Resolution 1994-581
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AoeUST ~. 1994
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A JtESOU:TlON or THE C'):,:,;:-:? CC:_~;TY WATER~SEWER
DISTP.ICT, At..H0~rz:::::; :;!? f.X~CU1'IOH AND
DELIVERY or A ::;t:P?LF,:~:.:i7 :..:. F:SCROW DEPOSIT
AGiU:D!Orr JtruTr~ic; ..J .. " ':0LLIER COUNTY
WATEP,-Sr-..ZR O;ST?rc-r .,;;,;;:::- ;,::) Sr:....ER REVDJUE
PROJECT BOlm,SEiUF.S 1';;7 ;',)::; COLLIER ,COUNTY
WATO-StwER DISTRICT '''::.:::? ;.::::J sr:tfER REVDfUE
BONOS, SERIES 1')91: ;":;:f!:,.:ZI!iG THE aoUNTY
ADKlPiIST?A70R ~ TO SL'ES;: :~;: c: ";'.?IOUS '. TREAstJRy
SECURITIES Itf'I'HE ESCPO'.. DEPOSIT TRUST .~nmD
ESTABLISHED FOR THE C....;IF.?S OF SAID Bonos; AND
PROVIDI~IG AIl "EF1'LC!T/E C:,,7r.. ,\.,
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YHEREASi' .the-,C()ll1'ereo1J:"ItY ..:ater-s.,.,er District (the
-District") has:be\"etotore entered tnto aSeries'Si Escrow Deposit
1tqre_ent, dated' as-no,!" J'al'lul!r-1 '15, l'j'H (the -Escrow Depo:>it
1tqre..ent"), with Fi.rst Cnion:Iatlor.al 21:1k of F'lO'l"ida{the "Escra'J
Agent"), rel-aUlf<jta th.'def,!"~~:1';:e6f i) 11 at th* C'Clllier county
Water-S.,..er Dbt~iC1;- Water and S~'''''(!r ?~Vil!n\1e Project Sond, Series
1987 and a portian of the Co111~=" c'J';r-.':'/ .:at'!r-SeWl!rDhtrict Water
and Sever Revenue Bonds, s(!ric~ 1991 (c'Jllectively, the "Retunded
Obligatians.); and
DEREAS, the District ha~ f:~t ~:;ide certain United statos
Treasury obligations (the "fc1p.ral s<::curities") with the Escrow
Agent pursuant to the Escraw D~p'Jslt A1reement tar the payment 'Of
the Refunded Obligations; and
DEREAS, the Oistrict has d(!ter~incd to substitute a certain
united States Treasury obligation for various Federal Securities on
deposit pursuant to the Escr~J D~pos1t Agree~ent; and
DEJtEAS, Section 9 ot the E~cro~ Oeposit Agree~ent permits
such substitution upon conpliance with certain conditions;
.OW, THEREFORE, BE IT P..E30L'/ED DY THE BOARD 07 COUNTY
COMKISSIOJ(ER8 OF COLLIEll COUNT"I, FLORIDA, ACTIJ(O AS TlIIl IlX-oFJ'ICIO
GOVIlJUIIJ(O BOARD 07 THB COLLIER COUN1'Y WATEll-8EW1:R DIBTRICTS
BECTlO. 1. AUTHORIZATION 01 SUPPLEMENTAL SERIES. ESCROW
DEPOSIT AOREEMr.wT. The District hereby authoriz.s and directs the
Chairman and the Clerk to execute a supplemontal Series B Escrow
Deposit Agreement (the "Supplemental Escrow Deposit Agre...nt.) and
to deliver the Supplemental Escrow Deposit Agree~ent to the Escrow
Agent. The supplemental Escrow Depasit Agreement shall be in
substantlafly the torm at the supplemental Series S Escrow Depasit
A9ree~ent attached hereto as Exhibit A with such changes,
.,..qdJDent;Js, 1tCId1f ica.t.1ons, O1I1ss1ons,<"',~~tions, ;i~f:\~~ASJ,~~~,'
date at such Supplemental Escrow Deposit Agreement, '.as lIaybfl"
100' ceo .&',~ 258
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AveOIT 9. J 994
approved by ./Sid ChailTlSn 1n-:j ,::-:r.
and the Cl<!ry. of the S'';''I-; ::::-"~,'_',:
deeJIed ta b,. c::mr;ll.:sive ~'Ii~r::'.::~.
r' , ,> ExeC1Jtion by the Chairman
~cpo~it~9reement sh~ll be
~; :~~'lal 'Of ~uch chan1es.
8ECTIO:r 2. St71J67::T:;:::C~; r h t;F~.ED STATES TREASURY
O1Jt.I~'1'IOJr. ';he District hc::~t,'/ authorizes the County
Mainistrator to direct, the F:::r.:r,:;'.: I\'jent to sell .uch Federal
SecurltieS~Tlc:!:to. purc~.jjSQ suc~, ',',', r oj ::: ': 1 tea Treasury obligatian
with the pr-or;e,edJS ot:,sucl". r"dnr.1: ::.'--;::ities as he shall determine
to be in th'! b<!st :tlr.<1r,';:l: ::-,'J r':;':3 of the Distrio::t. Such
transaction:: .Gh.)~l"b.e.,ca:-:-~r,'~ ,-1"-::ordance with the terms of
the Eacrov Depo,id~,,"'?r,!<!:-n:1':., " -,,;-.ted by the Supplemental
Escrow Deposit A~ree~ent,
SZC'1'IO.:3;.' El'7EC':'IVE 0:':::. '::',::. resolution shall became
effective im::edhteIy upon its a.j~:',
DtJL!' ADOPTEe, in. itequIar So~-;; ";:1, this 9th day of Auqust,
1994.
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CCLLrER COUNTY ~TZR-SEWER DISTRICT
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:T..';-J:;;.an~ 8 ar of. County
c....:-,.':\iss1o s of Collier County,
florid'.l, Vas t&.': Ex-officia
Ch~iroan of th.'~.rnin9 Soard'
of the Callier Coti#y Water-S.,..er
Dbtrict I~j-r',,;"'~\, ':.
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A T"I"EST :
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/0 Clerk, Board of CoUnty' CO~:"l i ,:.. . -- r,....,
or Collier County, Flori'J.l, .1-. ',:."
Ex-orficio Clerk of the Govornin1
Board of the Collier County
Water-S.,..er District
APPROVED AS TO reM
AND LEGAL SUFrICI ENCY:
4..~tl.b/ -
District Attorne
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AUCOST 9. 1994
70RK OF StiFFt-EX;:);';;,:' ;::::,;,:.... DEPOSIT AaJlEEXDI'T
!OQt CCO,:; ;~GU
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AUCOOST 9. 1994
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8~n; SZlttzs D hOotr DEPoSIT At:R2EXDrr
nIB AaREEHzJrr i. a sUpp181llent to the S.ries D Escrov Deposit
Agreeaant, dated a. of August 19, 1994 (the "EGcrow Depocit
AqreQJ:lent") I betlteen COLLIn comrry lfA'1'n-onn DIBT1UCT (the
"District") 4nd nRaT 0lrI0Jr )QTIODr. BAJrx 07 J'LOJUDA (tho "EGcrow
Aqcnt").
WBER%As, tho District has heretofore entered into tho Escrow
Deposi t Aqroenont relatinq to d..teasanco ot all qt the Collier
County Water-Sewer District Water and Sewer Rovenue Praject Bond,
Seri.. 1987 and a portion ot the Collier County Water-s.....er
District Water and S~~er Revenue Bonds, Series 1991 (COllectively,
the "Refundod Obliqations"); and
1nrEllEA8, the District has set aside certain United Statns
Treasury obliqationa (the "F.d~ral Securities") with the Escrow
Agent (or the pa~.nt at the Rerunded ObliqationB; and
WHEREAs, tho District haD determined to sub~titute a c~rtain
United States TrCUlsUry obligation (the "Reinvestment SQcurity") ror
vari-aus Federal Securities on depoait puruuant to thQ Zucro'...
Deposit Agreement; and
IrlIERns, Section 9 ot the Escrow Deposit Agreement permits
such relnvostaQnt upon Compllancn with certaIn conditians;
WOW, TJfEJl2YOU, the parties hereto agree as rallows:
1. The Dis~rict hcrelr.l directs the Escrov Agent to sell the
Federal Securities described in gc::be~ule A at:~.Cl\~.~~.t~?_j_:i'
'~}~!~tI1"~'i_\II~~.tther directs the Escrov Agent to purchase the
Reinvest=ent Security described in Schedule D ~ttached hereto vith
1001( CC()~J'~ 261
AUCUST 9, 1994
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the proceeds of such Federal SecuritioR. Such transactions shall
rostllt in $
beinq avail~ble for payment to the District as
a result of 8uch moneys not being needed to pay the debt service of
~~e Refunded Obligations. The District has herotofore provided the
Zscrow Agent with the written opinion of 11 fire of independent
certified public accountanto to the et!act that atter the
completion of the transaction de~cribed above the princip~l 4~Ount
cf Escrow Se~ritieB (as defin~d in the E~cr~~ Deposit Aqreccent) ,
together with the interest thereon and any cash on deposit in the
El1Crov Fund (as defined in the Escrov Deposit Agreement), will be
sufticient ta pay the Ra!unded Obllgatians ..,hen dUe. The District
has also I'rovided the Escrow Agent '.t!th the written opinion of
nationally recognized bond counsel to tho effect that:
(A) nuch
reinveotment will not cau.. the Refunded Obligation$ or the Seriez
19948 Bonds (a:J defined in tho Es:crov Depo21it Agreement) to be
-arbitrage hond~" within the ~aning of Section 148 of the Internal
Revenue Code of 1986, as amended, and the rogulations promUlgated
thereunder or other~ise C4Us. the interest on the Refunded
Obligations or the Series 1994B Bond:a to hI! included as grOEl:J
income for purpo.es ot federal income taxation, nnd (8) nuch
reinvestlllent dO(Ui not violate l'lny prOvision of Florida la.., or the
Resolution (a. defined in the Escr~J Deposit Agr.e~ent).
2. All I'rovisions ot the Escrow Deposit Agreement Shall
remain in full force and ettect.
3. This supplement aay be executed in several counterparts:,
all or any.. ot Which shall be regarded tor all purposes as one
BOo( OOOFI',! 262
AOCOST 9, 1994
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original and shall constitute and be but ona and the same
instrw:u!!nt.
4. The effective date o~ this lJupplement nhall bo August 1',
1994.
III nmBS W1IER%07, the part ion hareto have cauncd thic
suppl~ent to be executed by their duly authorized ofric~r(s} or
o!~icial(.) and their Beal. to be hereunder affixed and attested as
of the effective date hereof.
COLLIER COtnrTY lJA'rER-SElrER DISTRIC'l'
(SV\L)
By:
Chai~n, Board of County
Commissioners of Collier County,
Plarida, as the Ex-Qfficio
Chairman of the Coverning Board
of the Callier County Water-Sewer
Diotrlct
ATTEST:
Clerk, Board of County Com=issioner5
of Collier County, Florida, an the
EX-Officio Clerk of the Governing
Board of tho Collier County
Water-Sewer District
( SEAL)
"RS'l' OJIIOK lCA'l'IOlQL DAXX O'P TLORIOA
~y:
Authorized Signatory
aooc
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AOCOST 9. 1994
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SCXEDOLE A
o.ocriptioD or Vo4.ral secur!ti..
Maturity Par Interest Total
Xm1 Qate AlIIOtI nt --.P.a t~ ~.cci~
note 12/31/1994 $ 6,.53,000 4.625'
lloto 6/30/1995 668,000 4.125
llote 12/31/1995 683,000 4.250
Kote 6/30/1996 696,000 7.875
Not. 12/31/1996 724,000 6.125
"ote 6/3C/1997 746,000 6.3"75
Note 12/31/1997 770,000 6.000
Ilote 6/30/UU 793,000 5.125
Note 12/31/1998 814,000 5.125
STRIP 5/15/1999 25,553,000 ,
(Yield)
'OOll OCt) 'JI 2Gt
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AUCUST 9. 1994
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SCHEDULE B
Doscription of Reinvostmont socurity
Xllturity
~'\b_
6fJOf1999
Par
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Interest
--.P.1.lt~
$24,719,000
6,75~
lOGe Den't,.. 2Ri
Total
-C~_
$
AUG - 9 199It
8UPPL~~AL SERIES B ESCROW DZPOSIT AGRE~
THIS ~GRZZK~~ is a suppl~ment to the Series B Escro~ Deposit
Aqree:ent, dated as of August 19, 1994 (the "E:>cro~ Deposit
Aqr~e:ent"), bet~.Qn caLLIER COUNTY .~TE~-SEWER DI3TRICT (the
-Oistr-ict") and 7IR8T UXIOU N~TIONAL B~ OF FLORIDA (the "Escro~
Aqent-) ,
WRZR%AB, the District has heretofore entered into the Escro~
Dep'Osit }.grec::e:lt relating to defeasance of all of the Collier
County ~ater-Sever District Water an~ Se~er Revenue Project 3or.d,
Series 1987 and a ?ortion of the Collier County Water-SeYer
District Water and S~Jer Revenue Bonds, Series 1991 (collectively,
the -Refunded Obligations"); and
WRERZAB, th~ District has set aside certain United State5
Treasury oblig.ltions (the "Flldcra1 Securitict;") vith the Escroy
A~ent [or the p~i~~nt of the Refunded Oblig~tion~; and
...',_".......,'.;,,1,0.,,.' .'
YHER~S, the District has deter~ined to substitute a certain
United States Treasury obligation (the "Reinvest~ent Security") [or
various rederal securities on deposit pursuant to the Escro'...
Deposit AgreeCe:lti and
WlIERZAB, Section 9 or the Encr"'J Depo~it "greel:lcnt pen:litc
such r-oinve~tcent upon co~plianc~ with certain conditions;
NOW, THEREFORE, the part illS hereto agree as follo~s:
1. The District hereby directs the Escro'... Agent to sell the
Federal Securities described in Schedule A attached hereto, The
District further direct~ the Escrow "gent to purchase the
Reinvestment Secur-ity described in Schedule B attached hereto with
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AU6 - 9 199'\
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the proceeds of such rederal Sp.curities. Such tr~nGactions shall
result in $1~5,60J.6J being available for paycent to the Di~trict
as a result of Guch coneys not being nee~~d to pay the debt service
of the Ratunded Obligation.. The District has heretofore provided
th@ rscro~ ~qcnt ~ith the written opinion of a firm of independent
ce~ified ?u~l1c accountants to the effect that after the
cccplction ot the transaction describ~d above the principal ac~unt
of Zccrc~ Sec~rities (as defined in th~ E5cro~ Deposit Agree:ent) ,
together with the intere5t thereon and any cash 0:"1 deposit in the
Escr~J FUnd (as d~fined in the Escrow Deposit Agree:ent), will be
sufficient to ?ay the Refunded Obliqationz when due. The Oistrict
ha3 also provided the Escrov Agent with the written opinion of
nationally rec~gnized bond counsel to the effect that: (A) such
reinvest~ent ~~l: not cause the Refunded Obligations or the Series
19948 Bonds (as defined in the Escrov Deposit Agree:ncnt) to be
-arbitrage bonds" within the mea:"ling of Section 148 of the Internal
Revenue Code of 1986, as amended, and the regulations pro:nulgated
~~ereunder or other~ise cause the interest on the Refunded
Obligations or the Series 19948 Bonds to be included as gross
income for purpo5es of fedora 1 incor.lC! taxation, and (Bl such
reinvestcent co~s not violate any provision of Florida law or the
Resolution (as defined in the Escrow D~posit Agreement).
2. All provisions of the Escrov Deposit Agr'!ement shall
remain in full !orce and effect.
J, This supplement may be executed in several counterparts,
all or any of which shall be regarded for all purposes as one
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AUG - 9 199't
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originAl an~ shall constitute and be but one and the same
instru::ent.
4. The ~!f~=tiv.. d~t. of this supplp-~~nt shall be AU~Jst 19,
1994.
III WInr::OO nnE07, the partie:l hereto have caused this
supple~ent to ~e exec~ted by their duly authoriz~d officer(s) or
official(s) and their seals ta be hereur.deraf!ixedand attested as
ot L~e effective date heroa!.
(SUL)
ISTRICT
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By:
r of County
. of Collier County,
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Clerkffioar 'of County Co~ .ioners
of Co ier Coun~y, Florida, as the
Ex-of icio Cler~ of the Gaverninq
Soard of the Co:lier County
Water-Sewer District
(SEAL)
FIRST ONION NATIONAL BANX OF FLORIDA
By:
Authorized Signatory
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SCHEDULE A
oe.criptioD of Federal Securitie.
AUG - 9 1994
Maturity Par Interest Total
nu --.OJl.t.L- AmQ~~ ~ ~~.t.L
Note :2 fJ:/ 1994 $ 653,00C. 4,625\ $ 656,032,10
Kote SfJO/1995 66i!,000 4.125 664,176,70
Kote 12/Jl/1995 6e:;,00C 4.25J 673,177,23
Mote 6fJC/1'J9/j 69<,,000 7.875 725,305.76
l'Cote 12/Jl/1996 724,000 6.125 728,554.52
Sote 6130/1997 74".:,000 6.375 753,627.25
Note 12/31/1997 770,000 6.000 763,644.36
Nate 6/30/1998 793,000 5.125 757,756,75
!lote 12/31/1998 814,000 5.125 771,209.70
STRIP 5/:5/1999 25,553,000 6.8391; --1.L...5.80,097.J6
(Yield)
TOTAL RECEIPTS $25,073,581.73
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SCHEDULE B
ue.cription of Reinvo.tment Security
Katurity
-DU!L-
6/JO/1999
Par
~"lt
$24,711,000
aoo( DeO,:"l ZiU
Interest
i\ate
6.751:
AU6 - 9 1991J
Total
Cost
$24,937,978.10