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HomeMy WebLinkAbout1991-18712/11/91(legal)RESO/Vk RESOLUTION NO. 91- 187 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPER- ATE WITHIN THE BOUNDARIES OF INDIAN RIVER COUNTY; AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, TO ENTER INTO AGREE- MENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; APPROVING A FORM OF INTERLOCAL AGREEMENT APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $80,000,000 SINGLE-FAMILY MORTGAGE REVENUE BONDS, PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1988, AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") authorized counties to create housing finance authorities to exercise powers of the Act within their boundaries or outside their boundaries with the consent of the governing body of _the territory outside their area of operations; and WHEREAS, the Board of County Commissioners of Escambia County, Florida, on May 1, 1980, adopted Ordinance No. 80-11, by which it created the Escambia County Housing Finance Authority and authorized the Authority to exercise all powers under the Act; and WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River County, Florida, has found a shortage of affordable housing and capital for investment therein and a need for a housing finance authority to function in Indian River County; and WHEREAS, it is not practicable at this time under existing Florida and federal laws and regulations for a single local agency to issue its bonds for the purpose of implementing a single-family housing program, although the shortage of such single-family housing and capital for investment therein is continuing in Indian River County; and WHEREAS, the Escambia County Housing Finance Authority has by resolution duly adopted on Decamher_ZQ., 1991, (the "Escambia Resolution") authorized the issuance of not exceeding $60,000,000 Single -Family Mortgage Revenue Bonds (the "Bonds") , and has indicated to the Board of County Commissioners of Indian River County 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 Board of County Commissioners of Indian River County; 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 by an applicable elected representative or government unit following a public hearing and the Board of County Commissioners of Indian River County, Florida (the "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 Board for December 20, 1991, and notice of such hearing was given in the form required by the Code; and WHEREAS, the Board has on December 20, 1991, 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 Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Board desires to express its approval of the action to be taken pursuant to the Resolution of the Escambia County Housing Finance Authority and as required by Section 147(f) of the Code, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS 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 Board of County Commissioners of Indian River County consents to the Escambia County Housing Finance Authority (the "Authority") exercising its powers to issue the bonds and to implement a program from a portion of the proceeds of the Bonds to finance single-family housing within the statutory boundaries of Indian River County; 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 with 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 of the Board of County Commissioners of Indian River County are hereby authorized to execute such consents, intergovernmental agreements, 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 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 the Interlocal Agreement on behalf of Indian River County. Section 4. The Board hereby approves, within the meaning of Section 147(f) of the Code, the issuance by the Authority of not exceeding $60,000,000 Single -Family Mortgage Revenue Bonds, Series 1992, and such other action to be taken pursuant to the Escambia Resolution. Section 5. All resolutions or parts thereof of the Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. Section 6. 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. Section 7. This resolution shall take effect immediately upon its adoption. Duly adopted in regular session this 20th day of December, 1991. BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA Richard N. Bird, Chairman Indian nom Ca Adrnin7 Legal Uutigel Aver over, 1 Dale 4 Exhibit "A" FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered Into this 20 day of December . /90 . by and between the ESCAMBIA COUNTY IIOUSING 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. a political subdivision of the State of Florida (hereinafter referred to as the "Local Authority"): WITNESSETH: WHEREAS. Part IV of Chapter 159 of the Florida Statutes authorizes the creation of Housing Finance Authorities within the State of Florida 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 has resolved to issue not exceeding $60.000.000 Single Family Mortgage Revenue Bonds. Series 1992 (the "1992 Escambia Bonds"); and WHEREAS. pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986. as amended (the "Code"). the amount of Mortgage Subsidy Bonds which may be issued in each year is limited by a private activity bond volume cap which has been established for such purpose within the State of Florida: and WHEREAS. the limitations upon available portions of the 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 1992 Escambia Bonds to fund the anticipated demand during1992 for qualifying single family mortgages of both Escambia County and Indan River County. as well as certain other counties which may also participate in a Joint bond program; and WHEREAS. the Escambia Authority anticipates implementing a similar bond program for the 1993 calendar year; and WHEREAS. the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap (the "Allocation Amount") during the three year period commencing January 1. 1992 (the "Authorization Period") for the purpose of issuing bonds (the "Bonds") will result in a wider allocation of fixed expenses and certain other economics of scale: and WHEREAS. unless such economies are realized. the issuance of Mortgage Subsidy Bonds would be less economical; and WHEREAS. Sections 159.603 and 159.604. Florida Statutes. authorize Indian Rivpr • County (the "Participating County") to approve the issuance of revenue bonds through he Escambla Authority to alleviate the shortage of I.KI:09/00/91.3130 hlankled -I- affordable housing within the Participating County. which approval has been granted by a resolution of the Board of County Comhnissioners of the ParUcipating County adopted on December 20 , 19 91 (the "County Resolution_4: 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 to finance qualifying single family housing developments located within the Participating County. NOW THEREFORE. the parties agree as follows: Section 1.. Allocation .Amount; Substitution of .Bonds. The . Local Authority hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time for qualifying single family housing developments in the Participating County. and any Escambia Bonds issued for such qualifying housing developments in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the Local Authority's bonds which could have been issued for such purpose. The Local Authority hereby authorizes the Escambia Authority to apply for and utilize the Local Authority's Allocation Amounts on behalf of the Local Authority for the purpose of financing such qualifying develophnent in the Participating County. and the Escambia Authority is hereby designated as the bond issuing authority for the Local Authority during the Authorization Period with respect to such Allocation Amounts. The proceeds of the Bonds shall be allocated and applied to the funding of mortgage loans within the various Participating Counties 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 We Local Authority. 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 Local Authority 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 Local Authority 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 and deliver Its Bonds in the maximum Allocation Amount. based upon mortgage loan demand, 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. The issuance and administration costs and expenses related to the Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the Bonds and revenues generated from the housing program. Section 3. Program , Parameters. (a) Upon request of the Escambia • Authority. the Local Authority shall, to the extent permitted by law, (a) approve. L1(1. nr/O,/91 313G blast lit .2- 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 Escambla Authority pursuant to this Agreement and (b) approve the allocation of mortgage loan moneys for each Participant offering to originate Mortgage Loans within the Participating County. Unless otherwise notified in writing by the Local Authority. the Escambla 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 without further action of the Local Authority or Participating County. (b) The fees and expenses of the Local Authority shall be paid from the proceeds of the program In the manner and to the extent mutually agreed upon by the officials of the Local Authority and the Escambia Authority at or prior to issuance of the Escambla 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 10 days written notice to the other party hereto. Notwithstanding the foregoing. It is agreed that this Agreement may not be terminated by the Local Authority during the Authorization Period. or by any party during any period that the Bonds issued pursuant to the terms hereof remain outstanding. or during any period in which the proceeds of such Bonds are still in the possession of the Escambla Authority or Its agents pending distribution. unless either. (1) the parties to this Agreement mutually agree in writing to the terms of such termination or (2) such termination. by its terms. only applies prospectively to the authorization to Issue Bonds for which no Allocation Amount has been obtained 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 Local Authority harmless from any and all liability for repayment of principal of and interest or penalty on the Bonds, and the members and officials of the Local Authority harmless from any and all liability in connection with the approval rendered pursuantto Sections 159.603 and 159.604. Florida Statutes. The Escambla Authority agrees that any offering. circular or official statement approved by and used in marketing the Escambla Bonds will include a statement that Bondowners may not look to the Participating County or the Local Authority for payment of the Bonds and interest or premium thereon. 1.KI. 09/01;/g1.31I6 i,fankn,t -3- IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be afilxed hereto by the proper officers thereof as of the 20 day of December . IQQI (SEAL) ATTEST: Secretary ATTEST: Clerk. Ijbof Coaly Gomm ssioners 1.KL•O)/Oa/91.3116•bh nklnt ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY I3y: Chairman INDIAN RIVER COUNTY, FLORIDA By: /` e '/ Chairman. Board of County Commissioners Indlan River Ca Approved Date Adrnln. LPI;)I_. _ _,, _ /.4' / 3 A,'4 Mgr,