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HomeMy WebLinkAbout2011-203 Oct// 15 io . A aoI ( 0ao3 INTERLOCAL AGREEMENT THIS AGREEMENT rnade and entered into this I " day of September, 2011 , by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida ('hereinafter referred to as the "Escambia Authority") , and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County") ; WITNESSETH: WHEREAS, Chapter 159 , Part IV, Florida Statutes , (the "Act") authorizes the creation of housing finance authorities within the State of Florida ( the " State") for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford; and WHEREAS , the Escambia Authority by a resolution duly adopted on March 8 , 2011 (the " Enabling Resolution") , as amended and supplemented , authorized a plan of finance, as permitted by Section 5f. 103 - 2 ( f) ( 3 ) of the Regulations under the Internal Revenue Code of 1986 , as amended , (the "Plan") for the issuance of not exceeding $ 150 ,000 ,000 Single Family Mortgage Revenue Bonds (Multi -County Program) (the " Bonds" or the "Escambia Bonds ") in multiple series ( the "Program ") ; and WHEREAS , the Escambia Authority has indicated that, pursuant to the Plan , it expects to issue the Bonds from time to time with such particular Series designations as shall be appropriate in an aggregate principal amount not exceeding $ 150 ,000, 000, exclusive of any amounts required for refunding purposes ; and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986 , as amended (the ' %Code ") , the amount of mortgage revenue bonds which may be issued in each year is limited by a private activity volume cap which has been established for such purpose within the State; and WHEREAS, the limitations upon available portions of the private activity volume cap prevents the separate issuance of qualified mortgage revenue bonds for each county from being feasibly and economically accomplished ; and WHEREAS , the Escambia Authority has authorized a sufficient amount of Escambia Bonds to fund , refund or refinance outstanding obligations , the proceeds of which will be used to finance a portion of the anticipated demand during the proposed Origination Period for single family mortgages ( " Mortgage Loans" ) of both Escambia County and the Participating County, as well as certain other counties which may also participate in joint bond programs ; and Ernie Lee Magaha 2170003 CLERK OF THE CIRCUIT COURT THIS DOCUMENT HAS BEEN ESCAMBIA COUNTY FLORIDA RECORDED IN THE pUBLIC RECORDS INST# 2012017163 03, 06 2012 at 11 . 39 AMt3F INDIAN RIVER COUNTY FL OFF RRC BK : $61 . Pu 1541 - 1547 Gnr. Type : AGM BK : 2551 PG : 140, pagr1 crf 7 RECORDWG : $61 . 00 10+ 24l"201 "i at 09r37 AM, 1 JEFFREY K RARI ON., C1.ERK OF LOUR I WHEREAS , the aggregation of mortgage loan demand and the securing of the related amount of the cumulative State private activity volume cap (the "Allocation Amounts") granted by the State through 2014 (the " Authorization Period") for the purpose of issuing qualified mortgage revenue bonds to finance qualifying single family residences to be occupied primarily by first-time home buyers will result in a wider allocation of fixed expenses and certain other economies of scale ; and WHEREAS , unless such economies are realized, the issuance of mortgage revenue bonds for such purpose would be less economical , resulting in higher mortgage costs to mortgagors ; and WHEREAS , because the restrictions attendant to qualified mortgage revenue bonds under the Code limits the availability of mortgage funds for many eligible persons ( within the meaning of the Act) , the Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available for Mortgage Loans and to reduce or ameliorate such restrictions upon eligible persons ; and WHEREAS, Sections 159 . 603 and 159 . 604, Florida Statutes , authorize the Participating County to approve the issuance of mortgage revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on September 13 , 2011 (the "County Resolution" ) ; and WHEREAS, Sections 163 . 01 , 159 . 608 and 125 .01 , Florida Statutes , and the County Resolution authorize this Agreement by conferring the authority to exercise or contract by agreement upon the Escambia Authority to exercise those powers which are common to it and the other parties hereto and to include the Participating County within the Escambia Authority' s area of operation pursuant to Florida Statutes , Section 159 . 603 ( 1 ) for the purpose of issuing mortgage revenue bonds in one or more series from time to time , as qualified mortgage revenue bonds based on the Allocation Amounts or as taxable mortgage revenue bonds which require no bond volume allocation , to (i) make available funds to finance single family housing developments located within the Participating County in accordance herewith , ( ii) establish the reserves therefor , and ( iii ) pay the costs of issuance thereof. NOW THEREFORE , the parties agree as follows : Section 1 . Allocation Amounts ; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue, reissue , remarket or refund Single Family Mortgage Revenue Bonds in multiple series from time to time based on the available Allocation Amounts through the Authorization Period , or based upon the need for Mortgage Loans funded in whole or in part from taxable Bonds which require no bond volume allocation, for the purpose of financing the Program and making funds available for single family housing developments in the Participating County to the full extent permitted by the Act . Any Escambia Bonds issued, reissued , remarketed or refunded for such purposes in the Participating County are hereby deemed to be in full substitution for an equivalent principal 2 amount of the Participating County ' s bonds that could have been issued for such purpose . The Participating County hereby authorizes the Escambia Authority to utilize the Participating County ' s Allocation Amounts on behalf of the Participating County as part of its Plan for the purpose of financing the Program, including, among other things , financing of qualifying single family mortgages in the Participating County, and the Escambia Authority is hereby designated as the bond issuing authority for the Participating County during the Authorization Period with respect to all Allocation Amounts . The proceeds of the Escambia Bonds shall be allocated and applied to the funding or refinancing of obligations , the proceeds of which will be used for the funding of Mortgage Loans within the various Participating Counties and for reserves and the payment of costs of issuing the Escambia Bonds , all in accordance with final Program documents approved by the Escambia Authority. All revenues generated by bonds issued pursuant to this Agreement and by the use of the proceeds thereof, will be administered by the Escambia Authority, or its agents , and all payments due from such revenues shall be paid by the Escambia Authority, or its agents , without further action by the Participating County . Section 2. Administration , The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees , agents and officers ; provided , however, that the Participating County retains and reserves its right and obligation to require reasonable reporting on programs designed for and operated within the Participating County, including , but not limited to , reasonably available mortgagor or profile data. The Escambia Authority and its agents shall provide the Participating County with such reports as may be necessary to account for funds generated by this Agreement . The Escambia Authority shall have full authority and responsibility to negotiate , define , validate , market, sell , issue, reissue deliver, refund or remarket its Escambia Bonds in amounts based upon mortgage loan demand and maximum available Allocation Amounts , to the extent permitted by law to finance the Program for single family housing developments in the Participating County ; and to take such other action as may be necessary or convenient to accomplish such purpose . Each Participating County may apply for the full Allocation Amounts available for such Participating County. It is agreed that the initial regional Allocation Amounts for the Escambia Bonds in Indian River County and other Participating Counties located within the same bond volume allocation region under Section 159 . 804 , Florida Statutes , shall be allocated ratably between Indian River County and such other Participating Counties within such region based upon lender demand through June 15 of each year. The issuance and administration costs and expenses related to the Escambia Bonds issued to finance the Program and administration of such Program shall be paid from proceeds of the Escambia Bonds and revenues generated from the Program or other sources available to the Escambia Authority. Section 3. Program Parameters. (A) Upon request of the Escambia Authority, the Participating County shall , to the extent permitted by law, ( i ) approve , establish , and update , from time to time as necessary , upon 3 the request of the Escambia Authority, such Program parameters including , but not limited to , maximum housing price and maximum adjusted family income for eligible borrowers , as may be required for any bonds issued by the Escambia Authority pursuant to this Agreement and (ii ) approve the allocation of Mortgage Loan moneys for each lending institution offering to originate Mortgage Loans within the Participating County . Unless otherwise notified in writing by the Participating County, the Escambia Authority may from time to time approve and establish such maximum price and family income amounts at the maximum levels provided pursuant to the Code or the Act without further action of the Participating County . ( B ) The fees and expenses of the Participating County shall be paid from the proceeds of the Program in the manner and to the extent mutually agreed upon by the officials of the Participating County and the Escambia Authority at or prior to issuance of the Escambia Bonds . Section 4. Term. This Agreement will remain in full force and effect from the date of its execution until such time as it is terminated by any party upon ten ( 10) days written notice to the other party hereto . Notwithstanding the foregoing , it is agreed that this Agreement may not be terminated by the Participating County during the Authorization Period , or by any party during any period that the Escambia Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such Escambia Bonds (or investments acquired through such proceeds ) are still in the possession of the Escambia Authority , or its agents , pending distribution, unless either ( i ) the parties to this Agreement mutually agree in writing to the terms of such termination or ( ii ) such termination, by its terms , only applies prospectively to the authorization to issue Escambia Bonds for which no Allocation Amounts have been obtained or used by the Escambia Authority and for which no purchase contract has been entered into . It is further agreed that in the event of termination the parties to this Agreement will provide continuing cooperation to each other in fulfilling the obligations associated with the issuance of Bonds pursuant to this Agreement . Section 5. Indemnity. To the full extent permitted by law , the Escambia Authority agrees to hold the Participating County harmless from any and all liability for repayment of principal of and interest or penalty on the Escambia Bonds issued pursuant to this Agreement , and the members , officials , employees and agents of the Participating County harmless from any and all liability in connection with the approval rendered pursuant to Sections 159 . 603 and 159 . 604 , Florida Statutes . The Escambia Authority agrees that any offering , circular or official statement approved by and used in marketing the Escambia Bonds will include a statement to the effect that Bond owners may not look to the Participating County or its respective members , officials , employees and agents for payment of the Escambia Bonds and interest or premium thereon . 4 IN WITNESS WHEREOF, the parties to this Agreement have caused their names to he affixed hereto by the proper officers thereof as of the date first above written . ' v ESCAMBIA COUNTY HOUSING 1 , FINANCE AUTHORITY � 3 � i 1tD i E AL < 1 ,. a By: Steve Jernigan, ha * man a� BY f •' ° , � Sandra J . Ward , S cre ar ,p Y INDIAN RIVER COUNTY, FLORIDA B y : ( SEAL) Its : Wesley S . Davis , Chairman Board of County Commissioners ATTEST : J . K . Barton, Clerk By : Its : Deputy Clerk Indian River County Board of County Commissioners approved as to form and legal sufficiency By : Marian E . Fell , Assistant County Attorney 5 IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed hereto by the proper officers thereof as of the date first above written . ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY (SEAL) ATTEST : By: Steve Jernigan , Chairman By: Sandra J . Ward , Secretary ••�'�;I CO ; `/i INDIAN RIVER COUNTY, FLORIDA ago, P f� N ' By : ( SEAL) � ,• • ;oa;' Its : Bob Solari , Chairman '•qyq' a'� , o`t;%' Board of County Commissioners 46 puma , m* ATTEST : J . K . Barton , Clerk By: Its : Deputy Clerk Indian River County Board of County Commissioners Approved as to form and legal sufficiency By: Alakwi , County Attorney _�c 5 The undersigned Clerk of the Circuit Court of Indian River County, Florida, does hereby certify that the foregoing is a true and complete original of the Interlocal Agreement executed by the Chairman and Clerk as of 20116 Date : 2011 . INDIAN RIVER COUNTY, FLORIDA By: � a , C er Board of County Commissioners ( SEAL) 6