Resolution 2003-207
RESOLUTION NO. 03-207
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A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE
AND SALE OF REVENUE BONDS BY THE HOUSING FINANCE
AUTHORITY OF COLLIER COUNTY, AS REQUIRED BY SECTION
147(f) OF THE INTERNAL REVENUE CODE, AS AMENDED;'
PROVIDING FOR OTHER RELATED MA TTERS.
Whereas, the Housing Finance Authority of Collier County (the "Authority") is a body
corporate and politic of Collier County, Florida, created by Collier County Ordinance No. 80-
66 pursuant to Part IV of Chapter 159, 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, Wild Pines of Naples Phase II, Ltd. ,a Florida limited partnership (the
"Borrower") has applied to the Authority to issue its revenue bonds in an aggregate principal
amount not to exceed $6,000,000 (the "Bonds") to be used to refund all or a portion of the
outstanding principal amount of its $4,000,000 Multifamily Housing Revenue Bonds, Series
2000A (Wild Pines of Naples, Phase II Apartments Project) and, if deemed desirable by the
Borrower, its $300,000 Taxable Multifamily Housing Revenue Bonds, Series 2000B (Wild
Pines of Naples, Phase II Apartments Project), (collectively, the "Prior Bonds"), which Prior
Bonds were used for the purpose of financing the acquisition, construction, equipping and
development of multifamily residential housing facilities for persons or families of low, middle
or moderate income located in Collier County (the "Project"), and (ii) to loan the proceeds of
the Bonds to the Company pursuant to the Act or such other provision or provisions of Florida
law as the Authority may determine advisable; and
Whereas, Section 147(t) 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 held a meeting and public hearing on May 23, 2003 pursuant to
a notice published on or before May 8, 2003 in the Naples Daily News, a newspaper of
general circulation in the County, a copy of said notice being attached to the Inducement
Resolution adopted by the Authority at said meeting; and
Whereas, at the conclusion of the meeting and public hearing the Authority adopted
Resolution No. 2003-01 (the "Inducement Resolution") a copy of said resolution being
attached hereto as Exhibit" A ", approving the project, authorizing the issuance of the Bonds,
and directing the Chairman and officers of the Authority to seek approval for the issuance of
the Bonds in accordance with Section 147(t) of the Code; and
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Whereas, for the reasons set forth above, it appears to the Board that the approval of
the issuance and sale of such 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 Bonds by the Authority for the purposes described in the Inducement
Resolution and the notice attached thereto pursuant to Section 147(f) of the Code. The Bonds
shall be issued in such aggregate principal amount, bear interest at such rates, mature in such
amounts and be subject to such optional and mandatory redemptions 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, 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 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. 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.
adoption.
Effective Date. This Resolution shall take effect immediately upon its
PASSED and Adopted this 10th day of June, 2003.
[Remainder of page left blank, signatures on next page]
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ATTEST:
Dwight E. Brock, Clerk
COLLIER COUNTY, FLORIDA BY
ITS BOARD OF COUNTY 1 6 K 1 ., 4
COMMISSIONERS 1
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[SEAL]
Approved as to form a
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RESOLUTION 2003-01
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RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FWRIDA, RELATIVE
TO THE ISSUANCE OF NOT TO EXCEED $6,000,000 TAX-EXEMPT
MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF
CURRENTLY REFUNDING CERTAIN PREVIOUSLY ISSUED BONDS OF
THE AUTHORITY, SAID BONDS HAVING BEEN USED FOR ACQUIRING,
CONSTRUCTING AND EQUIPPING MULTIFAMILY RESIDENTIAL
HOUSING FACILITIES FOR PERSONS OR FAMILIES OF LOW, MIDDLE
OR MODERATE INCOME; AUTHORIZING THE EXECUTION AND
DELIVERY OF AN AGREEMENT BETWEEN THE AUTHORITY AND THE
COMPANY; PROVIDING AN EFFECTIVE DATE.
WHEREAS, Wild Pines of Naples Phase II, Ltd., a Florida limited partnership (the
"Company") has applied to the Housing Finance Authority of Collier County, Florida (the
"Authority"), to (i) issue its tax-exempt multifamily housing revenue bonds in a principal amount
not to exceed $6,000,000 (the "Tax-exempt Bonds") and such taxable multifamily housing revenue
bonds (the "Taxable Bonds", and, collectively with the Tax-exempt Bonds, the "Bonds") as the
Authority may authorize by subsequent resolution to be used to refund all or a portion of the
outstanding principaJ amount of the $4,000,000 Multifamily Housing Revenue Bonds, Series
2000A (Wild Pines of Naples, Phase II Apartments Project) and, if deemed desirable by the
Company, the $300,000 Taxable Multifamily Housing Revenue Bonds, Series 2000B (Wild Pines
of Naples, Phase II Apartments Project), (collectively, the "Prior Bonds"), which Prior Bonds were
used for the purpose of financing the acquisition, construction, equipping and development of
multifamily residential housing facilities for persons or families of low, middle or moderate income
located in Collier County (the "Project"), and (ii) to loan the proceeds of the Bonds to the
Company pursuant to Chapter 159, Part IV, Florida Statutes, or such other provision or provisions
of Florida law as the Authority may determine advisable (the "Act"); and
WHEREAS, subject to the terms hereof and the terms of the Preliminary Agreement
between the Authority and the Company, a determination by the Authority to issue the Bonds under
the Act, if so requested by the Company, in one or more issues or series not exceeding an
aggregate principal amount of $6,000,000 and to loan the proceeds thereof for the foregoing
purposes under a loan agreement or other financing agreement which will provide that payments
thereunder be at least sufficient to pay the principal of and interest and redemption premium, if
any, on such Bonds and such other costs in connection therewith as may be incurred by the
Authority, will assist the Company and promote the purposes provided in the Act; and
WHEREAS, pursuant to Section 147 (t) of the Internal Revenue Code of 1986, as amended
(the "Code"), the Authority held a public hearing on the proposed issuance of the Tax-exempt
Bonds for the purposes herein stated on May 23,2003 which date is more than 14 days following
INDUCEMENT RESOLUTION5-1g~3,DOC
EXHIBIT A TO COUNTY
RESOLUTION
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