§ 2-651. Definitions.

The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Board of county commissioners means the Board of County Commissioners of Collier County, Florida, which also acts as the ex-officio governing body of the district.

Bonds means revenue bonds issued by the county pursuant to this division, payable solely from the pledged revenues.

Capital project means the capital projects, described in exhibit A attached to Ord. No. 86-36, as the same may be restated from time to time pursuant to resolution of the Board of County Commissioners; provided, however, any restatement of the capital projects shall include only such capital projects which are related to the county or the district's water and sewer utility capital improvement program or to improvements made on behalf of municipal service taxing or benefit units.

Cost, as the same relates to the program or a capital project, means:

(1)

The cost of physical construction;

(2)

Costs of acquisition;

(3)

Costs of land and interest therein and the costs incidental to such acquisition;

(4)

The cost of any indemnity and surety bonds and premiums for issuance during construction;

(5)

All interest due to be paid on the bonds and other obligations relating to the program during the period of construction and for a reasonable period subsequent to completion of construction;

(6)

Engineering, legal and other consultant fees and expenses;

(7)

Costs and expenses of the project bond, including audits, fees and expenses of any paying agent, registrar, trustee, credit bank, insurance company or depository;

(8)

Payments, when due (whether at the maturity of principal or the due date of interest or upon redemption) on any interim or temporary indebtedness incurred for any portion of the program during the period of construction thereof;

(9)

Cost of machinery, equipment, supplies and spare parts required for the commencement of operation;

(10)

Amounts required for reserve funds;

(11)

Costs and expenses related to the issuance of the bonds, and any administrative expenses related to any liquidity facility or credit facility, including interest on bonds held by the issuer of such liquidity facility; and

(12)

Any other costs properly attributable to such construction or acquisition, as determined by generally accepted accounting principles, applicable to the program or capital project;

and includes reimbursement to the county or the district, as the case may be, for any such items of cost paid by such entity prior to issuance of the project bond related to such capital project.

District means the county water-sewer district, which is located in the county, and the ex-officio governing body of which is the Board of County Commissioners, and any other water-sewer district created by the Board of County Commissioners pursuant to F.S. ch. 153, pt. II (F.S. § 153.50 et seq.).

Indenture of trust means the indenture of trust pursuant to which the bonds shall be secured.

Investment securities means such investments as shall be permitted by F.S. § 125.31, as well as:

(1)

Guaranteed investment contracts with banking institutions or insurance companies, provided:

a.

The contract shall be a general obligation of such banking institution or insurance company; and

b.

The credit rating of which banking institution or insurance company shall be assigned a rating of either Moody's Investors Service or Standard & Poor's Corporation in one of the two highest generic rating categories.

(2)

Bank time deposits evidenced by certificates of deposit, and bankers' acceptances, issued by any bank, savings and loan association, trust company or national banking association, which are:

a.

Fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation; and

b.

To the extent not so insured, are issued by a bank, savings and loan association, trust company or national banking association, the credit rating of which shall be assigned a rating by either Moody's or S&P in one of the two highest generic rating categories.

Pledged revenues means:

(1)

The proceeds from the bonds, originally deposited with the trustee under the indenture of trust, including investment earnings;

(2)

All amounts deposited in the funds and accounts held by the trustee under the indenture of trust, including any investment earnings thereon;

(3)

All amounts payable pursuant to the project bonds; and

(4)

Any other moneys held by the trustee in connection with repayment of the bonds.

Program means the county's capital improvement program which constitutes a portion of the county's and district's infrastructure needs over the next three years and which consists of the capital projects set forth in exhibit A attached to Ord. No. 86-36, as the same may be restated from time to time pursuant to resolution of the Board of County Commissioners.

Project bond means any revenue bond given by the county or the district pursuant to the program evidencing such entity's obligation to repay disbursements made by the trustee of all or a portion of the proceeds of the bonds. Project bonds may, at the option of the Board of County Commissioners in accordance with the project resolutions, be payable from:

(1)

The pledged funds, as defined in the district's first amended and restated water and sewer revenue bond resolution, adopted December 26, 1985, as amended;

(2)

Proceeds of special assessments made by the county or the district on benefited properties, including interest thereon;

(3)

Other revenues, receipts and moneys of the county which may be lawfully pledged to the payment of the bonds; and

(4)

Investment earnings on any of the aforementioned revenues.

The aforementioned revenues may include any subsequent increase in the amounts received by the county or the district pursuant to applicable law. Pledged revenues shall also include payments received by the county or the district from credit facilities which guarantee or insure payment of debt service on the project bonds, whether directly or indirectly.

Project resolution means any resolution of the Board of County Commissioners (whether functioning as the governing body of the county or the district) authorizing the acquisition and construction of a particular capital project and the pledging of certain nonad valorem revenues, as evidenced by the project bond, to repay disbursements under the program with respect to any particular capital project.

The words "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms shall refer to this division.

(Ord. No. 86-36, § 1)

Cross reference

Definitions generally, § 1-2.