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BCC Minutes 09/19/1986 S ·' Naples, Plorida, September 19, 1986 LET IT BE REMEMBERED, that the Board of County Commissioners in and for the County of Collier, and also acting as the Board of Zoning Appeal. and as the governing board(.) of .uch special districts as have been created according to law and having conducted business herein, met on this date at 10:30 A.M. in SPECIAL S2SSION in Building "P" of the Courthouse Complex, Ea.t Naples, Florida, with the following members present: CHAIRMAN: John A. Pistor VICE-CHAIRMAN: Anne Goodnight Frederick J. Voss Max A. Has.. ABSENT: C. C. "Red" Holland ALSO PRESENT: 3ames C. Giles, Clerk: Maureen Kenyon, Deputy Clerk: Neil Dorrill, Assistant County Manager: Ken Cuyler, County Attorney; Nancy ¡sraelson, Administrative Assistant to the Board; and Communications Officer William McNulty, Sheriff's Department. MENDA Refunding of Parks « Recreation General Obligation Bond. GENERAL DISCUSSION Financial Advisor David Fischer stated that this meeting is to discuss the refunding of the ~arks « Recreation General Obligation Bond issue, a~ing that the goals that the Commission was looking for ... Were achieved. He stated that i~ July some goals of $600,000 gross and present value of $300,000 were set. He ~ndicated that the goals achieved were higher with the actual total savings being·$629,OOO and m~ 097w,~388 Page 1 . · aOOK (]fJjrpAr.r~·~.fJ September 19, 1986 the present value savings being $399,000 with close to a &, of the par aaount, which is a good target on this type of issue. He noted that the interest rate that was obtained on this issue is very close to the - interest rate that was obtained on the sales tax issue. Hs indicated - ~ that PaineWebber and Smith Barney came in with the ~anagement fees and expenses that were proposed. He referred to a list of comparisons of other bond issues that also went to market this week. He stated that the inv~stment program held out good and it ended up with a good rsfunding. He indicated that all expenses of the issue have been documented and these fees are exactly in line with the sales ~ax issue that was done last week. Commissioner Voss stated that the printing of the Official State- ment says $6,000 but the bid states $2,8&0 and questioned why the dif- ference, to which Mr. Fische~ stated that this figure was over-estimated and that money will come back to the County. He stated that the bids are based on known factors and the $6,000 would be for any extra pages or overruns. Commissioner Pistor stated that es.entially this was approved the other day, but formal action needs to be taken on the matter. Mr. Fischer stated that he needs approval of the lowest and best bidders being Paramount, Midwest and C « S. Clerk Giles stated that on the Official Statement and printing, Paramount was the low bidder at $2,8&0; on the printing of the bonds Midwest was the low bidder at $1,433; and on the Trustee, C « S was Page 2 - - - .,--.--",.-..- September 19, 1986 the low bidder on that one. He stated that Board approval is needed on all these bids. co..issioner Voss moved, seconded by Commissioner Goodnight and carried unanimously, that the contract be awarded to Paramount for the Official Statement in the amount of $2,8&0; that the contract be awarded to Midwest Bank Note Company for the printing of the bonds in the amount of $1,433; and that the contract be awarded to C « S Trust Company as Trustee for the amount stated in the proposal with regards to the refunding of the Parks . Recreation General Obligation Bonds. Mr. Randy Fink of PaineWebber stated that there is a change as a result of Florida Legislation that was enact~d this summer that allowed advanced refundings of general obligation bonds in a par amount greater than the amount that was being refunded. He noted that one stipulation in the law indicates that the refunding bond must have its first principal maturity the same time as the first principal maturity of the bond issue that is being refunded. He stated that the way it was first constructed is that the first principal maturity would be November, 1987, but in the 1982 issue, there is a maturity of November 1, 1986, which means that $ð,OOO will have to be moved up to mature on November I, 1986. He stated that this is the only change and also reduoe! the total debt service by $325.00, noting that it does reduce the present value savings slightly because a payment is being made on November 1, 1986, instead of November 1, 1987. In answer to Commissioner Voss, Mr. Fink stated that the maturity ðO{j( Q97 p~r! 390 Page 3 . · m~ 0971'1'" 391 September 19, 1986 that is due on November 1, 1987, is $480,000 and he is simply reducing that by $ð,OOO to S47ð,OOO and making the first principal maturity on November 1, 1986, for $ð,OOO: Mr. Mark Mustian of Nabors, Giblin, ~etfens, and Nickerson, stated that there are two resolutions that need to be adopttd, adding that one is the authorizing resolution for the bonds and the other one i. a eupplemental resolution setting forth the terms and details of the bonds themselves which has several exhibits attached to it. He stated that Exhibit "A" is the Bond Purchase Agreement with PaineHebber and Smith Barney; Exhibit "B" is a certificate that the underwriters sign dealing with compliance with the new legislation: Exhibit "C" is the Escrow Deposit Agreement with C & S Bank with respect to the refunded bonds; and Exhibit "D" is the form of the Official Statement that will be used in marketing the bonds. Commissioner Pistor stated that this Board had some discussion about underwriters and questioned why there are two underwriters on this issue, to which Clerk Giles stated that in June, Mr. Fischer came to the Board of County Commissioners with three bond issues that were proposed and at that time, it was decided to use paineWebber and Smith Barney after all bids had been received as they were almost tied as far as expenses were concerned. He noted that this is the second issue of those three issues. co..issioner Voss moved, seconded by Commissioner Goodnight and carried unanimously, that Resolution 86-173 authorizing the issuance Page 4 - - - September le, leeS of not exceeding $8,71&,000 Park a Recreation General Obligation Refunding Bonds, Series 1986, be adopted. co..issioner Voss moved, seconded by comaissioner Goodnight and carried unanimously, that that Resolution 86-17. supplementing a reso- lution authorizing the iseuance of not exceeding $8,718,000 Park « Recreation General Obligation Refunding Bonds, Seri~s 1986, be adopted. See pag.. -3 'l ¢ - -5"// County Attorney Cuyler stated that this resolution will be supple- .ented by Schedule I which was just presented to the Board of County Commissioners, to which Mr. Mustian replied affirmatively. It was noted that the closing will probably take place October 1 or October 2 in Miami. Co.aa1ssioner Voss moved, seconded by cODaiesloner Goodnight and carr1~_unanimously, that the Chairman of the Board of County comaissfoners or his designee, the County Attorney and the Clerk be authoriz.dto attend and proceed with the closing of said bond isaue. A check was presented, for the record, from the underwriters in the amount of $87,1&0. .. - '.. &CC( 097 W.! 3'92 Page 5 . . . aD OK 097 I'A'.~ 393 September 19, 1986 ... There being no further businese for the Good of the County, the meeting was adjourned by Order of the Chair - Time: 11:10 A.M. BOARD OF COUNTY cOMMISSIONERS/ BOARD OF ZONING APPEALS/EX OFFICIO GOVERNING BOARD(S) OF SPECIAL DISTRICTS UNØER ITS CONTROL a£~ A. PISTOR, CHAIRMAN ATTEST: . ," ... JAMES C. .oO·I¡.aS:, .J-oI.,!RK·. .:t. " . . ..' .. .. "~" (..-.., ~.M:r~."'<;>~:'~.~.·~ . /V- "T~~~" ~~.v.J-- T~s'·..lIinutes .approved by the Board on ~ /£.,...,..,,~ as pre~.;t·~d. ...~ or as corrected ", . I"",,,..,.. Page 6 - - - . 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