Resolution 2005-226
RESOLUTION 2005- 226
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY TAX-EXEMPT
MULTI-FAMILY HOUSING REVENUE BONDS, (SUMMER LAKES II
PROJECT) SERIES 2005 PURSUANT TO CHAPTER 159, PART IV,
FLORIDA STATUTES, AS AMENDED.
WHEREAS, the Housing Finance Authority of Collier County (the "Issuer") is a public
corporation of the State of Florida, was duly created by Ordinance No. 80-66 of the Board of County
Commissioners of Collier County, Florida, and is a body corporate and politic duly created and
existing as a local governmental body and a public instrumentality for the purpose of assisting
qualifying housing projects situated in Collier County, Florida (the "County"), under and by virtue of
Chapter 159, Part IV, Florida Statutes, (the "Act"), to provide for the issuance of and to issue and sell
its obligations for lawful purposes under the Act; and
WHEREAS, as set forth in the resolutions of the Authority described below, The Richman
Group of Florida , Inc., a Florida corporation, for and on behalf of itself and/or its related entities (the
"Corporation"), has requested the Authority to issue its Multifamily Housing Revenue Bonds
(Summer Lakes 11 Project) Series 2005 in an initial principal amount not to exceed $22,000,000 (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, 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 11,2004 and November 15, 2004 in the Naples Daily News, a newspaper of
general circulation in the County, and copies of said notices are attached as Exhibit A (the "Notices")
to each of the Authority Resolutions described below; and
WHEREAS, the Authority held a public hearing on May 26, 2004, pursuant to the
November 15, 2004 Notice and adopted its Resolution 2004-01 and held a public hearing on
December 1, 2004, pursuant to the November 15,2004 Notice and adopted its Resolution 2004-
03(Resolutions 2004-01 and 2004-03 being referred to herein collectively as the "Authority
Resolutions"), copies of which are attached hereto as Composite Exhibit A, approving the issuance
of the Bonds and recommending and requesting that the Board of County Commissioners approve
the issuance of the Bonds so that the interest on the Bonds will be exempt from federal income
taxation under applicable provisions of Section 147(a) of the Internal Revenue Code of 1986, as
amended; 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
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WHEREAS, the Board of County Commissioners of Collier County, Florida (the "Board") is
the elected legislative body of the County; and
WHEREAS, the Board has previously approved the issuance of the Bonds by Resolution
2004-197 adopted June 8, 2004, a copy of which is attached hereto as Exhibit B; and
WHEREAS, more than one year has elapsed since the approval of Resolution 2004-197 and
the Board desires to signify its approval or re-approval of the issuance of the Bonds; and
WHEREAS, for the reasons set forth above, the Board desires to approve the issuance of
such Bonds for the purposes of Section 147(t) of the Code.
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 therefore, 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 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 concurrency requirements contained
therein, and the Collier County Land Development Code.
Section 2. Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS 14'" day of June, 2005.
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Ap, roved_as to fo and Ie I sufficiency:
COLLIER COUNTY, FLORIDA
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By:
Fred W. Coyle, Chairman
Board of County COmmissioners of
Collier County, Florida
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