Resolution 1992-005
RESOLUTION NO. 92-~
A RESOLUTION APPROVING THE ISSUANCE BY THE
CITY OF NAPLES OF ITS CITY OF NAPLES, FLORIDA,
HOSPITAL REVENUE BONDS (NAPLES COMMUNITY
HOSPITAL, INC., PROJECT) IN ONE OR MORE SERIES
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$26,000,000 FOR THE PURPOSE OF FINANCING A
CAPITAL PROJECT FOR NAPLES COMMUNITY HOSPITAL,
INC., APPROVING THE PLAN OF FINANCING UNDER WHICH
SUCH BONDS ARE TO BE ISSUED AND APPROVING THE
LOCATIONS AND NATURE OF THE PROJECT; PROVIDING
FOR SEVERABILITY, CONFLICTS AND EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
SECTION 1. Authoritv for this Resolution.
This resolution is adopted by the Board of County
Commissioners (the "Board") pursuant to the provisions of Section
125.01(1) (z), Florida Statutes, and Section 147(f) of the Internal
Revenue Code of 1986, as amended.
SECTION 2. Findinqs.
It is hereby found, ascertained and determined that:
(1) The City Council of the City of Naples (the "City"),
following two pUblic hearings held on December 4, 1991 and
December 18, 1991, adopted City Ordinance No. 91-6516 (the
"Bond Ordinance") authorizing the issuance by the city of
Naples of its City of Naples, Florida, Hospital Revenue Bonds
(Naples Community Hospital, Inc., Project) in one or more
series in an aggregate principal amount not to exceed
$26,000,000 (the "Bonds") for the purpose of loaning the
proceeds of such Bonds to Naples Community Hospital, Inc.
(the "Hospital"), to be used to finance the health care
facilities capital project (the "Project") consisting of: (A)
the construction of a seven level parking garage of
approximately 476,000 square feet, renovations at Naples
Community Hospital relating to a special procedures x-ray
room and M.R.I. facilities, the acquisition and installation
of major movable equipment, including, but not limited to, a
laboratory information system, a linear accelerator, M.R.I.
equipment, a PBX communication system and equipment for
special x-ray procedures room, all to be located at the
Naples Community Hospital campus at 350 7th Street, North,
Naples, Florida, (B) the purchase of land and an existing
three (3) story office building located at 851 5th Avenue
North, Naples, Florida, (C) the construction of an
approximately 27,000 square foot office building to be
located in the unincorporated area of Collier County at 3737
Domestic Avenue, Naples, Florida and (D) the remodeling of
1,200 square feet of space at North Collier Hospital for use
as a newborn nursery, enclosing 2,025 feet of patio area
thereof and the acquisition and installation of major movable
equipment at North Collier Hospital which is located in the
unincorporated area of Collier County at 1501 Immokalee Road,
Naples, Florida, all as more particularly described in TEFRA
Notice.
(2) The Bonds are to be issued pursuant to the provisions of
Part II of Chapter 159, Florida Statutes. The City has by
the bond Ordinance, a copy of which has been provided to this
Board, approved the issuance of the Bonds, the plan of
financing, the locations and nature of the Project and has
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JAN - 7 1992
made findings required by Part II of Chapter 159, Florida
statutes.
(3) The city of Naples has provided to this Board a copy of
the notice (the "TEFRA Notice") of a public hearing which was
held prior to the final adoption of the Bond Ordinance
together with an extract of minutes relating to the public
hearing and adoption of the Bond Ordinance.
(4) Portions of the Project are to be located outside the
city of Naples in the unincorporated area of Collier County
as set forth in the TEFRA Notice and the Bond Ordinance and,
therefore, the City has requested the Board to approve the
issuance of the Bonds, the plan of financing and the
locations and nature of the Project, pursuant to the
provisions of section 125.01(1) (z), Florida Statutes, and
Section 147(f) of the Internal Revenue Code of 1986, as
amended.
(5) It is desirable and will serve a public purpose for the
Board to grant such approval.
(6) This Resolution shall in no manner obligate the County
to provide any public services or facilities for the Project
except as otherwise required by law.
SECTION 3. Applicable Elected Representative Approval.
The Board of County Commissioners, acting as the "applicable
elected representative" of Collier County, Florida, hereby
approves (i) the issuance by the city of Naples, Florida, of its
City of Naples, Florida, Hospital Revenue Bonds (Naples community
Hospital, Inc., Project) in one or more series in an aggregate
amount not to exceed $26,000,000; (ii) the plan of financing under
which the proceeds of the Bonds shall be loaned to Naples
Community Hospital, Inc., to finance the Project, and (iii) the
locations and nature of the Project all as described in the Bond
Ordinance and the TEFRA Notice. This approval is given pursuant
to the authority described in Section 1 hereof and is given solely
in order to meet the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended. The approval herein
granted in no way obligates the County in any manner for the
payment of the Bonds or debt service thereon or in any other way
shall be deemed to impose any liability or obligation upon the
County or any of its officials or employees in connection with the
sale and issuance of the Bonds by the City of Naples. Further,
the approval herein is not intended to grant and does not grant
any vested rights or special consideration regarding comprehensive
plan, zoning, building or other land use matters.
SECTION 4. Severability.
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JAA I.....
(a)
flap/as Ci/y Council
Agenda Hem \ >(
For The Meeting Of I "LIt ~)ql
ORDINANCE'NO. Q/-1:,51(,
.ORDINANCE AUTHORIZING THE ISSUANCE OF
CITY OF NAPLES, FLORIDA, HOSPITAL REVENUE
BONDS (NAPLES COMMUNITY HOSPITAL, INC.
PROJECT) IN A PRINCIPAL AMOUNT NOT
EXCEEDING $26,000,000 PURSUANT TO THE
PROVISIONS OF PART II OF CHAPTER 159,
./." FLORIDA STATUTES, AS AMENDED; PROVIDING
. FOR THE LENDING OF THE PROCEEDS OF SAID
BONDS TO NAPLES COMMUNITY HOSPITAL, INC.,
TO PAY THE COSTS OF A CAPITAL PROJECT FOR
HEALTH CARE FACILITIES; APPROVING THE
ISSUANCE OF THE BONDS, THE PLAN OF
FINANCING AND.THE LOCATIONS AND NATURE OF
SUCH PROJECT; AND PROVIDING FOR
SEVERABILITY, CONFLICTS AND AN EFFECTIVE
DATE. PURPOSE: TO ISSUE INDUSTRIAL
REVENUE BONDS FOR NAPLES COMMUNITY
HOSPITAL.
BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF NAPLES,
FLORIDA, THAT:
SECTION 1. Authority For This Ordinance. This
Ordinance (the. "Bond Ordinance") is adopted pursuant to the
provisions of the City Charter of the City of Naples, Florida,
and Part II of Chapter" 159, Florida Statutes, as amended (the
"Act"), and of other applicable laws.
. SECTION 2. Findings. It is hereby found, ascertained,
determined and declared that:
The City of .Naples, Florida (the "Issuer"), is.
authorized and empowered by the Act to provide for
the issuance and sale of its bonds for the purpose
of paying' all or any part of the cost of any
"project" (as defined in the Act); and
(b)
Naples Community Hospital, Inc. a not-for-profit
Florida corporation (the "Hospital"), has requested
that the following plan of financing be approved
and implemented:
it
(1) The Issuer, pursuant to the provisions of the
Act, this Bond Ordinance and an Award
Resolution, would issue and sell its Hospital
Revenue Bonds (Naples Corrvnunity Hospital, Inc.
Project), in an aggregate principal amount not
to exceed $26;000,000 (the "Bonds"), which
shall be payable from the sources described
herein; "
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108/HAPIOOOI_O/AD7
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from payments to be made by the Hospital under
the Loan Agreement moneys provided under a
credit enhancement facility and other revenues
derived by the Issuer, directly or indirectly
from the sale, operation or leasing of the
Project, and will not constitute a debt,
liability or obligation of the Issuer, of
Collier County or the state or of. any
political subdivision thereof; the Issuer
shall be obligated to pay neither the Bonds
nor debt service thereon nor payments to any
provider of any credit enhancement facility
except from the aforesaid sources pledged
therefor; and neither the faith and credit nor
the taxing power. of the Issuer, of Collier'
County or of the state or of any political
subdivision thereof will be .pledged to the
payment of the Bonds, debt'service thereon' or
payments to any . provider of any credit
enhancement facility; and
(C) The Hospital has represented and the City Council'
hereby finds and determines that:
(i) The Project constitutes a "health care
facility" as defined in Section 159.27(16),
Florida.Statutes, and a "project" as defined
in Se~tion 159.27(5), Florida statutes and is
eligible for financing under the Act; and
(ii)
The Project is appropriate to the needs and.
circumstances of the City of Naples and
Collier County and shall make a significant
contribution to the economic growth and public'
health of the City of Naples and Collier
County (being the local agencies in which the
Project is to be located), shall provide or
preserve gainful employment and shall serve a
public purpose by advancing the economic
prosperity, public health and general welfare
of the state of Florida and its people as
stated in Section 159.26, Florida statutes;
and
(iii)
f,
Adequate provision shall be made in_the Loan
Agreement for the operation, repair and
maintenance of the Project at the expense of
the Hospital and for the payment of principal
of, premium, if any, and interest on the Bonds
and payments to any provider of any credit
enhancement facility for the Bonds; and
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JAN - 7 1992
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on the proposed issue of the Bonds, the plan of
'~inancing described herein and the locations and
nature of the Project to be financed thereby; and
( f)
It is desirable and in the best interests of the
Issuer that the Issuer enact this Bond Ordinance.
SECTION 3. Authorization of the Bonds. The issuance of
the Bonds is hereby authorized and approved. The Bonds shall be
in an aggregate principal amount not to exceed $26,000,000, shall
have a maximum maturity.of not more than forty years, shall bear
interest at such rate or rates, including variable rates (but not
in excess of the maximum rate of interest per annum allowed by
law), ~hall have such provisions .for redemption (with or witho~t
premium), shall be executed and secured, and shall be payable at
such time or times and from such sources as shall be permitted by
the Act all on terms mutually satisfactory to the Issuer and the
Hospital, and all as' shall be specified in a subsequent
supplemental resolution: (the "Award Resolution") of the City
Council of the Issuer' and in the trust indenture, series
indenture, or supplem~ntal bond indenture (the "Bond Trust
'Indenture") and'other documents under which the Bonds are to be
issued and by which the same are to be secured, which documents
shall be approved by, and incorporated by reference in~ the Award
Resolution. The proceeds of the Bonds, if'and when issued, shall
be loaned to the Hospital under a Loan Agreement and used to pay
the costs of the Project, to pay issuance costs and any credit
enhancement fees, and m~y also be used to provide a reserve fund
to be held by the Bond Trustee as security for the Bonds and to
pay costs ~f credit enhancement for the Bonds. The Issuer by
this Bond Ordinance is not compelled to issue the Bonds and may
refuse tti do so with or "without cause at any time prior to the
adoption' of the Award Resolution and execution of a bond purchase
agreement. .
SECTION 4. Expenses of Financing. The Issuer shall not
be obligated to pay any costs or expenses relating to the
financing or the Project and all such costs and expenses shall be
paid by the Hospital out, of proceeds of the Bonds if and when
issued or from other funds of the Hospital. The adoption of this
Bond Ordinance shall not impose any financial liability on the
City to the Hospital or to any other person or legal entity. The
City designates Squire, Sanders & Dempsey to serve as Bond
Counsel to the City in connection with the Bonds and cons.ents to
the designation by the Hospital of a bank or trust company as
Bond Trustee, Bond Registrar and Paying Agent for the proposed
Bonds and consents to the selection by the Hospital of
underwriters to whom the Bonds, if issued, are to be sold. The
Hospital may also designate a Tender Agent and Remarkcting Agent
for the Bonds. The Hospital shall be solely responsible for the
fees and expenses of the foregoing persons, provided that subject
to any limitations imposed by federal tax law, initial fees and
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operative, made, assumed, entered into or taken in the manner and
to the full extent permitted by law from time to time.
SECTION 8. Conflicts. All
or parts thereof in conflict herewith
conflict superseded and repealed.
SECTION 9. Effective Date. This Bond Ordinance shall
become effective immediately upon its adoption and enactment~
ordinances and resolutions
are to the extent of such
19 91.
APPROVED AT FIRST READING THIS ~ DAY OF nF.CF.MRF.R ,
PASSED AND ADOPTED ON SECOND, READING AND PUBLIC HEARING
IN OPEN AND REGULAR SESSION OF THE CITY COUNCIL OF THE CITY OF
NAPLES, FLORIDA, THIS 1/f!J. DAY OF ~"'.-JJUv , 199L...
eJ<;~~~
Kim Anderson ~ ' Mayor
ATTEST:
~~- r-
, Jan Cason, City C e;k .
'~APPROVED AS TO FORM AND LEGAL Y BY
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