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Resolution 1996-337 . RESOLUTION NO. 96-337 AUG - 6 1996 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AUTHORIZING THE BORROWING OF NOT TO EXCEED $2,500,000 FROM THE POOLED COMMERCIAL PAPER LOAN PROGRAM OF THE FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION PURSUANT TO THE TERMS OF THE LOAN AGREEMENT BETWEEN THE COMMISSION AND THE COUNTY IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF VARIOUS CAPITAL IMPROVEMENTS AT THE IMMOKALEE REGIONAL AIRPORT, THE MARCO ISLAND EXECUTIVE AIRPORT AND THE EVERGLADES AIRPARK; AUTHORIZING THE EXECUTION OF A LOAN NOTE OR NOTES TO EVIDENCE SUCH BORROWING; AGREEING TO SECURE SUCH LOAN NOTE WITH A COVENANT TO BUDGET AND APPROPRIATE LEGAI-L Y AVAILABLE NON-AD VALOREM REVENUES AS PROVIDED IN THE LOAN AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH OTHER DOCUMENTS AS MAY BE NECESSARY TO EFFECT SUCH BORROWING; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA: SECTION 1. DEFINITIONS. Unless the context of use indicates another meaning or intent, the following words and terms as used in this Resolution shall have the following meanings. "Act" means, collectively, Part I, Chapter 125, Florida Statutes, Part I, Chapter 163, Florida Statutes, and all other applicable provisions oflaw. "Additional Payments" means the payments required to be made by the County pursuant to Sections 5.02(b), 5.02(c), 5.02(d), 5.05 and 6.06(e) of the Loan Agreement. "Board" means the Board of County Commissioners of the County. ~OOK 000 w.t 31 "-." AUG - 6 1996 "Chairman" means the Chairman 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 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 Administrator of the County and such other person as may be duly authorized to act on his or her behalf. "Designated Revenues" means Public Agency Moneys budgeted and appropriated for purposes of payment of the Loan Repayments and any other amounts due under the Loan Agreement. "Draw Date" has the meaning set forth in the Loan Agreement. "Loan No. A-8" means the Loan designated as "Loan No. A-S" the proceeds of which are to be used to fund a portion of the acquisition and construction of Project A-S. "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 the same may be 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 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 &OOK 000 PA<.t 32 AUG - 6 1996 property, which are legally available to make the Loan Repayments required in the Loarl 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, welfarc 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-S" means the costs and expenses relating to various capital improvement~; at Immokalee Regional Airport, Marco Island Executive Airport and Everglades Airpark, as the same may be amended or modified from time to time and as generally described on Exhibit A hereto. "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 budg~t and appropriate: such Non-Ad Valorem Revenues contained in Section 6.04 of the Loan Agreement. "Repayment Schedule" means the schedule of Repayments of the Loan as determined by the County Administrator, as the same may be amended or modified from time to time. "Resolution" means this Resolution, as the same may from time to time be amended, modified or supplemented. "Series A Notes" means the Commission's Pooled Commercial Paper Notes, Series A (Governmental Issue), to be issued from time to time by the Commission. The terms "herein," "herelUlder," "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" zhall 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 ~OOK 000,:, 83 AUG -. 6 1996 SECTION 3, FINDINGS. It is hereby ascertained, determined and declared that: (A) The Commission has been established for the principal purpose 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 refinance other goverrunental needs. (B) In furtherance of the foregoing, the Commission shall issue, from time to time, commercial paper notes to be known as "Florida Local Goverrunent Finance Commission Pooled Commercial Paper Notes, Series A (Goverrunental 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 loan, 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 finance, reimburse or refinance the cost of acquisition, construction and equipping of capital improvements. (D) The County has outswnding $20,98S,735 principal amount of Loans pursuant to the Program for the acquisition and construction of various capital improvements. (E) The County desires to borrow an additional amount not to exceed $2,500,000 in order to finance a portion of the costs of Project A-S. (F) The County hereby determines that the provision of funds by the Commission to the Public Agency in the form of Loan No. A-S-I pursuant to the terms of the Loar\ Agreement and the financing of Project A-8 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 goverrunental services, facilities and programs and will promote the most efficient and economical development of such services, facilities and programs. (G) Loan No. A-S-I 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-S-I in the principal amount of not to exceed $2,500,000 for the purpose of providing the County with sufficient funds to finance a portion of the costs of Project A-S. The Chairman and the Clerk are hereby authorized to execute, seal and deliver on behalf of the County the 4 BOOK 000 'JOt 34 - -- .. AUG - 6 1996 Loan Note or Notes with respect to Loan No. A-S-l and other documents, instruments, agreements and certificates necessary or desirable to effectuate Loan No. A-S-I as provided in the Loan Agreement. The Loan Note or Notes with respect to Loan No. A-S-l shall reflect the terms of such Loan and shall be substantially in the form attached to the Loan Agreement as Exhibit I. The County Administrator shall make the Draw Requests at such time or times as shall be determined by the County Administrator and is permitted by the Loan Agreement. The Repayment of the Loan or the draws made on account of the Loan shall be made in accordance with the terms of the Loan Agreement at such time or times as shall be determined by the County Administrator and shall be permitted by the Loan Agreement. Draws made in regard to the Loan 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-8-l shall be 35 basis pJints or such other amount as may be mutually agreed between the Commission and the County. SECTION 5. AUTHORIZA TION OF PROJECT A-S. The County does hereby authorize the acquisition and construction of Project A-S. SECTION 6. SECURITY FOR THE LOAN. The County's obligation to repay Loan No. A-8-1 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-8-l 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, attomeys 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, attomey 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 oflaw 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, ~OOK 000 <I'.: 35 I' I , I, - I I I ! I - AUG - 6 1996 agreements or provisions shall be null and void and shall be deemed separable from the 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. DULYADOPTEDthis~dayof _r:27,_-:/ ,1996. (SEAL) ., ......., " ", -".', ,,~ .... t ", . pt.l 1 r.ST> . ,'. ", ~,,""(.' " ":;;"/:~"f"'''''-~ -~ r,", " c.... :. '_ r: . ,- ~ ,- - '. 'r'( -', '>- e ::"~' . '.' . ,. \ .....' .', ". PROYEoAS'TO FC)RM AND LEGAL SUFFICIENCY: . ; k~ I!t ". :/ County Attorney 'tf- BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA 6 ~OOK OCO w: 36 - AUG - Ii 1996 EXHIBIT A Description of Project A-S Project A-S consists of various capital improvements to the Everglades Airpark, Marco Island Executive Airport and the Immokalee Regional Airport, including but not limited to, construction of and improvements to terminal buildings, aircraft aprons, fuel farms, aircraft hangars, an entrance road, bulk hangar, utilities, security fence, rotating beacon, mangrove removal, turnout and a taxiway, all as more particularly described in the plans and specifications on file with the County. ~OOK 000 Pl': 37