Resolution 2001-436
RESOLUTION 2001- 436
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A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA, APPROVING THE ISSUANCE OF NOT EXCEEDING
$8,100,000 HOUSING FINANCE AUTHORITY OF COLLIER COUNTY TAX-
EXEMPT MULTI-FAMILY HOUSING REVENUE BONDS, SERIES 2002 (PINNACLE
RUN APARTMENTS) PURSUANT TO CHAPTER 159, PART IV, FLORIDA
STATUTES, AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA:
Section 1. Recitals. It is hereby found, ascertained, determined and declared that:
A. 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.
B, _ A public hearing was held by the Issuer on October 11, 200 1 (the" Public Hearing") on the
application of Pinnacle Run, Ltd., (the "Company")for the issuance of not exceeding $8,100,000 tax-
exempt multifamily housing revenue bonds (the "Bonds"). The public hearing was duly conducted by the
Issuer upon reasonable public notice, a copy of said notice being attached to the Authority Resolution
attached hereto, and at such hearing interested individuals were afforded the opportunity to express their
views, both orally and in writing, on all matters pertaining to the location and nature of the proposed
project and to the issuance of the Bonds.
C. After considering the application of the Company and the comments, if any, of members
of the public regarding the project or the issuance of the Bonds, the Issuer has adopted its Resolution 200 1-
07, a copy of which is attached hereto as 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.
D. 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, agent, or employee
thereof shall be liable personally on the Bonds by reason of their issuance.
Section 2. Approval of Issuance of the Bonds. The issuance of the Bonds is hereby approved,
however this approval shall in no way be deemed to abrogate any regulations of the County and the project
contemplated by this resolution shall be subject to all such regulations, including, but not limited to, the
County's Growth Management Plan, all concurrency requirements contained therein, and the Collier
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County Land Development Code.
Section 3. Repealing Clause. All resolutions or orders and parts thereof in conflict herewith, to
the extent of such conflict, are hereby superseded and repealed.
Section 4. Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS 13th day of November, 2001.
(SEAL)
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COLLIERCOU~
9~JA
By:
James D. Carter, Ph.D., Chairman
Board of County Commissioners of
Collier County, Florida 1/ J..J-!o/
Approved as to form and legal sufficiency:
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2001-07
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RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, RELATIVE TO
THE ISSUANCE OF NOT TO EXCEED $8,100,000 TAX-EXEMPT
MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF
ACQUIRING, CONSTRUCTING AND EQUIPPING MULTIFAMILY
RESIDENTIAL HOUSING FACILITIES FOR PERSONS OR FAMILIES OF
LOW, MIDDLE OR MODERATE INCOME; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Pinnacle Run, Ltd. the "Company") has applied to the
Housing Finance Authority of Collier County, Florida (the
"Authority"), to (l) issue its tax-exempt multifamily housing
revenue bonds in a principal amount not to exceed $8,100,000 (the
"Bonds") and such taxable multifamily housing revenue bonds (the
"Taxable Bonds") as the Authority may authori ze by subsequent
resolution (the "Bond Resolution") 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 to be 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, 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
8,100,000 and to loan the proceeds thereof available to finance the
Project 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, the Authority held a public hearing on the proposed
issuance of the Bonds for the purposes herein stated on October 11,
2001 which public hearing was conducted in a manner that provided
a reasonable opportunity for persons with differing views to be
heard, both orally and in writing, on both the issuance of such
Bonds and the location and nature of the portion of the Project to
be financed with the proceeds therefrom; and
WHEREAS, it is intended that this Resolution shall constitute
official action toward the issuance of the Bonds within the meaning
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EXHIBIT A TO Bee
RESOLUTION
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of the applicable United States Treasury Regulations.
IT IS, THEREFORE, DETERMINED AND RESOLVED BY THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, THAT:
1. Approval of the Project. The acquisition, construction,
equipping and development of the Project and the financing thereof
by the Authority through the issuance of the Bonds, pursuant to the
Act, will promote the health and welfare of the citizens of Collier
County and will thereby serve the public purposes of the Act.
2. Authorization of the Bonds. There is hereby authorized
to be issued and the Authori ty hereby determines to issue the
Bonds, if so requested by the Company and subject to the conditions
set forth in the Preliminary Agreement to be entered into
subsequently, in one or more issues or series in an aggregate
principal amount not to exceed $8,100,000 and such taxable
mul tifamily housing revenue bonds (the "Taxable Bonds") as the
Authority may authorize by subsequent resolution for the purpose of
financing the proj ect. The Bonds shall be designated "Housing
Finance Authority of Collier County Multifamily Housing Revenue
Bonds Series 2001 (Pinnacle Run Apartments) II or such similar
designation as the Authority may deem advisable. The rate of
interest payable on the Bonds shall not exceed the rate permitted
by law.
3. Recommendation for Approval to Board of County
Commissioners. The Authority hereby recommends the issuance of the
Bonds and the financing of the Project for approval to the Board of
County Commissioners of Collier County (the "Board"). The
Authority hereby directs the Chairman, Vice-Chairman or Issuer's
Counsel, either alone or jointly, at the expense of the Company, to
seek approval for the issuance of the Bonds and the financing of
the Project by the Board as the applicable elected representatives
of Collier County under and pursuant to the Act and Section 147(f)
of the Internal Revenue Code of 1986, as amended.
4. Affirmative Action. This resolution is an affirmative
action of the Authori ty toward the issuance of the Bonds, as
contemplated in said Preliminary Agreement, in accordance with the
purposes of the laws of the State of Florida and the applicable
United States Treasury Regulations.
5. Approval of Notice of Public Hearing. The form of notice
of public hearing attached hereto as Exhibit "A" is hereby approved
and the publishing thereof ratified by the Authority.
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6. Appointment of Counsel. The Authority appoints Nabors,
Giblin and Nickerson, P.A., Tampa, Florida to act as bond counsel
to the Authority in connection with the issuance by the Authority
of the Bonds. The firm of Donald A. Pickworth, P.A., Naples,
Florida is the duly appointed Issuer's Counsel.
7. Limited Obligations. The Bonds and the interest thereon
shall not constitute an indebtedness or pledge of the general
credit or taxing power of Collier County, the State of Florida or
any political subdivision or agency thereof but shall be payable
solely from the revenue pledged therefor pursuant to a loan
agreement or other financing agreement entered into by and between
the Authority and the Company prior to or contemporaneously with
the issuance of the Bonds.
8. Limited Approval. The approval given herein shall not be
construed as an approval of any necessary zoning applications nor
for any other regulatory permits relating to the Project and the
Authority shall not be construed by reason of its adoption of this
resolution to have waived any right of the County or to have
estopped the County from asserting any rights or responsibilities
it may have in that regard.
This Resolution shall take effect immediately.
ADOPTED this 11th day of October, 2001.
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HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
( SEAL)
ATTEST:
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