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HomeMy WebLinkAbout2000-24140 This INTERLOCAL AGREEMENT ("Agreement"), is made as of this day of August, 2000, by and between the FLORIDA HOUSING FINANCE CORPORATION, a public corporation, public instrumentality and public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as "FHFC"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (the "County"). WITNESSETH: WHEREAS, FHFC is created pursuant to Chapter 420, Florida Statutes, for the purposes of providing and promoting the public welfare by administering the governmental function of financing and refinancing housing and related facilities in Florida and alleviating the shortage of housing available to persons and families of low, moderate and middle income; and WHEREAS, Part IV of Chapter 159, 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 Board of County Commissioners of the County exercises the powers of Part IV of Chapter 159, Florida Statutes, pursuant to and for the purposes provided in Part IV of Chapter 159, Florida Statutes; and WHEREAS, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, the amount of private activity bonds, including those issued to finance qualified residential rental projects, which may be issued by governmental units in any calendar year is limited, and is available for allocation by the Division of Bond Finance of the Florida State Board of Administration ( the "Division") to issuers within the State in accordance with Part VI of Chapter 159. Florida Statutes: and WHEREAS, it is the purpose and intent of this Agreement, pursuant to the Florida Interlocal Cooperation Act Of 1969 ("Cooperation Act") to permit the County and FHFC to make the most efficient use of their respective powers, resources and capabilities by enabling them to cooperate on the basis of mutual advantage and thereby to provide the facilities provided for herein in the nuuurer that will best utilize existing resources available to each of them; and WHEREAS, it is the purpose of the Cooperation Act to provide for a means by which the County and FHFC may exercise their respective powers, privileges and authorities which they share in common and which each might exercise separately; and WHEREAS, FHFC proposes to issue revenue Bonds for the purpose offinancing inancing a qualified residential rental project known as the Walker Avenue Club Apartments to be located within the geographic boundaries of the County; and a► J WHEREAS, the acquisition, construction and equipping of such qualified residential rental project in cooperation with the County complies with and will further the purposes for which FHFC was created; and WHEREAS, FHFC has determined to allocate certain of the private activity bond limitation available to it to the particular qualified residential rental project known as the Walker Avenue Club Apartments, which amount is not sufficient to fully finance the acquisition, construction and equipping of such project, and WHEREAS, the County has likewise determined to assist in the financing of such project, so 1 long as the financing of the full project is undertaken; and WHEREAS, the County and FHFC have ascertained that the most efficient and cost effective method for providing for the allocation of the respective amounts of private activity bond limit and for issuing the bonds allocable thereto is for FHFC to issue its bonds utilizing the private activity bond limit contributed by it and the private activity bond limit contributed by the County for and on behalf of the County; and WHEREAS, the County and FHFC wish by this Agreement to provide for the issuance by FHFC of its obligations by and on behalf of the County in the manner provided herein in order to further the purposes stated herein; NOW, THEREFORE, in consideration of the mutual covenants of this Agreement, the County and FHFC agree as follows: r SECTION 1. County Private Activity Allocation. The parties hereby agree that the qualified private activity bonds related to the private activity bond limit contributed by the County shall be issued by FHFC in the same manner as are the FHFC private activity bonds for such project. The provisions of all such bonds relating to payment, security, refinancing and all other customary financial terms shall be the same without regard to the source of the private activity bond limit. SECTION 2. All Necessary Action. The parties hereto agree that they will, individually or jointly, take all action within their respective powers, necessary, desirable or required by the Division in order to preserve the private activity bond limit for use in financing the project and to assure the exemption of interest on the bonds from Federal income taxation. SECTION 3. Reversion of Private Activity Bond Limit. In the event that the financing of the project does not proceed for reasons that are beyond the control of the County and the developer of the project, Walker Avenue Club, Ltd. (the "Developer), then 1:1IFCagrees that this Agreement will terminate on the day which is no more than 85 days atter the County receives a confirmation from the Division of Bond Finance for the allocation as contemplated herein and the private activity bond limit shall, without any further action on the part of the County or the Developer, revert to the control and use of the County. FHFC agrees to take all action necessary or desirable in giving effect to this provision so as to preserve the private activity bond limit previously allocated to the County for the use and benefit of the citizens of the State of Florida and, particularly, Indian River County. 0 FHFC is hereby specifically authorized by the County to commence a bond validation proceeding under Chapter 75, Florida Statutes, on behalf of itself and the County. provided such proceeding is commenced prior to the date that is no more than 85 days after the date the County received a confirmation of allocation from the Division of Bond Finance, which date is June 6, 2000. SECTION 4. Terni. Unless extended by mutual agreement of the County and FHFC. or unless sooner terminated as provided in this Agreement, this Agreement shall expire at such time as the bonds contemplated hereby shall be fully paid or provisions shall be made for the payment of all of such bonds as provided therein and in the proceedings authorizing the sale thereof. IN WITNESS WHEREOF, the parties hereto have entered into this Interlocal Agreement as of the day and year first above written. 0 INDIAN RIVER COUNTY. FLORIDA //�� By: l GZeti G7 d t -e— td ChairFran B. Adams (SEAL) 8/8/00 TIT EST: \ _ Cler ).,_A, ' t_1 STATE OF FLORIDA COUNTY OF INDIAN RIVER The foregoing instrument was acknowledd before me by Fran 13, Adams and PATRICIA "PJ" JONFS , Chair and Clerk, respectively, of the BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, on behalf of the County this 8th day of August 2000. �L/1 Notary PublicK�rly E. Mas ng ""%� ••., Kimberly E. Massung My Commission Expires: Jul y 15, 2003 MY COMMISSION i CC655436 EX%RES 7uty 15, 2003 BONDED TNRU TROY FAN INSURANCE INC FLORIDA HOUSING FINANCI: CORPORATION 0 (SEAL) ATTEST: STATE OF FLORIDA COUNTY OF LEON The foregoing instrument was acknowledged before me by and respectively, of FLORIDA HOUSING FINANCE CORPORATION, on behalf of FHFC, this day of , 2000. Notary Public My Commission Expires: