Resolution 2023-036 RESOLUTION NO. 2023 . 36
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
APPROVING THE ISSUANCE AND SALE OF REVENUE
BONDS BY THE COLLIER COUNTY EDUCATIONAL
FACILITIES AUTHORITY, AS REQUIRED BY SECTION
147(f) OF THE INTERNAL REVENUE CODE, AS
AMENDED; AND PROVIDING FOR OTHER RELATED
MATTERS.
WHEREAS, the Collier County Educational Facilities Authority (the "Authority") is a
body corporate and politic of Collier County, Florida(the "County")created by County Resolution
No. 79-34 duly adopted by the Board of County Commissioners on February 27, 1979 pursuant to
Part I of Chapter 243, Florida Statutes, as amended, with the power to issue revenue bonds for the
purposes of financing or refinancing the costs of a "project" as defined in Part I of Chapter 243,
Florida Statutes, as amended; and
WHEREAS, Ave Maria University, Inc., a Florida not for profit corporation (the
"Borrower"), operates a university within the County, and has requested that the Authority issue
its Collier County Educational Facilities Authority Revenue Refunding Bonds as tax-exempt
bonds in an aggregate principal amount not to exceed $60,000,000 (the "Bonds") and loan the
proceeds thereof to the Borrower to assist the Borrower in refunding the Authority's $65,000,000
Collier County Educational Facilities Authority Revenue Refunding Bonds (Ave Maria
University, Inc. Project), Series 2013A outstanding in the aggregate principal amount of
$53,830,000 (the "Refunded Bonds")which were issued for the purpose of refinancing previously
issued debt to finance construction of various improvements on the Borrower's permanent campus,
including five undergraduate dormitories and other facilities to provide faculty, staff and graduate
student housing (the "Refunded Bonds Projects"); 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 or refinanced with the proceeds of tax-exempt bonds
is located may 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 caused a notice of a public hearing to consider approval of the
Bonds and the refunding of the Refunded Bonds to be published on February 7,2023,in the Naples
Daily News, a newspaper of general circulation in the County, a copy of said notice being attached
to the Authority Resolution described herein (the "Notice"); and
WHEREAS, the Authority held a public hearing on February 15, 2023, pursuant to the
Notice and adopted a resolution (the "Authority Resolution") providing its preliminary
authorization for the issuance of the Bonds, a copy of which is attached hereto as Exhibit A, and
has recommended to the Board that it approve 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 the 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
Notice pursuant to Section 147(f) of the Code. The Bonds shall be issued in such series, in such
aggregate principal amount (not to exceed $60,000,000), bear interest at such rate or rates, mature
in such amount or amounts and be subject to redemption as are approved by the Authority without
the further approval of this Board.
The Bonds shall not constitute a debt, liability or obligation of the County, the Board, any
officer, agent or employee of the County, the State of Florida (the "State") 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 the County or the State 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 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 the County within
the regulatory jurisdiction of the County, including, but not limited to, the Collier County Growth
Management Plan and 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. EFFECTIVE DATE. This Resolution shall take effect
immediately upon its adoption, and any provisions of any previous resolutions in conflict with the
provisions hereof are hereby superseded.
[Signature page to follow]
[23-MBG-00541/1771553/1]
This Resolution adopted this 28th day of February, 2023, after motion, second, and
majority in favor of passage.
ATTEST: BOARD OF COUNTY COMMISSIONERS
Crystal K. Kinzel, Clerk of Courts COLLIER COUNTY, FLORIDA
) de
D ty Jerk Rick LoCastro, Chairman
Attest-aiio Ch:ins ; ,
signat reo .: .y>-
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Appro'ec[ sfo r oSri • , :
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P , it
Jeffrey!! . lat ow, County Attorney
Attachment:
Exhibit A—Authority Resolution No. 2023-01