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2007-137
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2007-137
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Last modified
5/24/2017 1:59:20 PM
Creation date
9/30/2015 5:27:55 PM
Metadata
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Resolutions
Resolution Number
2007-137
Approved Date
10/09/2007
Agenda Item Number
9.A.3
Resolution Type
Housing
Entity Name
Escambia County Housing
Subject
Single Family Mortgage Loans
Execute and deliver Documents
Archived Roll/Disk#
3129
Supplemental fields
SmeadsoftID
2877
Document Relationships
2007-344
(Message)
Path:
\Official Documents\2000's\2007
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r <br />RESOLUTION 2007-137 <br />Section 1. Because of the continuing shortage of affordable single family housing <br />and capital for investment therein in Indian River County and the continuing impediments to a <br />bond issue to alleviate such shortages as to single family housing, it is hereby determined that <br />the Indian River Board consents to the Authority exercising its powers to issue the Bonds and to <br />implement a Plan to provide capital from sources of funds available to the Authority, including <br />but not limited to a portion of the proceeds of the Bonds, and proceeds of obligations refunded <br />by the Bonds, to establish a program to finance Mortgage Loans for single family housing <br />within the statutory boundaries of Indian River County ("Mortgage Loans"); provided, that the <br />Authority and Indian River County first enter into a written agreement setting forth the powers, <br />duties and limitations of the Authority as they pertain to the use of said Bond proceeds within <br />Indian River County and payment of the issuance costs for such Bonds. <br />Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman <br />or Vice -Chairman and Clerk or Deputy Clerk of the Indian River Board are hereby authorized <br />to execute such consents, intergovernmental agreements, applications, instruments or other <br />documents as shall be required to implement participation by the Indian River Board of such <br />Program and to provide for payment of Indian River County's proportionate share of the costs <br />thereof, including but not limited to the costs of issuance of such Bonds, all as shall be approved <br />by counsel to Indian River County. <br />Section 3. The Interlocal Agreement, in substantially the form attached hereto as <br />Exhibit A, and made a part hereof, between Indian River County and the Authority is hereby <br />approved. The officers of Indian River County are hereby authorized to enter into such <br />Interlocal Agreement on behalf of Indian River County with such changes not inconsistent <br />herewith as the officers executing same may approve, such execution and delivery to be <br />conclusive evidence of such approval. The appropriate officers of Indian River County are <br />hereby further authorized to execute and deliver such other documents and instruments as may <br />be necessary to implement such Interlocal Agreement, including, without limitation, application <br />for up to the maximum available private activity bond volume allocations pursuant to the Act, <br />for the purposes set forth in the Interlocal Agreement. <br />Section 4. The Indian River Board hereby approves, within the meaning of Section <br />147(0 of the Code, the Authority's Plan and the issuance by the Authority from time to time of <br />not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, initially designated as <br />"(Multi -County Program)," with such particular Series designation as shall be appropriate, for <br />funding the Authority's Program for Mortgage Loans, and such other action to be taken <br />pursuant to the Enabling Resolution or the Act. <br />Section 5. The principal of and premium, if any, and interest on the Bonds and all <br />payments required under the proposed financing agreements, including the Interlocal <br />Agreement, shall be payable solely by the Authority from the proceeds derived by the <br />Authority under the proposed financing agreements, and Indian River County shall never be <br />required to (i) levy ad valorem taxes on any property within its territorial limits to pay the <br />MCPS -09/07/07 -6682 -County Docs -Indian River BCC Reso-v1 <br />3 <br />
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