Resolution 2003-208
RESOLUTION NO. 03- 208
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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 COLLIER COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY, AS REQUIRED BY
SECTION 147(f) OF THE INTERNAL REVENUE CODE, AS
AMENDED; PROVIDING FOR OTHER RELATED MATTERS.
Whereas, the Collier County Industrial Development Authority (the "Authority") is
a body corporate and politic of Collier County, Florida created by Collier County Resolution
No. 79-34 duly adopted by the Board of County Commissioners on February 27, 1979
pursuant to Part III of Chapter 159, Florida Statutes, as amended, with the power to issue
revenue bonds for the purposes of financing a "proj ect" as defined in Part II of Chapter 159,
Florida Statutes, as amended; and
Whereas, The March Group LLC , a Florida limited liability company (the
"Borrower") and March, Inc., a Michigan corporation (the "Corporation") have applied to
the Collier County Industrial Development Authority (the II Authority") to issue its Industrial
Development Revenue Bonds (March, Inc. Project), Series 2003 in an aggregate principal
amount not to exceed $3,500,000 (the "Bonds"), for the purpose of making a loan to the
Borrower, for the purpose of providing funds, together with other available funds, to (a)
finance a portion of the cost of constructing and equipping a building of approximately
42,500 square feet, which will be used for certain manufacturing operations of the
Corporation (the "Project") and (b) pay certain expenses incurred in connection with the
issuance ofthe Bonds, including certain fees and expenses incurred in connection with credit
enhancement for the Bonds; 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
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 22, 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
J. 6K 211.
attached hereto as Exhibit "A", approving the project, authorizing the issuance ofthe Bonds,
and directing the Chairman and officers of the Authority to seek approval for the issuance
of the Bonds in accordance with Section 147(f) of the Code; and
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 I. 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 ofthis 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.
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ATTEST:
Dwight E. Brock, Clerk
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COLLIER COUNTY, FLORIDA BY '.
ITS BOARD OF COUNTY
COMMISSIONERS
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Attest as to Ch11MlUo.
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[SEAL]
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