Resolution 2013-244RESOLUTION NO. 2013- 2 4 4
A RESOLUTION OF THE BOARD OF COUNTY
CONMSSIONERS OF COLLIER COUNTY, FLORIDA
APPROVING THE ISSUANCE AND SALE OF REVENUE
BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY, AS REQUIRED BY SECTION
147(f) OF THE INTERNAL REVENUE CODE, AS
AMENDED; AND PROVIDING FOR OTHER RELATED
MATTERS.
WHEREAS, the Collier County Educational Facilities Authority (the "Authority") is a body
corporate and politic of Collier County, Florida ( "Collier County") created by Collier County
Resolution No. 99 -45 duly adopted by the Board of County Commissioners on January 12, 1999
pursuant to Part I of Chapter 243, Florida Statutes, as amended, with the power to issue revenue
bonds for the purposes of financing or refinancing the costs of a "project" as defined in Part I of
Chapter 243, Florida Statutes, as amended; and
WHEREAS, Hodges University, Inc., a Florida not - for - profit corporation (the "University"),
operates a university within Collier County, Florida (the "County"), and has requested that the
Collier County Educational Facilities Authority (the "Authority") issue its Collier County
Educational Facilities Authority Educational Facilities Revenue Bonds in an aggregate principal
amount not to exceed $32,000,000 (the "Bonds ") and loan the proceeds thereof to the University for
those purposes set forth in the Authority Resolution, as defined herein; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "),
provides that the elected legislative body of the governmental unit which has jurisdiction over the
area in which the facility financed or refinanced with the proceeds of tax- exempt bonds is located is
to approve the issuance of such bonds after a public hearing; and
WHEREAS, the Board of County Commissioners of Collier County, Florida (the "Board ") is
the elected legislative body of the County; and
WHEREAS, the Authority caused a notice of a public hearing to consider approval of the
Bonds to be published on September 13, 2013, in the Naples Daily News, a newspaper of general
circulation in Collier County, a copy of said notice being attached to the Authority Resolution as
Exhibit "A" to the Authority Resolution described herein (the "Notice "); and
WHEREAS, the Authority held a public hearing on October 1, 2013, pursuant to the Notice
and adopted a resolution (the "Authority Resolution ") authorizing the issuance of the Bonds, a copy
of which is attached hereto as Exhibit "A," and has recommended to the Board that it approve the
issuance of the Bonds in accordance with Section 147(f) of the Code; and
WHEREAS, for the reasons set forth above, it appears to the Board that the approval of the
issuance and sale of the Bonds, as required by Section 147(f) of the Code, is in the best interests of
Collier County,
G)
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, THAT:
SECTION 1. APPROVAL OF ISSUANCE OF THE BONDS. This Board hereby
approves the issuance of the Bonds by the Authority for the purposes described in the Notice
pursuant to Section 147(f) of the Code. The Bonds shall be issued in such series, in such aggregate
principal amount (not to exceed $32,000,000), bear interest at such rate or rates, mature in such
amount or amounts and be subject to redemption as are approved by the Authority without the
further approval of this Board.
The Bonds shall not constitute a debt, liability or obligation of Collier County, the Board, any
officer, agent or employee of Collier County, the State of Florida or any political subdivision thereof,
but shall be payable solely from the revenues provided therefor, and neither the faith and credit nor
any taxing power of Collier County or the State of Florida or any political subdivision thereof is
pledged to the payment of the principal of, premium, if any, and interest on the Bonds. No member
of the Board or any officer or employee thereof shall be liable personally on the Bonds by reason of
their issuance.
This approval shall in no way be deemed to abrogate any regulations of Collier County within
the regulatory jurisdiction of Collier County, including, but not limited to, the Collier County
Growth Management Plan and all concurrency requirements contained therein and the Collier
County Land Development Code.
SECTION 2. SEVERABILITY. If any section, paragraph, clause or provision of
this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this
Resolution shall continue in full force and effect, it being expressly hereby found and declared that
the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of
such section, paragraph, clause or provision.
SECTION 3. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its adoption, and any provisions of any previous resolutions in conflict with the provisions
hereof are hereby superseded.
This Resolution adopted this 22nd day of October, 2013, after motion, second, and
majority in favor of passage.
Remainder of Page Left Blank, Signatures on Following Page
CA
ATTEST:
DWIGFI`i' E: BR(jI, CLERK
BY: r 'l
Attest as to, y
signature o n'i
Approval for form d legal sufficiency:
Scott R. Teach
Deputy County Attorney
BOARD F O TY COMMISSIONERS
OF COVI . E C;Ii NTY, FLORIDA
e
A. HILLER, ESQ.
CHAIRWOMAN
EXHIBIT A TO RESOLUTION
AUTHORITY RESOLUTION
RESOLUTION NO. 2013 -03
AN INDUCEMENT RESOLUTION OF THE COLLIER
COUNTY EDUCATIONAL FACILITIES AUTHORITY
REGARDING THE OFFICIAL ACTION OF THE
AUTHORITY WITH RESPECT TO THE PROPOSED
ISSUANCE BY THE AUTHORITY OF ITS COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY REVENUE BONDS
(HODGES UNIVERSITY, INC. PROJECT), SERIES 2013 (THE
"BONDS ") IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $32,000,000 FOR THE PRINCIPAL PURPOSE OF
MAKING A LOAN OR LOANS TO HODGES UNIVERSITY,
INC., F /K/A INTERNATIONAL COLLEGE, INC (THE
"UNIVERSITY ") TO PROVIDE FUNDS TO: (1) PAY OR
REIMBURSE THE UNIVERSITY FOR THE COSTS OF THE
ACQUISITION, CONSTRUCTION, AND EQUIPPING OF
CERTAIN EDUCATIONAL FACILITIES LOCATED IN
COLLIER COUNTY, FLORIDA; (2) CURRENTLY REFUND
ALL OF THE AUTHORITY'S OUTSTANDING
EDUCATIONAL FACILITIES REVENUE BONDS
(INTERNATIONAL COLLEGE, INC. PROJECT), SERIES 2004
(THE "PRIOR BONDS "); (3) FUND ANY NECESSARY
RESERVES; AND (4) PAY CERTAIN EXPENSES
INCURRED IN CONNECTION WITH THE ISSUANCE, OF
THE BONDS AND THE REFUNDING OF THE PRIOR
BONDS; AUTHORIZING THE EXECUTION AND
DELIVERY OF A PRELIMINARY AGREEMENT BETWEEN
THE AUTHORITY AND THE UNIVERSITY; AND
PROVIDING FOR RELATED MATTERS.
WHEREAS, Hodges University, Inc., f/k/a International College, a Florida
not - for - profit corporation (the "University"), operates a university within Collier County,
Florida (the "County "), with additional facilities in Lee County, Florida, and has requested
that the Collier County Educational Facilities Authority (the "Authority") issue its Collier
County Educational Facilities Authority Educational Facilities Revenue Bonds (the "Bonds ")
in an aggregate principal amount not to exceed $32,000,000 and loan the proceeds thereof to
the University to (1) pay or reimburse the University for the costs of the acquisition,
construction, and equipping of certain educational facilities located in Collier County, Florida
(the "2013 Project "); (2) currently refund (the "2013 Refunding ") all of the Authority's
EXHIBIT A TO COUNTY RESOLUTION
outstanding Educational Facilities Revenue Bonds (International College, Inc
n - Project), es incurred 2004
(the "Prior Bonds"); (s issuance a of he reserves; and
the refunding of the Prior Bonds; and
connection with the issua
WHEREAS, the University has requested that the Authority loan the
espro such other
Bonds to the University pursuant to Part I of Chapter
provision or provisions of Florida law as the Authority may determine advisable (the "Act ")
u
in order to accomplish the foregoing purposes; and
WHEREAS, the issuance of the Bonds and the loaning of ri Prior Bonds under loan
University to finance the costs of the 2013 Project and to thereof which will provide
or other financing agreements, and pursuant to the terms al of and interest and redemption
payments thereunder be at least sufficient to pay the principal
as may be
pr
emium, if any, on such Bonds and such other costs i nd promote her public purposes
incurred by the Authority, will assist the University a
provided in the Act; and of the
WHEREAS, in order to satisfy certain of the "Code"), he Authority ority did on he date
Internal Revenue Code of 1986, as amended (the C ), oses
following the firs p herein
hereof hold a public hearing on the proposed t publication n of notice of such
stated, which date is more than 14 days g and which public
public hearing in a newspaper of general a�easonable Collier
opportun ty for persons with
hearing was conducted in a manner provided
d g
of the Bonds and the
ifferin views to be heard, both orally and in writing, on the i c bed in the notice of public
location and nature of the 2013 Project, as more particularly s
hearing attached hereto as Exhibit A; and
WHEREAS, it is intended that this Resolution shall constitute ble United States Treasury
the issuance of the Bonds within meaning of
that may have heretofore been taken by the
Regulations in addition to any
University;
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY, TH
SECTION I. AUTHORITY FOR THIS RESOLUTION. This Resolution is
ado ted pursuant to the provisions of the Act and other applicable provisions of law.
P
SECTION 2. PRELIMINARY STATEME of the This
costs Resolution is me e d
ith the
into to permit the University to proceed w v de and
Authority, P financing e and sell the Bonds an expression of intention by the
and the refunding of the Prior Bonds and to p
prior to the issuance of the Bonds, to issu make the
to the
proceeds thereof available for such purposes, all in accordance of Florida and thetlaws of
provisions of the Act, the Constitution and other laws of the State
ubject in all
the United States of America, including the Code,n date esolution, the
respects to the terms of the Preliminary Agreeme nt of eve
Authority and the University.
SECTION 3. FINDINGS AND DETERMINATIONS. f the Application eby,gand
Application for Financing filed by the University, the presentation
the testimony of, officials and agents of the University, n and determnnationsembers of the
public, if any, the Authority makes the following findings
Naples, A. Located at 2655 Northbrooke Drive, N aP , Florida, on approximately 10 with an annual Collier
acres, the University employs over 250 people in Collier County, roll, Collier
County payroll of more than $10 million in 2013, and expenditures, including payof
more than $17 million in Collier County.
B. University expenditures generate revenues and profits, and stimulate commerce
and employment for local businesses and County
residents.
C. As an accredited institution of higher education, granting Associate,
Baccalaureate, and Graduate degrees,
the University plays a critical role in advancing
educational, social, occupational and economic interests in Collier County.
D, The 2013 Project, as referred to herein and in the Preliminary Agreement squ
of
consists of the acquisition of a 50,000 square foot two -story lg, 37,500 a r person
which h the University is currently leasing, and which hous es ten
lecture hall, a reception area, student and faculty lounges, ofe is onaltCircle, Naples, Collier
and related spaces. The 2013 Project is located at 2647 P
County, Florida. The aggregate principal amount of the Bonds allocated to the 2013 Protect
shall not exceed $16,700,000.
B. The 2013 Refunding, as referred to herein and in the Preliminary Agreement,
consists of the refunding of the Prior Bonds, which were issued to (i) pay or reimburse the
University for the costs of the acquisition, construction, and equipping of certain educational
facilities located in the City of Fort Myers,
Florida (the 112004 Project"), (ii) currently refund
the Authority's $4,800,000 Educational Facilities Revenue Bonds (International College, Inc.
Project), Series 1999 and the Authority's $594,000
(ii) pay °�ert in'lexpenses incurred in
(International College, Inc. Project), Series 2001,
connection with the issuance of the Prior Bonds. The aggregate p incipal amount of the Bonds
allocated to the 2013 Refunding shall not exceed $15,300,000.
F. The issuance of the Bonds will promote the economic development, prosperity,
will promote the general economic
health and welfare of the citizens of Collier County, p
structure of Collier County, and will thereby serve the public purposes of the Act
SECTION 4. APPROVAL OF THE 2013 through ss AND of of the
REFUNDING. The 2013 Project and the 2013 Refunding subject, however, in all
Bonds, pursuant to the Act, are hereby preliminarily app roved, J
respects to the University meeting the conditions set forth in the Preliminary Agreement to
the sole satisfaction of the Authority.
SECTION 5. AUTHORIZATION OF THE BONDS. There is hereby if so
authorized to be issued and the Authority hereby detetorthe conditions h Bonds,
setforthin the
requested by the University and subject in all respects
Preliminary Agreement, in an aggregate principal amount not to exceed
the $32,000,000 r the
principal purposes of financing the costs of the Bonds Prof
Refunding. The rate of interest payable on the Bonds shall not exceed the maximum rate
permitted by law.
SECTION 6. GENERAL AUTHORIZATION. execution of the Preliminary
Vice - Chairman are hereby further authorized ded for proceed,
herein onphe part of the Authority and are
Agreement, with the undertakings p in order to
further authorized to take such steps and subject m all may
espects required or the terms and conditions set
cause the Authority to issue the Bonds s J
forth in the Preliminary Agreement authorized hereby.
SECTION 7. OFFICIAL ACTION. This resolution el ntr latedainthe
C1Preliminary
the Authority toward the issuance
ith he purposes of he laws sof the State of Florida, the Code and
Agreement, in accordance
the applicable United States Treasury Regulations.
SECTION 8. LIMITED OBLIGATIONS. The Bonds and the we of
thereon shall not constitute an indebtedness political subdivision or agencyther of bupshall be
Collier County, the State of Florida or any p pursuant to a loan agreement or other
payable solely from the revenues pledged therefor p prior to or
financing agreement entered into betwee a B Authority The Authority has rno taxi g power.
contemporaneously with the issuance of the
LIMITED APPROVAL. The approval given herein shall not be
SECTION 9. royal of any necessary rezoning applications,
construed as an approval or endorsement of app Growth Management
regulatory permits, or any other requirements o the Collier suant hereto relating to the 2013
Plan or the Land Development Regulations adopt anon of its adoption of this resolution to
Project and the Authority shall not be construed by
have waived any right of Collier County or estopping Collier County from asserting any
rights or responsibilities it may have in that regard Resolution shall take effect
SECTION 10. EFFECTIVE DATE. This
immediately.
ADOPTED this
1.
(SE,A J .,)
1 st day of October, 2013.
COLLIER COUNTY EDUCATIONAL DUCATIONAL
FACILITIES AU
//1
Chairman
Naples Daily News
Naples, FL 34110 too" Facilities Authority
Affidavit of
- Naples Dail
NABORS, GIBLIN & NICKERSON, P.A.
2502 ROCKY POINTF DR
TAMPA FL 33507
Collier County Educe
hat;. of Public Hearing
(Hodges University. Inc. Protect)
For the purpou of Swion 147(t) of the Internal Rename Code of t9ti, x
,�� Oteh.raby gfvarf. that the Collier. County Educational Facilities
KL Ry (the Autho%ri 'rill conduct a pubic hearin oa October 1, 2013.
n9 ri 1:30 aua {nn the Conference Roan, Suit 507, 5150 Tamiami Trail
y1a,aA, 3a103,.WM -Pert to the proposed luhuanee and wit of its
on�Iet, U- iitn"ry. M. pro am M cane or
FwMtia Revenue Bonds (Hodges
win find in an +g9regrie pr:ncrPN amount rsoa tt or loans (the
2013 tolls'). for t e pu pose ^9
try ins. a Florida not fa profit corporat'On. formerly known as
,tonal C°Itege, Inc. (the • COrporaton') to provide funds to: G1 oaY: noqr
use Corooralion for the, costs o the x9uirw?^r�o^rtr';IO^.,dafi^ as des'[�pad
certain
and the
The proposed ItIs im abo approves the eeecutlon and delivery of various
REFERENCE 0557 '4 finandn documents and otter Instrumenu necessary for the We and delivery of
the goods.
59728315 COLLIER COUNTY ED The 2013 "ad («uift: Of the wigismon of a 50,000 square toot two3tory
Li,;1�q, 37.500 square feel Of which the COrpocatltn n currently fining, +
which houses eon classrooms, a 300 P"Vwn kdun haR, a d related tea, student
State of Florida and !acidly bungs, administration +rid faculty oHkeg arse leered spaces The
2013 Project k located +t 2647 Pradeuional Circe, Nacres. Collier County, Florida. and
oprerrtw Iderthetr2013 Pfojea wit be�the CoCorpw liom The ha9gfelat °� Principal
County of Collier per amouto of tin. son« tot fro df NbcStaid to the 2013 Project she rot a(e.d
Before the Undersigned authority, p S16,700,000
who on oath s The prim Bonds were issued to: (i) pay of reimburse the Corporation for the
appeated Robin Calabrese, COm o{ the acquisition, comtWcton, and aqulpPI, of certain educational
she serves as the Advertising Director feune ntyEc i" Florida (the iAuhOrtlYRvenuesods the Aut
Naples Daily News, d daily newspaper PU.(international College, Inc. Pfajeai, : «let 1999 and the Auttarrtyt E594•000
Educational Padlit(es Ilawnue fond 0rntenn+Uonal Co.", Inc. M°jact), Saris
Naples , in Collier County, Florida: th:200, and (s,) tenon espil. incunr tmac Scene �t "3 Obi oIM,ecated �o
Prig Bonds. a gfprie ynawP&I amau
refunding the Prior 8o^df shNl not exceed s15.300.000.
attached copy of advertising was publ is. T� 2004 P oxt coowted of the consthatlion of a concrete block building of
newspaper on dates listed. approximately The 2 roc don ongift fort to house oMices, clastroams, and related
administcative and imvuctiond rp to 2004 Project n located on the north
Af f idrit further says that the said Na safe of Colonial Boulevard (SR Bent at its intersection with y AFlajda, And
published at Naples hda o1 Winkler Avenue), in the city of ►art Myer operator Of
News is a newspaper and that the s contains 13049 acres more of left The lntdal and (unem owner end
Florida, the 2004 Project is fife Corporation
Collier County, 1Y the
The Series 2013 Bonds will ill be payable °therkfi"a"'17813 t daumerus betwea� the
newspaper has heretofore been continuou Authority from a loan
Flori Corporation. Neither the S< the afei°q^DOVrer a ananswers MASS
published in said Collier County, th rf On shay be an btedness Of, Offla pledge a taxing the Sure of ;,or;
day and has been entered as second clas fevenues fif th. qttyy of Fort Myth, Call 1. The Authority has no taxing power
or all political wOtt , ion of agency
post off ice in Naples, in �op;eh of en. a�plratwn for financing. the Resolution, end the financing
matter at the period o documents are available is rtpetTbn and copynq at the office of the milm Of
Collier County Florida, for a are ranted to submit written Commence a
set forth below. Al, interested personf wi be
iren an opportunity .o easiest for rough concerning Wt pnoftct or the
next preceding the first publication of ;jwnta a A^YOtu de: ring t make wieners canmenrn repre�i^`fHof the hearing
attached copy of advertisement; and affil
paid n mayun such(ammenvto:
further says that he has neither Calker Courtly Educational Facilities Authority
r%oDonald A Pkkworth, Geheral Counsel
promised any person, firm or corporatlo: 5100 Tamiam, Trait North, tune 103
Naples, Florida 34103 ION discount, rebate, commission or refund _
AUTHORITY WITH RESPECT TO ANY MATTER CONSIDERED AT SUCH NEARING,
purpose of securing this advertisement SUCH PERHSOON`WANY Ci ERA RECORDTOF THE pROCEEDEINGS AND. �FOR YTHAT
THE PROCEEDINGS , SUC RK,t�E WHKHT RECORD EiNCEUDET THE
TESTIMONY AND
publication in the said newspaper.
EVIDENCE UPON WHIC,f THE APPEAL IS TO BE BASED. rWnf nttdirsg a
PUBLISHED ON : 0(313 al inao`(m °owe ton to oanka(i �� hie he�in9t�nou�coneaa D°naW A.
,peel
Prdworth GenrfN Counsel at (3i� 2631060 rq Iner than swan (7) days prier o
the heann¢
COLLIER COAUCNI AUTHORITY
N Donald A. PickwOrth
Atnstan�raltCounsel
AD SPACE: 140 LINE
FILED ON: 09/13/13 % -----------+----------------
------ - - - -
Signature of Affiant
i I 7
A,f�IJ /20
Sworn to and subscribed pefore me t-1-,1 day of ")
Personally known by me( CL ' — CAROL 85
..� •ryi• •.. Cowls t EE B�i758
' MY � :8, 2014
c .0 ,hood h. Nev d e A9eRT
"%fail•.' ��
EXHIBIT A TO AUTORITY RESOLUTION