Resolution 1985-119
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RESOLO'1'IOR RO. 85-119
A RESOLUTION AMENDING A RESOLUTION
E"N TIT LED I · A It E SOL UTI 0 N AUT H 0 R I Z I N G
THE ISSUANCE OF/NOT EXCEEDING $29,625,000
CAPITAL IMPROVEMENT REVENUE REFUNDING
BONDS, SERIES 1985, OF TRE COUNTY TO
FINANCE TRE COST OF REFUNDING CERTAIN
OUTSTANDING OBLIGATIONS OF THE COUNTYJ
PROVIDING POR THE RIGHTS OF THE HOLDERS
OP SUCH BONDS, PROVIDING FOR THE PAYMENT
TREREOF, MAKING CERTAIN OTHER COVENANTS
AND AGREEMENTS IN CONNECTION WITH THE
ISSUANCE OF LUCB BONDS, AND PROVIDING
AN EFFECTIVE DATE., TO PROVIDE FOR
CHANGES TO SECTIONS 19 I. AND 19 D. TREREOF,
AND PROVIDING AN EFFECTIVE DATE.
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WSBRBAS, Collier County, Florida (the -Issuer-) has
htretofore adopted Resolutiorr No. 85-107 (the .Original
Resolution-), the title of which is quoted in the title
hereof, authorizing, among other things, the issuance of
not exceeding $29,625,000 Capital Improvement Revenue Refunding
Bonds, Series 1985 (the -1985 BondS.), and
WSBRBAS, the Municipal Bond Insurance Association
(-MBIA-) shall insure the payment of the principal of and
interest on the 1985 Bonds as the same shall become due,
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WSBRBAS, MBIA has requested, as a condition of insuring
the 1985 Bonds, that the Issuer amend Sections 19 I. and
19 D. of the Original Resolution relating to the issuance
of additional obligations of the Issuer secured on parity
with the 1985 Bonds, and
WSBRBAS, the Issuer deems it in the best interests
of its citizens to adopt such amendment in order to secure
insurance for its 1985 Bonds,
ROW, ~SBRBFORB, BB IT RBSOLVBD BY ~SB BOARD OF COURTY
COJOlISSIORBRS OF COLLIER COUNTY, FLORIDA:
SBCTION 1. AUTSORITY FOR TSIS AKBRDATORY RESOLUTION.
This amendatory resolution is enacted pursuant to the terms
of the Act and the Original Resolution.
aODK 087 PA':.t 360
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SBC~IOB 2. AREBDRBNT TO SEC~IOR l' I. or THE ORIGINAL
RESOLOTIOR. paragraph (2) of Section 19 I. of the Original
Resolution is her~by amended to read as follows:
(2) There shall have been obtained and filed with
the Issuer a certificate of an independent certified public
accountant of suitable experience and responsibility, (a)
stating that the books and records of the Issuer relating
to the collection and receipt of Sales Tax Revenues have
been audited by him, (b) setting forth the amount of Sales
Tax Revenues received by the Issuer for any twelve (12)
consecutive months within the eighteen (18) months immediately
preceding the date of delivery of such Additional Parity
Bonds with respect to which the certificate is made, and
(c) stating that the Sales Tax Revenues received by the
Issuer for such twelve (12) month period equals at least
l.35 times the Maximum Bond Service Requirement on (i)
all Bonds then outstandiug, and (ii) the Additional parity
Bonds with respect to which the certificate is made.
SBCTION 3. AMBNDMBNT TO SECTION 19 D. OF ORIGINAL
RESOLUTION. Paragraph (4) of Section 19 D. of the Original
Resolution is hereby amended to read as follows:
(4) The Issuer shall next deposit into the Reserve
Account a sum sufficient to maintain therein an amount
equal to the Maximum Bond Service Requirement. Any withdrawals
from the Reserve Account shall be subsequently restored
from the first Pledged Revenues available after all required
current payments for the Principal Account, the Interest
Account and the Bond Amortization Account, including all
deficiencies for prior payments, have been made in full.
Moneys in the Reserve Account shall be used only for the
purpose of the payment of maturing principal of or interest
or Amortization Installments on the Bonds when the other
moneys in the Sinking Fund are insufficient therefor, and
for no other purpose. Bowever, whenever the moneys on
deposit in the Reserve Account exceed the Maximum Bond
Service Requirement, such excess may be withdrawn and deposited
into the Principal Account, the Interest Account or the
Bond Amortization Account, at the discretion of the Issuer.
Upon the issuance of any Additional parity Bonds under
the terms, limitations and conditions as herein provided,
the Issuer shall increase the sum required to be accumulated
and maintained on deposit in the Reserve Account to be
at least equal to the Maximum Bond Service Requirement
on all outstanding Bonds and on the Additional PArity Bonds
becoming due in any ensuing Bond Year. Such required sum
may be paid in full or in part from the proceeds of such
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Additional Parity Bonds or may be accumulated in accordance
with the terms of this paragraph in equal monthly payments
in the ReSErve Account over a period of years, not to exceed
thirty-six (36) months, from the date of delivery of the
issuance of Additional ~arity Bonds, as determined by the
Supplemental Resolution. jIn the event moneys in the Reserve
Account are accumulate~ as provided above, (a) the amount
in said Reserve Account on the date of delivery of the
Additional parity Bond~ .hall not be less than the Maximum
Bond Service Requirement on all Bonds outstanding on such
date, and (b) the incremental difference between the Maximum
Bond Service Requirement on all Bonds outstanding on the
date of delivery of the Additional parity Bonds and the
Maximum Bond Service Requirement on all such Bonds and
the Additional Parity Bonds shall be 50t funded upon delivery
of the Additional parity ~onds.
SECTIOB 4. SEVERABILITY AND INVALID PROVISIONS.
If anyone or more of 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,
though not expressly prohibited, or against public policy,
or shall for any reason whatsoever be held invalid, then
such covenants, agreements -or provisions shall be null
and void ad shall be deemed separable from the remaining
covenants, agreements or provisions and shall in no way
affect the validity of any of the other provisions hereof
or of the 1985 Bonds.
SBCTION 5. ORIGIBAL RESOLOTION ~O CONTI NUB IR rORCB.
Except as herein expressly provided, the Original Resolution
and all the terms and provisions thereof are and shall
remain in full force and effect.
SBCTION 6. EFFBCTIVE DATE. This amendatory resolution
shall become effective immediatley upon its adoption.
This Amendatory Resolution adopted after motion, second
~d roll call vote as follows:
Chairm~ Voss Aye
Commissioner Goodnight Aye
Commissioner Basse Absent and not voting
Commissioner Bolland Seconded and aye
Commissioner pistor ~Iotioned and aye
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Mav 28._1985
BoARD 01' COtJR'l'Y COIOlISSIOHBRS
COLLIER COtJR'l'Y. rLORIDA
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Frederick Voss, hairman
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A'n'ES'l1
Approved as to form
and legal sufficiency:
/1-:4 -6_4
1Burt L. Saunders
Collier County Attorney
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STATE OF FLORIDA
COLLIER COUNTY
I, WILLIAM J. REAG~N, Clerk of the Court in and for
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the Twentieth Judicial/Circuit, Collier County, Florida,
do hereby certify that the foregoing is a true and correct
copy of:
RESOLOTION 1110. 85-119
A RESOLUTION hMENDING A RESOLUTION
ENTITLED: -A RESOLUTION AUTHORIZING
TRE ISSUANCE OF NOT EXCEEDING $29,625,000
CAPITAL IMPROVEMENT REVENUE REFUNDING
BONDS, SERIES 1985, OF THE COUNTY TO
FINANCE THE COST OF REFUNDING CERTAIN
OUTSTANDING OBLIGATIONS OF TRE COUNTY,
PROVIDING FOR THE RIGRTS OF THE HOLDERS
OF SUCH BONDS, PROVIbING FOR THE PAYMENT
THEREOFl MAKING CERTAIN OTHER COVENANTS
AND AGREEMENTS IN CONNECTION WITH THE
ISSOANCE OF suca BONDS, AND PROVIDING
AN EFFECTIVE DATE-, TO PROVIDE FOR
CHANGES TO SECTIONS 19 I. AND 19 D. THEREOF,
AND PROVIDING AN EFFECTIVE DATE.
which was adopted by the Bqard of County Commissioners
during Special Session on May 28, 1985.
WITNBSS my hand and the official seal of the Board
of County Commissioners of Collier County, Florida, this
-1!!.L day of
Mav
, 1985.
WILLIAK J. REAGAN
Clerk of the Court and
Ex-Officio Clerk to the
Board Of.co~nt'Zco. mmi ioners
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