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HomeMy WebLinkAbout1990-184dk. '? t , I/I/' FIECORO VERIFIE(j 0 VVv" RESOLUTION N0. 90-184 JEFFREY K. BARTON. 'CLERK CIRCUIT COURT r7' A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER Co., PLA INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING 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 TO ENTER INTO AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; APPROVING THE FORM OF THE INTERLOCAL AGREEMENT APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 1991, PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; APPROVING THE APPLICATION OF A PORTION OF THE STATE OF FLORIDA PRIVATE ACTIVITY BOND VOLUME ALLOCATION FOR SUCH PURPOSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") authorized 1O counties to create housing finance authorities to exercise powers of the Act within their boundaries or outside their boundaries with the consent of the ^o 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 (the "Issuing Authority") and authorized the Issuing Authority to exercise all powers under the Act; and r- WHEREAS, pursuant to the Act the Board of County Commissioners of Indian River County, Florida hereby finds 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 or county 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 Issuing Authority has by resolution duly adopted on August 1, 1990 (the "Authorizing Resolution") authorized the issuance of not exceeding � $60,000,000 Single Family Mortgage Revenue Bonds, Series 1991 (the "Bonds"), and C) w c.5 o has indicated to the Board of County Commissioners of Indian River County its co 0- willingness to exercise its powers in Indian River County to finance single co o ? n family housing therein as permitted by the Act upon approval of the Board of P i?� " „ County Commissioners of Indian River County; and G; Icy n r ° WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended �.o o = N (hereinafter referred to as the "Code") requires public approval of certain .c— ¢ ` a N private activity bonds by an applicable elected representative or governmental C) e cc unit followinga public hearingand the Board of County Commissioners of Indian 7 m River CountyForida (the "Board"), constitutes an applicable elected -} o — > representative or governmental unit; and U WHEREAS, due to an insufficiency of available allocation amount in a timely manner from the State of Florida pursuant to Part IV, Chapter 159, Florida Statutes, the Issuing Authority was unable to obtain the necessary portion of the State Private Activity Bond Volume Allocation to issue the Bonds; and WHEREAS, the Issuing Authority expects to obtain the necessary Allocation Amount form the 1991 State Volume Allocation to issue the Bonds for a Single Family Mortgage Revenue Bond program for Escambia County, Indian River County and a number of participating counties throughout the State which may from time to time authorize the Issuing Authority to operate within such counties; and WHEREAS, pursuant to Section 147(f) of the Code a public hearing has been scheduled at a special meeting in Indian River County, and notice of such hearing was given in the form required by the Code; and WHEREAS, the Board of County Commissioners has authorized a public hearing on December 28. 1990 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 Issuing 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 FLORIDA; THAT: 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 Issuing 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 Issuing 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. o co Section 2. In furtherance of the purposes set forth in Section 1 hereof co the Chairman or Vice -Chairman and Clerk of the Board of County Commissioners of Indian River County are hereby authorized to execute such consents, c intergovernmental agreements or other documents as shall be required to implement iv such single family housing program and to provide for payment of Indian River Q0 County's proportionate share of costs of issuance of such bonds, all as shall be approved by counsel to Indian River County. P. 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 Issuing Authority is hereby approved. The officers of Indian River County are, upon due authorization and approval by that body, 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 Issuing Authority of not exceeding $60,000,000 Single Family Mortgage Revenue Bonds, Series 1991 and such other action to be taken pursuant to the Authorizing Resolution. Section 5. All ordinances and resolutions or parts thereof of the Board I in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. Section 6. Adoption of this Resolution shall not authorize or commit the 3 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 18th day of December, 1990. r� (SEAL) ATTEST: ✓moi / � - - _.� BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By: Chairman Ind.in Five Gn Appr Oved pato Admin. BudQel J Oept. Risk Mgr. O a to co l9 "o PV LO .S: - P0 EXHIBIT BIT AII FORM OF INTERLOCAL AGREEMENT /d - 11) ; Ci THIS AGREEMENT made and entered into this 18 day of December , 19 90 , 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 the BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "County"); 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 1991 (the "1991 Escambia Bonds"); 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 Issuing Authority to exercise all powers under the Act; and WHEREAS, pursuant to Section 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 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 1991 Escambia Bonds to fund the anticipated demand during 1991 for qualifying single family mortgages of both Escambia County and Indian River County (the "Participating 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") during the three year period commencing January 1, 1991 (the "Authorization Period") for the purpose of issuing. bonds (the "Bonds") will result in a wider allocation of fixed r, expenses and certain other economies of scale; and 0 0 C3 00 -o G" N Lo .91 CA) WHEREAS, unless such economies are realized, the issuance of Mortgage Subsidy Bonds would be less economical; and WHEREAS, Section 159.603 and 159.604, Florida Statutes, authorize the Participating 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 18, 1990 (the "County Resolution"); and WHEREAS, Section 163.01, 159.608 and 125.01, Florida Statutes, and the County ReEolution 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 County hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time for qualified 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 County's bonds which could have been issued for such purpose. The County hereby authorizes the Escambia Authority to apply for and utilize the County's Allocation Amounts on behalf of the County for the purpose of financing such qualifying development in the Participating County, and the Escambia Authority is hereby designated as the bond issuing authority for the Bonds 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 the 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 County. a Section 2. Administration. The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees, C3 agents and officers; provided, however, that the County retains and reserves its co right and obligation to require reasonable reporting on programs designed for and p operated within the Participating County including but not limited to reasonably ko available mortgagor or profile data. The Escambia Authority and its agents shall provide the County with such reports as may be necessary to account for funds N generated by this Agreement. X- 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. All lendable proceeds of the Bonds attributable to the mortgage loan demand in the Participating County shall be reserved for use in originating mortgage loans in the Participating County for an initial period of 120 days. 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. A one-time fee consisting of a $1,000 application fee paid upfront and .5% of the par amount of the bonds allocated for Indian River County, but not to exceed $10,000, shall be paid to Indian River County on closing of the issue. Section 3. Program Parameters. (A) Upon request of the Escambia Authority, the 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 lending institution offering to originate Mortgage Loans within the Participating County. (B) The fees and expenses of the 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 County and the Escambia Authority at or prior to the 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 any party 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 term, 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 0 of termination the parties to this Agreement will provide continuing cooperation o to each other in fulfilling the obligations associated with the issuance of bonds CO pursuant to this Agreement. 00 Q0 v N c.n Section 5. Indemnity. To the full extent permitted by law, the Escambia Authority agrees to hold the 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 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 or the Local Authority for payment of the Bonds and interest or premium thereon. 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 December_ , 19 -90 -- (SEAL) ATTEST: aA Secretary ATTEST: J 1 t .(SEAL) STATE OF FLORIDA, COUNTY OF INDIAN RIVER ESCAMBIA HOUSING FIN NCE AUTHORITY r By: C airman BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, LORIDA By: Cha i an tSWORN TO AND SUBSCRIBED before me this 18 day of December, 1990, by CAROLYN K. EIJ*A iy.p[id JEFFREY K. BARTON, as Chairman and Clerk respectively of the BOARD OF COTJNW, tdVISSIONERS OF INDIAN RIVER COUNTY, FLORIDA. State of Florida Notary Public County of EscambiaORM W Before me personally appeared Oliver C. Gore, Chairman, and Robert Ward, Secretary, of the Escambia County Housing Finance Authority, known to me to be the persons stated, who executed the within instrument and acknowledged to me p that they executed the same, on this 7th day of March, 1991. - co c0 G7 �. Notary Public Nofnry Pd)!jr, StNv of Fiaridq• My Commis e �ondad lhru lro, Fnin •laruranw Inc.