Resolution 1998-042
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RESOLUTION 98-42
A RESOLUTION OF THE BOARD 0::' COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, APPROVING T~E ISSUANCE OF NOT
EXCEEDING $7,000,000 HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS,
SERIES 1998A (SAXON i'lANOR ISLES PRO.JECT), PURSUANT TO
CHAPTER 159, PART IV, FLORIDA STATUTES, AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COm~TY COMMISSIONERS OF COLLIER
COUNTY, FLORIDA:
Section 1. Reci tals _ I t is hereby found, ascertained,
determined and d<::":larr::d that:
A. The Housing Finance Authority of Collier County (the
"Issuer") is a public corporation af the State of Florida, was duly
created by Ordinance No. 80-66 of the Board of County Commissioners
of Cell ier County, Florida, and is a body corpora te and pol i tic
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 (:::.h-= "County"), under
and by virtue of Chapter ::'59, Part IV, :lorida Statutes, (the
"Act"), to provide for the issuance of and to issue and sell its
obligations for lawful purposes under the Act.
B. The Issuer has sub~itted to :he Board of County
Commissioners a copy of its Resolution (the "Resolution"), attached
hereto as Exhibit A, with respect to the issuance by it of not to
exceed $7,000,000 Housing Finance Authority of Collier County
Multi-?amily Refunding Revenue Bonds Series 1998A (Saxon Manor
Isles proj ect) , (the "Bonds").
C. A public hearing was held on the Resolution on February
12, 1998, which public hearings were duly conducted by the Issuer
upon reasonable public notice as defined in the Internal Revenue
Code, a copy of said notice being attached }lereto as Exhibit B, 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. No person spoke or wrote
in opposition to the project or the issuance of the Bonds.
D. The Issuer has recommended and requested 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
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taxatiO:1 t.:Iider applicable provis:,0:1f3 0: So::::ction 147 (a) of the
Inter~al Revenue Code of 1986, as am~nd~d.
~. 7h<: R-:solution Sh0'dS :::~.:: ."-,7. :ssuer has acted in
accordance with all applicabl..~ l"':'.::'~'.7-:",'=::1:;:; ()f law, .:tnd that th.~
issuance of the Bonds will ser~0 s~g~i~:.~a~t public purposes as
provided in th~ A~t.
F. The purpose ot the Act w~~'. :)'; .:~~...';Ll',/".:dy ~":':J:vecJ, dnd it
is n~"';'~ssar,/ and dr.:sir.::lblr; and 111 r ::.-, rJ,";,f ; ;ltro:rr.st. nf thr~ County
t~a: ::-:e issuance of the Bonds b~ ?t!i~~:::"/'-::~~ ::'/ the Board of County
C0mrnic;f.iioners.
G. The Bonds shall not constitute a debt, or a pledge of
fait~ .::l.nd credit of the Issu<:r, th,:: ("'-,u:,ty, ~h,,= State of [o'lorida or
any p0litical subdivision thereof. 'lnd n.:>it:."?r the Issuer, the
County, the State of Florida nor any polit:~al subdivision thereof
shall oe liable thereon; nor ~:1 (1:..../ eo.."::;:';: ;3!wll tho;: Bonds be
payab Ie out of any funds or pl'Op0I't ies ':;: :1': :~: than t hose of the
Issuer, and then only to the exte~t provi~~~ :.:; the Indenture. No
rr:~:r.t~~''Jf the Board 0f ('ount'! '.~-::;:~:-:1:ss:'-;::-~~'s or any officer or
e~lp~:;:'e-= tr:erecf shall be liabl"'::; :::;'-=1:sc:1al':':.' :-:--,:. ::.:..e Bonds by reason
of: :: ~ :. r- is S'~ a:1 C'>::= .
Section 2. Approval of Issuance of the Bonds. The issuance
of the Bonds as ccntemplated by t:v~ i\.::sc: L:C .:.c:. is hereby approved,
however this approval shall in ~c way be je~med to abrogate any
regulations of tt-.e County and tt....::: ;..roj~C': contemplated by this
reselu:ion shall be subject to <'111 s:..::::::; ~:(:g~:2.ations, includins, but
not Ii mi ted to, the County' s G~8'dt h :I,a :;agemen t Plan and all
concurrency requirements contair..0d the~-ei;: and the Collier County
Land Development Code.
Section 3. Repealing Clause.
parts thereof in conflict herewith,
are hereby superseded and repealed.
All ~~solutions or orders and
to th~ ~x:-=nt of such conflict,
Section 4. Effective Date. This Resol~tien shall take effect
immediately upon its adoption.
?ASSED AND ADOPTED THIS
1998.
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day Gf1-dJ1WNf
f IJl-ltcl \\'"\\I'\\I'IMK...,I IfI'\\"'"',MI \\1'"
( SEAL)
ATTEST:
Dwight E. Brock, Clerk
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fl/'
By:
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COLLIER COUNTY, FLORIDA
Po.H']), 1:,1 [3. P,"! ITY, Chu i 'rn~
Board of County Commissioners
of Collier County, Florida
Approved as to form and legal sufficiency:
dwJ~
David Weigel '
County Attorney
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98 - 01
RESOLUTION REGARDING THE OFFICIAL ACTION OF THE HOUSING
FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, RELATIVE TO
THE ISSUANCE OF NOT TO EXCEED $7,000,000 MULTIFAMILY
HOUSING REFUNDING REVENUE BONDS SERIES 1998A (SAXON MANOR
ISLES PROJECT) FOR THE PURPOSE OF REFUNDING CERTAIN
OUTSTANDING PRINCIPAL AMOUNTS OF MULTIFAMILY HOUSING
REVENUE BONDS (SAXON MANOR ISLES PROJECT, SERIES 1996)
ISSUED FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING AND
EQUIPPING MULTIFAMILY RESIDENTIAL HOUSING FACILITIES FOR
PERSONS OR FAMI L1 ES OF LO~l, fYn DDLE OR HODERA TE INCOME;
&~D PROVIDING AN EFFECTIVE DATE.
WHEREAS, Saxon Manor Isles Apartments Limited Partnership (the
"Company" which term shall include its related successors or
assigns) has applied to the Housing Finance Autho~ity of Collier
County, Florida (the "Authority"), to issue its multifamily housing
revenue refunding bonds in a principal amount not to exceed
$7,000 1000 (the "Bonds") for the purpose of refunding certain
outstanding principal amounts of multifamily housing revenue bonds
originally designated as "$6,345,000 Housing Finance Authority of
Collier County, Florida Variable Rate Demand Multifamily Housing
Revenue Bonds (Saxon Manor Isles Project), Series 1996"
(hereinafter, the "Refunded Bonds"), a::.d issued to finance the
acquisition, construction, equipping and development of multifamily
resident ial hous ing f ac i 1 it ies for persO:1s or f ami 1 i es of low,
middle or moderate income to be located in Collier County (the
"Project"), and 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 m~y
determine advisable (the "Act"); and
WHEREAS, a determination by the Authority to issue the Bonds
and to loan the proceeds thereof pursuant to 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 therewi th as may be incurred by the
Authority, will assist the Company and promote the purposes
provided in the Act; and
C ~l) Flln 01.0.:-.., 1I0FA SAXO"~'A..ORRr:,FI"A..nRF.S WPD
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WHEREAS, in order to satisfy certain of the requirements of
Section 147(f} of the Internal Revenue Code of 1986, as amended,
the Authority held a public hearing on the proposed issuance of the
Bonds for the purposes herein stated on the date hereof, which date
is 14 days following the first publication of notice cf such public
hearing in a newspaper of general circulation in Collier County,
Florida (a true and accurate copy of the proof of publication of
such notice is attached hereto as Exhibit A), 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 port ion of the proj ect to be financed wi th the
proceeds therefrom; and,
WHEREAS, it is intended that this Resolution shall constitute
official action toward the issuance of the Bonds within the meaning
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 Project and the re-
financing thereof by the A"..lthority. through the issuance of the
Bonds, will promote the health and welfare of the citize:1s 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 conoltions
set forth in that certain Preliminary Agreement for issuar.ce of
Multifamily Housing Revenue Bonds dated December 8, 1997 bet~een
the Authori ty and the Company (the "Prel iminary Agreement"), in one
or more issues or series in an aggregate principal amount not to
exceed $7,000,000 for the purpose of re-financing the Project by
refunding the Refunded Bonds. 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 re-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
C ~1)F,ln a.xum",,' tfOF,~ S"'XOS\f..'SORRl,rJS,~~CER(S ",po
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Counsel, either alone or jointly, at the ey.pe~se of the Compa~y, to
seek approval for the issuance of the Bonds and the re-fina~cing 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 1976, as amended.
4. General Authorization and Call for Redemption. The
Chairman, Vice-Chairman, Secretary, Issuer's Counsel, and Bond
Counsel are hereby further authori zed to take such steps and
actions as may be required and necessary in order to cause the
Authority to issue the Bonds subject to the terms and conditions
set forth in the Prel iminary Agree:-nent authorized hereby. The
Chairman is hereby authorized to dir8ct the Trustee for the
Refunded Bonds to call the Refunded Bonds for rede~ptior..
5. Affirmative Action. This resolution is an affirmative
acti~;-: of the Authority to'/lard the issua~ce of the Bonds, in
accorcance with the purposes of the laws of the State of Florida
and the applicable United States Treasury Regulations.
6. Approval of Notice of Public Hearing. The form of notice
of publ ic hearing at tached hereto as Exhibi t "A" is hereby approved
and the publishing thereof ratified Iby the Authority.
7.
Giblin
to the
Appointment of Counsel. The Authority appoints Nabors,
and Nickerson, P.A., Tampa, Florida to act as Bond Counsel
Authority in connection with the issuance by the Authvrity
Bonds. The firm of Donald A. Picb;arth, P.A., t-;aples,
is the duly appointed Issuer's Counsel.
of tr.e
Florida
8. Limited Obligations. The Sonds and t~e interest thereon
shall not constitute an indebtedness or pled?e of the general
credit or taxing power of Collier County. the State of Florida or
any political subdivision or agency thereof b~t shall be payable
solely from the revenue pledged therefor pursuant to a loan
agreement or other financing agreement entered :nto by and between
the Authority and the Company prior to or co~temporaneously with
the issuance of the Bonds.
9. 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
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resolution to have waived any right of the County nor 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 12th day of February, 1998,
HOUSING FINfu~CE AUTHORITY OF
COLLIER COUNTY, FLORIDA
( SEAL)
By: Is/
Chairman
ATTEST:
/S/
Secretary
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