Resolution 1993-374 •
SEPTEMBER 14, 1993
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RESOLUTION NO. 93-374
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RESOLUTION SUPPLEMENTING A RESOLUTION ENTITLED
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"A RESOLUTION OF THE BOARD OF COUNTY •
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
ACTING ON ITS OWN BEHALF AND AS THE GOVERNING
BODY OF THE PINE RIDGE INDUSTRIAL PARK
MUNICIPAL SERVICES TAXING AND BENEFIT UNIT AND •
THE NAPLES PRODUCTION PARK MUNICIPAL SERVICE
TAXING AND BENEFIT UNIT, AUTHORIZING THE
ISSUANCE BY THE COUNTY OF $17,335,000 IN
AGGREGATE PRINCIPAL AMOUNT OF COLLIER COUNTY,
FLORIDA PINE RIDGE INDUSTRIAL PARK AND NAPLES
PRODUCTION PARK MUNICIPAL SERVICE TAXING AND
BENEFIT UNITS SPECIAL ASSESSMENT BONDS, SERIES
1993, IN ORDER TO REFINANCE THE COST OF THE
ACQUISITION AND CONSTRUCTION OF VARIOUS •
IMPROVEMENTS IN THE ABOVE-DESCRIBED UNITS;
PLEDGING THE MONEYS RECEIVED BY THE COUNTY FROM .
SPECIAL ASSESSMENTS UPON PROPERTY BENEFITTED
BY THE AFOREMENTIONED IMPROVEMENTS TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
SAID BONDS; PROVIDING FOR THE RIGHTS OF THE
HOLDERS OF SAID BONDS; AND PROVIDING FOR AN
EFFECTIVE DATE FOR THIS RESOLUTION;"
AUTHORIZING THE REFUNDING OF CERTAIN
OUTSTANDING OBLIGATIONS OF THE COUNTY;
PROVIDING CERTAIN TERMS AND DETAILS OF SUCH
BONDS, INCLUDING AUTHORIZING A NEGOTIATED SALE
OF SAID BONDS AND THE EXECUTION AND DELIVERY •
OF A BOND PURCHASE AGREEMENT WITH RESPECT •
THERETO; APPOINTING THE PAYING AGENT AND
REGISTRAR FOR SAID BONDS; AUTHORIZING THE •
DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT AND THE EXECUTION AND DELIVERY OF AN •
OFFICIAL STATEMENT WITH RESPECT THERETO; AND
PROVIDING AN EFFECTIVE DATE.
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BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA, ACTING ON ITS OWN BEHALF AND AS THE GOVERNING BODY
• OF THE PINE RIDGE INDUSTRIAL PARR MUNICIPAL SERVICE TAXING AND
•
BENEFIT UNIT AND THE NAPLES PRODUCTION PARR MUNICIPAL SERVICE
TAXING AND BENEFIT UNIT, AS FOLLOWS: •
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SECTION 1. FINDINGS. It is hereby found and determined
that:
(A) On the date hereof, the Board of County Commissioners of
Collier County, Florida (the "Issuer") duly adopted a resolution
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the title of which is quoted in the title of this Supplemental
Resolution (as hereby supplemented, the "Resolution") , for the
purposes described therein, authorizing, among other things, the
issuance of $17,335,000 Collier County, Florida Pine Ridge
Industrial Park and Naples Production Park Municipal Service Taxing •
and Benefit Units Special Assessment Bonds, Series 1993 (the
"Series 1993 Bonds") . I.
(B) Pursuant to the Resolution, the Issuer deemed it to be
in its best interest to issue its Series 1993 Bonds for the
principal purpose of refunding the Refunded Notes (as defined in
the Resolution) . •
-(C) Due to the potential volatility of the market for
tax-exempt obligations such as the Series 1993 Bonds and the
complexity of the transactions relating to such Series 1993 Bonds,
it--is-'in the best interest of the Issuer to sell the Series 1993
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Bonds by a negotiated sale, allowing the Issuer to enter the market
at. the .most advantageous time, rather than at a specified
advertised date, thereby permitting the Issuer to obtain the best
possible._price and interest rate for the Series 1993 Bonds. The
Issuer acknowledges receipt of the information required by Section
218.385, Florida Statutes, in connection with the negotiated sale
of the Series 1993 Bonds, including a "Truth-In-Bonding" statement.
The aforementioned information is set forth in Section 2 of the
hereafter described Purchase Agreement and in the copy of the
letter of the senior managing underwriter for said Series 1993
Bonds attached to such Purchase Agreement as Exhibit A.
- - (D)- Prior to the adoption of this Supplemental Resolution,
William..R. Hough & Company and Alex. Brown & Sons (collectively,
the "Underwriters") have offered to purchase the Series 1993 Bonds
from the Issuer and have submitted a Bond Purchase Agreement
attached hereto as Exhibit A (the "Purchase Agreement") expressing
the -terms of such offer, and the Issuer does hereby find and
determine that it is in the best financial interest of the Issuer
that the terms expressed in the Purchase Agreement be accepted by
the Issuer.
(E) The Resolution provides that the Series 1993 Bonds shall
. mature on such dates and in such amounts, shall bear such rates of
interest, shall be payable in such places and shall be subject to
such redemption provisions as shall be determined by Supplemental
Resolution adopted by the Issuer; and it is now appropriate that
the Issuer determine such terms and details.
SECTION 2. DEFINITIONS. When used in this Supplemental
Resolution, the terms defined in the Resolution shall have the
meanings therein stated, except as such definitions may be
hereinafter amended and defined.
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. ma ,: SECTION 3. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION.
This Supplemental Resolution is adopted pursuant to the provisions
of the Act and the Resolution. •
SECTION 4. AUTHORIZATION OF REFUNDING. The Issuer hereby
authorizes the refunding of the Refunded Notes in accordance with
the terms of the Resolution.
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SECTION 5. DESCRIPTION OF THE SERIES 1993 BONDS. Pursuant
to the Resolution, the Issuer has heretofore authorized the
issuance of a Series of Bonds in the aggregate principal amount of
$17,335,000 to be known as the "Collier County, Florida Pine Ridge
Industrial Park and Naples Production Park Municipal Service Taxing
and Benefit Units Special Assessment Bonds, Series 1993," for the
principal purpose of refunding the Refunded Notes. The Series 1993
Bonds shall be dated as of September 1, 1993, shall be issued in •
the form of fully registered Bonds in the denomination of $5,000
or any integral multiple thereof, shall be numbered consecutively
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from one upward in order of maturity preceded by the letter "R",
shall bear interest from September 1, 1993, payable semi-annually,
on November 1 and May 1 of each year (the "Payment Dates") ,
commencing on May 1, 1994, at such rates and maturing in such
amounts on November 1 of such years as set forth on Schedule 1
attached hereto.
Interest on the Series 1993 Bonds shall be payable by check • .
or draft of First Union National Bank of Florida, Miami, Florida,
as Registrar and Paying Agent, made payable to and mailed to the
Holder in whose name such Bond shall be registered at the close of
• business on the date which shall be the fifteenth day (whether or
not a business day) of the calendar month next preceding the
Payment Date, or, at the request and expense of such Holder, by
bank wire transfer to the account of such Holder.
SECTION 6. REDEMPTION PROVISIONS. The Series 1993 Bonds .
maturing on or after November 1, 2004 may be redeemed prior to
their respective maturities, at the option of the Issuer, from any
moneys legally available therefor, upon notice as provided in the
Resolution, in whole at any time on or after November 1, 2003 or
in part, by lot within a maturity and in such selection of
maturities as the Issuer shall deem appropriate, on November 1,
2003 or any Payment Date thereafter, at the Redemption Prices
(expressed as percentages of principal amount of the Series 1993
Bonds to be redeemed) , together with accrued interest to the
redemption date, as follows:
Redemption Period Redemption
(Both Dates Inclusive) Price
November 1, 2003 through October 31, 2004 102% •
November 1, 2004 through October 31, 2005 101
November 1, 2005 and thereafter 100
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The Series 1993 Bonds maturing on November 1, 2007 will be
subjebt to mandatory redemption from amounts deposited in the •
• Principal Account prior to their maturity, by lot, in such manner
as the Registrar may deem appropriate, at a Redemption Price equal
to the principal amount thereof, without premium, plus interest
accrued to the redemption date, on November 1, 2004, and on each
November 1 thereafter, in the following principal amounts in the
years specified:
Amortization
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,Year Installment ,
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y - 2004 $865,000
5` ,.. 2005 865,000 000
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• ' 2006 865,000 ••
,A,: 2007* 870,000
.I *Maturity
The Series 1993 'Bonds maturing on November 1, 2013 will be
subject : to mandatory redemption from amounts deposited in the
Principal Account prior to their maturity, by lot, in such manner
as the Registrar may deem appropriate, at a Redemption Price equal
to the principal amount thereof, without premium, plus interest
accrued to the redemption date, on November 1, 2008, and on each
November 1 thereafter, in the following principal amounts in the
years'specified:
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Amortization
Year Installment
' 2008 $870,000 '
2009 870,000
2010 870,000
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2011 870,000
fk/,� 2012 870,000 000
dr.. 2013* • 870,000 •
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,; *Maturity
' The Series 1993 Bonds shall also be subject to extraordinary
• redemption, at a price equal to the principal amount thereof, plus
'accrued interest to the redemption date, in whole or in part, and,
if in part, in the order set forth below, and by lot within the
same maturity, on any Payment Date in the event and to the extent
that moneys are on deposit in the Redemption Account established
under the Resolution on the 35th day prior to each Payment Date.
In the event Series 1993 Bonds are to be extraordinarily
redeemed in part pursuant to the immediately preceding paragraph,
available moneys thereunder shall be applied to the redemption of
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Series 1993 Bonds as follows: (i) while the Series 1993 Bonds
maturing November 1, 2007 (the "2007 Term Bonds") or November 1,
2013 (the "2013 Term Bonds") are Outstanding, (A) available moneys
shall be applied to the redemption of Series 1993 Bonds maturing
in the years 1994 through 2003 (the "Serial Bonds") in direct
(ascending) order of maturity from the portion of such available
moneys representing the proportion which the aggregate principal
amount of the Outstanding Serial Bonds bears to the aggregate
principal amount of all Outstanding Series 1993 Bonds, and (B) the
balance of such available moneys shall be first applied to the
redemption of the 2007 Term Bonds and after the 2007 Term Bonds are
no longer Outstanding, to the redemption of the 2013 Term Bonds;
and (ii) after the 2007 Term Bonds and 2013 Term Bonds are no
longer Outstanding, available moneys shall be applied to the
redemption of Series 1993 Bonds in direct (ascending) order of
maturity.
SECTION 7. SALE OF THE SERIES 1993 BONDS. The Series 1993
Bonds shall be sold to the Underwriters at the purchase price
indicated in the Purchase Agreement, all the terms and conditions
set forth in said Purchase Agreement being hereby approved. The
Chairman is hereby authorized and directed to execute said Purchase
Agreement and to deliver the same to the Underwriters.
SECTION 8. PRELIMINARY OFFICIAL STATEMENT. The use and
distribution of the Preliminary Official Statement, dated September
7, 1993, which is attached hereto as Exhibit B, by the Underwriters
for the purpose of offering the Series 1993 Bonds for sale is
hereby authorized and ratified.
SECTION 9. OFFICIAL STATEMENT. The Official Statement,
dated the date hereof, which shall be in substantially the form of
the Preliminary Official Statement, be and the same hereby is
approved with respect to the information therein contained. The
Chairman and the Clerk are hereby authorized and directed to
execute and deliver said official Statement in the name and on
behalf of the Issuer, and thereupon to cause such Official
Statement to be delivered to the Underwriters with such changes,
amendments, modifications, omissions and additions as may be
approved by the Chairman. Said Official Statement, including any
such changes, amendments, modifications, omissions and additions
as approved by the Chairman, and the information contained therein
are hereby authorized to be used in connection with the sale of the
Series 1993 Bonds to the public. Execution by the Chairman of the
Official Statement shall be deemed to be conclusive evidence of
approval of such changes.
SECTION 10. APPOINTMENT OF PAYING AGENT AND REGISTRAR.
First Union National Bank of Florida, Miami, Florida, is hereby
designated Registrar and Paying Agent for the Series 1993 Bonds.
The Chairman and the Clerk are hereby authorized to enter into any
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.. ' agreement which may be necessary to effect the transactions
contemplated by this Section 10 and by the Resolution.
SECTION 11. GENERAL AUTHORITY. The members of the Board,
the Clerk and the officers, attorneys and other agents or employees •
of the Board and/or the Issuer are hereby authorized to do all acts
and things required of them by this Supplemental Resolution, the
Resolution, the Official Statement or the Purchase Agreement or
desirable or consistent with the requirements hereof or the
Resolution, the Official Statement or the Purchase Agreement for
the. full punctual and complete performance of all the terms,
covenants and agreements contained herein or in the Series 1993
Bonds, the Resolution, the Official Statement and the Purchase
Agreement and each member, employee, attorney and officer of the
Issuer and/or the Board and the Clerk is hereby authorized and
directed to execute and deliver any and all papers and instruments
and to be and cause to be done any and all acts and things
necessary or proper for carrying out the transactions contemplated f..
hereunder.
SECTION 12. SEVERABILITY AND INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions herein
. contained shall be held contrary to any express provision of law
or contrary to the policy of express law, though not expressly
prohibited or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separable
from the remaining covenants, agreements or provisions and shall
in no way affect the validity of any of the other provisions hereof
or of the Series 1993 Bonds.
SECTION 13. RESOLUTION TO CONTINUE IN FORCE. Except as
herein expressly provided, the Resolution and all the terms and
provisions thereof are and shall remain in full force and effect.
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=rti SEPTEMBER 14, 1993 0 e Ids:,'•
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?' SECTION 14. EFFECTIVE DATE. This Supplemental Resolution
1.:3:', : shall become effective immediately upon its adoption.
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DULY ADOPTED, in Regular Session this 14th day of September,
1993.
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BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, Acting on
its own behalf and as the Governing
Body of the Pine Ridge Industrial
Park Municipal Services Taxing and
Benefit Unit and the Naples
Production Park Municipal Service
(SEAL).'.
Taxing and Benefit Unit
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' - '” 41)1R3 0 . /....„,..,kL%
-�' F •' Chairman, Board of County
Commissioners
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Approved as to Legal Form
• .,, and Sufficiency:
A-,- _, I1J *_____,__,,,•,-- .,
- County Attorney
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