HomeMy WebLinkAbout2017-067RESOLUTION NO. 2017- 067
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, GRANTING CONTINUING "AREA OF
OPERATION" AUTHORITY TO THE ESCAMBIA COUNTY
HOUSING FINANCE AUTHORITY TO OPERATE ITS
SINGLE FAMILY MORTGAGE LOAN PROGRAM AND
MORTGAGE CREDIT CERTIFICATE PROGRAMS
WITHIN INDIAN RIVER COUNTY, FLORIDA;
PROVIDING A TERM; PROVIDING FOR REPEAL OF
INCONSISTENT PROVISIONS; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Part IV of Chapter 159, 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, pursuant to the authority of a resolution adopted by the Indian River County
Board of County Commissioners (the "Indian River Board") on the 15th day of October, 2013 (the
"2013 Indian River Resolution"), the Escambia Authority and the Indian River Board have
cooperated to operate programs to address such housing shortage in Escambia County, Florida,
and Indian River County, Florida, as well as certain other counties that may also participate in such
programs (collectively, the "Participating Counties"); and
WHEREAS, the Escambia Authority has heretofore approved a Single Family Mortgage
Loan Program (the "TBA Program") pursuant to which Mortgage Loans are originated pursuant to
a Program Invitation and Parameters dated as of July 1, 2012, as amended and supplemented, and
a Master Mortgage Origination Agreement dated as July 1, 2012 as amended and supplemented,
and in order to enhance the efficiency of the TBA Program, the Escambia Authority authorized
the interim purchase by the Escambia Authority (directly by the Escambia Authority or pursuant
to a warehousing arrangement) Mortgage -Backed Securities backed by Mortgage Loans originated
under the TBA Program, and further authorized the subsequent sale thereof by the Escambia
Authority into the TBA market, and, following the issuance of a series of Bonds, the purchase by
the trustee under the trust indenture securing such series of Bonds of any then available Mortgage -
Backed Securities; and
WHEREAS, the Escambia Authority has continuously operated the TBA Program within
Indian River County and the other Participating Counties; and
WHEREAS, Mortgage Credit Certificates ("MCC") are authorized by Congress pursuant
to Section 25 of the Internal Revenue Code of 1986, which authorizes housing finance authorities
to issue MCC as an alternative to issuing single family revenue bonds; and
F:\Attorney\Nancy\DOCS\RES\Escambia County Housing Finance Authority.2017.docx
RESOLUTION NO. 2017- 067
WHEREAS, the MCC is a nonrefundable federal income tax credit which acts to reduce
an eligible borrower's federal income taxes, effectively creating additional income for the
borrower to use in making mortgage payments; and
WHEREAS, the Escambia Authority wishes to offer to homebuyers in the Participating
Counties the benefits of a MCC Program in connection with the Escambia Authority's continued
operation of the TBA Program within Escambia County and the Participating Counties; and
WHEREAS, the Indian River Board desires to secure the benefits of the MCC program
and the continued operation of the TBA Program to benefit the citizens and residents of Indian
River County, NOW THEREFORE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA:
Section 1. Continued Operation of the TBA Program. Pursuant to the authority of
Sections 163.01, 159.608 and 125.01, Florida Statutes, the Escambia Authority is hereby granted
"area of operation" authority to continue to operate the TBA Program within Indian River County
for the benefit of the citizens and residents of Indian River County. The Escambia Authority shall
have full authority and responsibility to carry out the TBA Program in accordance with the
parameters established by the Escambia Authority and the provisions of applicable law.
Section 2. MCC Program. Pursuant to the authority of Sections 163.01, 159.608 and
125.01, Florida Statutes, the Escambia Authority is hereby granted "area of operation" authority
to operate its MCC Program within Indian River County for the benefit of the citizens and residents
of Indian River County. The Escambia Authority shall have full authority and responsibility to
carry out the MCC Program in accordance with the parameters established by the Escambia
Authority and the provisions of applicable law.
Section 3. Term. The "area of operation" authority granted to the Escambia Authority
shall continue until such time as it may be terminated by Resolution of the Indian River Board
upon not less than ten (10) days written notice to the Escambia Authority.
Section 4. Repealing Clause. 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 5. Effective Date. This resolution shall take effect immediately upon its
adoption this 11 thlay of July , 2017
This Resolution was moved for adoption by Commissioner 0' Bryan , and the
motion was seconded by Commissioner Flescher , and, upon being put to a vote, the vote
was as follows:
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RESOLUTION NO. 2017- 067
Chairman Joseph E. Flescher
Vice Chairman Peter D. O'Bryan
Commissioner Susan Adams
Commissioner Tim Zorc
Commissioner Bob Solari
AYE
AYE
AYE
AYE
AYE
The Chairman thereupon declared this Resolution duly passed and adopted this 11 day
of July, 2017.
Attest: Jeffrey R. Smith, Clerk of, 9c in
and Croller
B
Approved as to form and
legal sufficiency
By
Dylan Reingold, County Attorney
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BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By
Josep ` E. Flescher, Chairman