Agenda 05/28/2013 Item #16K2 5/28/2013 16.K.2.
EXECUTIVE SUMMARY
Request by the Collier County Educational Facilities Authority for approval of a resolution
authorizing the Authority to issue revenue bonds to be used to refund bonds previously issued
for educational facilities at Ave Maria University.
OBJECTIVE: To accomplish the necessary approvals to authorize a proposed revenue bond
issue by the Collier County Educational Facilities Authority (the "Authority") to be used to
refund certain previously-issued bonds that were used in the construction of Ave Maria
University.
BACKGROUND: Between 2006 and 2008, the Authority issued bonds for Ave Maria
University as follows:
(a) $30,470,000 Collier County Educational Facilities Authority Variable Rate
Demand Limited Obligation Revenue Bonds (Ave Maria University, Inc. Project), Series
2006 outstanding in the aggregate principal amount of$26,300,000 which were issued for the
purpose of financing and refinancing student housing (the "Series 2006 Project"). These
bonds were issued October 18, 2006, and approved by the Board by Resolution 06-178
adopted July 25, 2006.
(b)$10,000,000 Collier County Educational Facilities Authority Educational Facilities
Revenue Bonds (Ave Maria University, Inc. Project), Series 2007 outstanding in the
aggregate principal amount of$9,500,000 which were issued for the purpose of financing and
refinancing the costs of acquisition of housing for faculty, staff, graduate and undergraduate
students and the construction of an undergraduate dormitory (the "Series 2007 Project").
These bonds were issued August 10, 2007, and approved by the Board by Resolution 2007-
165 adopted June 26, 2007.
(c) $17,000,000 Collier County Educational Facilities Authority Educational Facilities
Revenue Bonds (Ave Maria University, Inc. Project), Series 2008 outstanding in the
aggregate principal amount of$16,500,000 which were used to construct additional dormitory
facilities. These bonds were issued August 14, 2008, and approved by the Board by
Resolution 2008-192 adopted June 24, 2008.
For clarity, the above-described bonds will be referred to as the "Refunded Bonds."
The University has requested the Authority to issue refunding bonds (the "Bonds") to refund
the above-described Refunded Bonds. Copies of the Board's previous approving resolutions
are attached to this Executive Summary.
CONSIDERATIONS: Chapter 243, Florida Statutes, creates, in each county of the state, an
educational facilities authority, which may not function or transact business until the Board of
1
Packet Page-2522-
•
5/28/2013 16.K.2.
County Commissioners of the county adopts a resolution or ordinance determining there is a
need for the authority to function in the county. The Board of County Commissioners
activated the Collier County Educational Facilities Authority by Resolution 99-177, adopted
March 23, 1999. An educational facilities authority has the limited jurisdiction of issuing
bonds only for accredited, private,non-profit educational institutions empowered to provide a
program of education beyond the high school level. In addition to the previous bond issues
for Ave Maria, the Authority has previously issued, and the Board has approved, bonds to
fund International College(now Hodges University).
The Refunded Bonds were typically structured for bonds of this type issued between
2006 and 2008, that is, they are variable rate bonds secured by a direct pay letter of credit
issued by a bank with an investment grade rating. While bonds of this type provide the lowest
present cost of capital, they carry significant risks, specifically the risk of increasing interest
rates, and the risk that the letter of credit will not be extended, or extended only at much
higher rates. Converting to a fixed rate structure at today's historically low interest rates
addresses these risks and allows the University to more accurately plan for long term capital
needs and improve its financial position. This, in turn, allows the University to expand the
services it provides to the community. The majority of the monies for expansions of
University facilities or programs is spent in the local market, which produces general
economic benefit to the community.
The Authority met on May 10, 2013, and heard presentations from University
officials. The meeting was noticed by publication in the Naples Daily News in accordance
with the regulations for such notice contained in the Internal Revenue Code, inviting
attendance, participation, and comments from members of the public. No members of the
public attended the meeting or submitted comments. At the conclusion of the public hearing
the Authority determined to proceed with the financing and adopted a resolution evidencing
such approval (the "Authority Resolution"). The notice published in the Naples Daily News
is attached as Exhibit"A"to the Authority Resolution.
Federal tax law requires two approvals for the issuance of private activity bonds.
First,the Authority must hold a public hearing, and must adopt a resolution in favor of issuing
the bonds. This was done at the conclusion of the public hearing on May 10, 2013, as
described above. Following this approval, the governing body of the jurisdiction must also
approve the bond issue. This does not have to be a specially advertised hearing, but must be
done at a regularly noticed and held meeting of the Board. A Resolution for the Board to
adopt is attached.
Bonds issued by the Educational Facilities Authority are defined in the Internal
Revenue Code as private activity bonds. They are not County bonds and are not debt of the
County, but are payable solely by revenues pledged by the financing documents between the •
Authority and the University. There is no pledge of any taxes, or a pledge of any County or
2
Packet Page-2523-
5/28/2013 16.K.2.
other public revenues. Neither the County, the Board, nor any other governmental entity is
liable for their payment. Further, both the Authority Resolution and the proposed County
Resolution expressly provide that approval by the Board does not abrogate any County
regulations,including land use regulations.
FISCAL IMPACT: As explained above, the issuance of the bonds does not require any
contribution from, or create any payment obligation on, the Board of County Commissioners
or any other County agency. On the other hand, the establishment, successful operation,
expansion and growth of Ave Maria University in Collier County has and will continue to
have a very positive fiscal impact on the County, and this is one of the factors that is
considered by the Authority in its decision to proceed with the financing. These positive
impacts include, but are not limited to, the creation of jobs, the construction revenues
contributed to the local economy, and the enhancement of the local workforce through
educational facilities.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the County
Attorney's Office, is legally sufficient for Board action and only requires a majority vote for
approval—SRT.
GROWTH MANAGEMENT IMPACT: The adoption of the attached resolution will have
no adverse growth management consequences. The facilities that were constructed with the
proceeds of the Refunded Bonds were constructed in accordance with all County growth
management regulations, and were subject to the LDC, the Growth Management Plan,
concurrency requirements, and the payment of impact fees.
RECOMMENDATION: The Board of County Commissioners adopt the attached
Resolution.
Prepared by: Donald A. Pickworth,Counsel
Collier County Educational Facilities Authority
3
Packet Page-2524-
5/28/2013 16.K.2.
RESOLUTION NO. 06-178
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY IN AN AMOUNT NOT EXCEEDING
S35,000,000, AS REQUIRED BY SECTION 147(1) OF THE INTERNAL
REVENUE CODE,AS AMENDED;PROVIDING FOR OTHER RELATED
MATTERS AND PROVIDING AN EFFECTIVE DATE.
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.99-177 duly adopted by the Board of County Commissioners on March 23, 1999
pursuant to Chapter 243, Florida Statutes,as amended(the"Act"),with the power to issue
revenue bonds for the purposes of financing a"project"as defined in the Act; and
Whereas,as set forth in the resolution of the Authority described below,Ave Maria
University,Inc.(the"Corporation"),a Florida not for profit corporation,with certain facilities
located within the boundaries of Collier County,Florida,has requested the Authority to issue its
Educational Facilities Revenue Bonds(Ave Maria University, Inc. Project),Series 2006 in an
initial principal amount not to exceed$35,000,000(the"Bonds")for the benefit of the
Corporation and to loan all or a portion of the proceeds thereof to the Corporation to finance the
costs of the Project;and
Whereas,Section 147(1)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 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 notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on June 6.2006 in the Naples Daily News,a newspaper of general circulation in the
County,and a copy of said notice is attached as Exhibit A(the"Notice")to the Authority
Resolution described below;and
Whereas,the Authority held a public hearing on June 21,2006,pursuant to the Notice
and adopted a resolution(the"Authority Resolution")authorizing the issuance of the Bonds, a
copy of which is attached as Exhibit A,and has recommended to the Board that it approve the
issuance of the Bonds in accordance with Section 147(1)of the Code;and
Whereas, for the reasons set forth above,the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(1)of the Code.
l
Packet Page-2525-
a 5/28/2013 16.K.2.
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 of Section 147(f)of the Code.
The Bonds shall not constitute a debt,liability or obligation of Collier County, its Board
of County Commissioners,officers,agents or employees,or 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,the State of Florida rmor any political
on
subdivision thereof is pledged to the payment of the principal of,premium,
the Bonds. No ree thereof shall be liablerpc ovally on the onds Collier
ea issuance.
This officer
or employee
This approval shall in no way be deemed to abrogate any regulations of Collier County
applicable to the project and the project shall be subject to all such regulations,including,but not
limited to,the h�Collier
Collier County Growth
Development Management Plan,all concurrency requirements contained
therein,
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 Dare. This Resolution shall take effect immediately upon its
adoption.
PASSED and adopted this 25th day of July,2006,
ATTEST: COLLIER COUNTY,FLORIDA BY
Dwight E. Brock,Clerk ITS BOARD OF COUNTY
COMMISSIONERS
DcR
k Frank Halos,Chairman
`ai t'j (na,r •
[SEALI st4nsturs ono
Approved as to form and legal u iciency: e'.1--4t0--: r7t,
^
David C.Weigel,County Attorney
2
Packet Page -2526-
5/28/2013 16.K.2.
RESOLUTION NO.2007-t g c
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY IN AN AMOUNT NOT EXCEEDING
$10,000,000, AS REQUIRED BY SECTION 147(1) OF THE INTERNAL
REVENUE CODE,AS AMENDED;PROVIDING FOR OTHER RELATED
MATTERS AND PROVIDING AN EFFECTIVE DATE.
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. 99-177 duly adopted by the Board of County Commissioners on March 23, 1999
pursuant to Chapter 243, Florida Statutes, as amended (the "Act"), with the power to issue
revenue bonds for the purposes of financing a`project"as defined in the Act;and
Whereas, as set forth in the resolution of the Authority described below, Ave Maria
University, Inc. (the "Corporation"), a Florida not for profit corporation, with certain facilities
located within the boundaries of Collier County,Florida,has requested the Authority to issue its
Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2007 in an
initial principal amount not to exceed $10,000,000 (the "Bonds") for the benefit of the
Corporation and to loan all or a portion of the proceeds thereof to the Corporation to finance the
costs of the Project;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 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 notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on May 26, 2007 in the Naples Daily News, a newspaper of general circulation in
the County, a copy of said notice being attached as Exhibit A (the "Notice") to the Authority
Resolution described below;and
Whereas, the Authority held a public hearing on June 11,2007, 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, the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(f)of the Code.
1
Packet Page-2527-
5/28/2013 16.K.2.
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 of Section 147(f)of the Code.
The Bonds shall not constitute a debt,liability or obligation of Collier County,its Board
subdivision divisiy Commissioners,but sh shall be pa.able solel employees,from he revenues provided therefor, and neither
suhdivision thereof, but shall be payable Y political
the faith and credit nor any taxing power of Collier County,the State of
n,Florida if ,end interest on
subdivision thereof is pledged to the payment of the principal of,p
the Bonds. No member of the Board of County Commissioners of Collier County 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
applicable to the project and the project shall be subject to all such regulations,including,but not
limited to,the Collier County Growth Management Plan,all concurreney requirements contained
therein,and the Collier County Land Development Code,
Section 2. Severabiiity. If any section, paragraph, clause or provision of this
Resolution shall be held to be invalid or ineffective for any reason, yef remainder nd deel�
Resolution shall continue in full force and effect,it being expressly
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 Dale, This Resolution shall take effect immediately upon its
adoption.
PASSED and adopted this 26th day of June,2007.
COLLIER COUNTY,FLORIDA BY
Dwi ht . :?r ITS BOARD OF COUNTY
Dwi$Iit E:Brock. lerk COMMISSIONERS
•fay; L(..��. ALL.=- �. _�.rt : �r
Jame � cr:
Attest-. p t ;1 .'n ti
Approved as to form and legal sufficiency:
vid .Weigel, ty Attorney
2
Packet Page-2528-
5/28/2013 16.K.2.
Amok
RESOLUTION NO.2008- 1 9 2
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY IN AN AMOUNT NOT EXCEEDING
$17,000,000, AS REQUIRED BY SECTION 147(1) OF THE INTERNAL
REVENUE CODE,AS AMENDED;PROVIDING FOR OTHER RELATED
MATTERS AND PROVIDING AN EFFECTIVE DATE,
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.99-177 duly adopted by the Board of County Commissioners on March 23, 1999
pursuant to Chapter 243, Florida Statutes, as amended (the "Act"), with the power to issue
revenue bonds for the purposes of financing a"project"as defined in the Act;and
Whereas, as set forth in the resolution of the Authority described below, Ave Maria
University, Inc. (the "Corporation"), a Florida not for profit corporation, with certain facilities
located within the boundaries of Collier County, Florida,has requested the Authority to issue its
Educational Facilities Revenue Bonds (Ave Maria University, Inc. Project), Series 2008 in an
initial principal amount not to exceed $17,000,000 (the `Bonds") for the benefit of the
Corporation and to loan all or a portion of the proceeds thereof to the Corporation to finance the
costs of the Project as defined in the Authority Resolution described 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 oveth
area in which the facility financed with the proceeds of tax exempt bonds is located must 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 notice of a public hearing to consider approval of the
Bonds and the location and nature of the Project to be financed with the proceeds of the Bonds to
be published on May 19, 2008 in the Naples Daily News, a newspaper of general circulation in
the County, a copy of said notice and proof of publication thereof being attached as Exhibit A
(the"Notice")to the Authority Resolution described below;and
Whereas,the Authority held a public hearing on June 3,2008,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 Bands in accordance with Section 147(f)of the Code;and
Whereas, the Board desires to approve the issuance of such Bonds for the purposes of
Section 147(f)of the Code.
1
Packet Page-2529-
5/28/2013 16.K.2.
NOW, THEREFOO�L, ER COUNTY,FLORIDA,that: BOARD OF COUNTY
COMMISSIONERS OF C
Section
Approval of Issuance of the Bonds. The Board hereby approves the
1. PP
issuance of the Bonds by the Authority for the purpo ses of Section 147(f)of the Code;provided
however,as follows:
a. The Bonds shale`, officers, agents or employees,obiigation of Collier
State of Florida or any
Board of County Commission payable solely from the revenues provided therefor,and
political subdivision thereof,but shall be pay y
neither the faith and credit nor any taxing power of Collier County, the State of Florida or any
political subdivision thereof is pledged to the payment of the principal of, premium, if any,and
interest ce the Bonds. ee thereof Board of County
personally on the Commissioners
Bonds by reason of County r
any officer or employee
issuance;and
b. This approval shall in no way be deemed to abrogate any regulations of Collier
County applicable to the Project and the Project shall be jest to Plan, all regulations,urency
including, but not limited to, the Collier County
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 anwould haveeb en expressly
adopted hdesp found nvaidity or
that the remainder of this Resolution clause or provision.
ineffectiveness of such section,paragraph,
Section 3. Effective Date. This Resolution shall take effect immediately upon its
adoption.
[Remainder of page intentionally left blank,signature page follows)
2
•
Packet Page-2530-
5/28/2013 16.K.2.
PASSED and adopted this 24th day of June,2008.
ATTEST: COLLIER COUNTY,FLORIDA BY
Dwight E.prank.,•Clerk ITS BOARD OF COUNTY
,,`,. .... ,;,a`,, COMMISSIONERS
eio
EY ` ,C "0,L - itfrrtiebnrung, an •
Deputy � �
At1ist as b i.
[sElkisratr 411' .
Appro i d 0, t22,1." and legal sufficiency:
Laniefit
W
Jeffery i,.Kla iw,County Attorney
3
Packet Page-2531-
5/28/2013 16.K.2.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.K.16.K.2.
Item Summary: Recommendation by the Collier County Educational Facilities Authority
for approval of a resolution authorizing the Authority to issue revenue bonds to be used to
refund bonds previously issued for educational facilities at Ave Maria University.
Meeting Date: 5/28/2013
Prepared By
Name: BrockMaryJo
Title: Executive Secretary to County Manager, CMO
5/13/2013 9:21:24 AM
Submitted by
Title: Executive Secretary to County Manager, CMO
Name: BrockMaryJo
5/13/2013 9:21:25 AM
Approved By
Name: LehnhardPat
Title: Operations Coordinator,Transportation Administrati
Date: 5/13/2013 1:27:55 PM
Name: TeachScott
Title: Deputy County Attorney,County Attorney
Date: 5/13/2013 2:32:24 PM
Name: KlatzkowJeff
Title: County Attorney
Date: 5/16/2013 11:24:22 AM
Name: IsacksonMark
Title:Director-Corp Financial and Mgmt Svs,CMO
Date: 5/16/2013 4:15:32 PM
Packet Page-2532-
5/28/2013 16.K.2.
Name: IsacksonMark
Title: Director-Corp Financial and Mgmt Svs,CMO
Date: 5/17/2013 9:58:05 AM
Packet Page-2533-
5/28/2013 16.K.2.
RESOLUTION NO. 2013-
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
APPROVING THE ISSUANCE AND SALE OF REVENUE
BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILI'!'!ES AUTHORITY, AS REQUIRED BY SECTION
147(0 OF THE INTERNAL REVENUE CODE, AS
AMENDED; AND PROVIDING FOR OTHER RELATED
MAT!'ERS.
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.79-34 duly adopted by the Board of County Commissioners on February 27, 1979,
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, Ave Maria 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 Refunding Bonds as tax-exempt
bonds in an aggregate principal amount not to exceed$68,000,000(the"Tax-Exempt Bonds")and
taxable bonds in an aggregate principal amount not to exceed$500,000(the"Taxable Bonds"and
together with the Tax-Exempt Bonds,the`Bonds")and loan the proceeds thereof to the University to
assist the University in refunding the Authority's (a) $30,470,000 Collier County Educational
Facilities Authority Variable Rate Demand Limited Obligation Revenue Bonds (Ave Maria
University,Inc.Project),Series 2006 outstanding in the aggregate principal amount of$26,300,000
(the"Refunded Series 2006 Bonds")which were issued for the purpose of financing and refinancing
student housing(the"Series 2006 Project");(b)$10,000,000 Collier County Educational Facilities
Authority Educational Facilities Revenue Bonds(Ave Maria University,Inc.Project),Series 2007
outstanding in the aggregate principal amount of$9,500,000(the"Refunded Series 2007 Bonds")
which were issued for the purpose of financing and refinancing the costs of acquisition of housing
for faculty, staff, graduate and undergraduate students and the construction of an undergraduate
dormitory(the "Series 2007 Project"); and (c) $17,000,000 Collier County Educational Facilities
Authority Educational Facilities Revenue Bonds(Ave Maria University,Inc.Project),Series 2008
outstanding in the aggregate principal amount of$16,500,000(the"Refunded Series 2008 Bonds"
and together with the Refunded Series 2006 Bonds and the Refunded Series 2007 Bonds, the
"Refunded Bonds") which were issued for the purpose of financing and refinancing a student
dormitory(the"Series 2008 Project,"collectively with the Series 2006 Project and the Series 2008
Project,the"Refunded Bonds Projects"); 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
1
Packet Page-2534-
5/28/2013 16.K.2.
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
Tax-Exempt Bonds and the refunding of the Refunded Bonds to be published on April 25,2013,in
the Naples Daily News,a newspaper of general circulation in Collier County,a copy of said notice
being attached to the Authority Resolution described herein(the "Notice"); and
WHEREAS, the Authority held a public hearing on May 10,2013, pursuant to the Notice
and adopted a resolution(the"Authority Resolution")authorizing the issuance of the Bonds,a copy
of which is attached as Exhibit A to the Authority Resolution,and has recommended to the Board
that it approve the issuance of the Tax-Exempt 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 such Tax-Exempt Bonds, as required by Section 147(f) of the Code,is in the
best interests of Collier County,
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 Tax-Exempt Bonds by the Authority for the purposes described in the
Notice pursuant to Section 147(f) of the Code. The Tax-Exempt Bonds shall be issued in such
series, in such aggregate principal amount(not to exceed$68,000,000),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
2
Packet Page-2535-
5/28/2013 16.K.2.
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 28th day of May, 2013 after motion, second, and majority in
favor of passage.
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, CLERK OF COLLIER COUNTY, FLORIDA
By: By:
Deputy Clerk GEORGIA A. HILLER, ESQ.
CHAIRWOMAN
App_raval for formnd legal sufficiency:
1 - ,/
It
Scott R. Teach
Deputy County Attorney
3
Packet Page-2536-
5/28/2013 16.K.2.
EXHIBIT A TO RESOLUTION
AUTHORITY RESOLUTION
4
Packet Page-2537-
5/28/2013 16.K.2.
RESOLUTION NO. 2013 41
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
REFUNDING BONDS (AVE MARIA UNIVERSITY, INC.
PROJECT),SERIES 2013A(THE "SERIES 2013A BONDS")AND
ITS COLLIER COUNTY EDUCATIONAL FACILITIES
AUTHORITY REVENUE BONDS (AVE MARIA UNIVERSITY,
INC.PROJECT),SERIES 2013B(TAXABLE)(THE"SERIES 2013E
BONDS" AND TOGETHER WITH THE SERIES 2013A BONDS,
THE`BONDS")IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED$68,000,000 FOR THE PRINCIPAL PURPOSE OF
REFUNDING ALL OR A PORTION OF THE OUTSTANDING
(A) COLLIER COUNTY EDUCATIONAL FACILITIES
AUTHORITY VARIABLE RATE DEMAND LIMITED
OBLIGATION REVENUE BONDS (AVE MARIA UNIVERSITY,
INC. PROJECT), SERIES 2006, (13) COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY EDUCATIONAL
FACILITIES REVENUE BONDS (AVE MARIA UNIVERSITY,
INC. PROJECT), SERIES 2007, AND (C) COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY EDUCATIONAL
FACILITIES REVENUE�BOND 2008(AVE THE
INC. PROJECT),
-REFUNDED BONDS"); AUTHORIZING THE EXECUTION
AND DELIVERY OF A PRELIMINARY AGREEMENT
BETWEEN THE AUTHORITY AND THE UNIVERSITY;
AND PROVIDING FOR RELATED MATTERS.
WHEREAS, Ave Maria University, Inc., a Florida not-for-profit corporation (the
"University"), operates a university within Collier County,Florida(the"County"), and has
requested that Collier County Educational Facilities Authority (the "Authority") issue its
Collier County Educational Facilities Authority Educational Facilities Revenue Refunding
Bonds as tax-exempt bonds (the "Tax-Exempt Bonds")and taxable an bonds
s (the
a principal"Taxable
Bonds" and together with the Tax-Exempt Bonds, the "Bonds") g$
amount not to exceed $68,000,000 and loan the proceeds thereof to the University to assist
the University in refunding the Authority s (a) $30,470,000 Collier County Educational
MIA 1 83 1 90403x5
EXHIBIT A TO COUNTY RESOLUTION
Packet Page-2538-
5/28/2013 16.K.2.
Facilities Authority Variable Rate Demand Limited Obligation Revenue Bonds (Ave Maria
University, Inc. Project), Series 2006 outstanding in the aggregate principal of
$26,300,000 (the "Refunded Series 2006 Bonds") rh issued
$10 ,000 000
financing and refinancing student housing (the "Series 2006 Project");
Collier County Educational Facilities Authority Educational Faciliteiess Revenue principal amount(Ave e
Maria University, Inc.Project), Series 2007 outstanding in for the purpose of
$9,500,000 (the "Refunded Series 2007 Bonds") graduate and
financing and refinancing the costs of acquisition an undergraduate erdormitory(the"Series 2007
undergraduate students and the construction of
and(c) $17,000,000 Collier County Educational Facilities Authority Educational
in
Facilities Revenue Bonds(Ave Maria University, lnc,"Refunded Series 2008 uBondsi�and
the aggregate principal amount of$16,500,000 (the
together with the Refunded Series 2006 Bonds and a the Refunded and ies 0007 Bands, the
"Refunded Bonds")which were issued for the purpose
(the"Series 2008 Project,"collectively with the Series 2006 Project and the Series
2008 Project, the "Refunded Bonds Projects"); and
WHEREAS,the University has requested that the Su r or daloan t es proceeds
other
Bonds to the University pursuant to Part 1 of Chapter
provision or provisions of Florida law as the Authority may determine advisable(the"Act")
p l the foregoing
in artier to accomplish urposes; and puAosoop
rposes;
the issuance of the Bonds and the loaning of the proceeds thereof to the
University to
refinance the costs of the Refunded Bonds Projects by refunding the Re
unwed
Bonds under loan or other financing awleast sufficient to pay the principal of and interest and
provide that payments thereunder be at
as
redem p tion premium, if any,on such Bonds and such other costs in cn ec public therewith
as
may be incurred by the Authority,will assist the University promote
provided in the Act; and
WHEREAS, in order to satisfy certain of the requirements of Section 147(f)of the
re
Internal Revenue Code of 1986, as amended ries 2013A Bonds fouthority did on the
he
hereof hold a public hearing on the propos ed issuance of the Se
profirst posed herein stated, which date is more than 14 in a newspaper of gene following t the
ColtiprCounty and
a
notice of such public hearing P P
for
which public hearing was conducted in a manner that provided
in writing, on he opportunity ty the
persons with differing views to be heard, both orally and
2013A Bonds and the location and nature non the Bons
o asExhibit A;and more
particularly described in the notice of public hearing attached hereto
MIA 183190403"5
Packet Page-2539-
5/28/2013 16.K.2.
WHEREAS,it is intended that this Resolution shall constitute official action toward
the issuance of the Series 2013A Bonds within the meaning of the applicable United States
Treasury Regulations in addition to any other action that may have heretofore been taken by
the University;
NOW, THEREFORE, BE IT RESOLVED B THE COLLIER COUNTY
EDUCATIONAL FACILITIES AUTHORITY,
SECTION T• AUTHORITY FOR THIS RESOLUTION. ThisResolution is
adopted pursuant to the provisions of the Act and other applicable provisions of law.
SECTION 2. PRELIMINARY STATEMENT. This Resolution is entered
into to permit the University to proceed with the refinancing o p n if the costs
expression the Refunded
Bonds Projects by refunding the Refunded Bonds and
by the Authority, prior to the issuance of the Bonds,to issue and sell the Bonds and make the
to the
proceeds thereof available for such purposes, allt to ofFlorid�and thetlaws of
provisions of the Act, the Constitution and other laws ofthe S
the United States of America, including the Code, and this Resolution, but subject in all
respects to the terms of the Preliminary Agreement of even date herewith between the
Authority and the University.
SECTION 3. FINDINGS AND DETERMINATIONS. After considering ahe
application for Financing filed by agents of the University,and and they comments of members of the
the testimony of, officials and ag
public, if any, the Authority makes the following findings and determinations:
den Gate
A. Located on approximately 750 acres itovera200 peep e�lincluding
Estates area of Collier County, the University employs
approximately 80 faculty members, and has an annual budget of more than $25 million in
2013, nearly all of which is spent locally.
B. University expenditures generate revenues and profits,and stimulate commerce
and employment for local businesses and County residents.
C. As a result of its location in the unincorporated town of Ave Maria, the
University has helped the growth of the town to 450 new homes and 2000 new residents,
resulting in a more efficient utilization of public infrastructure.
ical
D. As a liberal arts institution of higher education,the Univ Cott plays ys a critand
role in advancing social, religious, cultural and academic interests in
provides the community with cultural experiences not typically available in rural areas.
MIA 183t90403v5
Packet Page-2540-
5/28/2013 16.K.2.
E. The University is an affordable, accredited university that provides local
residents with educational opportunities not previously available in Southwest Florida. 22%
of its undergraduate students are minority students.
F. The Refunded Bands are variable rate bonds,which,while at present offers the
lowest cost of capital, leaves the University exposedthe certain risks,
to a mon ow is replace e (i)
unexpected or protracted rises in interest costs, (ii)
letters of credit securing the Refunded Bonds prior to the expiration of such letters of credit.
G. Addressing these risks through the issuance
am Bonds
plan for long term
University to more efficiently utilize its available funds, ore accurately ccuratel
capital needs and improve its financial position, which will in turn enable the University to
expand the services and benefits it provides to the community.
H. The issuance ofthe Bonds will promote the economic development,prosperity,
health and welfare of the citizens of Collier County, will promote the gene Act economic
ll
structure of Collier County, and will thereby serve the public purposes
SECTION 4, APPROVAL OF THE REFUNDING. The refinancing ofthe
costs of the Refunded Bonds Projects by refunding the Refunded B n through the issuance
of the Bonds,pursuant to the Act, is hereby preliminarily a pp o d s tgh n all
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 BOoNDS S. There is e f by
authorized to be issued and the Authority hereby determinesset requested by the University and subject in all respects toothe cxndit $68 000,forth
for he
e
Preliminary Agreement, in an aggregate principal amount
principal purposes of refinancing the costs of the Refunded Bonds
rate ro ectnbyre payable tithe
Refunded Bo not exceed the maximum rate permitted by law.
the Bonds shall
SECTION 6. GENERAL AUTHORIZATION. The Chairman and the
Vice-Chairman are hereby further authorized to proceed,upon execution of the Preliminary
Agreement,
with the undertakings provided for therein on the part of the Authority and are
further authorized to take such steps and actions
all respects too the terms and eondirions set
cause the Authority to issue the Bonds subject
forth in the Preliminary Agreement authorized hereby.
of
SECTION 7. OFFICIAL ACTION. This resolution
as contemplated officl a tionthe
the Authority toward the issuance of the Series 2013A A nds
MtA 183190403x5
Packet Page -2541-
5/28/2013 16.K.2.
Preliminary Agreement, in accordance
States with the Treasury purposes of the laws of the State of Florida,
the Code and the applicable United
8. LIMITED OBLIGATIONS. The Bonds and the interest
thereon shall not constitute an indebtedness or pledge of the general credit or taxing power of
Collier County,the State of Florida or any political subdivision or agency thereof but shall be
payable solely from the revenues pledged therefor pursuant to a loan agreement or other
financing agreement entered into between the Authority and the University prior to or
contemporaneously with the issuance of the Bonds. The Authority has no taxing power.
SECTION 9. LIMITED APPROVAL. The approval given herein shall not be
construed as an approval or endorsement of approval of any necessary rezoning applications,
regulatory permits, or any other requirements of the Collier County Growth Management
Plan or the Land Development Regulations adopted pursuant thereto relating to the Refunded
this
Bonds Projects and the Authority shall not
be construed r estopping Collier Coiunty from
resolution to have waived any right of Co County a
asserting any rights or responsibilities it may have in that regard.
SECTION 10. EFFECTIVE DATE. This Resolution shall take effect
immediately.
ADOPTED this 10th day of May, 2013.
COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY
(SEAL) ► ///��I/f[/
�
•
Chairman
ATTES i:
Secrets
MIA 1831304031/5
Packet Page-2542-
5/28/2013 16.K.2.
Naples Daily News
Naples, FL 34110
Affidavit of Publication
Naples Daily News
PICKWORTH, DONALD P .A.
5100 TAMIAMI TRL N STE 103
NAPLES FL 34103
NOTICE OF PUBLIC HEARING
hobo is hereby given that on levy 10,2013.a pubF'hexing will be held Jri
the conference* i0 lfr TIM4 wkh Nep to �+ ed osnwroneng REFERENCE: 010784 bat.S.i t edner eoarny:duns U Famine prokEEV:Senee
t4landhw �!bra P"'"' u" Y' amewrt Iwc is-r+oaad an 59718213 NOTICE OF PUBLIC ��13 haneotvS,the issuer ( . py3e°ds
Marla-unity Y,_ =1091.ps� U+e. !aria 2013 fords'I•a a abBlst
�207 .faMk to be uadf°rtthee P ,pro}h•amen
State of Floridatra rnt t>!» 1Nr!et+9ePflffE
,'s"ad art+•n Y io secflon 3BU of tke Bntet and
Counties of Collier and Lee n cats of awuiihr0. gig;s
sc amasd!dj in tali i^,tdittl ss tat W rehtnding . )0A0ur Limited
Before the undersigned authority, pe7 e u V '� s«owid Li no
�a�'.Revere �l eyo:aMsir i►»w6
appeared Amy Davidson, says that she se'. .. wew w �490fe,,,ai a iee ,.r
Inside Sales Supervisor, of the Naples 119 T a ,,, rK Prelett). 40.a1
2007 (du i0"df s12.a06ocIust" inc
a daily newspaper published at Naples, ,Haunt°+ ssisoa e„es saes anti
County, Florida: distributed in ColliezA ' 200elao 'andtogetherwtth ;1ondsate
and Lee counties of Florida; that the a i;i hies o Vmi oRys„<eoasa se4tnw;t° thee
prau� �e eNOr rortds'warc"Ili*uhc R�d,e
copy of advertising was published in sa g il, ° ' me undergraduate a" %.
w�pirmot ra. r,of-Certain e townh°mes anQ ether fories•m W ovsd
newspaper on dates listed. +� ,teeasderKhernlnf
Affiant further says that the said Na! rtaff'"d Aye Mar Foonde
News is a newspaper published at Naples ,,,K '°f",a; m °°'e" ,►d
Collier County, Florida, and that the s w, Middlebroot?vw+thala booedt s7d4�5?s+
newspaper has heretofore been continuou Fwnd� The 2013
are and mated by the Univenlgr• a debt s
Th,p e<ss at:tlx fewer.nd vfBt rwt has.n Aa
day and has been entered as second clas,, �,u Ba speo+l the „w,r ,,,e wa•r •� p°"'°`;
matter at the post office in Naples, in �e-°F the}ahh�.end «t 1>+. bend s'.im a �,,d
tt°ra vdstlet9 ° ttlk_elewshs written' A Pfdtwarth,
Collier County, Florida, for a period o: ��:mre I v ;"` 2m3a Preleeg;
next preceding the first publication of *, • a g, '`'m ' 'D°
attached copy of advertisement; and aff. ¢1" *a„2011 i � yy ,a,, ,racpeci
further says that he has neither paid n(.. ,r nr•r nt47,,..
e"Xe.tcw * °"At"y,hrtsO<a
water natide". mey need to etwq! fr woe
promised any person, firm or corporation fee "'de'"id raad.e.�» o,,,aid a
at th l^41. tAlbe rased. Haw *Act`s
discount, rebate, commission or refund s w1 �a ''setl°o�e6.
purpose of securing this advertisement S ,y�Amarkanivrta, t�k+bitNfeeACt9 ^1 "
ubl ication in the said newspaper. °pedal'a'naoam t0 +irtyuy rnovcan n°f.te or t°tit
publication owed►:' �,d gtuh in this ewdee;seisohorte:
PUBLISHED ON: 04/25 `°"IEtr`° ESAliTtiOhTM
Donald Nrkworth,enenrtive d`eCtOr
AD SPACE: 104 LINE
FILED ON: 04/25/13
--)Signature of Affiant �,L/A
ti day of i 1;;i ;..
20 ; R.
Sworn to and Subscribed be ore me ..tYi s _ --
Personally known by me (;; t ` ��` u CAROLPOIIDORA ',
y nn ' : MY CO I M.S'Si01#EE 851758
� r� aPIRES:Novennber28,2U14
;i:„Y,:�' e"rbovmmae�ero�,.raac«,w
EXHIBIT A TO AUTHORITY RESOLUTION i lcIsat -d i
Packet Page-2543-