Resolution 2008-065
RESOLUTION NO. 2008- 65
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA APPROVING THE ISSUANCE AND SALE
OF HEALTH FACILITY REVENUE BONDS BY THE COLLIER COUNTY
HEALTH FACILITIES AUTHORITY, AS REQUIRED BY SECTION 147(1)
OFTHE INTERNAL REVENUE CODE, AS AMENDED; PROVIDING THAT
THE BONDS SHALL NOT BE A DEBT OR OBLIGATION OF COLLIER
COUNTY, SHALL NOT CONSTITUTE A PLEDGE OF TAXES OR ANY
OTHER REVENUES OF THE COUNTY; PROVIDING THAT THE
PROJECT TO BE FINANCES SHALL BE SUBJECT TO ALL
REGULATIONS OF COLLIER COUNTY; PROVIDING FOR OTHER
RELATED MATTERS, AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Collier County Health Facilities Authority (the "Authority") is a body
corporate and politic of Collier County, Florida created by Collier County Ordinance No. 79-95 duly
adopted by the Board of County Commissioners on November 20, 1979 pursuant to Part III of
Chapter 154, Florida Statutes, as amended, (the "Act") with the power to issue revenue bonds for the
purposes of financing a "project" as defined in the Act; and
WHEREAS, The Moorings, Incorporated, a Florida not for profit corporation, with certain
facilities located within the boundaries of Collier County, Florida (the "Borrower") has requested the
Authority to issue its revenue bonds as described below for the benefit of the Borrower and to loan
all or a portion of the proceeds thereof to the Borrower for the purposes set forth herein; and
WHEREAS, the Authority caused notice of a public hearing to consider approval of the
Bonds and the location and nature of the project to be published on or before February 10,2008, in
the Naples Daily News a newspaper of general circulation in the County, and a copy of said notice is
attached as Exhibit A to the Authority Resolution as described below (the "Notice"); and
WHEREAS, on February 10,2008 a public hearing was held by the Authority with regard to
the issuance of the Authority's Health Facility Revenue Bonds (The Moorings, Incorporated Project)
Series 2008 in an aggregate principal amount not to exceed $40,000,000, at the conclusion of which
hearing the Authority adopted the Resolution attached as Exhibit A (the" Authority Resolution"); and
WHEREAS, the proceeds of the Bonds will be used by the Authority to make a loan to
Borrower to finance (including reimbursement to the Borrower of previously incurred expenses in
connection with) the cost of acquisition, construction and equipping of health care facilities located at
120 Moorings Park Drive, Naples, Florida, within Collier County, Florida and to pay the costs of
issuance of the Bonds(all of the property financed with proceeds of the Bonds being owned and
operated by the Borrower); and
WHEREAS, the Bonds will not be an obligation of the County, and will be payable solely
from funds of the Borrower; and
WHEREAS, pursuant to the requirements of the Internal Revenue Code of 1986, as amended
(the "Code"), as a prerequisite to the issuance of the Bonds, it is necessary that the Board of County
Commissioners of Collier County, Florida approve the issuance thereof after said public hearing; and
WHEREAS, the Board of County Commissioners desires to evidence approval of the
issuance of the Bonds solely to satisfY the requirements of the Code.
NOW, THEREFORE, be it resolved by the Board of County Commissioners of Collier
County, Florida that:
Section I. The Board of County Commissioners hereby approves the issuance of the
Bonds solely for purposes of Section I 47(f) of the Code.
Section 2. The Bonds shall not constitute a debt, liability or obligation of Collier County,
Florida, its Board of County Commissioners, or any officers, agents or employees thereof, or of the
State of Florida or any political subdivision thereof, including the City of Naples, but shall be
payable solely from the revenues provided therefor, and neither the faith and credit nor any taxing
power of Collier County, Florida, the State of Florida or any political subdivision thereof is pledged
to payment of the principal of, premium, if any, and interest on the Bonds. No member of the Board
of County Commissioners of Collier County, Florida or any officer, agent or employee thereof shall
be liable personally on the Bonds by reason of their issuance.
Section 3. This approval shall in no way be deemed to abrogate any regulations of Collier
County, Florida, and any and all projects contemplated to be financed with the Bonds shall be subject
to all such regulations, including, but not limited to, the Collier County Growth Management Plan,
all concurrency requirements contained therein, the Collier County Land Development Code, and all
applicable impact fee regulations to the extent that any such regulations are applicable to any
properties or projccts located within the City of Naples, Florida.
Section 4. 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 5.
This Resolution shall take effect immediately upon its adoption.
PASSED and adopted this 11th day of March, 2008.
ATTEST:
Dwight E. Brock, Clerk
COLLIER COUNTY, FLORIDA BY
ITS BOARD F CO Y COMMISSIONERS
By:
At ta qep.uiY ~1~8.i
[st~f tlK't Oil I ,.
.
.
Appro d
Chief Assistant County Attorney
RESOLUTION NO, 2008-01
AN INDUCEMENT RESOLUTION OF THE COLLIER
COUNTY HEALTH FACILITIES AUTHORITY REGARDING
THE OFFICIAL ACTION OF THE AUTHORITY WITH
RESPECT TO THE PROl'OSED ISSUANCE BY THE
AUTHORITY OF ITS HEALTH FACILITY REVENUE
BONDS (THE MOORINGS, INCORPORATED PROJECT)
SERIES 2008 IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $40,000,000 FOR THE PRINCIPAL
PURPOSE OF REIMBURSING THE MOORINGS,
INCORPORATED (THE "BORROWER") FOR, AND PAYING
THE COSTS OF, ACQUISITION, CONSTRUCTION,
EQUIPPING AND IMPROVING THE CONTINUING CARE
FACILITY OWNED AND OPERATED BY THE BORROWER
AND LOCATED AT 120 MOORINGS I' ARI(DRIVE, NAPLES,
FLORIDA; I'ROVIDING AN EFFECTIVE DATE AND
PROVIDING FOR RELATED MATTERS.
WHEREAS, The Moorings, Incorporated, a Florida not-for-profit corporation (the
"Borrower") has applied to the Collier County Health Facilities Authority (the "Authority") to issue
a series of its private activity revenue bonds in the initial aggregate principal amount of not to exceed
$40,000,000 (the "Bonds") for the principal purpose of financing a loan by the Authority to the
Borrower the proceeds of which will be used by the Borrower to reimburse itself and pay the costs
of acquiring, constructing, equipping and improving the continuing care facility owned and operated
by the Borrower and located at 120 Moorings Park Drive, Naples, Florida (the "Project") and paying
costs associated with the issuance of the Bonds; and
WHEREAS, the "Project," as described in the application consists of the following: 29 living
units housed in three new buildings under construction on the existing campus ofthe Borrower; and
WHEREAS, the Borrower has requested that the Authority loan the proceeds of the Bonds
to the Borrower pursuant to Chapter 154, Part III, Florida Statutes, or such other provision or
provisions of Florida law as the Authority may determine advisable (the "Act") in order to
accomplish the foregoing purposes; and
WHEREAS, the issuance of the Bonds and the loaning of the proceeds thereof to the
Borrower to finance the costs of the Pl'Oject under loan agreements or other financing agreements,
and pursuant to the terms thereof 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 Borrower and
promote the public purposes provided in the Act; and
WHEREAS, in order to satisfy certain of the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended (the "Code"), the Authority did on the date hereofhold a public
hearing on the proposed issuance of the Bonds for the purposes herein stated, which date is more
than 14 days following the first publication of notice of such public hearing in a newspaper of
general circulation in Collier County and 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
EXHIBIT A
TO COUNTY RESOLUTION
writing, on the issuance of the Bonds and the location and nature of the Pl'Oject, as more particularly
described in the notice of public hearing attached hereto as Exhibit A; 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 in
addition to any other action that may have heretofore been taken by the Borrower;
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY HEALTH
FACILITIES AUTHORITY, THAT:
SECTION I. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of the Act and other applicable provisions oflaw.
SECTION 2. PRELIMINARY STATEMENT. This Resolution is entered into to permit
the Borrower to proceed with the financing of the costs of the Project and to provide an expression
of intention by the Authority, prior to the issuance of the Bonds, to issue and sell the Bonds and
make the proceeds thereof available for such purposes, all in accordance with and subject to the
provisions of the Act, the Constitution and other laws of the State of Florida and the laws of the
United States of America, including the Code, and this Resolution.
SECTION 3. APPROVAL OF TI-IEFINANCING. The financing of the costs of the Project
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, will promote the general economic structure of Collier
County, and will thereby serve the public purposes of the Act and is hereby approved.
SECTION 4. AUTHORIZATION OF THE BONDS. There is hereby authorized to be
issued and the Authority hereby determines to issue the Bonds, if so requested by the Borrower, in
an aggregate principal amount not to exceed $40,000,000 for the principal purpose of financing the
costs of the Project. The rate of interest payable on the Bonds shall not exceed the maximum rate
permitted by law.
SECTION 5. GENERAL AUTHORIZATION. The Chairman and the Vice-Chairman are
hereby further authorized to take such steps and actions as may be required or necessary in order to
cause the Authority to issue the Bonds.
SECTION 6. OFFICIAL ACTION. This resolution is an official action of the Authority
toward the issuance ofthe Bonds, in accordance with the purposes of the laws of the State of Florida
and the applicable United States Treasury Regulations.
SECTION 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
revenues pledged therefor pursuant to a loan agreement or other financing agreement entered into
between the Authority and the Borrower prior to 01' contemporaneously with the issuance of the
Bonds. Thc Authority has no taxing power.
SECTION 8. LIMITED APPROVAL. The approval given herein shall not be construed
as an approval or endorsement of approval of any necessary rezoning applications nor for any other
rcgulatory permits relating to the Project and the Authority shall not be construed by reason of its
2
adoption of this resolution to have waived any right of Collier County or to have estopped Collier
County from asserting any rights or responsibilities it may have in that regard.
SECTION 9. EFFECTIVE DATE. This Resolution shall take effect immediately.
ADOPTED this 25th day of February, 2008.
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COLLIER COUNTY HEALTH FACILITIES
AUTHORITY
UvsFf-/
ATTEST:
3
Th.Th,
NAPLES DAILY NEWS
Puhlishcd Daily
Naples, Fl 34102
Affidavit of Publication
State of Florida
County of Collier
Before the undersigned Ihey serve as the authority. personally
appeared ~. Lmnb, who on oath says that they
serve as the Assistant Corporate Secretary of the Naples Daily,
a daily newspaper published at Naples, in Collier County,
Florida; distributed in Cottier find Lee counties or Florida; that
the attached copy or lhe advertising, being a
1'\)13lK!:iQn~~
IIllhe mailer of PUBLIC NOTICE
was published ill said newspaper I time in the issue
pnfcbnmrv IOlh.2008
l\fnlllll lillthcr says thlll the said Nllples Daily News is l\ ncwspnper
I'llhli.~hed at Naples, in collier county, Floridlluod that lhe said
ncw8f>llpcr hUJi hCl'cln(orc been cOlltinuously puhlil:lhed in Sltid Collier
Coullly, Florida; dL:\ll'ihllled in Collier Ilnd Lee eOlllllies 01' Florida,
cad, dny nnd lms been clllcred IlS second clnsll mnillllnttcr at the post
omcc in Naples, ill lU1it\ Collier County, Florida, for a period of I
ye,1f ncxl prcccdinu the lin~t publication ufthenltnchcd copy Ilf
advcrlisclllcnl; lml.! ntlhlllt fUlther says thlll he has neither ll11itl lIor
fllOl1li..cd llllY pcrsoll, lirlll or c()q)()I'alion IlIlY diliCllunt, rebnl!":,
cmnmis...iutlllr rdi.llld for lhc purpose ofsccuring this ndvcrtisemcllt for
puhli";llion il1lhe ...aid IlCWllpllpcr.
.J',~
( Sigiullure of affi:mt)
Sworn to aud subscribed before me
This 271h,200R
Day OrrcbwlII')' lOOK
(Sig~~af)'~
FEI .l9-257H.127
..,"",'1"'. JUDY JANES
;:f~" ,:\ Commission DO 675029
k !! Explros May 16, 2011
~'1.,~" I llomltllTl\tUlll'l'f~WI_lJ\eQllOO.38S-1019
EXHIBIT A
TO AUTHORITY RESOLUTION
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