Loading...
HomeMy WebLinkAbout1999-121N>HE RECCOM OF OLUTION NO- 00 -ice ""�+ � w, �► A Rif OLUT[O N OF TUB BOARD OF COUNTY ' COMMtSSIONE RS OF INDIAN RIVER COUNTY. FLORIDA. A1CA'I'HOR=IINC11 THE ESC"ElIA COUNTY HOUSING FINANCE A]UTHORITY TO OPERAM WITHIN TIM BOUNDARIES OF INDIAN :RIVER COUNTY. 'TO FINANCE QUALIFYING SINGLES a®o FAMILY MORTGAGE LOANS ON IiUTALF OF INDIAN RIVER COUNTY-, AUTHORMING 1419 BOARD TO ENTER INTO AGREEMENTS WITII 'TELE ESCAMBtA COUNTY ROUSING FINANCE AUTHORITY AND TO EXECU E AND DELVER CERTAIN DOCUMENTS AND t N.STRCO fEii2NTS IN C O NINIDCrIOIN iITIIE WWiM APPR.OVfXG A FORM OF INTERLOCAL A0R.EM►I:Efi1T„ APPROVING FILE ISSUANCE BY TILE U4LU E1?�NBIA COU TY ROUSINGF'IgNAgN TItAUOR17T OF NOTA 0 a EXCEi EDIfNG $1.00,000.000 SIQNC; L Ei FAMILY MORTIGAOR no 01A Il"E1NUE BONDS, SMUES "DO (MULTUCOCIIN'TY M1 ftPstookim, PuRSCIAgNr To BEIM„ non t4wo OF 'TILE 0 INTERNAL E-MVEINUIT CODE OF 119S5, AS NDE,Da ' PROVIDIING 7MT SUC R BONDS C ONSTt11'VUVE LIMITED, SPECAAL 011UGA"I' O NS,, AND PROVIDING AN E1"rECVE DAT WHEREM. C iaspler 1559., Pwq W, Ploatlzam S114n41c%, ((114c "A-cVt 'flog1tortlom counfue.6 go atcalc bwlaiwhAg fin uie walho)AUcs l«) r.wir:mbie. powraw 01 tlor Ad ullitin tbodr boUndat es sur (0, 1A,84 -4c, 494d4- bouaaa0dwtos vmh clor (ooYiawinl of 190c ovenalrog body of the leniloay otalMdr tg" ,Wkc 'a (0yj Ql00a,a0l>iuua0:; :ca10Id WHEREAS, Lige, Do sof Comoly m4 county. F lorldic LIA Woe 1DWw4djua msffiad"1) au I��AY ` %. 3`EA�tICA„ ,41)4'flnt(r;�l K�al�diaa►0aove Nla>>_. 00.1` , lay whirls 14 ►-8 W be elk -aged the ViiraaaoNlaa;a Counly gl utow1 ug 11illao.oaave h►altluwdly 01or "AuNloustly,,1 4wd autgwaizad 430c Auflow y lro (;volt slme 41111 omwor's 41141)dol ague Avl:i a0aod t4' 2 WHEREAS, lgoore as wo 34alastaag Illw4we a011114904»ally vionva0tgy oi»rualiaag W Indian n 1?, Mer Counly, acid ,GIA o' �- WHE*R A4�, lanaa�snaa000t No 11w Aca„ Igor glr�,;ae,�_' �,,d ^ti�;►aaolA^ Co -134111 sslonel's of 111th an U.AD River counky., 1110111gaa„ ((tgov 110111ma RVR a gh,�;aaal'1) Ia4aM ei0aaaazl ,ta �slaot0l,rr�^i o1 aalh,�rxirlhle housing and capital lbr inweslon nl khriclu aand as 1wod for as hv►w0qg lirraantx. 1141010rity c� < too function In Indian River Coonly: aa0011 WHEREAS, it is non practicable .at thl$ Iiaaaa" aandrr CXISIiaag 1''Yorida .and ledersal rx laws and regulatlons. for as single lov,-d agency Irta isseac Its bonds for lige paarpose of > implementing a single Family housing prograanl., aaltiaoaagh the shortage of such single U family housing and capital for investrnent therein is continuing In Indian River ii 6 County; and 4J c: WHEREAS. the Authority by resolution duly adopted on March 10, 1998 (the 14 "Enabling Resolution"), as amended and supplemented, particularly as supplemented j' by a resolution authorizing the Issuance of it's Single Family Mortgage Revenue d C4 MCL -07/22/99 1 rev -08/30/99 rev -08/31 /99-6383-Indlanr ver-indrlvres �.1 4r O „ m is: Bonds, Series 2000 (the "Authorizing Resolution"), has heretofore authorized a plan of finance (the "Plan') for the issuance from time to time of not exceeding $300,000,000 Single Family Mortgage Revenue Bonds, Multi -County Program, of which $93,135,000 of Single Family Mortgage Revenue Bonds has been issued to date; and WHEREAS, the Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2000 (Multi -County Program) (the "Escambia Bonds" or the "Bonds") in a principal amount not exceeding $100,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, the Indian River Board desires to authorize certain actions as necessary in connection with participation in the Escambia Multi -County Single Family Housing Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement (the "Interlocal Agreement'); and WHEREAS. Section 147(0 of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code') requires public approval of certain private activity bonds and the plan of finance therefor by an applicable elected representative or governmental unit following a public hearing and the Indian River Board constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled before the Indian River Board on behalf of the Indian River Board, the Escambia Board and the Authority for November 16 1999, at 9:05 a.m. and notice of such hearing was given in the form required by the Code by publication more than fourteen (14) days prior to such hearing; and WHEREAS, the Indian River Board has on Ncvemher iii, 1999, held the public hearing and provided at such hearing reasonable opportunity for all interested Individuals to express their views, both orally and in writing, on the issuance of the Bonds; and WHEREAS, the Indian River Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Indian River Board desires to express its approval of the action to be taken pursuant to the Enabling and Authorizing Resolutions and Chapter 159, Part IV, Florida Statutes, and as required by Section 147(Q of the Code; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY IISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: Section 1 Because of the continuing shortage of affordable single family housing and capital for investment therein in Indian River County and the continuing impediments to a bond issue to alleviate such shortages as to single family housing, it is hereby determined that the Indian River Board consents to the Authority exercising its powers to issue the Bonds and to implement a plan of finance to provide capital from sources of funds available to the Authority, including but not limited to a portion MC1,07/22/99 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivres of the proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to establish a program to finance Mortgage Loans for single family housing within the statutory boundaries of Indian River County ("Mortgage Loans"); provided, that the Authority and Indian River County first enter into a written agreement setting forth the powers, duties and limitations of the Authority as they pertain to the use of said Bond proceeds within Indian River County and payment of the issuance costs for such Bonds. Section 2 In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice -Chairman and Clerk or Deputy Clerk of the Indian River Board are hereby authorized to execute such consents, intergovernmental agreements, applications, instruments or other documents as shall be required to implement such single family housing program and to provide for payment of Indian River County's proportionate share of costs of the costs thereof, including but not limited to the costs of issuance of such Bonds, all as shall be approved by counsel to Indian River County. Section 3 The Interlocal Agreement, in substantially the form attached hereto as Exhibit A, and made a part hereof. between Indian River County and the Authority is hereby approved. The officers of Indian River County are hereby authorized to enter into such interlocal agreements on behalf of Indian River County with such changes not inconsistent herewith as the officers executing same may approve, such execution and delivery to be conclusive evidence of such approval. The appropriate officers of Indian River County are hereby further authorized to execute and deliver such other documents and instruments as may be necessary to implement such Interlocal Agreements, including, without limitation, application for up to the maximum available private activity bond volume allocations pursuant to Chapter 159, Part VI, Florida Statutes, for the purposes set forth in the Interlocal Agreement. Section 4 The Indian River Board hereby approves, within the meaning of Section 1470 of the Code, the Authority's plan of finance and the issuance by the Authority from time to time of not exceeding $100.000,000 Single Family Mortgage Revenue Bonds, Multi -County Program initially designated as Series 2000, for funding the Authority's program for Mortgage Loans, and such other action to be taken pursuant to the Enabling and Authorizing Resolutions or Chapter 159, Part IV, Florida Statutes. Section 5 The principal of and premium, if any, and interest on the Bonds and all payments required under the proposed financing agreements, including the Interlocal Agreement, shall be payable solely by the Authority from the proceeds derived by the Authority under the proposed financing agreements, and Indian River County shall never be required to (i) levy ad valorem taxes on any property within its territorial limits to pay the principal of and premium, if any, and interest on the Bonds or to make any other payments provided for under the proposed financing agreements, — or (ii) pay the same from any funds of Indian River County whatsoever. Adoption of W this Resolution does not authorize or commit the expenditure of any funds of Indian o River County to pay the costs of issuance of such Bonds. The Bonds are limited, o special obligations and will not constitute a debt of the State of Florida, Indian River County, Escambia County, or other participating Counties or the Authority or other N participating Housing Finance Authorities, but will be payable solely from payments W made from the revenues generated from the Escambia Multi -County Single Family N3 MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivres Housing Program. Section 6 All resolutions or parts thereof of the Indian River Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. Section 7 This Resolution shall take effect immediately upon its adoption. Duly adopted in the re9ul ar session this J§jWay of NovemhPr , 1999. ,�� �oFet�iss o INDIAN RIVER COUNTY. FLORIDA 4 _ By: 4a�,� SEAL).; - v ts: Chairm Kenneth R. Macht Rcov��. Board of County Commissioners ATTEST: By: Its: Board of County Commissioners MCL -07/22/99 4 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivres Exhibit A INTERLOCAL AGREEMENT MCIr07/22/99 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivres Exhibit A FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this 16th day of November , 1999, 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, Part IV of Chapter 159 of the 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 resolution duly adopted on March 10, 1998 (the "Enabling Resolution"), as amended and supplemented, particularly as supplemented by a resolution authorizing the issuance of it's Single Family Mortgage Revenue Bonds, Series 2000 (the "Authorizing Resolution"), has heretofore authorized a plan of finance (the "Plan") for the issuance from time to time of not exceeding $300,000,000 Single Family Mortgage Revenue Bonds, Multi -County Program, of which $93,135,000 of Single Family Mortgage Revenue Bonds has been issued to date; and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2000 (Multi -County Program) (the "Escambia Bonds" or the "Bonds")s in a principal amount not exceeding $100,000,000, 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 qualified mortgage 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 prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of 2000 Escambia Bonds to fund, or to 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 qualifying single family mortgages ("Mortgage Loans") of both Escambia County and Indian River County, as well as certain other counties which may also participate in a joint bond program; and MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-lndlanrlver-indrivia WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through 2000 (the "Authorization Period") for the purpose of issuing 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 qualified mortgage bonds would be less economical, resulting in higher mortgage costs to qualified mortgagors; and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian River County to approve the issuance of 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 NovPmhPr 1 Fi , 1999 (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 bonds based on the Allocation Amount to (i) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of issuance thereof (collectively, the "Program"). NOW THEREFORE, the parties agree as follows: Section 1 Allocation Amount; Substitution of Bonds The Participating County hereby authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the Allocation Amount through the Authorization Period for the purpose of financing the Program and making funds available for qualifying single family housing developments in the Participating County to the full extent permitted by the Act. Any 2000 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 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 Amount on behalf of the Participating Ca County as part of its plan of finance for the purpose of financing the Program, including, among other things, financing of qualifying single family mortgages in the O Participating County, and the Escambia Authority is hereby designated as the bond��i issuing authority for the Participating County through the end of the Authorization N Period with respect to all Allocation Amounts. The proceeds of the 2000 Escambia W Bonds shall be allocated and applied to the funding or refinancing or refunding of N obligations, the proceeds of which will be used for the funding, of Mortgage Loans C_n MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-lndianriver-indrivia within the various Participating Counties and for reserves and the payment of costs of issuing the 2000 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 Bonds in the maximum Allocation Amount, based upon mortgage loan demand and available Allocation Amounts permitted by law to finance qualifying 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 Amount available for such County. It is agreed that the initial regional Allocation Amount for the 2000 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. All lendable proceeds of the 2000 Escambia Bonds attributable to the mortgage loan demand in Indian River County shall be reserved for use in originating Mortgage Loans in Indian River County for an initial period of one hundred and twenty (120) days or until July 1, 2000 whichever is later. The issuance and administration costs and expenses related to the 2000 Escambia Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the 2000 Escambia Bonds and revenues generated from the housing program. Section 3 Program Parameters (A) Upon request of the Escambia Authority, the Participating County shall, W to the extent permitted by law, (i) approve, establish, and update, from time to time as 0 necessary, upon the request of the Escambia Authority, such Program parameters ti 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 N Escambia Authority pursuant to this Agreement and (ii) approve the allocation of W Mortgage Loan moneys for each lending institution offering to originate Mortgage tV Loans within the Participating County. Unless otherwise notified in writing by the Participating County, the Escambia Authority may from time to time approve and MCL -07/22/99 rev -08/30/99 rev -08/3 d /99-6383-indianriver-indrivia establish such maximum price and family income amounts at the maximum levels provided pursuant to the Code 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 2000 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 2000 Escambia Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such 2000 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 2000 Escambia Bonds for which no Allocation Amount has 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 2000 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 2000 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 2000 Escambia Bonds and interest or premium thereon. MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivia IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed hereto by the proper officers thereof as of the 16th day of _November , 1999. By: A— W-0 Its: Secretary ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY INDIAN RIVER COUNTY, FLORIDA By: `� ZtiGcit Chairman, Kenneth R. Macht ATTEST: By: �C- Its: dark MCL -07/22/99 5 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivia c� W tV W tV 00 The undersigned Clerk of Indian River County, Florida, does hereby certify that the foregoing is a true and complete copy of the Interlocal Agreement executed by the i Chairman and Clerk as of 1999, Date: , 1999 (SEAL) MCL07/22/99 rev -08/30/99 rev -08/31 /99-6383-indianriver-indrivia Its: Clerk Board of County Commissioners 771 Division Serial No. Prior Division Scrial No. STATE OF FLORIDA DIVISION OF BOND FINANCE NOTICE OF INTENT TO ISSUE BONDS AND REQUEST FOR WRITTEN CONFIRMATION PART 1(to be completed by applicant) ,r Date:_January 1, 2000 �! Name, address and Phone number of person who prepared this Notice (confirmation or rejection will be sent to this person unless otherwise directed): Name:_ Gordon R. Jernigan Phone:( 650) 432-7077 Address: 25 West Cedar Street, Suite 530 Pensacola, FL 32501 Issuing Agency: Escambia County (lousing Finance Authority Company (i f applicable): Requested Amount: $ Is this n Supplementary Notice? Yes No x Check one of Ute following: Manufacturing Facility (as defined in Section 159.803(10), F.S.) Florida First Business Project (as defined in Section 159.803(l 1), F.S.) (Governor's Office of Tourism, Trade and Economic Development certification must be attached) Multifamily Housing Single Family Housing X Other (If "Other", specify) Is this a Priority Project under State law? Yes No x Purpose: Single Family Mortgage Revenue Bond Program for Indian River to be issued by the Escambia County Housing Finance Authority s. 147(0 or similar IRC Approval Date: Approving Authority (Unit of Govcrntmcnt): Board of County Commissioners of Indian River County Contemplated Datc(s) of issue: _ February 2000 I IIEREBY CERTIFY' 1'HATTHE ELECTED OFFICIAL Olt VOTER APPROVAL REQUIRED PURSUANTTO 147(Q OF THE INTERNAL REVENUE CODE IIAS BEEN OBTAINED ON TI IE DATE INDICATED AllOVE, AND THAT TIIE AMOUNT REASONABLY EXPECPEDTOJIB REQUIRED FOR " IEFINANCINGEQUALSA'rLEAST90%OFTIII: AMOUNT REQUESTED ABOVE. Signature oflssuing AgeiicyOffhcial Issuing Agency Official - typed or printed Name and Title K a n n P t i; R tha r h t r h a; r m .., IMPORTANTI Legal Opinion (Section 159.805(1), F.S.) enclosed: x $100.00 Filing Fee enclosed: x PART 11 (to be completed by We Division of Bond Finance) Receival by: Date and Time Received: Adjusted Date Received (pursuant to Section 159.8081 or 159.8083, F.S.) Status (confirmed or rejected): AmountConfirnicd: $ Confirmation ValidTihrough: Amount Pending (if any): $ Comments: Category of Confirmation: Title: Director. Division of Frond Finance ISSUER ISHER111YADVISEOTHAT 1'HISCONFIRMATIONISCONDITIONALANDSHALLNOTBECON. IDERED FINAL UN'I'ILAND UNLESS (iynI E DI VISION RECEIVESTIMELY NOTIFICATIONO F1, SUANCR OFTnE BONDS PURSUANT TO SECTION 1S9.805(5)(a), FLORIDA STATUTES. AND (2) Tnit, DIVISION HAS ISSUED ITS FINAL CONFIRMATION OF ALLOCATION (FORM IIF 2007-I1) WITH RES1'IsCI" 1'O TIIE BONDS. (Form BF2006-01-1-97)