HB 0255 2003
1	A bill to be entitled
2	An act relating to Collier County; amending chapter 69-
3	1326, Laws of Florida, as amended; increasing the
4	borrowing power of the City of Naples Airport Authority;
5	providing an effective date.
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7	Be It Enacted by the Legislature of the State of Florida:
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9	Section 1. Subsection (n) of section 4 of chapter 69-1326,
10	Laws of Florida, as amended by chapters 75-451 and 79-516, Laws
11	of Florida, is amended to read:
12	Section 4. The operation of the airport by the authority
13	shall be subject to existing leases, rights and privileges
14	heretofore granted by the City of Naples. The authority is
15	hereby authorized and empowered:
16	(n) To borrow money from time to time, provided that the
17	outstanding indebtedness on loans secured under the provisions
18	of this subsection does not exceed$15,000,000five million
19	dollars ($5,000,000.00)at any one time, from any state and
20	federal agency or agencies or private party or parties, both
21	individual and corporate, for the purpose of providing funds to
22	be used in the improving, extending, enlarging, equipping or
23	repairing the airport facilities; to secure such loan or loans
24	by executing a promissory note or notes therefor in the name of
25	said airport authority, which said notes shall be binding
26	obligations of said airport authority; to further secure such
27	promissory notes, the airport authority is authorized to
28	mortgage the project or facilities, excluding the land, for the
29	construction, repair or improvement of which said notes may be
30	executed. With regard to the issuance of any obligations in
31	excess of $2,000,000, the City Council of the City of Naples
32	shall act in an advisory capacity. However, the advice or
33	recommendations of the City Council shall in no event be binding
34	upon the authority and shall not be construed to impair or
35	inhibit the right to issue any such obligations.
36	Section 2. This act shall take effect upon becoming a law.
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