Item O5
JUN-02-~0 10,16 FROM,HONROE COUNTY ATTY OFFICE 10,3052823516
PAGE
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BOARD OF COUNTY COMMISSIONERS
AGENDA rrEM SUMMARY
Meeting Date: June 14, 2000
Division: County Attorney
Bulk Item:
Yes
No
x
AGENDA ITEM WORDING:
Under federal law the Board of County Commissioners must approve the Industrial
Development Authority's issuance of bonds, This Resolution approves the IDA's
Wesley House bond issue.
ITEM BACKGROUND:
PREVIOUS RELEVANT BOCC ACTION:
The Bee, sitting as the IDA, held the federally required pUblic hearing (TEFRA
hearing) on May 17, 2000 to discuss the Wesley House bond Issue.
STAFF RECOMMENDATION:
Approval.
TOTAL COST:
BUDGETED: Yes _ No
Cost to County:
APPROVED BY:
County Attorney
x
OMB/Purchasing
RiSk Management
DIVISION DIRECTOR APPROV"L~
DOCUMENTATION:
Included --L_ To Follow _
Not required _
AGI!NDA ITEM #
1"05
RESOLUTION NO. -2000
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
APPROVING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT
EXCEED $1,000,000 BY THE MONROE COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY.
WHEREAS, on May 17, 2000 a public hearing was held by the Monroe County Industrial
Development Authority (the "Authority ") with regard to the issuance of the Authority I s Industrial
Development Revenue Bonds, Series 2000 (Wesley House Community Center, Inc. Project) in an
aggregate principal amount not to exceed $1,000,000 (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be used by the Authority to make a loan to
Wesley House Community Center, Inc. (the "Borrower") to finance and refinance the cost of
acquisition, renovation and rehabilitation of a social service center located at 1300 Truman
Avenue, Key West, Florida, within Monroe County, Florida and to pay the costs of issuance of
the Bonds (all of the property financed and refinanced with proceeds of the Bonds being owned
and operated by the Borrower); and
WHEREAS, the Bonds will not be an obligation of the County, and will be payable solely
from funds of the Borrower; and
WHEREAS, pursuant to the requirements of the Florida Statutes and of the Internal
Revenue Code of 1986, as amended (the "Code"), as a prerequisite to the issuance of the Bonds,
it is necessary that the Board of County Commissioners of Collier County, Florida approve the
issuance thereof after said public hearing; and
WHEREAS, the Board of County Commissioners desires to evidence approval of the
issuance of the Bonds solely to satisfy the requirements of the Florida Statutes and of the Code.
NOW, THEREFORE, be it resolved by the Board of County Commissioners of Collier
County, Florida that:
Section 1. The Board of County Commissioners hereby approves the issuance of the
Bonds solely for purposes of Section 159.47(1 )(i), Florida Statutes and Section 147 (f) of the Code.
Section 2. The Bonds shall not constitute a debt, liability or obligation of Monroe
County, Florida, its Board of County Commissioners, or any officers, agents or employees
thereof, or of the State of Florida or any political subdivision thereof, but shall be payable solely
from the revenues provided therefor, and neither the faith and credit nor any taxing power of
Monroe County, Florida, the State of Florida or any political subdivision thereof is pledged to
payment of the principal of, premium, if any, and interest on the Bonds. No member of the Board
of County Commissioners of Monroe County, Florida or any officer, agent or employee thereof
shall be liable personally on the Bonds by reason of their issuance.
Section 3. This approval shall in no way be deemed to abrogate any regulations of
Monroe County, Florida, and any and all projects contemplated to be financed with the Bonds
shall be subject to all such regulations, including, but not limited to, the Monroe County Growth
Management Plan, all concurrency requirements contained therein, the Monroe County Land
Development Code, and all applicable impact fee regulations. The approval given herein shall
not be construed as (i) an endorsement of the creditworthiness of the Borrower or the financial
viability of the Project, (ii) a recommendation to any prospective purchaser of the Bonds or (iii) an
evaluation of the likelihood of the repayment of the debt service on the Bonds.
Section 4. If any Section, paragraph, clause or provision of this Resolution shall be
held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in
full force and effect, it being expressly hereby found and declared that the remainder of this
Resolution would have been adopted despite the invalidity or ineffectiveness of such Section,
paragraph, clause or provision.
Section 5.
This- Resolution shall take effect immediately upon its adoption.
PASSED and Adopted this 14th day of June, 2000.
ATTEST:
Danny L. Kolhage, Clerk
MONROE COUNTY, FLORIDA BY
ITS BOARD OF COUNTY COMMISSIONERS
By:
Deputy Clerk
, Chair
[SEAL]
Approved as to form and legal sufficiency:
James T. Hendrick, County Attorney
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