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2003-161
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2003-161
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Last modified
8/17/2017 3:55:46 PM
Creation date
9/30/2015 5:36:42 PM
Metadata
Fields
Template:
Resolutions
Resolution Number
2003-161
Approved Date
12/09/2003
Agenda Item Number
9.A.1.
Resolution Type
Agreements with Escambia County
Entity Name
Escambia County Housing Authority
Subject
Tax Equity Fiscal Responsibility Act hearing
Area
finance qualifying mortgage loans on behalf of IRC
Archived Roll/Disk#
2746
Supplemental fields
SmeadsoftID
4021
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• <br />• <br />1 <br />RESOLUTION NO. 2003-161 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA <br />COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE <br />BOUNDARIES OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE <br />QUALIFYING SINGLE FAMILY MORTGAGE LOANS ON BEHALF OF <br />INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE BOARD OF <br />COUNTY COMMISSIONERS TO ENTER INTO AGREEMENTS WITH THE <br />ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO EXECUTE <br />AND DELIVER CERTAIN DOCUMENTS AND INSTRUMENTS IN <br />CONNECTION THEREWITH; APPROVING A FORM OF INTERLOCAL <br />AGREEMENT; APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $150,000,000 <br />SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 2004A (MULTI - <br />COUNTY PROGRAM), PURSUANT TO SECTION 147(0 OF THE INTERNAL <br />REVENUE CODE OF 1986, AS AMENDED; PROVIDING THAT SUCH BONDS <br />CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; AND PROVIDING AN <br />EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, .(the "Act") authorized counties to create <br />housing finance authorities to exercise powers of the Act within their boundaries or outside their <br />boundaries with the consent of the governing body of the territory outside their area of operation; and <br />WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the Escambia <br />Board") on May 29, 1980, adopted Ordinance No. 80-12 and on March 20, 2003, the Escambia Board <br />enacted Ordinance 2003-8 (collectively, the 'Ordinance") creating the Escambia County Housing <br />Finance Authority (the "Authority") and authorized the Authority to exercise all powers under the Act <br />subject to approval by the Escambia Board as a condition precedent to the effectiveness of the certain <br />actions of the Authority, and <br />WHEREAS, there is no housing finance authority currently operating in Indian River County, <br />Florida ("Indian River County"); and <br />WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River County, <br />Florida, (the "Indian River Board") has found a shortage of affordable housing and capital for investment <br />therein and a need for a housing finance authority to function in Indian River County; and <br />WHEREAS, it is not practicable at this time under existing Florida and Federal laws and <br />regulations for a single local agency to issue its bonds for the purpose of implementing a single family <br />housing program, although the shortage of such single family housing and capital for investment therein <br />is continuing in Indian River County, and <br />WHEREAS, the Authority by resolutions duly adopted on June 13, 2000 and May 14, 2002 <br />(collectively, the `Enabling Resolutions"), as amended and supplemented, particularly as supplemented <br />by a resolution dated as of May 13, 2003 (the "Authorizing Resolution"), authorized a plan of finance (the <br />`Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family Mortgage <br />Revenue Bonds (Multi -County Program) (the "Program"), and <br />WHEREAS, the Authority has indicated that it expects to issue its Single Family Mortgage <br />Revenue Bonds, Series 2004A (Multi -County Program) (the "Escambia Bonds" or the "Bonds") in a <br />MCL -11/11/03 -6519 -Indian River BCC Reso <br />1 <br />
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