Resolution 1995-619
NOV - 7 1995
RESOLUTION NO. 95-619
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE BORROWING OF NOT EXCEEDING
$1S,000,000 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 CERTAIN BEACH
RENOURISHMENT AND PROTECTION PROJZCTS IN THE
COUNTY; AUTHORIZING THE EXECUTION OF' A LOAN
NOTE TO EVIDn~CE SUCH BORROWING; AGREEING TO
SECUF' E SUCH LOAN UOTE WITH A COVENANT TO
BUDGET AND APPROPRIATE LEGALLY AVAILABLE NON-
AD Vl.LOREH REVENUES AS PROVIDED IN THE LOAN
AGREFMENT; AUTHORIZING THE EXECUTION AND
DELI' ERY OF SUCH OT! ER DOCUMENTS AS Ml.Y BE
NECESSARY TO EFFEC~ SUCH BORROWING; AND
PROVIDING AN EFFECTI" ~ DATE..
BE IT REsc,r...VED BY THE BOARI OP COUNTY COHMISSIt\NERS OP COLLIER
COUNTY, PLORIDA:
SECTION 1. DEFINITIONS. Unless the context ot use
indicates another meaninq or intent, the tollowinq words and terms
as used in this Resolution shall have the followi~q meaninqs.
"Act" means, collectively, Part I, Chapte; 125, Florida
statutes, Part I, Chapter 163 Florida Statutes, and all other
applicable provisions of law.
"Addi tional Payments" meal'; the payments req\i ired to be made
by the County pursuant to Sectic IS 5.02(b), S.02(c), 5.02(d), 5.05
and 6.06 (e) of the Loan AgreemE It.
"Board" means the Board of County Commissioners of the County.
"Chairman" means the Chairman or Vice Chairml,~l of the Board,
and such other person as may be duly authorized t~ act on his or
her behalf.
"Clerk" means the Clerk 0) the Circuit Court .:or the County,
ex-officio Clerk of the Board, f. Id such other persor. as may be duly
authorized to act on his or hel behalf.
"Commission" means the ; lorida Local Government Finance
Commission, and any assigns or successors thereto.
"County" aeans Collier County, Florida, a political
subdivision of t.he state of Florida.
.
NOY - 7 1995
"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.
"De.iqnated Rev.nues" means Public Agency Moneys budgeted and
appropriated tor 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 Aqreement.
"Loan No. 1.-7-1" means the Loan designated as "Loan No. A-7-1"
the proceeds of which are to be used to tinance Project A-7.
"Loan" metinS the loan to be made by the COJ:mission to the
County from proceeds ot the Series A Notes in acco~dance with the
terms ot this Resolution and of the Loan Agreement.
"Loan Agr....m.nt" means t 1e Loan Agreement dated as of
April 12, 1991, between the Cou Ity and the Commiss..on, as amended
and supplementdd and as the lame may be furthL':r amended and
supplemented.
"Loan Rate" has the mean in", set forth in the :,oan Aqreement.
"Loan Repayments" or "Re~}aymeDts" means tt,e 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 ot the Loan Aqre.:'!ment.
"Non-Ad Val(')rem Revenues" Jl'; 'ans all legally aV2'ilable revenues
of the County derived from an~ source whatsoever other than ad
valorem taxation on real and pe sonal property, wh~ch are leqally
available to make the Loan . epayments require<' in the Loan
Agreement, but only after provis on has been made by the County for
the payment of s~rvices and prog ams which are for essential public
purposes affecting the healLl, welfare and safety of the
inhabitants of the County or which are legally mandated by
applicable law.
"program" means the Pooled Commercial Pape~' Loan proqram
established by the Commission.
"proj.ct A-7" means the c
acquisition and::onstruction 0
County described in Exhibit A he
modified from time to time, all
the plans and specifications on
sts and expenses T,tlating to the
certain improveml' rats within the
9to, as the same ma.. be amended or
~s more particularly described in
file with the County.
"Public Agency Moneys" shall mean the moneYF budqeted and
appropriated by the County for payment of the Loan aepayments and
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NOW - 11
any other amounts due hereunder from Non-Ad Valorem Revenues
pursuant to the County's covenant to budget and appropriate such
Non-Ad Valorem Revenues conta ined in Section 6.04 of the Loan
Agreement.
"R.payment. Sch.dule" means the schedule of Repayments of the
Loan as determined by the County Administrator, as the same may be
amended or modified tram time to time.
'~..olution"means this Resolution, as the same may from time
to time be amended, modified or supplemented.
"s.ri.. A .ot.... m.c:!ans the Commission' s Pooled Commercial
Paper Notes, Series A (Governmental Issue), to be issued tram time
to time by the Commission.
The terms "herein," "hereunder,. "hereby," "hereto," "hereot,"
and any similar terms, shall reter to this Resolution; the term
"heretotore" .iall mean befor e the date ot adoption ot this
Resolution; anci the term "here, fter" shall mean after the date of
adoption of this Resolution.
Words importinq the masc lline qender incl\1!e every other
qender.
Words im~rting the sinqul: r number include thd plural number,
and vice versa.
SECTION 2. AUTHORITY FOR RESOLUTION. This Resolution is
adopted pursuant to the proviSions ot the Act.
SECTION 3. FINDINGS. It is hereby ascertt. ined, determined
and declared that:
(A) The Commission has ) gen established for the principal
purpose ot issuinq commercial p; per notes in order to provide funds
to loan to public agencies, suc as the County, des~ring to tinance
and refinance the cost of acq iring, constructing and equipping
capital impro\1sments and t} finance and refinance other
governmenta 1 ne.3ds.
(B) In furtherance of the foregoing, the \~mmission shall
issue, from time to time, commercial paper notes to be known as
"Florida Local Government Finance Commission Pcoled Commercial
Paper Notes, Series A (Governnental Issue)" and shall loan the
proceeds of such Series A Note' to public agencie!;, including the
County.
(C) Pursuant to the authcity of the Act, th", Commission has
agreed to loan, from time to ': lme, to the County such amounts as
shall be authorized herein anc in the Loan Agreement in order to
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~OOK f i eo PAr,E 378
NOV - 7 19S
enable the County to finance, reimburse or refinance the cost of
acquisition, construction and equipping of capital improvements.
(D) The County presently has outstanding $21,628,470
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 $15,000,000 in order to finance Project A-7.
(F) The County hereby determines that the provision of funds
by the Commission to th~ County in the form of Loan no. A-7-1
pursuant to the terms of the Loan Agreement and the financing of
Project A-7 will assist in the development and maintenance of the
public welfare ot the residents ot the County, and shall serve a
public purpose by improving the health and living conditions, and
providing qovernmental services, tacilities and programs and will
promote the mest efficient an j economical development of such
services, facilities and prograns.
(G) Loan No. A-7-1 shall 1 ~ repald solely fr~'. the Designated
Revenues. Such Desiqnated Rev nues shall include moneys derived
tram a covenant to budget and aJ: )ropriate legally a ',ailable Non-Ad
Valorem Revenuos. The ad valor~m .taxing power ot 4;he County will
never be necessary or authorizei to make the Loan ltepayments.
SECTION 4. TERMs OP LO~~S. The County hereby approves of
Loan No. A-7-1 in the principal amount of not exceeding $lS,OOO,OOO
for the purpose of providinq the County with sufficient funds to.
t inance proj ect A-7. The Cha irman and the Cllrk are hereby
authorized to execute, seal and deliver on behalt ut the County a
Loan Note with respect to Loan No. A-7-1 and o~..:her documents,
instruments, aqreements and cert f icates necessary~)r desirable to
effectuate Loan No. A-7-1 as pr 'vided in the Loan ~.greement. The
Loan Note with respect to Loan N . A-7-1 shall reflE'ct the terms of
such Loan and shall be substan ially in the form ~ttached to the
Loan Agreement as Exhibit I. 1 e County Administrator shall make
the Draw Request with respect to Loan No. A-7-1 in accordance with
the terms of the Loan Aqreement 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. Loan to '.'. A-7-1 shall
mature on such dates and i:1 such amounts .~iS the County
Administrator shall determine; provided, howe~~r, the final
maturity of Loan No. A-7-1 sha' 1 not be later th2"n December 31,
1999. Loan No. A-7-1 shall b ar interest at the Loan Rate in
accordance with the terms of :ha Loan Aqreemen1. The County
further agrees tel make all Loan epayments required of it pursuant
to the terms ot the Loan Agreeme t. The Letter of credit fees for
Loan No. A-7-1 shall be 35 bas s points or such ocher amount as
First Union National Bank of Flcrida and the County shall agree.
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llnn
I'l~n
HOW - 1199!i
SECTION 5. AO'1'BORIZATION 01' PROJECT A-7. The County does
hereby authorize the financing of Project A-7.
SECTIOH ,. SECURITY POR '1'HB LOAN. The County' s obligation
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 Agreement. The obligat ion of the County to repay Loan
No. A-7-1 shall not be deemed a pledge of the faith and credit or
taxing power ot the County and such obligation shall not create a
lien on any property vbatsoever of or in the County other than the
Desiqnated Reve ::lues.
SBCTIOH 7. GERBRAL AUTHORITY. The members of the Board
and the ofticer's, attorneys and other aqents or employees of the
County are here~~ 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 punctu~l and complete performance of all
the terms, covenants and agreel ents contained in ~~his Resolution
and the Loan Agreement, and ez:h member, employe., attorney and
officer of thf' County or its Board is hereby authorized and
directed to execute and deliver my and all papers md instruments
and to do and cause to be d me any and all a':ts and things
necessary or pr~per tor carrying out the transactio'ls contemplated
by this Resolution and the Lear Agreement.
SECTION 8. SBVERABILI'I >: . If anyone or more ot 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, thouqh not expressly prohibited, 0% against public
pOlicy, or shall tor any reason whatsoever be hel/;$ invalid, then
such covenants, agreements or provisions shall be nLll and void and
shall be deemed separable from t Ie remaining covenants, agreements
or provisions and shall in no wa . affect the validit,! of any of the
other provisions hereot.
SECTION 9. REPEAL OF INCONSISTENT RESOLUTIONS.
resolutions or parts thereof in conflict herewith are
superseded and repealed to the extent ot such conflict.
Resolution specitically supercedes Resolution No. 95-487.
All
hereby
This
5
, ,...... .~,
. &;L&i&~iL
County Attorney
David C. Weigel
NOY - 11J95
.
8BC'!IOJI 10. UnCTIVB DATB.
effect immediately upon its adoption.
shall take
DULY ADOPTBD this
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(SEAL)
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. Ams'1':.' '. ""
.~. , DWIGHT E.',. BROCY
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'. !~. OVEC AS' TO' ,fORM AND
. LEGAL SUFFIC1DCY:
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EXHISI!r A
DESCRIPTION or PROJECT A-7
Beach renouriahaent and protection
Vanderbilt Beach to the Gordon River Pass.
for
the
Nor - 7 .
area
from