Resolution 1993-118
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MARCH 23. 1993
RBSOLUTION NO. 93-118
A RESOLUTION AUTHORIZING A DRAW OF NOT ';'0
EXCEED $160,500 ON THE LINE OF CREDIT WITH sml
BANK, NATIONAL ASSOCIATION, IN ORDER TO
FINANCE THE COSTS OF VARIOUS IMPROVEMENTS
WITHIN THE ISLE OF CAPRI MUNICIPAL RESCUE AND
FIRE SERVICES TAXING DISTRICT; AUTHORIZING THE
ISSUANCE OF A NOTE OR NOTES TO SECURE THE
REPAYMENT OF SAID DRAW PURSUANT TO WHICH THE
COUNTY WILL PLEDGE CERTAIN AD VALOREM TAX
REVENUES COLLECTED WITHIN THE DISTRICT TO PAY
SUCH NOTE OR NOTES; AUTHORIZING THE EXECUTION
AND DELIVERY OF OTHER DOCUMENTS IN CONNECTION
WITH SAID DRAW ON THE LINE OF CREDIT; AND
PROVIDING FOR AN EFFECTIVE DATE FOR THIS
RESOLUTION.
BB IT RBSOLVED BY TaB BOARD OF COOHTY COMMISSIONBRS OF COLLIER
COOWTY, FLORIDA'
SBCTIOII 1. AO'1'lIORITY FOR TaIS RBSOLUTIOII. This Resolution
i. adopted pursuant to the provisions of Chapter 1.25, Florida
statutes and other applicable provisions of law.
SBCTIOII 2.
and declared:
FINDINGS. It is hereby ascertained, determined
(A) That the County has heretofore obtained a $25,000,000
line of credit (the "Line of credit") from Sun Bank, National
Association (the "Bank"), the proceeds of which would be applied
to finance or refinance the costs of various capital projects in
the County.
(B) That there is presently a need to construct and acquire
various improvements within the Isle ot Capri Municipal Rescue and
Fire Services Taxing District, all in accordance with the plans
and specifications on file or to be on file with the County, as the
same may be modified from time to time (the "S~ries I Project").
(C) That the costs of the Series I Proje"t in an amount not
to exceed $160,500 shall be financed or refinanced from amounts
drawn on the Line of Credit.
(D) That amounts drawn on the Line of Credit to finance the
Series I Project shall be repaid solely from certain ad valorem
revenues collected within the Isle ot Capri Municipal Rescue and
Fire Services Taxing District (the "District"). The County shall
not covenant to bUdget and appropriate legally avallable non-ad
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MARCH 23, 1993
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valorem revenues to the repayment at amounts drawn on the line ot
credit to finance the Series I Project.
SECTION 3.. AUTBORIZATION OF THE SERIES I PROJECT.. The
County does hereby authorize the acquisition and construction of
the Series I Project.
SBCTIOII 4. AO'1'lIORIZATIOlC OF DRAW 011 LINB OF CRBDIT TO
J'IIIAlIICIl OR RUIIIAlIICIl Tall COST OJ' 'l'Il1l SERIBS I PROJBCT. The County
does hereby approve a draw on the Line of Credit in the aggregate
amount of not to exceed $160,500 for the purpose of providing the
County with sutficient lunds to finance or refinance the costs of
the Series I Project. The Chairman (or Vice-Chairman in his
absence or unavailability) and the Clerk (or a Deputy Clerk in his
absence or unavailability) are hereby authorized to execute, seal
and deliver on behalt ot the County a Note or Notes and other
documents, instruments, agreements and certificates necessary or
desirable to ettectuate the draw on the Line of Credit as provided
in the Line of Credit Agreement, dated as of February 27, 1990, as
amended (the "Line of Credit Agreement"), between the County and
the Bank. The draw shall be made at such time as shall be
determined by the Clerk, or his designee. The Note securing the
draw for the Series I Project (the "Series 1-1 Note") shall bear
interest at a Fixed Rate not to exceed 8.00\ per annum (as defined
in the Line of Credit Agreement) and shall have a Final Maturity
Date (as defined in the Line of Credit Agreement) of not greater
than seven years and six months from the date of the Series 1-1
Note. Principal at the Series 1-1 Note shall be repaid in seven
substantially equal annual payments.
8BCTIOII 5. SBCORITY FOR 8BRIBS 1-1 1I0TB. The Series I-
1 Note shall be secured in the manner provided therefore in the
Line ot Credit Agreement; provided, however, that the County's
covenant to budget and appropriate legally available Non-Ad Valorem
Revenues contained in Section 2.06 of the Line of Credit Agreement
shall not apply to the Series I-I Note. The County hereby makes
a limited pledge of its taxing power for the full and prompt
payment of the principal of and interest on the Series 1-1 Note..
A direct annual tax shall be levied, not in excess of three-tenths
(3/10) of one mill, upon all taxable property located within the
District for a period not to exceed seven (7) years.. Provision
shall be included and made in the annual budget and tax levy for
the levy of such taxes, which tax shall be levi~d and collected at
the same time, and in the same manner, as other ad valorem taxes
of the County are assessed, levied and collected..
SBCTIOII 5. GENERAL ~O'1'lIORIZATIOII. The Chairman, Vice-
Chairman and Clerk of the Board and other employees or agents of
the County are authorized to execute and deliver such documents,
instruments and contracts, and are hereby authorized and directed
to do all acts and things required hereby as may be necessary for
the full, punctual and complete performance of all the terms,
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MARCH 23, 1993
covenants, provisions and aqreements herein contained, or as
otherwise may be necessary or desiraDle to effectuate the purpose
and intent of this Resolution.
8J:CTIOJl 7. REPEAL OF INCONSISTENT DOCUHBIITS. All
ordinances, resolutions or parts thereof in contlict herewith are
hereby superseded and repealed to the extent of such conflict.
8BCTIOII s. EPPBCTIVE DATB. This Resolution shall take
effect immediately upon its adoption.
ADOPTED this ~~day of March, 1993.
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Approved'as to form and
legal SUfficiency'
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