HomeMy WebLinkAbout1994-15312/05.,94 17:03 %2904 432 0677 ?ICP and s & L U002/010
RESOLUTION NO. 9 4 -15 3
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, AUTIIORIZING THE ESCAMBIA COUNTY
HOUSING FINANCE AUTHORITY TO OPERATE WITHIN
THE BOUNDARIES OF INDIAN RIVER COUNTY;
AUTHORIZING THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, TO ENTER INTO AGREEMENTS WITH THE
ESCAM 31A COUNTY HOUSING FINANCE AUTHORITY;
APPROVING A FORM OF INTERLOCAL AGREEMENT;
APPROVING TIE ISSUANCE BY THE ESCAMBIA
COUNTY' HOUSING FINANCE AUTHORITY OF NOT
EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS, SERIES 1995 (MULTI -COUNTY
PROGRAM). PURSUANT TO SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, 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 operation: and
WHEREAS, the Hoard of County Commissioners of Escambia County Florida.
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. 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 Authority has by resolution duly adopted on August 2, 1994
(the "Escainbta Resolution") authorized the issuance of not exceeding $60,000,000
Single Family Mortgage Revenue Bonds, Series 1995 (Multi -county Program) (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 147O of the Internal Revenue Code of 1986, as amended
(hereinafter referred to as the "Code") requires public approval of certain private
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activity bonds by an applicable elected representative or governmental 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 Bearing has been
scheduled before the Board for December 20, 1994, and notice of such hearing has
been given in the form required by the Code; and
WHEREAS, the Board will on December 20, 1994, hold the public hearing and
will provide 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 Escambia Resolution 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 Authority exercising its poNvers 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
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 Board 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 Faintly
Mortgage Revenue Bonds, Series 1995 (Multi -County Program), and such other action
to be taken pursuant to the Escarnbia Resolution.
Section 5. All ordinances and 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.
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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.
MCI,09/ 13/94
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Seetlon 7. This Resolution shall Galce effect inunediately upon its adoption.
Duly adopted in the rg9ular tictision this 601 day of December, 1994.
INDIAN RIVER COUNTY, FLORIDA
By:
- ':� pan, 13oa� ounly
onuuissia vers
(SEAL) JOHN W. TIPPIN
ATTEST.
Clerk:. •y r�a� o!' Ccf>,injy:,
v� v
MCL•oo/13/04
Rev -12/05/94.0 t 02•IND1.11m
rtd io P'e ;:a A(0 acd Data
J.K. BARTON Burne l —
I Hisk Mgr.
A.-
12/05/94 17:06 $904 432 0077 ?ICI, and S & L q 0006/010
&T 4a ►d.A lye
Exhibit "A'
FORM OF
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this _ day of , 199,;._, 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, fart FV of Chapter 159 of the Florida Statutes 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 has resolved to issue not exceeding
$60,000,000 Single Family Mortgage Revenue Bonds, Series 1995 (Multi -County
Program) (the "1995 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 volume cap which has been
established for such purpose within the State; 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 1995
Escambia Bonds to fund the anticipated demand during 1995 for qualifying single
family mortgages of both Escambia County and Indian River County, as well as certain
other counties which may also participate in a joint bond program: and
WHEREAS, the aggregation of mortgage loan demand and the securing of the
related amount of the State volume cap (the "Allocation Amount") granted by the State
through 1995 (the "Authorization Period") for the purpose of issuing bonds to finance
qualifying single family development (the "Bonds") 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
Subsidy Bonds would be less economical; 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 December 6, 1994 (the "County
Resolution"): and
41Cir09/ 14/94
Rev-12/5/94-6102-IT'DI- IA -1-
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
(1) make available funds to finance qualifying single family housing development
located within the Participating County in accordance herewith, (2) establish the
reserves therefor, and (3) pay the costs of issuance thereof (the "Program").
NOW THEREFORE, the parties agree as follows:
Section i. Allocation Amount; Substitution of Bonds. The Participating
County hereby authorizes the Escambia Authority to issue Single Family Mortgage
Revenue Bonds from time to time based on the Allocation Amount for the purpose of
financing the program and making funds available for qualifying single family housing
developments in the Participating County. Any Escambia Bonds issued 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 which 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 County for the purpose of financing the Program, including
funding 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 such Allocation
Amounts. The proceeds of the Bonds shall be allocated and applied to the funding of
mortgage loans within - the various Participating Counties and for reserves and the
payment of costs of issuing the 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 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. It
is agreed that the Allocation Amount for the Bonds in Indian River County and St.
Lucie County shall be allocated ratably between Indian River County and St. Lucie
County based upon lender demand. All lendable proceeds of the 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 120 days.
MCL -09/ l4/94-6102•INDI-IA -2-
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 Participating County shall, to the extent permitted by law, (a) approve.
establish, and update, from time to time as necessary, upon 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 (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 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 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 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 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 Escambia 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 Participating County harmless from any and all liability
for repayment of principal of and interest or penalty on the Bonds, and the members
and oMcials 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 that Bondowners may not look to the Participating County for payment of
the Bonds and interest or premium thereon.
MCL-09/14/94.610e-INUI-IA -3-
IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affixed hereto by the proper officers thereof as of the _ day of
.199_.
_ ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
(SEAL)
ATTEST:
By:
Chairman
Secretary
INDIAN RIVER COUNTY, FLORIDA
By `
JoN TsP /
pgKCj,}J
gpt 8ARTOtQ_,�
(SEAL)
MCU09/14/94-6102•INDI-IA -4-
Inhn pivr Ca Approved Date
Admin
Legal
Budget
Depl.
Rlsk Mgr.
Y
it
The undersign of Indian River County, Florida,
does hereby certify Od
foregoing is a nd compl a opy the Interlocal
Agreement execu b thRMP4and
as o 1
Date.Qof4A 00) !r , 19911
(SEAL)
O.UM
*'nen Na oc�2lipl
A'W/ , 4 1�/
MCL -09/ 14/®48102-INDI-IA -5-
Exhibit "A"
FORM OF
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this Lctday of ��- 199 4, by
pu
and between the ESCAMBIIA COUNTY HOUSING FINANCE AUTHORITY, a blic
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 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 has resolved to issue not exceeding
$60.000,000 Single Family Mortgage Revenue Bonds, Series 1995 (Multi -County
Program) (the "1995 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 volume cap which has been
established for such purpose within the State; 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 1995
Escambia Bonds to fund the anticipated demand during 1995 for qualifying single
family mortgages of both Escambia County and Indian River County, as well as certain
other counties which may also participate in a Joint bond program: and
WHEREAS, the aggregation of mortgage loan demand and the securing of the
related amount of the State volume cap (the "Allocation Amount") granted by the State
through 1995 (the "Authorization Period') for the purpose of issuing bonds to finance
qualifying single family development (the "Bonds") 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
Subsidy Bonds would be less economical; 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 1��rtlbv (�, 199_q
-
(the "County Resolution"); and
MCL -09/ 14/94-6102-INDI-IA -1-
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
(1) make available funds to finance qualifying single family housing development
located within the Participating County in accordance herewith, (2) establish the
reserves therefor, and (3) pay the costs of Issuance thereof (the "Program's.
NOW THEREFORE, the parties agree as follows:
Section 1. Allocation Amount; Substitution of Bonds. The Participating
County hereby authorizes the Escambia Authority to issue Single Family Mortgage
Revenue Bonds from time to time based on the Allocation Amount for the purpose of
financing the program and making funds available for qualifying single family housing
developments in the Participating County. Any Escambia Bonds issued 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 which 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 County for the purpose of fmancing the Program, including
funding of qualifying single family mortgages in the Participating County, and the
Escambia Authority is hereby designated as the bond issuh.g authority for the
Participating County 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 and for reserves and the
payment of costs of issuing the 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 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. It
is agreed that the Allocation Amount for the Bonds in Indian River County and St.
Lucie County shall be allocated ratably between Indian River County and St. Lucie
County based upon lender demand. All lendable proceeds of the 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 120 days.
MCL -09/ 14/94-6102-INDI-IA -2-
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 Participating County shall, to the extent permitted by law, (a) approve,
establish, and update, from time to time as necessary, upon 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 (b) approve the allocation of mortgage loan moneys for each Participar,.
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 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 timt 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 Participating County 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 Escambia 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 Participating County 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 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 that Bondowners may not look to the Participating County for payment of
the Bonds and interest or premium thereon.
MCI. -09/ 1494-6102-INDI-IA -3-
IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affixed hereto by the proper officers thereof as of the t 1'day of
ESCA3IDIA COUNTY HOUSING
(SEAT,) FINANCE AUTHORITY
ATTEST: /
By:Lcvc-c��
Chairman
Secreiaf4
INDIAN RIVER COUNTY. FLORIDA
By: Cj
hairman
John W. Tippin
ATIF.ST:
Clerk _ 1_
. , R:r�M •�C24
�. - - �-�--� 122
(SEAL)
MCL -09/ 14/94
Rev-12/s/94.81o2-INDI-IA -4-