Resolution 1999-24616E2
RESOI_,UTION NO. 99-246
A RESOLUTION OF TItE BOARD OF COUNTY
COMMISSIONERS OF CO[.I.IER COUNTY, FI.ORIDA,
AUTHORIZING TttE BORROWING OF NOT EXCEEDING
56,500,000 FROM TIqE POOI.ED COMMERCIAL PAPER
LOAN PROGRAM O1: TItE FLORIDA LOCAl.
GOVERNMENT FINANCE COMMISSION PURSUANT TO
THE TERMS OF THE LOAN AGREEMENT BETWEEN TIlE
COMMISSION AND TIlE COUNTY IN ORDER TO
FINANCE THE ACQUISITION, CONSTRUCTION AND
EQUIPPING OF AN AD,XllN1STRATI\"E BUll. DING FOR
THE SHERIFF'S DEPAR'INI[-iNT: AUTItORIZING TItE
EXECUTION OF A I.O..\N NOTE OR NOTES TO
EVIDENCE SUCH BORROWING; AGREEING TO SECt.;RE
SUCH LOAN NOTE OR N()'I'ES WITII A COVENANT TO
BUDGET AND APPROPRIATF. I.EGAI.I.Y AVAILABI.E
NON-AD VAI.OREM REVENUES AS PROVIDEI) IN 'l'l
LOAN AGREEMENT; AUTiIORIZING THE EXECUTION
AND DELIVERY OF SUCII OTIIER DOCUMEN'FS AS MAY
BE NECESSARY TO F_FFf-'.CT SUCtt BORROWING: AND
PROVIDING ,,\N [:.FFF. CTI VI! I),.\TI'],
BE IT RESOLVED BY TIlE li()ARD OF COUNTY COMMISSIONERS ()F
COLI.,IER COUNTY, FLORIDA:
SECTION 1. DEFINITIONS. Unless thc context of usc indicates another meaning
or intent, the following words and terms as used in this Resolution shall have thc following
meanings. Capitalized terms not defined herein shall have thc meanings ascribed thereto in
the hereinafter defined Loan Agreement.
"Act" means, collectively, Part I. ('hapter 125, Florida Statutes, Part I, Chapter 163.
Florida Statutes, and all other applicable provisions of lax,,'.
"Additional Payments" means the payments required to be made by thc County
pursuant to Sections 5.02(b), 5.02(c), 5.02(d), 5.05 and 6.06(e) of the l,oan Agreement.
"Board" means the Board of County Commissioners of thc Cotmty.
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"Chairman" means the Chain'nan or Vice Chairman of the Board, and such other
person as may be duly authorized to act on his or her behalf.
"Clerk" means the Clerk of the Circuit Court for the Coun .ty, ex-o~cio Clerk of the
Board, and such other person as may be duly authorized to act on }lis 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" ~neans tim County Administralor of tile County and such
other person as may be duly authorized to act on his or her bet~alf.
"Designated revenues" means (1) 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 l.oan 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-I 1-1" means tile Loan designated as "Loan No. A-1 I-1" tile proceeds
of which are to be used to finance Project .,\-11.
"Loan" means the loan to be made by tile Commission to the County fi'om proceeds
of the Series A Notes in accordance with the terms of this Resolution and of the l.oan
,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 bc
further amended and supplemented.
"Loan Rate" has the meaning set forth in tile Loan Agreement.
"Loan Repayments" or "Repayments" means tile payments of principal and interest
at the Loan Rate on the Loan amounts payable by the County pursuant to the provisions of
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the Loan Agreement and all other payments, including Additional Payments, payable by tile
County pursuant to the provisions of the l,oan 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
properly, which are legally available to make the Loan Repayments required in tile 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 Count',' or which are legally mandated by applicable law.
"Program" means the Pooled Commercial Paper Loan Program established by' the
Commission.
"Project A-11" means the costs and expenses relating to the acquisition, construction
and equipping of an administrative building for the Sheriffs department, as tile same may be
amended or modified from time to time. all as more particularly described in tile plans and
specifications on file with the Count,,,.
"Public Agency Moneys" shall n~can the moneys budgeted and appropriated by thc
County for payment of tile Loan Repayments and any other amounts due hereunder from
Non-Ad Valorem Revenues pursuant to tile 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 tile same may from time to time be amended,
modified or supplemented.
"Series A Notes" means tile Commission's Pooled Commercial Paper Notes. Series
A (Governmental Issue), to be issued from time to time by thc Commission.
The terms "herein," "hereunder," "hereby," "hereto." "hereof," and any similar tcrms,
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 thc plural number, and vice versa.
SECTION 2. AUTtlORITY FOR RESOI. UTION. This Resolution is adopted
pursuant to the provisions of the Act.
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SECTION 3. FINDINGS. It is hereby asccrtaincd, determined and declared that:
(A) The Commission has been established for the principal purposc of issuing
commercial paper notes in order to provide funds to loan to public agencies, such as thc
County,, desiring to finance and refinance the cost of acquiring, constructing and equipping.
capital improvements and to finance and refinance other governmental needs.
(B) in furtherance of the foregoing, tile Commission shall issue, from time to time,
commercial paper notes to be known as "}:lorida Local Government Finance Commission
Pooled Commercial Paper Notes, Series A ((.~ovemmental Issue)" and shall loan thc procccds
of such Series A Notes to public agencies, including the County.
(C) Pursuant to the authority of thc Act, the Commission has agreed ~() loan, from
time to time, to the County such amounts as shall be authorized herein and in thc lx~an
Agreement in order to enable the Coumy to finance, reimburse or refinance thc cost
acquisition, construction and equipping of capital improvements.
(D) There is presently a need by thc county to finance Project ,\-I 1 and thc most
cost-effective means bv v,'hich to finance Project A-1 I is by the use of moneys ohlaincd
pursuant to the Program by means of thc
(E) The County hereby determines that tile provision of funds by the Commission
to the County in the form of Loan No. A- 11- l pursuant to tile texqns of the Ix)an Agrec,ncnt
and the financing of Project A-11 will assist in tile development and maintenance of the
public welfare of the residents of the County. and shall serve a public purpose by improving
the health and lMng conditions, and providing governmental services, facilities and programs
and will promote the most efficient and economical development of such services, facilities
and programs.
(G) Loan No. A-I1-1 shall be repaid solely fi'om the Designated t?,cvcnucs. 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 l.oan No. A-
ll- 1 in the aggregate an~ount of not exceeding $6,500,000 for the purpose of providing tile
County with sufficient funds to finance l'roject A-II. The Chairman and the Clerk are
hereby authorized to execute, seal and deliver on behalf of thc County a Loan Note or Notes
with respect to Loan No. A-I I-I and other documents, instruments, agreements and
certificates necessary or desirable to effectuate Loan No. A-11-1 as provided in the l.oan
Agreement. The Loan Note or Notes with respect to Loan No. A-I 1-1 shall reflect the terms
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of such Loan and shall be substantially in tile form attached to the l,oan Agreement as
Exhibit I. The Finance Director shall make tile Draw Request or Requests with respect to
Loan No. A-11-1 in accordance with the terms of the Loan Agreement at such time as shall
be determined by the Finance Director as appropriate to finance P~Ject A-II anti is
permitted by the Loan Agreement. Loan No. A-I I-I shall mature and be repaid itl such
manor as the Finance Director and the Commission shall determine prior to tile issuance of
any Loan Note with respect to Loan No. A-I1-1 so long as the final maturity of such l,oan
Note shall not be longer than thc expiration date of the Credit Facility. l,oan No. A-I1-1
shall bear interest at the Loan Rate in accordance with tile terms of thc l,oan Agreement.
The Cotmty farther agrees to make all Loan Repa,~qnents required of it pursuant to thc terms
of the Loan Agreement. The Letter of Credit fees for Loan No. A- l I- 1 shall bc 30 basis
points or such other amount as First Union National Bank and tile Finance Director shall
agree.
SECTION 5. AUTilOi,IIZATION ()F PRO,JECT A-I 1. Thc County docs hereby
authorize the acquisition and construction off Project :\-11.
SECTION 6. SECURITY FOR TIlE LOAN. Thc County's obligation to repay
t. oan No. A-11-1 will be secured by a pledge of and lien upon the Designated Revenues in
accordance with the terms of the Loan Agree~nent. Thc obligation of thc County to repay
Loan No. A-I 1-1 shall not be deemed a pledge of the faith and credit or taxing power ofthe
County and such obligation shall not create a lien on any property whatsoever of or in tile
County other than the Designated Revenues.
SECTION 7. GENERAl, AUTIIORITY. Thc members of thc 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, attomcy 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 bc done any and all acts and things
necessary or proper for carD'ing out the transactions contemplated by this Resolution and thc
Loan Agreement.
SECTION 8. SEVERABILITY. If any one 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 remaining
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covenants, agreements or provisions and shall in no way affect the validity of any of the
other provisions hereofi
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 25th day of May, 1999.
(SEAL)
ATTEST:
DWIGHT E. BROCK, CLERK
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA
By:
PAMELA S. MAC'KIE, CHAIRWOMAN
s ignature:oilJ.
Approved as to form and
legal sufficiency:
David C. Weigel
County Attorney
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