HomeMy WebLinkAbout1998-139 ✓ IN THE RECORDS OF
JEFFREY K.BARTON
CLF RK CIRCUIT COURT
I INDIAN RIVER CO.,FLA.
• RESOLUTION NO. 98- 13 9
llI '
r�i, A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
AUTHORIZING THE ESCAMBIA COUNTY HOUSING FINANCE
AUTHORITY TO OPERATE WITHIN THE BOUNDARIES OF
INDIAN RIVER COUNTY, TO FINANCE QUALIFYING SINGLE O
FAMILY MORTGAGE LOANS ON BEHALF OF INDIAN RIVER W
COUNTY; AUTHORIZING THE BOARD TO ENTER INTO to
AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING m
FINANCE AUTHORITY AND TO EXECUTE AND DELIVER v
CERTAIN DOCUMENTS AND INSTRUMENTS IN CONNECTION
THEREWITH; APPROVING A FORM OF INTERLOCAL
AGREEMENT; APPROVING THE ISSUANCE BY THE
ESCAM 3LA COUNTY HOUSING FINANCE AUTHORITY OF NOT
EXCEEDING $100,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS, SERIES 1999 (MULTI-COUNTY
PROGRAM), PURSUANT TO SECTION 1470 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED; coco
PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, Cl)
SPECIAL OBLIGATIONS; AND PROVIDING AN EFFECTIVE
DATE.
ro
s
WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act") authorized
counties to create housing finance authorities to exercise powers of the Act within j.
their boundaries or outside their boundaries with the consent of the governing body of w
the territory outside their area of operation; and
WHEREAS, the Board of County Commissioners of Escambia County, Florida,
(the "Escambia Board") on May 29, 1980, adopted Ordinance No. 80-12, by which it
created the Escambia County Housing Finance Authority (the "Authority") and
authorized the Authority to exercise all powers under the Act;and
WHEREAS, there is no housing finance authority currently operating in Indian
River County; and
WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian
River County, Florida, (the "Indian River Board') has found a shortage of affordable
�- housing and capital for investment therein and a need for a housing finance authority
Q to function in Indian River County; and
r WHEREAS, it is not practicable at this time under existing Florida and federal
Qlaws and regulations for a single local agency to issue its bonds for the purpose of o
L7 implementing a single family housing program, although the shortage of such single
family housing and capital for investment therein is continuing in Indian River N
Its County; and �.
WHEREAS, the Authority has by resolution duly adopted on March 10, 1998
(the"Escambia Resolution') authorized a plan of finance for the issuance from time to "
time of not exceeding $100,000,000 Single Family Mortgage Revenue Bonds, Multi-
County Program, and initially designated as Series 1999 (the "Bonds"), in connection _
with its Multi-County Single Family housing program (the "Escambia Multi-County v
MCL-08/20/98.8329-Indrivres I
Single Family Housing Program") and has indicated to the Indian River Board its
willingness to exercise its powers In Indian River County to finance single family
housing therein as permitted by the Act upon approval of the Indian River Board;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(f) 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 hearingL"�r�
scheduled before the Indian River Board on behalf of the Indian River Board, the
Escambia Board and the Authority for 1 u. , %6 , 1998, at :t+L &—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 Boardon 30 , 1998, 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 Escambia Resolution and Chapter 159. Part N, Florida
Statutes,and as required by Section 147(0 of the Code;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY. FLORIDA.
Section 1. Beeause 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 Mance to provide capital
from sources of funds available to the Authority, including but not limited to a portion o
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 N
Authority and Indian River County first enter into a written agreement setting forth r
the powers, duties and limitations of the Authority as they pertain to the use of said
v
Bond proceeds within Indian River County and payment of the issuance costs for such
Bonds. '—
CO
MCL-08/20/99-8329-lndrivres 2
l
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 nay
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 147(f) 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 1999, for funding
the Authority's program for Mortgage Loans, and such other action to be taken
pursuant to the Escambia Resolution or Chapter 159, Part IV, Florida Statutes.
Sections. 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 (1) 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
this Resolution does not authorize or commit the expenditure of any funds of Indian
River County to pay the costs of issuance of such Bonds. The Bonds are limited,
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
participating Housing Finance Authorities, but will be payable solely from payments
made from the revenues generated from the Escambia Multi-County Single Family
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 o
superseded and repealed.
N
-J
v
MCL-08/20/98-6329-indrlvres 3 lD
Section 7. This Resolution shall take effect immediately upon its adoption.
Duly adopted in the a_iGut.Ak session this 5 day of ALqf A4
M 1998.
INDIAN RIVER COUNTY, FLORIDA
By, 1
(SEAL) Its• Ch an, Board dMounty
ommissioners JOHN W.TIPPIN
ATTEST: ��••�p\rµ��9�0,y�,
D
By* P. is
Its: Cl of(:�pun mmissigners�
••�,,,,,.iven cc
o
N
v
v
MCIr08/20/98.6329•Indrivres q N
O
IN T1 1r. nrl_iittf) or 7`���tl�,�� .► W
.If'!I f)E Y K.PAIL P rtl
01 I;p,cinf1JlI COI;fIt
Exhibit A"
RIUIM niVLf1 co.,FI.A.
� "
FORM OF --
' , INTERLOCAL AGREEMENT 0
W
Ul
THIS AGREEMENT made and entered into this J-6.8 Jar. day of co
�
, 1998, by and between the ESCAMBIA COUNTY HOUSING c0
FINANCE AUTHORITY, a public body corporate and politic organized and
existing under the laws of the State of Florida (hereinafter referred to as the
"Escambla Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political
subdivision of the State of Florida (hereinafter referred to as the "Participating
Cotmtr);
WITNESSETH:
.o
ca
WHEREAS, Part IV of Chapter 159 of the Florida Statutes, (the "Act") m
authorizes the creation of housing Mance authorities within the State of c11
Florida (the "State") for the purpose of issuing revenue bonds to assist in ar
relieving the shortage of housing available at prices or rentals which many .�
persons and families can afford;and
w
WHEREAS, the Escan)bia Authority has resolved to issue(at one time or
from time to time)not exceeding$100,000,000 Single Family Mortgage Revenue C'')
Bonds, initially designated as Series 1999 (Multi-County Program) (the "1999
Escambia Bonds");and
WHEREAS, pursuant to Sectlons 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
CJ which has been established for such purpose within the State;and
WHEREAS, the limitations upon available portions of the private activity
i volume cap prevent the separate Issuance of bonds for each county from being
feasibly and economically accomplished;and
WHEREAS, the Escarnbta Authority has authorized a sufticlent amount
Qof 1999 Escambia Bonds to fund, or to refund or refinance outstanding
obligations, the proceeds of which will be used to Mance a portion of the
anticipated demand during the proposed Origination Period for qualifying single
cc 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 4,
WHEREAS,the aggregation of mortgage loan demand and the securing of N
the related amount of the cumulative State private activity volume cap (the
"Allocation Amount") granted by the State through 1999 (the "Authorization
Period") for the purpose of Issuing bonds to finance qualifying single family
PQ
MCIAS/21/98.8329•Indrlvla I
residences to be occupied primarily by flrst-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
Escambla 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
/a-f S- , 1998(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 Escambla 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
Mance qualifying single family housing development located within the
Participating County in accordance herewith, (ti) establish the reserves therefor.
and(W)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 Ute 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 1999
Escambla 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. 1l1e Participating County hereby authorizes
the Escambia Authority to utilize the Participating County's Allocation Amount
on behalf of the ParticlpaUng 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 Participating County, and the
Escambia Authority is hereby designated as the bond Issuing authority for the `_"v
Participating County through the end of the Authorization Period with respect
to all Allocation Amounts. The proceeds of the 1999 Escambla Bonds shall be N
allocated and applied to the funding or refinancing or refunding of obligations,
the proceeds of which will be used for the funding,of Mortgage Loans within the -G
various Participating Counties and for reserves and the payment of costs of CID
Issuing the 1999 Escambia Bonds, all In accordance with final program
documents approved by the Escambla Authority. All revenues generated by -c-
N
MCL-08/21/98.8329-Indrlvla 2
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 Escambla 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 Escambla 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 Mance
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 frill Allocation
Amount available for such County. It is agreed that the Initial regional
Allocation Amount for the 1999 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 1999 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, 1999
whichever is later.
The issuance and administration costs and expenses related to the 1999
Escambla Bonds issued to finance the housing program and administration of
such program shall be paid from proceeds of the 1999 Escambia Bonds and
revenues generated from the housing program.
Section 3. Program Parameters.
(A) Upon request of the Escambla Authority, the Participating County
shall, to the extent permitted by law, (1) approve, establish, and update, from
time to time as necessary, upon the request of the Escambla 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 N
(2) 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 t'
Authority may from time to time approve and establish such maximum price
.c-
N
CO
MCL-08/21/96.6329-indrlvia 3
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 Escambla
Authority at or prior to issuance of the 1999 Escambla Bonds.
Section 4. Terns. 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 perhxi that the 1999 Eseembla Bonds Issued pursuant to the terms hereof
remain outstanding, or during any period in which the proceeds of such 1999
Escambla Bonds (or investments acquired through such proceeds) are still in
the possession of the Escambia Authority, or its agents, pending distribution,
unless either (1) the parties to this Agreement mutually agree in writing to the
terns of such termination or (2) such termination, by its terms, only applies
prospectively to the authorization to issue 1999 Escambia Bonds for which no
Allocation Amount has been obtained or used by the 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 6. 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 1999
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 1999 Escambla 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 1999 Escambla Bonds and
Interest or premium thereon.
0
N
•v
r.�
N
tD
MCI<08/21/98.0329•Indrivis 4
IN WITNESS WHEREOF. the parties to this Agreement have caused their
ffi
names to be axed hereto by the proper officers thereof as of the //sr day of
LSFC6�1 BSi2. 1998.
ESCAMBIfA COUNTY HOUSING
FINANCE AUTHORITY
(SEAL,)
ATTEST:
Byr
Its.Chairman
(. w
By:
It . ecretary
INDIAN RIVER COUNTY. FLORIDA
L--
Its: hafrman JON V .TIPPIN 1
ATTEST:
Al
(Slafd►m�-. 1
0
�V
Y
v
v
W
MCL•08/21/98.8329.1ndrlvlaCz
S