BCC Minutes 10/06/1982 S
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LtT IT n~ nr~f~nEn~n, th~t In ^ccorrlnnco with ~ctlon t~k~n on
Scptembor 7n, 190' th~ PonrrJ of County Commlnnlonr.r!; In I\nd for tho
County of Coll1or ~et In SPECI^L SESSION on thl~ ~~tp. at '110 P.M. 1n
ßu11dlnq -F- nf tho Courthousp. Co~plrx, rnst Nðpl~n, florldð, with the
following mcnhrrs present 1
C II" ¡ p,.. /I N : C. f1. - R II r; ~ - WI mer
VICr. r 11" I n~'^H I "'.nry-Fr ðnco!'; J<rug~
.lohn ^. ('1 :;tor
ÐðV 1d Co. Pro....n
At\fiENTI Cll f ford \-,'onz,,1
^L~O rRf.firNTI Wl1)lð~ J. p~~qðn, ~lerk, JamCQ C. Cl1~g, F1acI\1
Offlcp.rl fllnor M. Sklnnnr, roputy Clerk, C. Will Inn Ncrm~n, County
~"nllqcr I f\urt t. !=.,under8, County þ,ttornI:'Y, ðnd ^ttornry f'onnld A.
Pickworth.
/lG rNI""
rURPO!ìF.1 fið)O of ~'''I,po1c;,n()() ('"pHI'I1 Improvf'lT't1nt Revonuf'
Bon~s, ~~rlrH IQ~2.
). Roport by Flnnnclnl Con~ultl'lnt.
2. /I.doptlon of.' r('!Jolutlon 1If'1~ndlnr¡ In Its rnt1rct.y
Rrnolutlon n-P7-11 I.
3. f.c1ortlon of rf'r;ol\J~lon 1Inrndln') t.h,. hon:1!'!, l'Iut.horlzlnq
n )( I' (" \J t I on ., 1'1' I c1 (' 1 I 'Ii" r y 0 f 1'1 P 1I r c h.' !\" ("'on t r /I c t., f I1d no c ~ r till n
trrn" of the hond~;, IIlItt',orl:,:lnq f>)(C'cutICln .~nrl II!"" of offlcl.,l
Htl\t'1lT'rnt!J, ,1m) o"IlIlhor\zlnq ot.hrr n'1C4,¡:,r,,,ry /lct.lon!; In
conn~ct1on wIth thr no"ll~ o"Ind rlc11vrry of the bond!;.
4. ncconm~nð/lt.lon for /lwo"lrd of r/lylno ~qp.nt.
n('C"o"''''''n.J"t Ion I f)(("h"nqp 1'.'Ink of ""r'('\1'I
5. Rrco,.,"'rnd~t\on of "wo"lr~ of rrlntlnq of I'onds.
RCColT'l"l'nrJ,'It\onl "",("rle."In \:\nknot:r
f'. 1In,10UnN
Not.nl Lrq~l nntlrr of thin mrrtlnq WftR ~dvrrtlaod In the Nðplc9
D~lly Ncw~ on 10/~/n, liS cv1d~ncrd by ~fflðnv1t of
rubllciJt.lon flll"\ with thr c!c·rk.
b(\ ~~ 011 r.\Ct8'lS
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&O~K 011 fACt:S80
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np. 11
;tem 11
REPonT BY FINANCI^L CONSULT^NT nE f>^LE OF $23,845,000 CAPIT^L
I~PROVEMr.NT RF.VF.NUr. FnNn~, r,r.ntF.f- 19R'
Flnllncll1l consult,'nt r1.,vld FI~chf'r, or Flr.c!1,·r, .Tohnson, follcn IInd
Burko, Inc., MId ho would r.xpl.,ln the tollowlnql
1. Tht' lnt~r"5t r.,tC'ß t.r,IIt w~r" n~t.nln,.d 011 th~ lSGUC ns It weont
to mlHk,.t durinI'] the Itlnt thr~" or four rll'lYs.
2. Tho COMpnrlRonR of othf'r lsßurs th~t ~old ~round Coll1er
County rccrntly.
3. Comp~re th,. Int,.rr.ct rntrn th~t wrrc ohtnlncd ~lth tho
orlqlnnl plnn for th,. snl,. of the bonda.
~r. FI~chrr e)(rl~ln"d thnt fxhlhlt I" 1']1vc~ the s~rl~l lineup ot
thft mnturlnq bond~ ðnd th~ Intprnßt rntn" thltt were p~ld for cðch
m.:Jturlty. 111, n/lld th..,t liB tht' bonds went out t.he r~tn for thr lllst
18 S uc 1 n '- 01' 1 n 10 -) 1 R' .
Ho Ðnld thnt the ~vern~c coupon 19 lO.2R\
ðnd tho net Interoat cost, after the discount ~nd mnrkotlng of the
bonds, Is npproxlmntely 10.40'.
HI' ß~ld that f.xhlblt 16 comp~res
Collier County with two Issurr. thnt. Gold ~Ithln t.he lnst wock In
Escnmblll County ~nrl Dnc10 County.
lie rcfnrred to the dðte of 19114,
noting that F.Gci1nh I n County ",nr~ct,.d lit 7.0;' nnd î.olllor Count.y
mùorketcd at 7-1/"~1 In 1900 thl' rllt.ft for F:ßclIr.lhll1 County In <1.20\ and
for Co 11 1 c r Co un t y thr rntf1 15 11.70;'. III! Bald th.,t ..,11 t h r 0 uq h the
spoctrum of th~ m8turltle~ col1lnr County, un~er tho fia~~ given
condltlonn, outsold ~t. a low~r Int~rest rðt.e th~n f.ficllnhl~ County. Ho
saId thot on the long end Collier County W~5 at In-1/4~, ~ndc County
WðS 10-0;1"\ ~nd f~C8~hln W~R 1".~n,.
~r. Flschnr r~terrpd to F)(hlhlt lC which ~hows wh~t thft Rnlos tðx
will ~o. HC' s.,lc1 th..,t wh~n hf' flrnt prC'! ('ntrc1 II pl"n on f,,.ptcmhC'r 17,
19A2 he hnd said thnt the nnl~n tnx nd~pt~d ItR,.lf woll to thlø type of
s.,curlty lind, lit t.hot t.lmr., he h.,d ~r.~uml'(1 there W.Hl ~n Int."'rf'st rnte
P.'!"!I' :'
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r',tohf'r r, JI'P'
of npproxlm~tcly )~-1/7~.
"~ ('Y I' I ,'II n(~r! t hl1 t t h.· rnon"y 1T'c'\ r kf' t hitS come>
down from th/lt nmount to \n-'1/R\ ...hleh 1T'C'¡)nB, whnn hf' lidded up 1111 tho
into rest chðrr¡co on the (ir~t pl~n for the 11(n of th~ bond lssuo, the
intorcot ch~r~cA w~rp 5Rn,nnn,onn, nn~ thnt undnr tho new intnrcst
tat.., the into rest chllrqrg ....il1 he S5s,nnn,onn o~ ð $25,OnO,000
ðiffcrence. III' Mid that tho 1f\5uO rJlzp. wC'nt down f.rom lIpprO)(1mðt~ly
$24,£100,000 to s;n,nOO,OQn. lit' f\ldd th.'lt, /'Ilthouqh ho h.."d oriqlnðlly
./'Ild It would h,. n('CC£R~ry to Buh51dlzn for n couple of yonrs lIoð
cllplt/lllzo t.h~ Interefit, th15 will not bo nt'cesgnry heCIIUAft the
estlmlltoR now Dhow th.'lt ~n~ of the snIt's tax will cover tho Issue over
ono tlmo.
Ho snld thðt hI' hilA rnt.lmlltcd thðt tho snles tðX will go up
approxlml\toly 01\ 1\ yl)IH. H(' G"ld that ('Dc-he, "lIlsey, ~tUcHt, nnd
Ghlelds, Jnc. .'I~hlt'ved t.he lownnt Int~rent rltte of any b~nrt of this
cloRB In t.h(' ~t/ltc of Florida ~lJrln~ th~ l/1st twenty-one months.
Item '2
RESOLUTION R-82-158 ^MENDING IN JTS ENTInf.TY RESOLUTION R-82-l11
ADOPTED
Attornt'Y f\on.1ld ^. plckwort.h fltl'lted for t.he rccord t:hðt the
CommlGßlont'rs !lava ð copy of the resolution lInd thnt th" orlglnðl
ðuthorlz~tlon In for t~~,nno,onn worth of honds lind, Rlnco tho unissued
bondn ðro not Cðncrllrd, t.h~t th~9~ honds I'Ir~ h~lnq lasuod Its tho first
Installment line'!, if th" lice dCl1lrf'~ /'It. 801'"\(' tlmf! In the future to issue
ðddltloni\l hon<lo, thðt no r~v...l1c1:1tlon loJould be roqulred ðS long liB the
ISGUO Is wlt.hln th~t nnount thllt. In left, ~ddlng this plus II coupl~ of
tochnlci\l chllnq~8 ot detlnltlons conf.t1tute tho chnn~eR In th~
resolution.
Commissioner plstor moved, Roconðec'l by Commlsnlonor ~rus~ ~nd
carried 4/0, (CommissIoner Wenzol ðbAcnt) thnt Rosolutlon n-~2-lSe,
ftm~ndlng In Its ent.lroty ~(,801utton R-n2-111, bn ndoptod.
BO~~ 011 fACt681
PIIC)O 3
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('Ie t ohc r Fo, 19!1:1
Item .3
bO()~ 071 fACt 709
RESOLUTION A2-l59 ^,,~r.NDtNG TilE ßONDG, ^UTIIOIH7.1tJr. EXECUTION AND
m:LIVr.ny Of' A P\lnCI1~r.r. CONTTlM7T, F1XINr. CrnTl\TU Tr.nM5 OF TI!F. ßOND~,
^UTHORI7.ING F.XF.cUTH¡N AND 1I~r. OF OFF'tr.II\t. r.T^Tf.MENTS, I\ND AUTIIORIZJNG
OTHER Nf.CF~SMW AC'TIONr. IN Cf'NNr:CTION WI'fIt Tllf. S^LE ANO DELIVERY OF THE
BONDS - ADOPTf.O
Attorney f)onrdd 1\. Pkkwnrth ~)(rll1lned thin In tho /'Iwl'lrd rl'ßolu-
tlon, o~dln~ that on th~ n~cond pl'l~~ the nUMh~r $'4,1~n,OOO should bo
chanqed to ~23,n<15,()n(). "~(;<'I111 thl'lt tho lIw.:Jrrl rnoolutlon Undo thnt a
nogot1.)tcd s.' 1 e of. the bond!] to 1",chc, 11"ls('y, StulHt, /'Ind f>hifOlds,
Inc. In In tho befit lntl'rl'st of thl' County IInd ~wllrc1n tho purch"so of
the bonu 5 to thr.m IIuthorlz(':1 th,. Ch., 1 rl:\.,n t.o p)(('cutr the Nfic11'11
St~tclT'cnt ~nd tho pureh~sJ rontrèlct f.urther ðuthorlzes the ðppropril'lte
offlci,)ln of the County to t/l~" .,11 ot.her ncccr,~.:Iry ,1ct!onG In order to
effcctu.,to the clonlnl) /'Inri ddlvory of this lr.nuo.
~r. Pickworth n~lrJ t.hnt Florid.., Statutes require ccrtnln dløclo-
sures by the Gonlor l:\/ln<1(llnll unr1r.cwritl'r nnd thnt ð l('tter ia lIttDched
to the proposed rC'fiolutlon froM 11,'ch~, II..,lAcy, ~tul'lrt, .,nd f,hleldB,
Inc., rl~t~d ('Ictoh~r ~, lQn2, which provld~s tho Information required by
tho fit.,t.utø.
Commlnsionor rlotor moved, seconded by Commls810n~r Kruse and
carried 4/0, (CommissIoner Wenzøl absent) thðt R0601utlon 82-159,
amending thft bendA, nuthorlzln~ oxp.cutlon ~nd delivery of ~ purchase
contr<'lct, fixing cortðln terms of th~ bonds, ^uthorizinq execution and
use of Offlclðl 5tntomp.nt6, ~nd ðuthoriz1ng oth~r n~cennðry lIctions in
connnctlon with the sale nnd dellvory of the bonds, be adopted.
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Octch~r f.., 19"7.
Item t 4
~O~f. 011 rÞ.Ct 130
AW^,~D OF r/\YING ^GENT TO r.XCIII\NC.r. 01\NJ< ANn TRUr,T COMPANY OP Fr.ORYOA,
T^MPA, FLOR I DI\ - I\ppnOVF.D, CI'/\ II1MMl ^UTII0rU7. ED TO S teN RESOLUTION
A2-1M TO TIII\T F:FFFT'T'
County M~n~~cr Norm~n rrf~rrod to the lftnL pnqn In the n~ondn
which Unto the' C' lIotl'n rccclvl'd for thl' rnylnq ^(1'~nt. }In ~"'Id thot two
banko, onu shown ^n~ ono which c~mo In lifter tho tnhulðtion, wore
willing t.o provld" th" n"rv1c-,,~ nt no cor.t. IIn f:{\ld thnt Gtðff
rocommoncls the F.xchnl\r¡1" [lnnk .'1'111 Trust Compl'lny of F'lor Idlt of T....mpð,
Florldt1.
CommIssioner ~ruso movod, ßocon~c~ by Commlso1oner Drown and
carriod 4/0, (Commlsslonor Wnnz~l abncnt) that r.xchftnqo Bank and Trust
Company of' Florida of Tnmp~, FlorIda, be approved ðB the Paying Agent.
~r. Pickworth rcquer.tcd 1'1 motion lIuthorlz1nq the Chalrmðn to ølqn
a r\J301utlon th.,t r.x("h,'n'lt~ n.,nlo: nnd Trust COf'1pi1ny of f'lorldl) of T.,mptl,
Florida, be ~prroved ð5 tho r~ylnq 1\qnnt.
Commlsslonor ~ruso moved, cocondod by Comm~8s1oner piøtor and
carried 4/0, (Commissioner Won7.~l absont) that th~ Chairman be
authorized to Blgn Resolution 82-1~O (to be drafted by Hr. Pickworth)
that [xchanqe Bðnk and Trust Company of FlorIda of Tðmpð, Florida, be
approvod ~8 th~ p~ylnq Aq.nt.
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Item 15
MD~ 011 r^~t 132.
Oc tohn r r., 1/)n2
AW^nD OF T"~ CONTnACT rOR rRtNTTNG OF TH~ nONP~ TO ^MERIC^N 9^N~NOTE -
^rrnOVED
County ~~nnq~r Norm/'ln finld ntnff r('co~nrnrl~tlon, tor ~w~rrllnq the
B.,nknote.
contrðct for printing the bonrt~, In to tho 10.... blddor, ^mertcðn
CommIssIoner KrU8~ mov~d, s~condcd by Commlsstonor Plstor and
cnrrleð 4/0, (Commlß910ner Wonznl abGont) thðt t~e contrðct for
prIntIng the bonds ho awarded to Amerlcnn ß~nknote.
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ThlHC bldn/} nn Curt.h('f hunln,.r." to com,. bl'fort' tho f'oc'\rd of r.nunty
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Commlsslont;rn, thr. meotlnq w..,r; ncljournrd /'It 2130 P.M.
ATTEST!
WILLI^M J. nf.^C^N, CLf.nK
'~,4~~
Tho~o nlnutr.~ npprovnrl hy th~
pro8cnt~d
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or ...s corrrctcd
rn^rr or COUNTY CC~~IS~TnNfRR/rx
nrr TC Tn GOVF'fI', n:r. 11011110 (5) OF
~~Pf.CJ^!. DrSTnICT~ tiNDER ITS CONTROL
cl!. ~ )~
c. n. mJs.;" w ~rrH, CflAJR~^N
pcr. on ~. ~c.. (fJ>"L-..
an
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