-,~b';d,ate hereof ,and.. ot the Oat. ot
ClasiRq,iet ~ii1Aa '~Y"representat.\ons aM warranties
cont..inH', ,t1.reift.,'la04:rOt the state..nU. and intonaation
con~aine4:, 1:1'l.t,NI*-Q,(tlcial Stat~..1lt and the due
perfo~nc~ 9r..thhction by the- ~ounty on ,or prior to
the. Oat...ptClosinq of all the aqreelll,mts then to be
perfo~ ,and all conditions then t.o be .atistied by it.
f.. The In.urer .hall have baued ,it. pol1cyto
ins\1re the, Bonds and standard , Poor 's RAtinc;. Group and
Koody'. Investors Service shall have a..iqned their aunicipal
bond ratinqs of -1\AA- and -A.aa-, respectively, to the Bonds.
q. Evidence that Fitth Third Bank, Cincinnati,
Ohio, ha. been appointed by the County a. the Payinq Aqent and
Bond Reqlstrar tor the Bond. and has accepted such
appoint..nt.
Allot the nicSence, opinion., letters, certiticate.,
inetruaent. and other docuaent. ..ntioned above or el.ewhere in
thb Purcha.e Contract .hall be cSe-..d to be in coapliance with the
provisions hereot it, but only it, they are in torm and aubstance
.ati.tactory to the Underwriter and the county.
It the condition. to the obliqatione ot the Underwriter
to purcha.e, to accept cSelivery ot and to pay tor the Bond.
contained in this Purcha.e Contract are not .ati.tied, or it the
obliqatione ot .tJM UncServriterto purchase, to accept cSelivery ot
and to pay for the Bond. .hall be terminated tor any rea.on
permitted by this Purcha.e Contract, this Purcha.e Contract .hall
terminate and neither the Underwriter nor the County .hall be under
any turther obliqation hereunder, except that the re.pective
obliqatione ot the county 'and the Underwriter set forth in
Paragraph 11 hereot shall continue in tull force and .!teet and the
aecurity deposit s~tled in Paraqraph 5 hereot shall be returned
to the Undervrlur. '
9. 1eraination. The Underwriter ..y tarainate thb
Purchase contract, without liability theretor, by notification to
-13-
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the County, iC at any tim. .ub..quent to the date oC this Purchase
Contract at or prior to'Closi~
.(1 ~.: ~J
a. . r:.eql~l.t...ton .hall be enacted by tJreConqr... oC
the Unit.d. State..;c or,.., bill, introduced (by a..ndment or
oth.rwi..) 01': d:W,orably;peported or pa..ed by .ith.r the Hou.e
oC R.pr..entativ..:o~"tQ. Senate oC the Conqre.. ot the United
States or any c01lllZlit~!ft'th. Hous~.j)r Senat., or a conCer-
.nc. cOJllJDi tte. of, (.uch Hou.e and S.nat.., aake. ;, a report (or
take. anyotb.r~',action), or a deci.ion..:.by a 'court ot the
United StateS:OJ'-:th. Tax Court of the UnltedState. shall be
rend.red,QZ:,~.!:..naUnq, requlation or other ac:t.ion .hall b.
i..ued or propo..4,.by or on behalf of the -rre..w:y Department
otthe Unite4Sta.~.s, the Int.rnal Rev.nue Service or other
qov.rl'Ulent.al aq.nq with re.p.ct to, or havinq the purpose or
.ft.ct of, chanqing dir.ctly or indir.ctly the federal inc01l\e
tax con.equ.nc.s ot int.r..t on the Bond. in ~he hand. ot the
holder. ther.ot (includinq the i.position of or incr.a.inq the
rat. of any t.deral tax which includ.. ta~-ex..pt intere.t in
the calculAtion of .uch tax), 'Which ut.rially adv.rs.ly
att.cts the aark.t price or the aarketGiU,tyot the Bond..
b. Any l.gislation, rule or regulation .hall b.
introduced in, or be .nacted by, any depart..nt or ag.ncy in
the State of Florida, or a decision by any court ot competent
juri.diction within the State ot Florida shall b. r.nder.d
which aat.rlally attects the aarket tor the Bonds or the sal.,
at the conteaplated otterinq pric.., by the Und.rwrit.r ot the
Bonds upon the i..uanc. ot the Bond..
c. Any ...ndJient to the otficial Statement is
propo..d by the county or d....d n.c.s.ary by Bond Coun..l or
Couns.l to the Underwrit.r which aat.rIally adver..ly atfect.
the aarket tor the Bond. or the .ale, at the cont.aplat.d
ott.rinq prIc.., by the Underwrit.r ot the Bond. upon the
is.uanc. ot the Bond..
d. Any tact .hall .xi.t or any ev.nt .hall have
occurred which &akas tha Ofticial Stat...nt, in the torm as
originally approved by the eoard of County Ccmais.ion.rs of
the county, cc;mtaln an untrue stat...nt ot . &at.rial t.ct or
OIIit to atate. aterial tact n.c....ry in order to &aka the
.tat...nt. .ade th.r.in, in light of the cireuaatances under
which th.y w.r. &ad., not alsl..dinq.
.. Ther. .hall have occurred any outbr.ak or
..calation of h~tiliti.. or any national or int.rnational
c.laaity or crisis, financial or oth.rvb., including a
g.neral .uspension ot trading on any national securities
.xchanq. which (i) at.rially advers.ly .tt.c:te the aarut tor
the Bonde or the sale of the Bond., at the conteaplatec1
otterinq price., by the Und.rwriter or (11) could cau.. a
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aaterial dis~n in the municipal bond aark.t. and a., in
the judq1llentsott))eUnderwriter, would IUlh It,',lmpractlcable
tor th.. Unc1ervrlter to :aarJcet the Bond.; or to enforce
contract. for the aale of tbe Bond.. , " i,
f. Leqblation aball be enacted: or" any action
.ball be taJcen by, or on behalf of, the ,;Securitie. and
Exchanq. COllUllhalon which has the eftect of requiring the
conte.plated diatribution ot the Bond. to be, registered under
the Secur i tie. Act ot 19 3 J, or any law. analogous thereto
relatinqtG qovernaental bocHe., and cOllpliance therewith
cannot be accomplished prior to the Clo.ing.
q.", '~general bankinq moratoriWl .hall have been
declared by'authorltie. of the United State., the State of Hew
York or the S~1;.. .of Florida whichaate~.,1ally adver.ely
attect.tM ,...r~t for ~,Bond. or th~, .&;le, at the
conte.p~~~~<.o(~~dl)9p~~ca,s, by th.Unde~r~t.r ot the Bonds
upon theJ~~~.\~.~.,~~."
f,.
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"' ,'~'" h, q ~. "
''h~t:H~Y. ',na;i~i "curities, exc:banqe, or any
governaenta.1t.. .~~~rj,~y", ,shall illpoa~f .I.. to .the Bond. or
obliqatlori~' 'gj;:..fl1e,' q.~.tial characte.r'of"tt:ae Bonde, any
aaterial r..tri~ions nqtriow in torce, or increa.e aaterially
thoee now in torce, .,.ial~q.P.ct to the extension ot credit
by, or the cbarge to the net capital require.ent. ot the
Underwriter.
},
1. Any anticipated ratinq ot the Bond. .ball have
been dovnqraded or withdravn by a national ratinq .ervice,
Vhich aaterially adversely attects the aarket tor the Bond. or
the .ale, at the conte.plated ottering price., by the
Underwriter ot the Bond. upon the is.uance thereot: or any
proceeding .hall be pendinq or threatened by the Securities
and Exchanqe C01IlIIia.ion aqain.t the County which baa a
aaterial adver.e etfect on the ..rut price of the Bonds.
j. The Insurer shall inforJI the County or the
underwriter that it will not insure payaent of the principal
of or interest on the Bon4a .e described in the Otficial
State..nt.
t'
10. E~n....
a. Whether or not the Bond. are .old by the county
to the Underwriter (unle.. .uch aale be prevented at Clo.ing
by the Underwriter'. detault), the County .hall be obliqated
to pay the tollowing expen.e. (i) the co.t ot the preparinq
and printing or other reproduction of the Resolution: (11) the
cost ot prepariDq t.M eoncs., t.M coate of preparinq and
printinq the Prell.wry O(tlclal.tat...nt and the final
Offici.l Stateaent, (iii) the Ion4 eoun.el f... and
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dhburs~u..nt., it any, due Nabor., Giblin' Nickerson, P.A.:
( iv) the pre.tWl,lt any, ot the Insur.r tor the Policy and
the t...,it"any,ot Standard' Poor'. Corporation, Fitch
Inv..tors.rvlee., 'Inc. and Moody'. Inv.stor. S.rvic., Inc :
(v) the t... ,and di.bur....nt., it any, ot Fitth Third Bank,
Cincinnati, Ohio, a. the Paying Agent and R.gi.trar and a.
Escrov hgent: (vi) the c... and disbur....nt., it any due, ot
RaYlllond Jail.. ~n4A...q~l.t.., Inc., incurr.d in its capacity
a. Financial Advisor: (vii) the t... end disbur.ement., it
any, oC Coop.r., 1<,. Ly.bnA4, .th. County' a, .certi! ied pUblic
accountant.: ,~>~d:.r(.y..i~) ~\be t.es ao4 di.bursement. ot any
oth.r .xp.o.",;,.lj:~~,,,, c;oneulta.nuor advisor. r.tain.d
by the County~, (..\nc1.~'t..sanddhbur....nt. ot the auditor
and of any r.~.~eGn.ultant. and con.ulting .ngine.r..
.>). I '''1:
b.",' W,b.ther or not the Bond. are sold by the County
to the Un4.rw~l"r' (unl... .uch .ale be prevented at Clo.ing
by the :county~..~tault), the Und.rwrit.r .hall be obligated
to pay the toUow~ng .xp.n... and .hall b. peaitted to pay
.uch .xpens.. troa their di.count (i) all adverti.ing .xpen.e.
in conn.ction with the public otterinq of th.Bond.; (11) the
te.. and di.bur....nt. ot Adorno' Z.d.r, P.A., coun.el to the
Und.rwriter, and the co.t ot pr.paring the Blu. Sky Surv.y,
legal inv..t..nt .urvey, it any, and this Purcha.e Contract:
and (iii) all other expens.s incurred by tb. Underwrit.r. in
conn.ction with the public ottering ot the Bond..
11. Kotic... Any notic. or other coaaunication to be
giv.n to the County und.r this Purcha.e Contract aay be giv.n by
d.liv.rinq the .a.. in writinq to the addr... ..t torth above and
any notice or other co.aunication to b. giv.n to the Und.rwriter
under this Purcha.. Contract aay be given by deliv.ring the .a.. in
vritinq to Willia. R. Kough' Co., 4400 PeA Boulevard, St.. 501,
Pal. Beach Gard.n., FL 33410, Attention: Public Finane.
Oepart..nt.
12. Parti.. in Intere.t.
a. Thi. Purcha.. Contract i. aad. .ol.ly tor the
benetit of the County and the Und.rwrit.r (including the
.ucce..or. or a..igna.Qf, the Underwriter) and no oth.r per.on
.hall acquir. or have any right h.r.und.r or by virtu. h.reot.
Allot the r.p~...ntationa, warranti.. and .gr....nt. ot the
County contained in this Purchas. Contract .hall reaain
operative and in tull tore. and effect (but .hall not b.
d....d to be:~nuinq r.pr...nt.tion., warr.nti.. and .gr..-
.ent. of the Cout1ty), req.rdles. ot (i) any inv..tigations
..de by or on behalt of the Und.rwriter; (ii) d.liv.ry of and
payaent tor the Bond. pursuant to tbi. Purcha.. Contract; or
,iil) any teraination of this Purch... Contr.ct, but only to
the .xtent prov idee! by the la.t paragraph ot Section , b.r.ot.
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'b~ )iJfo;.cov.nant, .tipulation, obligation or
.gr....nt "contained "!llthi. Purcha.. Contract ahall b. d....d
to be a cov.r.ant, stipUlation, obliqation or aqr....nt of any
..&ber, ag.nt or employ.. of the County in his individual
capacity and n.ither the lIee.r. of the governlnq body ot the
County nor any otficial .x.cutinq this Pu~cb~,.~ontract .hall
be liable per.onally und.r this Purcha..' Contract or b.
.ubj.ct to any peraonal liability or acc~nta~ility by r.a.on
ot the .x.cution her.ot.
13. Eft.ctiv.n.... Thi. Purcha.. Contract .hall become
.ff.ctiv. upon the .x.cution be the acceptance hereot on behalf of
the County by the Chairaan and atte.tation by the Clerk, aU in
accordance with the r.quir...nt. ..t torth in the County Chart.r,
and .hall be valid and .ntorc.abl. at the ti.e ot such acc.ptanc..
14. Count.~art.. Thi. Purchaae Contract may b.
.xecuted in .everal c~nt.rparts, Which toq.th.r ahall con.titute
one and the .a.. instruaent.
15. Flor id4, I#w Govern.. Th., val id i ty, int.rpr.tation
and pertoraanc. of this Purcha.. Contract .hall be gov.rn.d by the
laws ot the 8tat~ of ,'lorida.
16 .th'flr~'::-'Aar....nt. . Thia Purcha.e Contract wh.n
accepted by the: County in vritinq .. heretofore .pecified shall
constitute the .ntir. aqre...nt.betv..n u..
17. H.adine.. The headinqs of the Sections of thia
Purcha.. Contract are in..rted tor conv.ni.nc. only and .hall not
be de.1Md to be pa rt ~r,IIO~ ~ ,r'
Byl
r\'~
Accepted a. of the date her.otl
COLLIER COOny,
!~/ I
FLORIDA ' //
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Byl /
(Chairaan ',,' .
,~~d ot County ~is.lonera
App~ed as to tora and leqal euttioi.ncyl
~"~A~
County Attorney
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~ . EXHIBIT A
I
I KATURITY S~OUIZ
\ ~
$ 30,415,000
I COLLIER COUXTY, FLORIDA
CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS,
SERIES 1994
Katurinq Principal Intere.t
October 1 AIIount Rate ~
1997 $1,090,000 4.350' 100.000'
1998 1,350,000 4.500 99.813
1999 1,405,000 4.625 99.662
2000 1,470,000 4.800 99.736
2001 1,540,pQQ 5.000 100.000
2002 1,620,000 5.100 99.669
2003 1,700,000 5.200 99.639
2004 1,790,000 5.300 99.610
2005 1,'90,000 5.400 99.175
2006 1,9'5,000 5.750 lOO.Ul
2007 2,105,000 5.150 100.156
2008 2,220,000 5.700 91.570
2009 2,345,000 5.750 9'.023
2010 2,4'5,000 5.750 97.440
2012 5.420.000 6.000 99.125
TOTAL $30,415,000
'~~.Jo~!"
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1 !; ~(''''''REDEKP'rI'OIt;'PROVISIONS
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Optional Rede~ption
".;",4. \') 1 ",'1:;>",. "
The Serie. 1994 Bond. aaturinq on or prio~)to October 1,
2004 are not subject to rede~ption prior to aaturity~ Th. Serie.
1994 Bond. 8aturinq on or atter October 1, 2005 are, at the option
of the County, subject to rede8ption prior to aaturity troa any
.on.y. leqal1y available theretor, upon notice a. provid.d in the
R..olution, in whole or in part on any date on or after October 1,
2004, in such. selection of uturit1e. a. the County shall dee.
appropriat., and it in part, by lot within a aaturity, at the
redeaption pri~s(expr~ssed below as perc.ntaqea:.ot, ~.principal
aaount ot theSerhs .,l994 Bond. b.inq red....d) ,>.toq~th.r with
accrued inter..r. to the rede.ption date, a. follows:
Red.~Dtion Period. :
(Both Oat.. Inclu.ivel
, I"
R~~tan Pric.
October 1, 2004 throuqh S.pteaber 30, 2005
October 1, 2005throuq~ S.pteaber 30, 2006
October 1, 2004. and ~r..tter
Mandatory RedeDption
The Series 1994 Bond. aaturinq October 1, 2012 .hall be
subject to aaMatory redeaption prior to aaturity, by lot:, in .uch
aann.r as the Reqistrar aay d....ppropri.t., at . red.aption pric.
equal to par plus accrued inter..t, it any, to the rede.ption dat.,
on October 1, 2011, and on Octob.r 1, 2012, in the tollowinq
principal amount. in the yaars specifi.d:
;.', 102'
101,
Id~'
Year
2011
2012*
~rtization Install..nts
$2,630,000
2,790,000
...turity
.ot:ice of Redeaption
Notice ot re4aaptlon shall be (i) filed with tbe Payil19
Aqent and Raqiatrarl and (11) aailed, tint 01..., poetaqa prep.id,
at lea.t 30 day. prior tc> the re4eaption date to all reqiatere4
owner. of S.ri.. 1994 Bond. to be re4eeae4 .t their ad4r..... a.
thay.ppaar on the nqiatration booka of the County. Int.n.t
.hall c.... to accru. on any 1994 Bond duly calle4 for re4eaption
on the red..ption dat., provide4 provbion tor the paywaent ther.ot
.hall have be.n duly provide4. ,dlure to aa11 notice to the
reqiat.red own.r. of the Sari.. 1994 Bonde to be re4.8IMCS, or any
def.ct in such notic., shall not affect the prOC:eec1inq. of
red.aption of such S.ri.. 1994 Bonda.
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EXHIBIT C
":'
OISCLOSUR.E STATEMENT
The under.iqned, a. Underwriter, propo... to neqotiate
with Collier County, Florida (th. .County.) tor the .ale ot
$JO,415,000 principal aaount ot it. Collier County, Florida Capital
Iaprov_ent Revenue Retundinq Bond., Serie. 1994 (th. .Bond..), to
be COIIpleted on:'~i. dat.. Prior to the .wa~' of, the Bond., the
followinq intoraationi.henby,turnbhed to the:, County:
1. Set torth i. an ite.he4 liat of the nature and
..tlaatecS aeoun~.ot',e~n.e. to be incurred by tJMUnderwriter in
connection with; ,the .1..uance" of the Bond.l
Dollar. Per 51.000 Bond
Und.rwriter.. Counsel Fe.. $13,000.00 $0.4274206
Underwriter.' Counsel Exp4n... 2,000.00 0.0657570
Fed.r.l,.. .ande 2,306.02 0.0758185
PSI., KSRB , COSIP 1,520.00 0.0499753
t~~i';
Trav.l, Oi.bur....nt., Clodnq 1,524.07 0.0501091
Adv.rthinq 1.852.86 0.0609192
TOTAL $22,202.95 $0.7300000
2. Set forth below are the naae., .d4r..... and
..tiaated aaoun~ of eo.pen.ation of .11 .find.rs- .. d.fined in
Section 218.386, Florida Statute.:
JfOD
3. Th. UIOUnt ot the und.rwdtinq .prod expected to be
realized by the Underwrit.r h $176,407.00 ('5.10 per $1,000 Bond)
Vhich includ.. a aanaq...nt te. of $0 ('0 per $1,000 Bond).
4. Set forth below ar. all oth.r fe.., bonwl.S and
oth.r coapen..tion e.tiaated to be p.id by the Und.rwrit.r on
behalf of the County fro. Bond proc.ede in conMe'tlon with the Bond
i.au. to all person. not requl.rly eaployed or r.tained by thea.
lIOn
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5. Th. na... and addr..... ot th. 'Underwriter.
connect.d with the Bond. are .et forth below:
Willia. R. Houqh , Co.
4400 PGA Boul.vard ~
Suite 501
Pal. Beach Gard.n., FL 33410
Merrill Lynch , Co.
26301 U.S. Hiqhway 19 Worth
Clearwat.r, FL 34621
Saith Barn.y, Inc.
625 Worth Flaqler Drive
.th Floor
W..t Pal. Beach, FL 33401
1W WITJfESS WHDEOF, the under.iqned has .x.cuted this
Dl.cl~ure Stat...nt on behalt of the Underwriter this 9th cSay of
Auquet, 1994.
By.
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EXHIBIT 0
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I'~~ ~;~.,' CPf:":.}.
t t.., P'l!lUrrR~FlIf,""l!O~fDH!G
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1. '.01. '(. A. ::~ n ~,~ i:~'
Board ot CountY$~~..toner.
Collier County dFllo&llda
Re~ $30,415JOOO Collier County, Florida
capital~I.provement Revenue Retundinq Bonds
Seri.. 1994
Ladies and 'entie..n:
In connection with the proposed bsuance by Collier
County, Florid. (the -I..uer-) ot its $JO,4~5,000 aggregate
principal allO~t ot the i..ue ot bonds rehrredt9 above (the
-Bonde-), Willia. R. Houqh , Co., Merrill Lyncb:' Co., and Smith
Barney, Inc. (collectively the .Undervriter-) has agreed to
underwrite .a public oIterinq ot the Bonds. . Arrange.ent. tor
underwritinq the Bonds will include a PurchaseCo~tra~t between the
I..uer and the Undervriter. .
The purpose ot this letter is to lurnish, pursuant to the
provi.io". ot Section 218.385(2) and (3) Florida St.tutes, a.
aaended, the truth-in-bondinq .tate.ent required thereby, a.
tollows:
(A) The Issuer i. proposinq to issue $30,415,000 ot
bond. (the -Bonds-) tor the purpo.. ot providinq .on.y to
(i) retund certain outstandinq obligations ot the Issuer
and (ii) p.y certain costs associated with the i.suanc.
ot the Bond., all as Ilore fully described in the
Resolution a. defined in the Purcha.. Contract adopted by
the Issuer. Thi. debt or obliqation i. expected to b.
repaid over a period ot 18 year.. At a toreca.ted net
interest cost of 5. 68lUn percent, total interest paid
over the lite ot the debt or obliqation will be
$20,222,956.46.
(B) The .ource ot repayaent or security tor the Bonde 1a
the Pledqed Revenue., as defined in the Re.olution, which
Pledqed Revenue. include certain .ales To Revenue.
received by the County tro. the Local Governaent Halt-
Cent Sale. Tax collected in the County and certain other
tund. pledqed under the Resolution. Authoridnq the
Bond. will r..ult in IIOneys not beinq available to
tinance the other .ervices of collier county each year
tor approxiaate1y 11 years, however, by bninq the
Bonde, the County is reducing it. debt .ervice payable
troll pledqed revenue., thereby increa.inq the UIOUnt
available to tinance other project. and service..
r
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AU6 - 9 1990\
The tor4lqoinq i. provic:Sed tor intonaational purpo.e. only
and .hall not attect or control the actual tern and cOndition. ot
the Bond..'
Your. very truly,
-:'
Willi.. R. Hough ,
Bys
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