Ordinance 2003-09ORDINANCE NO. 2 o o 3- o 9
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
REVENUE BONDS PAYABLE FROM VARIOUS GAS TAX
REVENUES OF THE COUNTY FOR THE PRINCIPAL
PURPOSES OF ACQUIRING AND CONSTRUCTING
/,~,~" -. ' '_',~oNxVARI OU S TRANSPORTATION-RELATED CAPITAL
-'I~PROVEMENTS AND REFUNDING CERTAIN
Et~TSTANDING INDEBTEDNESS OF THE COUNTY;
P I. JOVIDING FOR VARIOUS RIGHTS AND REMEDIES OF
~ BONDHOLDERS; PROVIDING THAT THE BONDS
.n.69ffUTHORIZED HEREUNDER WILL NOT CREATE A
~z~GENERAL DEBT OR OBLIGATION OF THE COUNTY;
AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA:
SECTION 1.DEFINITIONS. When used in this Ordinance, the following terms
shall have the following meanings, unless the context clearly otherwise requires:
"Act" shall mean Chapter 125, Florida Statutes, Sections 206.41,206.47, 206.60,
336.021 and 336.025, Florida Statutes, this Ordinance, the Gas Tax Ordinances, the interlocal
agreements relating to the distribution of the Gas Taxes, and other applicable provisions of
law.
"Board" shall mean the Board of County Commissioners of Collier County, Florida,
and any successor thereto.
"Bond Resolution" shall mean the resolution of the County providing for the security
for the Bonds, the flow of funds, the rights and remedies of the Bondholders and various
other terms and details relating to the Bonds, as the same may be amended or supplemented
from time to time.
"Bonds" shall mean revenue bonds issued by the County pursuant to this Ordinance,
payable from the Pledged Funds.
"Cost," when used in connection with a Project, shall, to the extent permitted by the
Act, mean (1) the County's cost of physical construction; (2) costs of acquisition by or for the
County of such Project; (3) costs of land and interests therein and the cost of the County
incidental to such acquisition; (4) the cost of any indemnity and surety bonds and premiums
for insurance during construction; (5) all interest due to be paid on Bonds and other
obligations relating to the Project during, and if deemed advisable by the County, for up to
one year after the end of, the construction period of such Project; (6) engineering, legal and
other consultant fees and expenses; (7) costs and expenses of the financing incurred during,
and if deemed advisable by the County, for up to one (1) year after the end of, the
construction period for such Project, including audits, fees and expenses of any paying agent,
registrar, municipal bond insurer, credit bank or depository; (8) payments, when due (whether
at the maturity of principal or the due date of interest or upon redemption) on any
indebtedness of the County (other than Bonds) incurred for such Project; (9) costs of
machinery or equipment required by the County for the commencement of operation of such
Project; (10) other costs or expenses which may be funded from proceeds of Bonds pursuant
to the Act; and (11) any other costs properly attributable to such construction or acquisition,
as determined by generally accepted accounting principles and shall include reimbursement
to the County for any such items of Cost heretofore paid by the County and interest on any
interfund loan related thereto. The Bond Resolution may provide for additional items to be
included in the aforesaid Costs.
"County" shall mean Collier County, Florida, a political subdivision of the State of
Florida.
"Constitutional Gas Tax" shall mean the two-cent fuel tax imposed pursuant to
Article IX, Section 16, Florida Constitution, and Sections 206.41 and 206.47, Florida
Statutes.
"Five Cents Local Option Gas Tax" shall mean the first 5-cents of the local option
gas tax levied and received by the County pursuant to Section 336.025(1)(b), Florida
Statutes, plus, to the extent provided by the Bond Resolution, any additional local option gas
tax received by the County pursuant to Section 336.025(1)(b), Florida Statutes, and pledged
by the County pursuant to the Bond Resolution.
"Gas Tax Ordinances" shall mean the ordinances enacted from time to time by the
County which imposes the Gas Taxes, including, but not limited to, Ordinance No. 80-50 of
the County, enacted on June 3, 1980; Ordinance No. 80-51 of the County, enacted on June 3,
1980; Ordinance No. 99-40 of the County, enacted on May 25, 1999; Ordinance No. 93-48 of
the County, enacted on August 3, 1993, as amended by Ordinance No. 2001-26 of the
County, enacted on May 8, 2001; each as amended and supplemented from time to time.
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"Gas Tax Revenues" shall mean the moneys received by the County from the
proceeds of that portion of the Gas Taxes which are determined by the County pursuant to the
Bond Resolution to be pledged to the payment of the Bonds.
"Gas Taxes" shall mean, collectively, all or a portion of the Seventh Cent Gas Tax,
the Ninth Cent Gas Tax, the Five Cents Local Option Gas Tax, the Six Cents Local Option
Gas Tax, the Constitutional Gas Tax, and any other gas tax imposed and/or received by the
County which is specifically pledged under the Bond Resolution by the County. The County
shall determine pursuant to the Bond Resolution which Gas Taxes shall be pledged to the
payment of the Bonds.
"Ninth Cent Gas Tax" shall mean the tax of one-cent per gallon on motor fuel and
special fuel imposed by the County pursuant to Section 336.021, Florida Statutes, approved
at a countywide referendum on March 11, 1980, and taxed and collected under Chapter 206,
Florida Statutes, as provided in the Gas Tax Ordinances.
"Pledged Funds" shall mean (1) the Gas Tax Revenues and (2) until applied in
accordance with the terms of the Bond Resolution, all moneys in such funds and accounts,
including investments thereof, as the County shall determine to pledge pursuant to the Bond
Resolution.
"Project" shall mean the acquisition and construction of such properties, facilities
and improvements as shall be permitted by the Act. This term is to be broadly construed as
including any lawful undertaking, including, without limitation, joint ventures and
acquisition of partial interests or contractual rights. The description of such Project shall be
set forth in the Bond Resolution or supplemental resolution authorizing the issuance of
Bonds which shall finance the acquisition, construction and funding of such Project.
"Refunded Bonds" shall mean the County's outstanding Collier County, Florida
Road Improvement Refunding Revenue Bonds, Series 1995.
"Seventh Cent Gas Tax" shall mean the tax of one cent per gallon on motor fuel
levied by Section 206.60, Florida Statutes, and special fuel levied by Section 206.87, Florida
Statutes, and allocated to the County pursuant to the provisions of subsection (2)(b) of said
Section 206.60 and subsection (2) of Section 206.875, Florida Statutes.
"Six Cents Local Option Gas Tax" shall mean the first 6-cents of the local option
gas tax levied and received by the County pursuant to Section 336.025( 1 )(a), Florida Statutes,
plus, to the extent provided by the Bond Resolution, any additional local option gas tax
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received by the County received pursuant to Section 336.025(1)(a), Florida Statutes, and
pledged by the County pursuant to the Bond Resolution.
The words "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms-
shall refer to this 'Ordinance.
Act.
Words importing the singular number include the plural number, and vice versa.
SECTION 2.FINDINGS. The Board hereby finds and determines as follows:
(a) The County has heretofore issued the Refunded Bonds in accordance with the
(b) The Board deems it in its best interests to issue Bonds, from time to time, to
finance or refinance various Projects which will benefit the health, safety and welfare of the
citizens of the County.
(c) The Board deems it in its best interests to issue Bonds for the refunding of the
Refunded Bonds in order to achieve certain debt service savings and/or to allow Bonds to be
issued with a senior lien on and pledge of all of the Gas Tax Revenues.
(d) Such Bonds shall be payable from the Pledged Funds as provided in the Bond
Resolution and shall not constitute a general debt or obligation of the County. Such Bonds
shall never be payable from any ad valorem tax levied within the County.
SECTION 3. ISSUANCE OF REVENUE BONDS. (a) The Board shall have the
power and it is hereby authorized to provide pursuant to the Bond Resolution, at one time or
from time to time in series, for the issuance of Bonds of the County payable from the Pledged
Funds as provided in the Bond Resolution, or notes in anticiPation thereof, for one or more of
the following purposes: (1) paying all or a part of the Cost of one or more Projects, (2)
refunding any Bonds or other indebtedness of the County, (3) funding a debt service reserve
account, (4) capitalizing interest on the Bonds, and (5) paying costs of issuance relating to the
Bonds. The principal of and interest on each series of Bonds shall be payable from the
Pledged Funds, as determined pursuant to the Bond Resolution. The County may grant a lien
upon and pledge of the Pledged Funds in favor of the holders of each series of Bonds in the
manner and to the extent provided in the Bond Resolution. Such Pledged Funds shall
immediately be subject to such lien without any physical delivery thereof and such lien shall
be valid and binding as against all parties having claims of any kind in tort, contract or
otherwise against the County.
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(b) The Bonds of each series shall be dated, shall bear interest at such rate or rates,
shall mature at such time or times not exceeding 40 years from their date or dates, may be
made redeemable before maturity, at the option of the County, at such price or prices and
under such terms and conditions, all as shall be determined by the Board pursuant to the
Bond Resolution: The Board shall determine the form of the Bonds, the manner of executing
such Bonds, and shall fix the denomination or denominations of such Bonds and 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. 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 or she had remained in office until such delivery. The Board
may sell such Bonds in such manner and for such price as it may determine to be in the best
interests of the County in accordance with the terms of the Bond Resolution. In addition to
the Pledged Funds, the Bonds may be secured by such credit enhancement as the Board
determines to be appropriate pursuant to the Bond Resolution. The Bonds may be issued as
capital appreciation bonds, current interest bonds, term bonds, serial bonds, variable rate
bonds or any combination thereof, all as shall be determined pursuant to the Bond
Resolution.
(c) Prior to the preparation of definitive Bonds of any series, the Board 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 may also provide for the replacement of any Bonds which shall become mutilated,
or be destroyed or lost. Bonds may be issued 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.
(d) The proceeds of any series of Bonds shall be used for such purposes, and shall
be disbursed in such manner and under such restrictions, if any, as the Board may provide
pursuant to the Bond Resolution.
(e) The Bond Resolution may also contain such limitations upon the issuance of
additional Bonds as the Board may deem proper, and such additional Bonds shall be issued
under such restrictions and limitations as may be prescribed by such Bond Resolution. The
Bond Resolution may contain such provisions and terms relating to the Bonds and the
Pledged Funds as shall not be inconsistent herewith.
(f) The County may enter into such hedge, swap and derivative agreements in
regard to the Bonds as it deems appropriate. Obligations relating to such agreements shall be
secured as provided in the Bond Resolution.
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SECTION 4. TAXING POWER NOT PLEDGED. (a) Bonds issued under the
provisions of this Ordinance shall not be deemed to constitute a general obligation debt of the
County or a pledge of the faith and credit of the County, but such Bonds shall be payable
solely from the Pledged Funds and any moneys received from credit enhancers of the Bonds,
all in accordance with the terms of the Bond Resolution.
(b) The issuance of Bonds under the provisions of this Ordinance shall not directly
or indirectly or contingently obligate the County 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 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, nor shall such Bonds constitute a charge, lien or encumbrance, legal
or equitable, upon any property of the County, except the Pledged Funds in accordance with
the terms of the Bond Resolution.
SECTION 5.TRUST FUNDS. All moneys received pursuant to the authority of this
Ordinance, whether as proceeds from the sale of Bonds or the Pledged Funds, shall be
deemed to be trust funds, to be held and applied solely as provided in this Ordinance and in
the Bond Resolution. Such Pledged Funds may be invested by the County, or its designee, in
such manner as provided in the Bond Resolution.
SECTION 6. REMEDIES OF BONDHOLDERS. Any holder of Bonds, except to
the extent the rights herein given may be restricted by the Bond Resolution, may, either 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 of Florida or granted hereunder or under such resolution,
and may enforce and compel the performance of all duties required by this part, or by such
resolution, to be performed by the County or the Board or by any officer thereof.
SECTION 7.ALTERNATIVE METHOD. 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 Ordinance, being necessary for the welfare of the inhabitants of
the County, shall be liberally construed to effect the purposes hereof.
SECTION 8. SEVERABILITY. If any section, paragraph, clause or provision of this
Ordinance shall be held to be invalid for any reason, such invalidity shall not effect the
validity or enforcement of any of the remaining provisions hereof. This Ordinance shall take
precedence over and supersede any other ordinance or resolution of the County to the extent
of any conflict or inconsistency therewith.
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SECTION 9.EFFECTIVE DATE. A certified copy of this Ordinance shall be filed
in the Department of State by the Clerk within ten days after enactment by the Board and
shall take effect upon filing.
DULY ENACTED in regular session, this ~ day of February, 2003.
(SEAL)
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY; FLORIDA
Approved as to form and
legal sufficiency:
Ramiro Mafialich
Chief Assistant County Attorney
By:
TOM HENNiNG, C~~
This ordinance filed ·
~qecr~tor~ ,,~ e.. , wtth
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STATE OF FLORIDA)
COUNTY OF COLLIER)
I, DWIGHT E. BROCK, Clerk of Courts in and for the
Twentieth Judicial Circuit, Collier County, Florida, do hereby
certify that the foregoing is a true copy of:
ORDINANCE NO. 2003-09
Which was adopted by the Board of County Commissioners on
the 25th day of February, 2003, during Regular Session.
WITNESS my hand and the official seal of the Board of
County Commissioners of Collier County, Florida,
of February, 2003.
c~
DWIGHT E. BROCK .~' .... .~.rq .co
Clerk of Court~b
Ex-officio
County Comm~ s ~dn~