Resolution 1995-487
SEP - 5 1995
R2S0LUTIOH HO. 95-487
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE BORROWING OF NOT EXCEEDING
$1~,000,000 FROM THE POOLED COMMERCIAL PAPER
LOJ N PROGRAM OF THE FLORIDA LOCAL GOVERNHENT
FIlI/ANCE COMMISSION PURSUANT TO THE TERMS OF
THE LOAH' AGREEMENT BETWEEN THE COMMISSION AND
TH1 COUNTY IN ORDER TO FINANCE CERTAIN BEACH
RD: OORISHMENT AND PROTECTION PROJECTS IN THE
COtwrY; AUTHORIZING THE EXECUTION OF A LOAN
NO'I E TO EVIDENCE SUCH BORROWING; AGREEING TO
SE<11RE SUCH LOAN NOTE WITH A COVENANT TO
But;ET AHD APPROPRl\TE LEGALLY AVAILA![,E NON-
AO VALOREM REVENUE .~: AS PROVIDED IN T'IE LOAN
AGP.EEKEHT; At11'HOR:, ZING THE EXECUTI)N AND
DEI IVERY OF SUCH (,THER DOCUMENTS AS MAY BE
NEt ESSARY TO EFF ':cr SUCH BORROWIN ;; AND
PROVIDING AN EFFEC'l lYE DATE.
BB 11' RZSOLVED BY DB BOARD OJ' COOJrl'Y COMJIISLI0JrD8 OJ' COLLID
COmrrY, FLORIDA I
SZC1IIOH 1. DUIJlX1'IOHS. unl..s the context of us.
indicate. another ..aning or intent, the followiJ;9 words and term.
a. u.ed in this R..olution .t\ll have the follO\'ing meanings.
"Aot" means, collectiv,'ly, Part I, Chap':er 125, Florida
Statutes, Part I, Chapter 1, 3 , Florida Statut. ~, and all other
applicable provi.ions of law.
"A(l4itiollal payaent." m6.,tns the payments required to be made
by the Cour.ty pursuant to Sections S.02(b), S.02(c), S.02(d), 5.05
and 6.06(e) of the Loan Agreement.
"Boar4" means the Board of County Commission ~ rs of the County.
"ChairaaD" means the Cha irman or Vice Chairtlan of the Board,
and such other person as may be duly authorized to act on his or
her behalf.
"Clerk" means the clerk,f the Circuit Cour'~ 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.
"Co_iaaioD" means the Florida Local Go',ernment Finance
commi..ion, ar:t any assigns or successors theret').
"county" means Colli.1' County, Florida, a political
.ubdiviaion of the State of Pi,orida.
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"COUDtr A4ainistrator" means the county Admini.trator of the
County and such other person as may be duly authorized to act on
hi. or her bahalf.
"De.iqnate4 Revenues" mean. Public Agency Money. budgeted and
appropriated for purpo.e. of payment. of the Loan Repayment.. and any
other amount~ due under the Loan Agreement.
"Ora. D.'ite" has the meaning .et. forth in the Loan Agr.ement..
"Loan .'1. &-7-1" .ean. the Loan designated as "Loan No. A-7-1"
the proceeds of which are to be used t.o finance Project. A-7.
"LoaD" mean. the loan to be made by the Commis.ion to the
County from ~roceeds of the Serie. A Not.. in accordance with the
terms of thi J Resolution and of the Loan Agreollnt.
"Loan ~qra_eDt" meant the Loan Agreemf nt, dated a. of
April 12, 19~1, between the :ounty and the Coma ssion, a. am.nded
and supplem. nted and as ti. same may be fw ther amended and
supplemented.
"Loan .~1te" has the mea .ing set forth in t!.e Loan Agreement..
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"LoaD .epaJJlents" or u.epaYllents" 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 r~an Agreement and
all other payments, including Addit.ional Paymen'..s, payable by the
County pur.uant to the provis ions of the Loan Al j re.ment..
"Jron-M Valor_ Revenue. ' means all legally ,I'vailable revenue.
of the Count.y derived frcniany .ource whatso.~'.r other than ad
valorem taxation on real and personal property, vhich are leqally
available t.o make the Loa Repayments required in the Loan
Agreement, bui: only after pro 'ision has been made by the County tor
the payment of .ervices and program. which are for ...ential public
purposes affecting the health, welfare and safety of the
inhabitant. of the County or which are leg Illy mandated by
applicable law.
"Proqraa" Ileans the Pooled Commercial p~ :)er Loan Proqraa
established by the Commi.sior.
"Project &-7" means th.. costs and expense' relat.ing to the
acquisi tion a.1d construct.ior of certain stOX'JIN Iter blprovement.
vi thin the County desor ibed i Exhibi t. A hereto, oS the .ame may be
amended or modified from tit t to time, all as 1"Iore PartiCUlarly
described in the plans and specific4tions on file with the County.
"Pu]:)lic .'\qancy Moneys" shall mean the mol' ey. budgeted and
appropriated ry the County for payment of the Loan Repayment. and
any other am ' unts due her.,onder from Non-Ad Valorem Revenues
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pursuant to the county'. covenant to budqet and appropriate such
Non-Ad. ValorEl1ll Revenue. contained in Section 6.04 of the Loan
Aqreement.
"Repayaent Scbedule" means the schedule of Repayment. of the
Loan as determined by the County inistrator, ns the .ame may be
aaended or modified from time to e.
"Serie. A .otes" ..ans th
Paper Notes, 3eries A (Governmen
to time by the Commission.
same may from time
"Resolution" .eans this Reso
to ti.e be amended, .edified or
O1IDIIission's Pooled C01IDIIercial
I.sue), to bf: issued from time
The ten" "herein," "herc,und
and any similar teras, shall re
"heretofore" shall mean be, ore
Resolution; fnd the tera "heJeaf
adoption of 1his Resolution.
.. "hereby," "}.ereto," "hereot,"
to thi. Res,lution; the term
e date of ldoption of this
.. shall mean after the date ot
,
Words iuporting the mlt lcul
qender.
Words importing the .inqular
and vice versa.
gender inc Lude every other
r include the plural number,
SBC1'IOJr 2. AUTBOR%n J'0Jl USOLUTIOH. ~ '~is Resolution i.
adopted pursuant to the provisions of the Act.
SZC1'IOH 3. ~IHDI.GS. It is hereby asce~"ained, determined
and declared that:
(A) The Commission has been established for the principal
purpose of iss:ling commercial paper notes in order to provide tunds
to loan to pUbLic agencies, s~ch as the 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 foreqoing, the commission shall
issue, from time to time, c01l1Dercial paper not.;. to be known as
"Florida Local Government ! nance Commission ~oole4 Commercial
Paper Note., 'Jerie. A (Gov. rm.ntal I.sue)" aJ"1 .hall loan the
proceeds of Sl..ch Series A NO~ts to pUblic aqenc1.s, inclUding the
County.
(C) Pursuant to the autnority of the Act, the Commission bas
aqreed to loan, from time to time, to the Count~' such amounts as
shall be authC'\rized herein and in the Loan Agre,';ment in order to
enable the CO' nty to finance, reimburse or refil'.ance the cost of
acquisition, construction and equipping of capit..tl improvements.
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(D) The County presently has outstanding $21,628,470
principal amount of Loan. 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 $15,0'')0,000 in order to refinance Project A-7.
(F) Tht) County hereby determine. that the provision of funds
by the C01IUIlission to the County in the form of Loan No. A-7-1
pursuant to ~he terms of the Loan Agreement and the financing of
Project A-7.rill a.sist in the development and maintenance of the
public welfa':oe of the residents of the county, and shall serve a
public purpOl'le by improving the health and living conditions, and
providing governmental services, facilities and programs and will
promote the most efficient and economical de..elopment of such
service., fanilities and prOflrams.
(G) Lo4n No. A-7-1 shal L be repaid solely f:'om the Designated
Revenues. S Jch Designated J avenues shall incl\de moneys derived
from a covenJ,nt to budget and appropriate legall.' available Non-Ad
Valorem Reve..1ues. The ad va:&.orem taxing power I f the County will
never be nec.!ssary or author zed to make the Lol n Repayments.
SZC1'IOlf 4. TZRX8 OJ' X.OA1fS. The County hereby approves of
Loan No. A-7-1 in the principal amount of not exceeding $15,000,000
for the purpose of providing the County with sufficient funds to
refinance Project A-7. The Chairman and the Clerk are hereby
authorized to execute, seal and deliver on beha f of the County a
Loan Note wit.h respect to roan No. A-7-1 and other documents,
instruments, agreements and c. 'Jrtificates necessa::y or desirable to
effectuate Loan No. A-7-1 as provided in the Lo:': n Agreement. The
Loan Note with respect to Loa' No. A-7-1 shall re i'lect the terms of
such Loan and shall be subst -.ntially in the fot" attached to the
Loan Agreement: as Exhibit I. The County Adminifltrator shall make
the Draw Requvst with respect to Loan No. A-7-1 in accordance with
the terms ~f the Loan Agreement at such time as shall be determined
by the County Administrator as appropriate to finance Project A-7
and is permitted by the Loan Agreement. Loaf, No. A-7-1 shall
mature on such dates and in such amount.; as the County
Administrator shall determine; provided, hOllver, the final
maturity of Loan No. A-7-1 .hall not be later r.han December 31,
1999. Loan No. A-7-1 shal~ bear interest at the Loan Rate in
accordance wi~:h the terms f the Loan Agre81l ,Int. The County
further agree. to make all Lc .n Repayments requi ed of it pursuant
to the terms of the Loan AgrE' mente The Letter <<f Credit fees for
Loan No. A-7-1 shall be 35 I Isis points or sucb other amount aa
First union National Bank of Florida and the County shall agree.
SZC1'IOJr 5. AtrTlIORIZA'1'IOH OJ' PROJECT A-7. The County doe.
hereby authorize the refinancing of Project A-7.
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SIC'lXcnr ,. 81CVJtIft ~OR ftJI LOU. The County'. obliqation
to repay Loan No. A-7-1 will be secured by a pledge of and lien
upon the Desiqnated Revenues in accordance with the.terms of the
Loan Aqre.m.nt. Th. obligation of the county to repay Loan
Ro. A-7-1 shall not be d....d a pledge of the faith and cr.dit or
taxinq pow.r of the County and such obliqation shall not create a
lien on any property whatsoever of or in the County other than the
Desiqnated Re.venu...
8ZC1'IOJI 7. VALIDA1'IO. AUTHORIZED. To the extent d.emed
n.cessary by Bond Couns.l, the County Attorney is authorized to
institute ap,.ropriate proceedings for validation of Loan No. A-7-1
herein authol'ized pursuant to Chapter 75, Flori~a Statutes.
8ZC1'IOJI .. GDZItAL )UTHORIft. The members of the Board
and the offi(~rs, attorn.ys j'nd other ag.nt. or employ.e. of the
County are hereby authorized i:O do 6.11 acts and i binq. required of
them by this Resolution and the Loan Agreement or desirable or
consistent w'th the require. 'nts of this Resolu' :ion and the Loan
Aqreement, fer the full punc'.ual and complete p trformance of all
the terms, covenants ancS aqrIJement. contained i. I this Resolution
and the Loan Agreement, and each member, emplo'ee, attorney and
officer of t.he County or 1':& Board is heret.' authorized and
directed to execute and delivur any and all papers and instruments
and to do and cause to be done any and all acts and thinqs
necessary or proper for carrying out the transactions contemplated
by thi. Resolution and the Loan Agreement.
8ZC1'IOH t. 8BV'ZRA11II.Ift. If anyone or more of the
covenants, aqreements or prov.sions herein conta:ned shall be held
contrary to any expre.s prov.1' ion of law or contl. try to the policy
of express law, thouqh not ex::.res.ly prohibited, I)r against public
policy, or shall for any rea: on whatsoever be h i3ld invalid, then
such covenants, agreements or ?rovisions shall be null and void and
shall be deeme,' separable fro.. the remaininq covenant., agreements
or provisions snd shall in no way affect the validity of any of the
other prOVisions hereof.
SIC1'IOH 10. RIPDL OJ' IHCOHSISTZJrr Rl;:IOLtJ'l'XcnrS. All
resolutions or parts thereof in conflict her~with are hereby
superseded and repealed to th9 extent of such cO;lflict.
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.1C'1'%0II 11. ~ DAD. Thi. Resolution shall ~e
effect immediately upon ita adoption.
DULY ADOPraD this 5th day of September, 1995.
BOJ.RD 01' COUJl'l'Y cew;a88IOJfDIJ 0"1
COLLID COtJftY, noaIDA
(SEAL)
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UBIBI1' A
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Beach r.nourishaent and protection
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