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Resolution 1995-465 AU6 1 5 195 , I UBOLO'1'IOIf 110. 95-465 A ~LV'1'ION OF THE BOARD OF COUNTY COMYISSIONERS OF COLLIER COUNTY, FLORIDA, AU'l'J,ORIZING THE BORROWING OF NOT EXCEEDING $1,(,00,000 FROM THE POOLED COMMERCIAL PAPER · LOAf' PROGRAM or THE FLORIDA LOCAL GOVERNMENT FINJ, NeE COMMISSION PORSt1AN'l' TO THE TERMS OF THE LOAN .AGRDKEH'l' BETWEEN THE COMMISSION AND THE COtJM"1'Y IN ORDER TO FINANCE THE ACQm SITION OF CERTAIJf LUO AND THE ACQUISITION AND CONI TRUCl'ION OF CD'!.'AIN CAPITAL IMPROVEMEN'l'S TO CREATE A COUNt,r'l PARK ON LAXE ~VALON; AUTHORIZING THE EXI':t11'ION OF A LOAN J)Il'E OR NCYn:S TO EVIDElfCE St 'CJf BORROWING; AGREJ ING TO SECI RE SUCH LOAN I 'OTE WITH A COVEN..NT TO BUI)'i!T AND APPRoPRIJ TE LEGALLY AVAILABlE NON- AD ':A.LOREM REVENUES AS PROVIDED IN 'rEi! LOAN AGR;,:EMEJrr; AUTHORI .ING THE EXECUTIC 'f AND DEL:IVERY OF SUCH O-rHER DOCUMENTS AS lAY BE NECESSARY TO EFFECT SUCH BORROWING; AND PROVIDING AN EF7EcrIVE DATE. BB III auOLVBD BY 'l'BB BOARD OF COUJrl'r COMHISSa)JfBRB OF COLLIER COUJI'J.'Y, J'LORIDA I SBCTIOR 1. D&Px.llfIa;s. Unless the context of use indicates another ..aninq or ~ patent, the following words and terms as used in thiu Resolution sh. 11 have the followinq lIeaninqs. "Aot" lIeans, collectively, Part I, Chapter 125, Florida Statute., Part I, Chapter 163, Florida Statutes, and all other applicable provisions ot law. "Additional .ayaents" lIeans the paY1llents rec,,'uired to be made by the County pursuant to Sectlons 5.02(b), 5.02(1~), 5.02(d), 5.05 and 6.06(e) ot the Loan Agree' ,nt. "Board" 11(' ans the Board 0 County COIIJDission( :'s of the County. "CbairaaJl" -.ana ~ Cha t'IIan or Vlce Chain,an ot tile Board, and such other person a. may ue duly authorized to act on his or her behalf. "Clerk" ~an. the Clerk ot the Circuit Court tor the County, ex-officio Cle:'k ot the Board, and such other pers,m as may be duly authorized to "ct on his or hl'it' behalf. "CollDliaaion" Ileans the Florida Local Government Commission, and any assigns or successors thereto. Finance &OOK IJfJ()pl~r ~jl '~i ~ , " :.t ..... j '\ .'" 'i ? AUG 1 5 IJ95 "COUDty" ..ans Collier County, Florida, a political aubdivi.ion ot the State ot Florida. "COUDty a4aiDistrator" Ileans the County Ad~inistrator of the COUnty and such other person as may be duly authorized to act on his or ber betalf. "Desi9Jlat e4 ""81I1Ies" ..an. Public Agency Moneys budqeted and appropriated f)r purpo... ot payment of the Loan Repaym.nt. and any other aaount. ~ue under 1:I1e Loan Aqr....nt.. "Dra. Date" has t.he aeaninq set forth in the Loan Aqreellent. "Lou .0. A-S" ..an. the J :)an de4Jiqnated as ""~an No. A-5" the proceed. ot lihich are to b. used to tund a portion of the acquisition ari construction <<t Project A-5. "Lou" . '!ans the loan tc be made by the C /IIIIis.ion to the COUnty frOJl p1,x:eed. ot the S",ries A Notes in acc' ,rdanc. with the terJIS of this Resolution and c ! the Loan Aqreeller t. "J.ou aqre...t" ..an. the Loan Aqreement, dated as of April" 12, 1991, be't.veen the County and tho Comai.sion, as the sa.e MY be amended and suppl...nted. "Lou Rate" has the .eaninq set forth in the Loan Aqreement. "LoaD RepayaeDt." or "l ~aJlleDt." Ilean. : .he payment. of principal and interest at the 1 ,an Rate on the Loa I allounts payable by the County pursuant to the rovisions ot the Lc'an Aqre..ent and all other pa~ent.s, inclUding \dditional paymentv, payable by the COunty pursuant to the provis; )ns of the Loan Agreement. "_oD-All Valor.. Revellue." means all1eqally available rev.nu.s ot the County derived froa any source whatsoevpr other than ad valorem taxation on real and personal property, '1ich are leqally available to aake the Loan RepaY1llents requir Id in the Loan Aqreellent, but only after provision has been made 'ty the County tor the payment ot .ervice. and pre qraJllS Which are for .ssential public purpose. aftectinq the hea th, welfare and safety of the inhabitant.s or the County r which are lega,ly mandated by applicable law. "prograa" .eans the Poced COJIUDercial Pap~r Loan Program e.tablished by the Commission. "Projeot ~-S" mean. t.he costs and expense. relating to the acqui.ition of :ertain land and the acquisition ant' construction of certain capib. illprove..nts to create a County park on Lake Avalon, as the sa.. say be u,aded or .oc!itied trOJl time to ti.., all as more particularly described in the plans and specltications on tile with the County. 2 ~;l ~ lOOIC ono f'lCE42 - _...~".,-;-_.,---- . -:.~ AU6 1 5 IJ95 "PuJ)lio Ag'eDGy MoD.,.." .hall lIean the 1I0ney. budqeted and appropriated by the County tor paYllent of the Loan Repayments and any other aJllOUn" due hereunder frOll Non-Ad Valor_ Revenues pursuant to ~. County/s covenant to budget and appropriate such Non-Ad Valor81.1 Revenues contained in Section 6.04 of the Loan Aqre...nt. "Rapaya.r t 'obeda1... ..ans the schedule of Repayments of the Loan as deten lned by the COUnty Adllinistrator, as the sa.e may be a..ncSed or lIocHtiec1 frOll ti.. to ti.e. "R..olut1 OD" ..ana this Rnsolution, as the salle may frOll tille to ti.. be UIt nded, lIOditied c ~ suppl_ented. "Seri.. a Jrota." ..ans ::I1e Coaission/s P 101ed Commercial Paper Notes, E tries A (COVerJ1Jl.rntal Issue), to be issued trOll time to tille by thf C~ission. The term. "herein," "heret. 1der," "hereby," "hI' reto," "hereof," and any sillil-Jr teras, shall .:eter to this Reso 'ution; the term "heretofore" shall llean befot.'e the date ot adoption of this Resol\'~ion; and the terJI "hereatter" shall lIean after the date of adoption ot this Resolution. Words illpOrting the masculin. qender incl Jde every other qender. Words importing the sinqu: sr number include t.. e plural number, and vice versa. SECTIOJI 2. AO'1'BOJUn 'OR .UOLU'l'IOR. This Resolution is adopted pursuart to the provi. lons ot the Act. SBCTIOJI 3. "IWIN"8. It is hereby ascertained, determined and declared that: (A) The C~ission has been established tl)r the principal purpose ot issuinq co.aercial ~'aper notes in order to provide funds to loan to public agencies, sur~ as the County, dea:irinq to finance and refinance ~he cost ot ac Jirinq, constructi q and equippinq capital impra,'ellents and :) finance and etinance other governmental needs. (B) In turtherance ot t.le foreqoinq, the C01llJllission shall issue, trCh tille to tille, commercial paper note. to be known as "Florida Local Government Finance COllDlission p, oled COIIUIercial Paper Notes, S Jries A (Governllental Issue)" and shall loan the proceeds ot su,~ Series A Notes to public agenciel, includinq the County. (C) Pursuant to the auth",rity ot the Act, the Commission has agreed to loanl trom time to time, to the County such allounts as 3 ;~ . 1 lOOK nno par,t '43 AUG 1 5 8PJ .hall be authorized h.r.in and in the Loan Aqr....nt in order to enabl. the County to finance, r.iaburs. or refinance the cost of acquisition, construction and equippinq of capital blprov.ll.nts. (D) '1'h. County bas outstandinq $20,353,470 prinCipal allount of Loans pursuant to the Proqraa for the acqui.ition and construction ct various capital improvementa. eE) '1'h. ':ounty d.sire. to borrow an additiol'al amount not to .xceed $1,600,000 in order to tinance a portion ot the costs of Proj.ct A-5. eF) '1'h. ':ounty her.by d. "erain,.s that the provision of funds by the C01IIli.sion to the COlnty in the tora ,f Loan No. A-5 pursuant to t~e t.ras of the ~~an Aqr.ellent and :h. financinq of Proj.ct A-5 Will assist in th. dev.lopment and -.lnt.nanc. of th. public w.lfar" of the r.aid.n~,s of th. County, aid ahall .erv. a public purpos. by iaprovinq the health and livi~' conditions, and providinq gov,'rmaental s.rvic't, facilities and ~~O<Jr_ and will prOltOte the 110St .tticient .'\d economical deve lopment ot such s.rvic.., facilities and programs. ,'1' la) Loan No. A-5 shall be repaid sol.ly from th. Designat.d R.v.nues. Such Designated Revenues shall inclu~a lIon.ya deriv.d frOJl a covenant to budget and eppropriate legally Ivailabl. Non-Ad Valor.. R.venu.s. Tb. ad valc~e. taxinq power 01 the County will n.v.r be n.c.ssary or authori2'~ to mak. the Loar. R.payments. aZCl'IOlf 4. lfDXI OF t :IAIIB. '1'he County h.,t'eby approves of Loan No. A-5 in the principal amount of not .xceodinq $1,600,000 for the purpos., of providinq he County with sutfici.nt funds to finance a POr1:.:,on of the costt. ot Proj.ct A-5. Th. Chairman and the Cl.rk ar. her.by authorized to ex.cute, seal and d.liver on behalf of the County a Loan Note or Notes with re~~ct to Loan No. A-5 and other docua.nts, instruments, aqreementsand certiticates n.c.ssary or desirable to effectuate Loan No. A-' as provided in th. Loan Agr.ell.nt. '1'he Loan Note or Notes with r..pect to Loan No. A-5 shall retl.ct the t:erms of such Loa"J and shall be substantially in the form a tached to the too n Aqr.n.nt as Exhibit I. The County Adllinis' ~at:or shall make th, Draw Request or Requ.sts with r,tspect to Loan ~. A-5 in accordant. with the terms of th. Loan Aqr....nt at sucb Llle or tilles as sha 11 be detenain.d by th. County Adainistrator al appropriate to tindnce Proj.ct A-5 and is permitted by the Loan At)r....nt. '1'h. r.paYM.nt of Loan No. A-5 or th. draws aad. on account of the Loan shall be aade in accordance with the t.rms ot the Loan Aqr...ent ,It such time or ti..s aa shall J,. d.terained by the County Adllinia ';rator and shall be permitted 1:' the Loan Agr....nt. Loan No. A-5 ahall bear interest at the Loan Rate in ac,:ordance with the t.naa ot the Loan Aqr..Il.nt. '1'he County turther aqrees to mak. all Loan Repayments r.quired ot it pursuant to the terms of the Loan Aqreellent. '1'h. Letter ot credit tees tor Loan No. A-5 sball be 3! basis points. 4 eool( oeo r~'.~ 44 , '. , J (' - '. 'f AUG 1 5 1995 SECTIOH 5. AUTHORIZATIOB or PROJECT A-5. The County does hereby authorize the acquisition and construction of Project A-5. SECTIOB t. SBClJRITY I'OR THE LOAN. '1'he County's obligation to repay Loan No. A-5 will be secured by a pledqe of and lien upon the Desiqnate( Revenues in accordance with the terms of the Loan Aqreement. 'l'le obligation of the County to repay Loan No. A-5 shall not be 1eemed a pledge of the faith and ~redit or taxing power ot the County and such obligation shall not create a lien on any property whatsoever of or in the County other than the Designated Re'enues. SBCTIOW ,. GDfBRAL Al iTHORITY. '1'he memblrs ot the Board and the otfic~rs, attorneys a ld other agents or employees ot the County are hel eby authorized t ,) do all acts and t}..ings required of them by this Resolution and i.he Loan Agreement, or desirable or consistent with the requireme,ts ot this Resolution and the Loan Aqreement, for the full punct.lal and complete pc rformance ot all the terms, covenants and agre,~ments contained in this Resolution and the Loan Aqreement, and each member, employee, attorney and off icer 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 transact:ons contemplated by this Resolution and the Lo; n Agreement. SECTIOH 8. SEVERABIL: 'IY. If anyone or more of the covenants, agreements or prov; 'Iions herein contai"led shall be held contrary to any express provir Lon ot law or contrary to the policy ot express law, though not ex; 'essly prOhibited, or aqainst 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 remaininq cove~ants, aqreements or provisions and shall in no way aftect the valie .lty ot any ot the other provisions hereof. SECTION 9. REPEAL 01' INCONSISTENT REt!OLt1'1'IONS. All resolutions or parts thereo in conflict her", lith are hereby superseded and repealed to tho 6xtent ot such cOltlict. 5 &OQK noo PAGt 45 -. P.. It. _' ';" .Jj~~ . ~. , " ''!:"'..;:, , ~- '1:- :~ ~:""l '); '-0, ff. ...~::';' o. , ~:. iif" .r' '~;:'r 't'~ ~ ~.~ . ~". , " " \:' ' ~:~, fi~\/ :r..,. '0 '1~ AUG 1 5 tJ95 BBCTIOH 10. Bn'BCl'IVB DATB. This Resolution shall take effect immediately upon its adoption. DULY ADOifm this 15th day ot August, 1995. (SEAL) 0., " II"""J, \ \ . I ~, ,.." "'., . w ' ":TTksT: . . . '... . '~, . " "'" . . ..: ;. , . ;'. " : '...... . :'~I . ' . 'V t ~~'~'''~'''f @,(?. ..~ k... . ~. :.... ~ 'f~ ".'. .' ,,- .:-_ '~PRO:.lEO AS ,TO FORM AND L!G~ 'SUFFICIENCY: .,'.."'1.... .,,'\ ~..vpt A. ~/ County Attorney 6 n .~, ",I '1 ~J ~-, .: &OOK 000 r!r.~ 46 ....I..,.~. . ,Ii.' ~ -..