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Resolution 2000-177 8H 1 RESOLUTION NO. i.OO(;'-ll:J__ A RESOLUTION OF THE DOA.RD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AUTHORIZING THE BORROliVtl\',(j en:: 1'iOT EXCEEDING $500,000 FROM THE POOLED COI\11MERCIAL PAPER LOAN PROGRAM OF THE FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION PURSUANT TO THE TERMS OF THE LOAN AGREENffiNT BETWEEN THE COMMISSION AND THE CULj:~TY n-.l" ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF VARIOUS CAPITAL nv1PRO':Fl/T::l~rs AT THE IMMOKALEE REGIONAL Am?O;r.i-, THE MARCO ISLAND EXECUTIVE AIRPOjC~', /..<D 'fHE EVERGLADES AIRP ARK~ AUTHORIZING TFn~'f~:'{:'~'~~: iTION OF A LOAN NOTE OR NOTES TO EVIDENCE S1.fCH BORROWING~ AGREEING TO SECURE S1JCHL'~)A:!'-; NOTE OR NOTES WITH A COVENANT TO BUDGE" :\ND ,\PPROPRIA TE LEGALL Y AVAILABLE NOl'.I-I.D VAI-DREM REVENUES AS PROVIDED IN THE LOA:"I AGREEMENT; AUTHORIZING THE EXECUTION A~~D DELIVERY OF SUCH OTHER DOCUMENTS AS f'..L\. \'3E NECESSARY TO EFFECT SUCH BORRowrNCJ; /\NL) PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARO OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA: SECTION 1. DEFlNITION~;,: "I],~s:,; the context of use indicates another meaning or intent, the following words and temlS (IS used in this Resolution shall have the following meanings. Capitalized terms not defined herein shall have the meanings ascribed thereto in the hereinafter-defmed Loan Agreement "Act" means, collectively, Part I, Chapter i25, Florida Statutes, Part I; Chapter 163, Florida Statutes, and all other applicable provisiors of law. tt Additional Payments" means the paym,;::ms ;"equired to be made by the County pursuant to Subsections 5.02(b), 5.02(c), 5.02(11), :' 0.S, 3Tld 6.06(e) of the Loan Agreement. "Board" means the Board of County CamJn:::;<one:rs of the County. 8H 1 "Chairman" means the Chainnan or Vice Chainnan of the Board, and such other person as may be duly authorized to act on behalf of the Board. "Clerk" means the Clerk of the Circuit Court for the County, ex-officio Clerk of the Board, and such other person as may be duly authorized to act on his or her behalf. "Commission" means the Florida Local Government Finance Commission, and any assigns or successors thereto. "County" means Collier County, Florida, a political subdivision of the State of Florida. "County Administrator" means the County Manager (CO\Ulty Administrator) of the County and such other person(s) as may be duly authorized to act on his or her behalf. "Designated Revenues" means (I) Public Agency Moneys budgeted and appropriated for purposes of payment of the Loan Repayments and any other amounts due under the Loan Agreement, and (2) the proceeds of the Loan pending the application thereof. "Draw Date" has the meaning set forth in the Loan Agreement. "Finance Director" means the Director of Finance and Accounting and such other person as may be duly authorized to act on his or her behalf. "Loan No. A-16-1" means the Loan designated as "Loan No. A-16-1" the proceeds of which are to be used to fmance Project A-16. "Loan" means the loan to be made by the Commission to the County from proceeds of the Series A Notes in accordance with the terms of this Resolution and of the Loan Agreement. "Loan Agreement" means the Loan Agreement, dated as of April 12, 1991, between the County and the Commission, as amended and supplemented and as the same may be further amended and supplemented. "Loan Rate" has the meaning set forth in the Loan Agreement. "Loan Repayments" or "Repayments" means the payments of principal and interest at the Loan Rate on the Loan amounts payable by the County pursuant to the provisions of 2 " 8H 1 the Loan Agreement and all other payments, including Additional Payments, payable by the County pursuant to the provisions of the Loan Agreement. "Non-Ad Valorem Revenues" means all legally available revenues of the County derived from any source whatsoever other than ad valorem taxation on real and personal property, which are legally available to make the Loan Repayments required in the Loan Agreement, but only after provision has been made by the County for the payment of services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the County or which are legally mandated by applicable law. "Program" means the Pooled Commercial Paper Loan Program established by the Commission. "Project A-16" means the costs and expenses relating to the acquisition and construction of various capital improvements at Immokalee Regional Airport, Marco Island Executive Airport and Everglades Airpark, as the same may be amended or modified from time to time as generally described in Exhibit A hereto and as more particularly described in the plans and specifications on file with the County. "Public Agency Moneys" shall mean the moneys budgeted and appropriated by the County for payment of the Loan Repayments and any other amounts due hereunder from Non-Ad Valorem Revenues pursuant to the County's covenant to budget and appropriate such Non-Ad Valorem Revenues contained in Section 6.04 of the Loan Agreement. "Resolution" means this Resolution, as the same may from time-to-time be amended, modified or supplemented. "Series A Notes" means the Conunission's Pooled Commercial Paper Notes, Series A (Governmental Issue), to be issued from time-to-time by the Commission. The terms "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms, shall refer to this Resolution; the term "heretofore" shall mean before the date of adoption of this Resolution; and the term "hereafter" shall mean after the date of adoption of this Resolution. Words importing the masculine gender include every other gender. Words importing the singular number include the plural number, and vice versa. SECTION 2. AUTHORITY FOR RESOLUTION. This Resolution is adopted pursuant to the provisions of the Act. 3 8H 1 SECTION 3. declared that: FINDINGS. It is hereby ascertained, detcnnined and (A) The Commission has been established for the principal pwpose of issuing commercial paper notes in order to provide funds to loan to public agencies, such as the County, desiring to finance and refmance the cost of acquiring, constructing and equipping capital improvements and to fmance and refmance other governmental needs. (B) In furtherance of the foregoing, the Commission shall issue, from time to time, commercial paper notes to be known as "Florida Local Government Finance Commission Pooled Commercial Paper Notes, Series A (Governmental Issue)" and shall loan the proceeds of such Series A Notes to public agencies, including the County. (C) Pursuant to the authority of the Act, the Commission has agreed to lo~ from time to time, to the County such amounts as shall be authorized herein and in the Loan Agreement in order to enable the County to fmance, reimburse or refmance the cost of acquisition, construction and equipping of capital improvements. (D) There is presently a need by the county to finance Project A-16 and the most cost-effective means by which to fmance Project A-16 is by the use of moneys obtained pursuant to the Program by means of the Loan. (E) The County hereby determines that the provision of funds by the Commission to the County in the fonn of Loan No. A-16-1 pursuant to the tenns of the Loan Agreement and the fmancing of Project A-16 will assist in the development and maintenance of the public welfare of the residents of the County, and shall serve a public purpose by improving the health and living conditions, and providing governmental services, facilities and programs and will promote the most efficient and economical development of such services, facilities and programs. (F) Loan No. A-16-1 shall be repaid solely from the Designated Revenues. Such Designated Revenues shall include moneys derived from a covenant to budget and appropriate legally available Non-Ad Valorem Revenues. The ad valorem taxing power of the County will never be necessary or authorized to make the Loan Repayments. SECTION 4. TERMS OF LOANS. The County hereby approves of Loan No. A-16-1 in the aggregate amoWlt of not exceeding $500,000 for the purpose of providing the County with sufficient funds to fmance Project A-16. The Chainnan and the Clerk are hereby authorized to execute, seal and deliver on behalf of the Gounty a Loan Note or Notes with respect to Loan No. A-16-1 and other documents, instrwnents, agreements and 4 8H 1 certificates necessary or desirable to effectuate Loan No. A-16-1 as provided in the Loan Agreement. The Loan Note or Notes with respect to Loan No. A-16-1 shall reflect the tenDs of such Loan and shall be substantially in the form attached to the Loan Agreement as Exhibit I. The Finance Director shall make the Draw Request or Requests with respect to Loan No. A-16-1 in accordance with the terms of the Lpan Agreement at such time or times as shall be detennined by the Finance Director as appropriate to fmance Project A-16 and is permitted by the Loan Agreement Loan No. A-16-1 shall mature in accordance with the provisions described in Schedule I attached hereto or in such other amowrts and at such other times as the Finance Director may detennine. Loan No. A-16-1 shall bear interest at the Loan Rate in accordance with the terms of the Loan Agreement The County further agrees to make all Loan Repayments required of it pursuant to the terms of the Loan Agreement. The Letter of Credit fees for Loan No. A-16-1 shall be 30 basis points or such other amount as First Union National Bank and the Finance Director shall agree. SECTION S. AUTHORIZATION OF PROJECT A-16. TheCanydoes hereby authorize the acquisition and construction of Project A-16. SECTION 6. SECURITY FOR THE LOAN. The County's obligation to repay Loan No. A-16-1 will be secured by a pledge of and lien upon the Designated Revenues in accordance with the terms of the Loan Agreement. The obligation of the County to repay Loan No. A-16-1 shall not be deemed a pledge of the faith and credit or taxing power of the County and such obligation shall not create a lien on any property whatsoever of or in the County other than the Designated Revenues. SECTION 7. GENERAL AUTHORITY. The members of the Board and the officers, attorneys and other agents or employees of the County are hereby authorized to do all acts and things required of them by this Resolution and the Loan Agreement, or desirable or consistent with the requirements of this Resolution and the Loan Agreement, for the full punctual and complete performance of all the terms, covenants and agreements contained in this Resolution and the Loan Agreement, and each member, employee, attorney and officer of the County or its Board is hereby authorized and directed to execute and deliver any and all papers and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Resolution and the Loan Agreement. SECTION 8. SEVERABILITY. If anyone or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the 5 8H l' remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 9. REPEAL OF INCONSISTENT RESOLUTIONS. All resolutions or parts thereof in conflict herewith are hereby superseded and repealed to the extent of such conflict. SECTION 10. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. DULY ADOPTED this 13th day of June, 2000. ,. ATTEST: DwighfE~. ~ROCI<, Clerk f , ... '. '-( . t '." ~:~~I tH' ., Attest as'toCh&1nu'S . r'1JJR~~rjl~~T~FoRM AND ~~At~UFFI~IENCY: 4 , . . . . . . . , .' \' ~ PROPOSED LOAN REPAYMENT SCHEDULE The principal of Loan No. A-16-1 shall be repaid as follows: December 4, 2001 December 3, 2002 December 2, 2003 December 7, 2004 $ SO,Ooo SO,OOO SO,OOO 3S0,OOO 8H 1 SCHEDULE I Interest on the Loan shall be paid monthly in accordance with the tenns and provisions of the Loan Agreement. Additional Payments shall also be made in accordance with the Loan Agreement. 8H 1 EXHIBIT A Description of Project A-16 Acquisition and construction of the various capital improvements including. but not limited to, the following: 1. Resurfacing of public use IUIlway at Marco Island Executive Airport. 2. Purchase material to prepare public use taxiway at Marco Island Executive Airport. 3. Environmental resource permit for the Immok~ee Regional Airport. 4. Aircraft hanger for the Immokalee Regional Airport for general public use. 5. Wetlands mitigation for the future taxiway/hangar area at the Immokalee Regional Airport. 6. Public aircraft apron expansion at the Immokalee Regional Airport. 7. Land acquisition for public aircraft apron and hangar development at the Everglades Airpark.