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Ordinance 86-36 ORDINANCE NO. 86-36 ~.' EMERGENCY ORDINANCE AUTHORIZING THE -;~.O. LLIER COUNTY CAPITAL IMPROVEMENT PROGRAM; m~AUTHORIZING ISSUANCE OF CAPITAL IMPROVEMENT ~VE~UJE BONDS OF THE COUNTY TO FUND THE COST ~ SUCH PROGRAM; AUTHORIZING THE USE OF A P .~RTION OF THE PROCEEDS OF SUCH BONDS BY THE COUN%"f WATER-SEWER DISTRICT; AUTHORIZING THE INVESTMENT OF BOND PROCEEDS IN VARIOUS SECURITIES; PROVIDING AN EFFECTIVE DATE. BE IT O~/~AINED B! THE BOARD OF COUNT"~ COMMISSIONERS OF COLL~E~ COUNT~ FLORIDA~ ~ECTION 1. DEFINITIONS. When used in this Ordinance, the following terms shall have the following meanings, unless the context clearly otherwise requires: 'Board of County Commissioners" shall mean the Board of County Commiss~oners of Collier County, Florida, which also acts as the ex-officio governing body of the District. "Bonds" shall mean revenue bonds issued by the County pursuant to this Ordinance, payable solely from the Pledged Revenues. 'Capital ~roJect" shall mean the capital projects, described in Exhibit A attached hereto, as the same may be restated from time to time pursuant to resolution of the Board of County Commissioners~ provided, however, any restatement of the Capital Projects shall include only such Capital Projects which are related to the County or the District's water and sewer utility capital improvement program or to improvements made on behalf of municipal service taxing or benefit units. 'Cost", as the same relates to the Program or a Capital Project, shall mean '(1) the cost of physical conGtruction; (2) costs of acquisition; (3) costs of land and interest therein and the costs incidental to such acquisition; (4) the cost of any indemnity and surety bonds and premiums for issuance during construction; (5) all interest due to be paid on the Bonds and other obligations relating to the Program during the period of construction and for a reasonable period subsequent to completion of construction; (6) engineering, legal and other consultant fees and expenses; (7) costs and expenses of the Project Bond, including audits, fees and expenses of any paying agent, registrar, trustee, credit bank, insurance company or depository; (8) payments, when due (whether at the maturity of principal or the due date of interest or upon redemption) on any interim or temporary indebtedness incurred for any portion of the Program during the imm mil I period of construction thereof; (9) cost of machinery, equipment, supplies and ~pare parts required for the commencement of op~ration; (1[]) amounts required for reserve funds; (11) costs ~ and expenses related to the issuance of the Bonds, and any administrative expenses related to any liquidity facility or credit facility, including interest on Bonds held by the issuer of such liquidity facility; and (12) any other costs properly attributable to such construction or acquisition, as determined by generally accepted accounting principles, applicable to the Program or Capital Project, and shall include reimbursement to the County or the District, as the case may be, for any such items of Cost paid by such entity prior to issuance of the Project Bond related to such Capital Project. "County" ;~hall mean Collier County, a political subdivision of the State of Florida. "District" shall mean the County Water-Sewer District, which is located in the County, and the ex-officio governing body of which is the Board of County Commissioners, and any other water- sewer district created by the Board of County Commissioners pursuant to Part II, Chapter 153, Florida Statutes. "Indenture of Trust" shall mean the indenture of trust pursuant to which the Bonds shall be secured. "Investment Securities" shall mean such investments as shall be permitted by Section 125.31, Florida Statutes, as well as (1) guaranteed investment contracts with banking institutions or insurance companies, provided (a} the contract shall be a general obligation of such banking institution or insurance company, and (b) the credit rating of which banking institution or insurance company shall be assigned a rating of either Moody's Investors Service or Standard & Poor's Corporation in one of the two highest generic rating categories, and (2) bank time deposits evidenced by certificates of deposit, and bankers' acceptances, issued by any bank, savings and loan association, trust company or national banking association, which are (a} fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, and (b) to the extent not so insured, are issued by a bank, savings and loan association, trust company or national banking association, the credit rating of which shall be assigned a rating by either Moody's or S&P in one of the two highest generic rating categories. "Pledged Revenues" shall mean (1) the proceeds from the Bonds, originally deposited with the trustee under the Indenture of Trust,' including investment earnings, (2) all amounts deposited in the funds and accounts held by the trustee under the Indenture of Trust, including any investment earnings thereon, (3) all amounts payable pursuant to the Project Bonds, and (4) any other moneys held by the trustee in connection with repayment of the Bonds. "Program" shall mean the County's Capital Improvement Program which constitutes a portion of the County's and District's infrastructur~ needs over the next three years and which consists of the Capital Projects set forth in Exhibit A attached hereto, as the same may be restated from time to time pursuant to resolution of the Board of County Commissioners. "Project: Bond" shall mean any revenue bond given by the County or the District pursuant to the Program evidencing such entity's obligation to repay disbursements made by the trustee of all or a portion of the proceeds of the Bonds. Project Bonds may, at the option of the Board of County Commissioners in accordance with the Project Resolutions, be payable from (1) the Pledged Funds, as defined in the District's First Amended and Restated Water and Sewer Revenue Bond Resolution, adopted December 26, 1985, as amended, (2) proceeds of special assessments made by the County or the District on benefited properties, including interest thereon, (3) other revenues, receipts and moneys of the County which may be lawfully pledged to the payment of the Bonds, and (4) investment earnings on any of the aforementioned revenues. The aforementioned revenues may include any subsequent increase in the amounts received by the County or the District pursuant to applicable law. Pledged Revenues shall also include payments received by the County or the District from creflit facilities which guarantee or insure payment of debt service on the Project Bonds, whether directly or indirectly. "Project Resolution" shall mean any resolution of the Board of County Commissioners (whether functioning as the governing body of the County or the District) authorizing the acquisition and construction of a particular Capital Project and the pledging of certain non ad-valorem revenues, as evidenced by the Project Bond, to repay disbursements under the Program with respect to any particular Capital Project. The words "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms shall refer to this Ordinance. Words importing the singular number include the plural number, and ¥1ce versa. SECTION 2. FINDINGS. The Board of County Commissioners hereby finds and determines that~ (1) The County and the District have infrastructure needs and requirenents in the form of the Program which must be cunstructed and acquired over the next three years in order to maintain and protect the health and welfare of the citizens of the County. (2) The most efficient and cost effective method of funding the Program is by the issuance of Bonds and the use of the proceeds thereof to acquire or construct the Capital Projects on behalf of the County and/or the District. (3) The principal of and interest on the Bonds shall be paid solely from the Pledged Revenues. The County shall never use or be required to use any ad valorem taxes for the payment of the Bonds. Sf~CTION 3. AUTHOR/ZATION (H~ PROGRAM. The Board of County Commissioners is hereby authorized and empowered to implement the Program for the purposes of providing for the County's and the District's current and future infrastructure needs. The County shall implement the Program pursuant to the issuance of the Bonds. The proceeds of the Bonds shall be deposited with the trustee pursuant to the Indenture of Trust and shall be disbursed to the County and the District to construct and acquire the Capital Projects. Upon disbursal of moneys as provided above (except in the case of payment of costs related to the issuance of the Bonds) the trustee shall be given a Project Bond or Bonds to evidence the obligation of the County or the District to repay the amount disbursed. Such Project Bond shall be authorized by Supplemental Resolution and shall state the source of payment for the repayments of such Project Bond, which shall not be ad valorem taxes. The Project Bond may contain such other terms as provided by the Supplemental Resolution. The Project Bond may be payable on parity with other obligations of the County or District. SECTION ~. ACQUISITION AND CONSTRUCTION. The Board of County Commissioners is hereby authorized and empowered to construct and acquire any or all of the Capital Projects; provided, however, that prior to using any proceeds of the Bonds to fund the construction and acquisition of a Capital Project, it shall authorize such Capital Project pursuant to Supplemental Resolution and authorize the issuance of a Project Bond or Bonds tn secure repayment of disbursements of Bond proceeds used to fund such Capital Project. SECTION 5. ISSUANCE OF REVENUE BONDS. The Board of County Commissioners shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time in series, for the issuance of Bonds of the County for the purpose of paying all or a part of the Cost of the Program. The principal of and interest on each series of Bonds shall be payable solely from the Pledged Revenues. The Bonds shall be dated, shall bear interest at such rate or rates, shall mature at such times not exceeding 40 years from their date or dates, as may be determined by resolution of the Board of County Commissioners, and may be made redeemable before maturity, at the option of the County, at such price or prices and under such terms and conditions as may ba fixed by tko Board of County Commissioners. The Board of County Commissioners shall determine by resolution the form of the Bonds, the manner of executing such Bonds, and shall fix the denomination or denominations of such Bonds, the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the State of Florida, and such other terms and provisions of the Bonds as it deems appropriate. In case any officer whose signature or a facsimile of whose signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Board of County Commissioners may sell such Bonds in such manner and for such price as it may determine by resolution to be for the best interests of the County. Prior to the preparation of definitive Bonds of any series, the Board of County Commissioners may, under like restrictions, issue interim receipts, interim certificates, or temporary Bonds, exchangeable for definitive Bonds when such Bonds have been executed and are available for delivery. The Board of County Commissioner& may also provide for the replacement of any Bonds which shall become mutilated, or be destroyed or lost. Bonds may be issue.] without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this Ordinance. The proceeds of Bonds shall be disbursed for the payment of the Cost of one or more Capital Projects in such manner and under such restrictions, if any, as may be provided in the Indenture of Trust. The Bonds shall be further secured by an Indenture of Trust which may include, but without limitation, provisions as to the rights and remedies of the trustee and bondholders, the application of funds and such other matters as are customarily in such a document. The County is hereby authorized to hold Bonds pursuant to the Indenture of Trust which it has issued until such time as the Bonds may be remarketed; such Bonds shall not be considered extinguished during the time they remain in the possession of the County. SECTION 6. TAXING POWER NOT Pn~GED. Bonds issued under the provisions of this Ordinance shall not be deemed to constitute a pledge of the faith and credit of the County or the District, but such Bonds shall be payable solely from the Pledged Revenues in the manner provided herein and by the Indenture of Trust. The issuance of Bonds under the provisions of this Ordinance sh~ll not directly or indirectly or contingently obligate the County or the District to levy or to pledge any form of ad valorem taxation whatever therefor. No holder of any such Bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the County or the District to pay any such Bonds or the interest thereon or to enforce payment of such Bonds or the interest thereon against any property of the County or the District, nor shall such Bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of the County or the District, except the Pledged Revenues. SECTION 7. TRUST FUNDS. The Pledged Revenues received pursuant to the authority of this Ordinance shall be deemed to be trust funds, to be held and applied solely as provided in this Ordinance and in the Indenture of Trust. Such Pledged Revenues may be invested by the County, or its designee, in Investment Securities. The Indenture of Trust may provide that the Pledged Revenues shall be subject to the lien and pledge of the Bondh~lde£s upon receipt thereof by the trustee. SECTION 8. REMEDIES OF BONDHOLDE~. Any holder of Bonds~ except to the extent the rights herein given may be rastricted by the resolution authorizing issuance of such Bonds or Ix:denture of Trust, may, whether at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights under the laws of the state or granted hereunder or under such resolution or the Indenture of Trust, and may enforce and compel the performance of all duties required by this part, or by such resolution or the Indenture of Trust, to be performed by the County. SECTION 9. INTERLOCAL AGREEMENT, The County is hereby authorized to enter into an agreement with any District which shall provide that such District may use a portion of the proceeds of the Bonds for Capital Projects related to such District. Such District shall secure the repayment of such proceeds with a Project Bond or Bonds obligating itself to repay such proceeds with interest as provided by the Indenture of Trust. SECTXON 10. NO ADVERSE ACTION. The County shall take no action under this Ordinance as shall violate the rights of the holders of any obligations of the County or the District which are currently outstanding. SECTION 11. ALTERNATIVE MET~OO. This Ordinance shall be deemed to provide an additional and alternative method for the doing of the things authorized hereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now existing or which may hereafter come into existence. This 6 Ordinance, being necessary for the welfare of the inhabitants of the County, shall be liberally construed to effect the purposes hereof. SEC?IO~ 12. E~[EI~GE]~L~ DEC~; EFFECTIVE DATE. The County has the opportunity, prior to the effective date of certain announced revisions to the Internal Revenue Code of 1954, as amended, to issue Bonds pursuant to this Ordinance. Issuance of the Bonds prior to the effective date of such revisions will result in significant economic benefits to the County and the District. The County has reason to believe that publication of the title of this Ordinance pursuant to Section 125.66(2) will likely result in the loss of such economic benefits. By reason thereof, the County hereby declares that an emergency exists and that the immediate enactment of this Ordinance is necessary. At least four-fifths (4/Sths) of the membership of the Board hereby declare that an emergency exists and that the immediate enactment of this Ordinance is necessary to meet such emergency and hereky waives statutory notice under the provisions of Section 125.6~3), Florida Statutes. This Ordinance shall take effect Immediately upon acceptance of a copy of this Ordinance by the postal authorities of the Government of the United States for special delivery by registered mail to the Department of State as provided in Section 125.66{3), Florida Statutes. DULY ENACTED in Regular session, this 22nd day of July, 1986. (SEAL) ATTEST~ JA/4ES -- & legal sufficiency This ordinance filed with the r, tary of SJgte% Office_t..h~ and oc~ux~wr',d~e~ent of that / .~,,,,,~-r..,,,.~ EXHIBIT A 0 0 0 m 0 ! U 0 0 0 o 0 0 0 0 0 o~ 'U 0 0 0 0 ~ 0,-4 ~ ~ O~ ~ ~ 0 ~ ~ ~0 ~ ~0 ~ O~ ~ ~ 0'~ ~ 8 C 0 0 0 g 0 0 C 0 0 (J '13 0 ~J t"' r" 0 0 STATE OF F~)RIDA ) COUNTY OF COLLIER ) 5, J~4KS C. GILES, Clerk of Courts in and for the Twentieth Judicial Circuit, Collier County, Florida, do hereby certify that the foregoing is a true and correct copy of: ORDINANCE NO. 86-36 which was adopted by the Board of County Commissioners via emergency procedures during Regular Session on July 22, ]986. WITNESS my hand and the official seal of the Board of County Commissioners of Collier County, Florida, this 22nd day of July, 1986 JA/~ES C. GILES Clerk of Courts and Clerk Ex-officio to the Board of County Commissioners. e ' ~ '/ Deputy C1 r~,., /. ....... ~,,,.. · . .