BCC Minutes 05/28/1985 S
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Naples, Florida, ~~y 2R, 1985
LET IT BE RF~EMBERED, that the Chairman having issued the call and
the Cler~ having given due notice as prescribed by Ordinance No. 75-16,
the Doar~ IO~ County Commißsioner. in and for the C~unty of Collier met
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in ,s'p.cia1 S...ion on this dl'lte at 9100 A..M. in BuilrHng "F" of the
Courthous. Complex, East Naples, Florida, with the followinq memb~rs
present I
CHAIRMANI Frederick J. Voss
VICE CHAIRMANI John A. pistor
c. C. "Red" Holland
}lrme Goodnight
ADSENT: Max Hasse
ALSO PRESENT I William J. Reagan, Clerk: James C. Giles, Fiscal
Officer: Elinor M. Skinner, Deputy Clerk: Burt L. Saunders, County
~ttorney: and Donald n. Lusk, County Manager.
AGF.NDI\
Discussion tiK a, resolution 3mending R~solutio:'1 85-107
re Collier County Capip~l Improvement R~venue Bonòs
Tap. t1
It.. n
RESOLUTION 85-119 AMENDING RESOLUTION 85-.LI,'; ~;" C.G,SLIER COUN'f"J C1"PITAL
IMPROVEMENT REVENUE BONDS - ADOPTED
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County Attorney Saunders explained the purpose of this meeting is
to amend Resolution 85-107, adding that th~ amendments are required
because the Municipal Eond Insurance Agency (MBIA) has requestp.d these
change.. He distributed copies of the three ch3nges in wording to the
Commissioners as followsl
1. Paragraph 2 of Section 19 (I) is changed to provide that thp.
pledged reven'les for the reserve test for new bonds shall
exclude all revenue sources except sales tax.
2. Paragraph 4 of Section 19 (D) is changed by replacing the
last sentence of the second paragraph with the following
sentences
"In the event monies in the reserve account are accumulated
as provided above I (a) the amount in said reserve account on
the date of delivery of the additional parity bonds shall not
be le.. than the maximum bond service requirement on all
bond. out.tanding on such ~ate, (b) the incremental differ-
ence between the maximum bond reserve rðquirement on old
aOOK
087 PA~l 3'58
Page 1
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1~"~~':' . bonda out.tanding on the date of delivery of the additional
,~..~;! Po.rity bonds and the maximum borld service requirement on all
,¡f~,.:1 auch bonds and the additional parity bonds shall be fifty
t?2' percent (50\) fundèd upon delivery 01: the additional parity
'::;~/ ' bonda.
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May 28, 1985
3. All of Paragraph 3, Section 19 (d) is deleted.
Responding to Commissioner Holland, Mr. Saunders stated that the
Commisaion haa indicated that it would only use sales tax revenues for
these bonds and that Paragraph 19 (I) had mentioned pledged revenués.
He aaid MBIA wants the rr.'!Iolution to read sales tax, which is the
reaaon for the first change on the sheet he distributed.
Commissioner Pistor asked Clerk Reagan if he had anything to add
and Mr. Reagan aaid he just went over the changes with Mr. Saunders and
that there were no problems with them.
Co..iasioner Piator moved, seconded by Co.-issioner Holland and
carried 4/0, Commi.sioner Hasae absent, that Resolution 85-119 a.ending
a.solution 85-107 to incorporate the suggested change. by MBIA b.
adopted. (Appended S.. Pages 3t:.o -.3~t )
* * *
There beIng no further business, the meeting was adjourned by
Order of the Chair - Time: 9:05 A.M.
BOARD OF COUNTY COMMISSIONERS/
BOARD OF ZONING APPEALS/EX
OFFICIO GOVERNING BOARD(S) OF
sr"'c \;',L DISTRICTS UNDER ITS
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CLERK
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