HomeMy WebLinkAbout03-200
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RESOLUTION NO. 03-200
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, AUTHORIZING THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, TO ENTER INTO
AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE
AUTHORITY; APPROVING A FORM OF AND EXECUTION AND DELIVERY
OF AN INTERLOCAL AGREEMENT; APPROVING THE ISSUANCE BY THE
ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT
EXCEEDING $150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS,
SERIES 2004A (MULTI-COUNTY PROGRAM) ON BEHALF OF ST. LUCIE
COUNTY AND THE HOUSING FINANCE AUTHORITY OF ST. LUCIE
COUNTY, PURSUANT TO SECTION 147(1) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED; PROVIDING THAT SUCH BONDS
CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; 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 Board of County Commissioners of Escambia County, Florida, (the "Escambia
Board") on May 29, 1980, adopted Ordinance No. 80-12 and on March 20, 2003, the Escambia Board
enacted Ordinance 2003-8 (collectively, the "Ordinance"), creating the Escambia County Housing
Finance Authority (the "Escambia Authority") and authorized the Escambia Authority to exercise all
powers under the Act subject to approval by the Escambia Board as a condition precedent to the
effectiveness of the certain actions of the Escambia Authority; and
WHEREAS, pursuant to the Act, the Board of County Commissioners of St. Lucie County,
Florida, (the "St. Lucie Board") has found a shortage of affordable housing and capital for investment
therein and a need for a housing finance authority to function in St. Lucie County, Florida ("St. Lucie
County") and did accordingly create the Housing Finance Authority of St. Lucie County, Florida (the "St.
Lucie Authority"); and
WHEREAS, it is not practicable at this time under existing Florida and Federal laws and
regulations for the St. Lucie Authority 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 St. Lucie County; and
WHEREAS, the Escambia Authority by resolutions duly adopted on June 13,2000 and May 14,
2002 (collectively, the "Enabling Resolutions"), as amended and supplemented, particularly as
supplemented by a resolution dated as of May 13,2003 (the "Authorizing Resolution"), authorized a plan
of finance (the "Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family
Mortgage Revenue Bonds (Multi-County Program) (the "Program"); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family
Mortgage Revenue Bonds, Series 2004A (Multi-County Program) (the "Escambia Bonds" or the
"Bonds") in a principal amount not exceeding $150,000,000, exclusive of any amounts required for
refunding purposes; and
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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 and the plan of
finance therefor by an applicable elected representative or governmental unit following a public hearing
and the St. Lucie Board, constitutes an applicable elected representative or governmental unit; and
WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled by the St.
Lucie Authority for August 28, 2003, at 4:30 p.m. or soon thereafter, and notice of such hearing was
given by publication more than fourteen (14) days prior to the public hearing; and
WHEREAS, the St. Lucie Authority has indicated that the public hearing was conducted at the
time and place advertised and at such hearing reasonable opportunity was provided for all interested
individuals to express their views, both orally and in writing, on the issuance of the Bonds; and
WHEREAS, the St. Lucie Authority has provided to the St. Lucie Board a copy of the minutes of
such public hearing which is attached hereto as Exhibit "B"; and
WHEREAS, the St. Lucie Board desires to express its approval of the action to be taken pursuant
to the Enabling Resolutions and the Act and as required by Section 147(f) of the Code; and
WHEREAS, the St. Lucie Board desires to authorize the St. Lucie Authority to undertake certain
actions as necessary in connection with participation in the Escambia Multi-County Single Family
Housing Program and the issuance, sale, authentication and delivery of the Bonds by Interlocal
Agreement (the "Interlocal Agreement") with the Escambia Authority;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA:
Section 1. Because of the continuing shortage of affordable single family housing and
capital for investment therein in St. Lucie County and the continuing impediments to a bond issue to
alleviate such shortages as to single family housing, the St. Lucie Board hereby consents to the Escambia
Authority exercising its powers to issue the Bonds on behalf of St. Lucie County and the St. Lucie
Authority and to further implement the plan of finance to provide capital from sources of funds available
to the Escambia Authority, including but not limited to a portion of the proceeds of the Bonds, and
proceeds of obligations refunded by the Bonds, to establish a program to finance Mortgage Loans for
single family housing within the statutory boundaries of St. Lucie County ("Mortgage Loans"); provided,
that the Escambia Authority and the St. Lucie Authority first enter into a written agreement setting forth
the powers, duties and limitations of the St. Lucie Authority as they pertain to participation in the
Escambia Multi-County Single Family Housing Program and the issuance, sale, authentication and
delivery of said Bonds and the use of said Bond proceeds within St. Lucie 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 Secretary or Deputy Secretary of the St. Lucie Authority are hereby authorized to execute
such consents, intergovernmental agreements, applications, instruments or other documents as shall be
required to implement participation by the St. Lucie Authority in the Program and to provide for payment
of St. Lucie Authority's proportionate share of the costs thereof, including but not limited to the costs of
issuance of such Bonds, all as shall be approved by counsels to the St. Lucie Authority.
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Section 3. The Interlocal Agreement, in substantially the form attached hereto as Exhibit A,
and made a part hereof, between the St. Lucie Authority and the Escambia Authority is hereby approved.
The officers of the St. Lucie Authority are, upon due authorization and approval by that body, hereby
authorized to enter into such Interlocal Agreement on behalf of the St. Lucie Authority with such changes,
modifications, insertions, omissions, substitutions, and such filling of blanks therein not inconsistent
herewith as the officers executing same may approve, such execution and delivery to be conclusive
evidence of such approval. The appropriate officers of the St. Lucie Authority are hereby further
authorized to execute and deliver such other documents and instruments as may be necessary to
implement such Interlocal Agreement, including, without limitation, application for up to the maximum
available private activity bond volume allocations pursuant to Chapter 159, Part VI, Florida Statutes, for
the purposes set forth in the Interlocal Agreement.
Section 4. The St. Lucie Board hereby approves, for the purpose of Section l47(f) of the
Code, the Escambia Authority's plan of finance and the issuance by the Escambia Authority from time to
time of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds Multi-County Program,
initially designated as Series 2004A, for funding the Escambia Authority's program for Mortgage Loans,
and such other action to be taken by the St. Lucie Authority pursuant to the Enabling Resolutions or the
Act, in connection with the issuance, sale, authentication and delivery of the Bonds. A copy of the
minutes of the public hearing held by the St. Lucie Authority on August 28, 2003 pursuant to Section
l47(f) of the Code is attached hereto as Exhibit B and made a part hereof. The related Resolution of the
St. Lucie Authority, adopted August 28, 2003, following the public hearing is attached hereto as Exhibit
C and made a part hereof.
Section 5. The principal of and premium, if any, and interest on the Bonds and all payments
required under the proposed financing agreements, including the Interlocal Agreement, shall be payable
solely by the Escambia Authority from the proceeds derived by the Escambia Authority under the
proposed financing agreements, and St. Lucie County shall never be required to (i) levy ad valorem taxes
on any property within its territorial limits to pay the principal of and premium, if any, and interest on the
Bonds or to make any other payments provided for under the proposed financing agreements, or (ii) pay
the same from any funds of St. Lucie County whatsoever. Adoption of this Resolution does not authorize
or commit the expenditure of any funds of St. Lucie County or of the St. Lucie Authority to pay the costs
of issuance or any other costs, fees or payments with respect to such Bonds. The Bonds are limited,
special obligations and will not constitute a debt of the State of Florida, St. Lucie County, Escambia
County, or other participating Counties or of the St. Lucie Authority, the Escambia Authority or other
participating Housing Finance Authorities, but will be payable solely from payments made from the
revenues generated from the Program.
Section 6. All resolutions or parts thereof of the St. Lucie Board in conflict with the
provisions herein contained are, to the extent of such conflict, hereby superseded and repealed.
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Section 7. This Resolution shall take effect immediately upon its adoption,
Duly adopted in the regular session thisd.3d day of .IJ~~ ,2003.
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA
(SEAL)
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By:
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Cliff Barnes, Chai
Board of County Commissioners
ATTEST:
By V~~A-~,~'f-
Its: Clerk of th ircuit Court,
ex-officio Clerk of the
Board of County Commissioners
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Exhibit A
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this 28th day of August, 2003, 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 HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, a
public body corporate and politic organized and existing under the laws of the State of Florida
(hereinafter referred to as the "Local Authority");
WIT N E SSE T H:
WHEREAS, Chapter 159, Part IV of the 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, the Escambia Authority by resolutions duly adopted on June 13,2000 and May 14,
2002 (collectively, the "Enabling Resolutions"), as amended and supplemented, particularly as
supplemented by a resolution dated as of May 13,2003 (the "Authorizing Resolution"), authorized a plan
of finance (the "Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family
Mortgage Revenue Bonds (Multi-County Program) (the "Program"); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family
Mortgage Revenue Bonds, Series 2004A (Multi-County Program) (the "Escambia Bonds" or the
"Bonds") in a principal amount not exceeding $150,000,000, exclusive of any amounts required for
refunding purposes; and
WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as
amended (the "Code"), the amount of qualified mortgage bonds (as defined in Section 143 of the Code)
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 private activity volume cap prevents
the separate issuance of qualified mortgage bonds for each county from being feasibly and economically
accomplished; and
WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia Bonds the
proceeds of which will be used to finance a portion of the anticipated demand during the proposed
Origination Period for qualifying single family mortgages ("Mortgage Loans") of both Escambia County
and S1. Lucie County, as well as certain other counties that may also participate in a joint bond program
(the "Participating Counties"); and
WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of
the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through
2004 (the "Authorization Period") for the purpose of issuing qualified mortgage revenue bonds to finance
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qualifying single family residences to be occupied primarily by first-time home buyers 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 qualified mortgage revenue
bonds for such purpose would be less economical, resulting in higher mortgage costs to qualified
mortgagors; and
WHEREAS, because the restrictions attendant to qualified mortgage bonds under the Code limit
the availability of mortgage funds for many eligible persons (within the meaning of the Act), the
Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available for
Mortgage Loans and reduce or ameliorate such restrictions upon eligible persons; and
WHEREAS, St. Lucie County, Florida (the "Participating County") has approved the issuance of
qualified mortgage revenue bonds 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 , 2003 (the "County Resolution"); 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
including issuing mortgage revenue bonds based on the Allocation Amount to (i) make available funds to
finance qualifying single-family owner-occupied residences located within the Participating County in
accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of issuance thereof
(collectively, the "Program").
NOW THEREFORE, the parties agree as follows:
Section 1. Allocation Amount; Substitution of Bonds. The Local Authority hereby
authorizes the Escambia Authority to issue, reissue, remarket or refund qualified mortgage revenue bonds,
in the form of its Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the
Allocation Amount through the Authorization Period for the purpose of financing the Program and
making funds available for qualifying single family owner-occupied residences in the Participating
County to the full extent permitted by the Act. Any Escambia Bonds issued for such purposes with
respect to the Participating County are hereby deemed to be in full substitution for an equivalent principal
amount of the Local Authority's bonds that could have been issued for such purpose. The Local
Authority hereby authorizes the Escambia Authority to utilize the Local Authority's Allocation Amount
on behalf of the Local Authority, as part of its Plan for the purpose of funding the Program, including
among other things, financing of qualifying single family mortgages in the Participating County, and the
Escambia Authority is hereby designated as the bond issuing authority for the Local Authority through
the end of the Authorization Period with respect to all such Allocation Amounts. The proceeds of the
Escambia Bonds shall be allocated and applied solely to the funding, or refinancing of or refunding
obligations, the proceeds of which will be used for the funding of Mortgage Loans within the various
Participating Counties and for reserves and the payment of costs of issuing the Escambia Bonds, in
accordance with Chapter 159, Part VI, Florida Statutes, the requirements of Section 103 and 143 of the
Internal Revenue Code of 1986, as amended, and the instructions of bond counsel thereunder, in such
manner as to provide fair access by residents of St. Lucie County to bond proceeds equal to the net
Allocation Amount for St. Lucie County, giving due regard after July 1,2004, to the speed and extent of
utilization of all Allocation Amounts within all Participating Counties so as to expend all net Bond
proceeds to originate Loans as fast as possible. 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
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agents, and all payments due from such revenues shall be paid by the Escambia Authority, or its agents,
without further action by the Local Authority.
Section 2. Administration. The Escambia Authority hereby assumes sole 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 a copy of the transcript of documents and proceedings for the Escambia Bonds and
such reports as may be necessary to comply with disclosure requirements and to account for funds
generated by this Agreement.
The Escambia Authority shall have full authority and responsibility to negotiate, define, validate,
market, sell, issue, reissue, deliver, refund or remarket its Escambia Bonds in the maximum Allocation
Amount, based upon mortgage loan demand and available Allocation Amounts 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. Each Participating County may
apply for the full Allocation Amount available for such Participating County. It is agreed that the initial
regional Allocation Amount for the Escambia Bonds in St. Lucie County and other Participating Counties
located within the same bond volume allocation region under Section 159.804, Florida Statutes, shall be
allocated ratably between St. Lucie County and such other Participating Counties within such region
based upon lender demand. All lendable proceeds of the Escambia Bonds attributable to the mortgage
loan demand in St. Lucie County shall be reserved for use in originating Mortgage Loans in St. Lucie
County for an initial period of one hundred and twenty (120) days or until July 1, 2004 whichever is later.
The issuance and administration costs and expenses related to the Escambia Bonds issued to
finance the Program and administration of such Program shall be paid from proceeds of the Escambia
Bonds and revenues generated from the Program.
Section 3.
Program Parameters.
(A) Upon request of the Escambia Authority, the Local Authority shall, to the extent
permitted by law, (i) 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 (ii) approve the allocation of Mortgage Loan
moneys for each lending institute offering to originate Mortgage Loans within the Participating County.
Unless otherwise notified in writing by the Local Authority, 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 Local Authority or Participating County.
(B) The fees and expenses of the Local Authority and the fees and expenses of its counsels
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 Escambia
Bonds. Notwithstanding anything herein to the contrary, a program fee payable to the Local Authority
from amounts received in connection with the issuance of the Bonds shall be equal to $1.00 per $1,000
principal amount of bond allocation received from the State of Florida for use in St. Lucie County.
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 ten (10) days written notice to the other
party hereto. Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated by
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the Local Authority during the Authorization Period, or by any party during any period that the Escambia
Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds
of such Escambia Bonds (or investments acquired through such proceeds) are still in the possession of the
Escambia Authority, or its agents, pending distribution, unless either (i) the parties to this Agreement
mutually agree in writing to the terms of such termination or (ii) such termination, by its terms, only
applies prospectively to the authorization to issue Escambia Bonds for which no Allocation Amount has
been obtained or used by the Escambia Authority 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 and the Local Authority harmless from any and all liability for any
actions by the Escambia Authority relating to the Program, including, but not limited to the repayment of
principal of, premium, if any, and interest or penalty on the Escambia Bonds issued pursuant to this
Agreement, and the members, officials, employees and agents of the Participating County and the Local
Authority harmless from any and all liability in connection with the approval rendered under the
respective resolution adopted August 28, 2003. The Escambia Authority agrees that any offering, circular
or official statement approved by and used in marketing the Escambia Bonds will include a statement to
the effect that Bond owners may not look to the Participating County or the Local Authority and their
respective members, officials, employees and agents for payment of the Escambia Bonds issued pursuant
to this Agreement and interest or premium or penalty thereon.
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IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed
hereto by the proper officers thereof as of the 28th day of August, 2003.
ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
(SEAL)
ATTEST:
By:
James D. Cranley, Chairman
By:
Robert Ward, Secretary
HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
(SEAL)
By:
Robert Davis, Chairman
ATTEST:
By:
Diana Wesloski, Secretary
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The undersigned Secretary of the Housing Finance Authority of St. Lucie County, Florida, does
hereby certify that the foregoing is a true and complete original of the Interlocal Agreement executed by
the Chairman and Secretary as of August 28, 2003.
Date: August 28, 2003
HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
By:
Its: Secretary
Housing Finance Authority of St. Lucie County
(SEAL)
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Exhibit B
MINUTES OF PUBLIC MEETING
The public hearing was convened at the time and place advertised. All persons desiring to
express their views upon the issuance of the Bonds or the Plan of Finance were afforded an opportunity to
be heard. A list of those persons speaking in opposition to the Bonds is attached hereto. If any written
comments were received by the St. Lucie County Housing Finance Authority concerning the proposed
Bonds, copies of such comments are attached hereto. After all persons in attendance at the hearing were
given opportunity to speak, the public hearing was closed at p.m on August 28, 2003.
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Exhibit C
RESOLUTION NO. 03-01
A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF ST. LUCIE
COUNTY, FLORIDA, APPROVING A JOINT PROGRAM WITH THE
ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, FOR THE
ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
OF ITS $150,000,000 SINGLE F AMIL Y MORTGAGE REVENUE BONDS,
SERIES 2004A (MULTI-COUNTY PROGRAM), ON BEHALF OF ST. LUCIE
COUNTY, FLORIDA AND THE HOUSING FINANCE AUTHORITY OF ST.
LUCIE COUNTY, FLORIDA TO FINANCE QUALIFYING SINGLE F AMIL Y
MORTGAGE LOANS IN ST. LUCIE COUNTY, FLORIDA; PROVIDING THAT
SUCH ESCAMBIA BONDS CONSTITUTE LIMITED, SPECIAL
OBLIGA TIONS; APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INTERLOCAL AGREEMENT WITH
THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; PROVIDING
CERTAIN OTHER DETAILS WITH RESPECT THERETO; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act"), authorizes the creation of
housing financing authorities with the purpose of issuing revenue bonds to assist in alleviating a shortage
of housing available at prices or rentals which many persons and families can afford; and
WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the Board of County
Commissioners of St. Lucie County, Florida (the "Governing Body"), to approve the operation of the
Escambia County Housing Finance Authority (the "Escambia Authority"), within the territorial
boundaries of, and the issuance by the Escambia Authority of revenue bonds to alleviate the shortage of
affordable housing and capital available for investment therein within St. Lucie County, Florida ("St.
Lucie County"); and
WHEREAS, the Escambia Authority by resolutions duly adopted on June 13,2000 and May 14,
2002 (collectively, the "Enabling Resolutions"), as amended and supplemented, particularly as
supplemented by a resolution dated as of May 13,2003 (the "Authorizing Resolution"), authorized a plan
of finance (the "Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family
Mortgage Revenue Bonds (Multi-County Program) (the "Program"); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family
Mortgage Revenue Bonds, Series 2004A (Multi-County Program) (the "Escambia Bonds" or the
"Bonds") in a principal amount not exceeding $150,000,000, exclusive of any amounts required for
refunding purposes; and
WHEREAS, the Escambia Authority has expressed an interest in pursuing a joint program with
the Housing Finance Authority of St. Lucie County (the "St. Lucie Authority") for the issuance by the
Escambia Authority of a sufficient principal amount of the Escambia Bonds to finance qualifying single
family mortgage loan programs for Escambia County and St. Lucie County and certain other counties
through a multi-county single family housing program (the "Escambia Multi-County Single Family
Housing Program"); and
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WHEREAS, by combining the authority to issue single family mortgage revenue bonds of the
Escambia Authority, St. Lucie County and the St. Lucie Authority and certain other issuers desiring to
participate in the issue, the Escambia Authority will be able to make available mortgage loans at rates
below the rates otherwise possible ifthe St. Lucie Authority attempted a separate issue; and
WHEREAS, such a program would benefit St. Lucie County and aid in alleviating a shortage of
affordable housing and capital available for investment therein within St. Lucie County; and
WHEREAS, in order to participate in such Escambia Multi-County Single Family Housing
Program and to approve the issuance of the Escambia Bonds, the St. Lucie Authority pursuant to Section
147(f) of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code"), has held
a public hearing on behalf of St. Lucie County, the Escambia Authority and Escambia County, following
notice of such hearing given in the form prepared by the Escambia Authority by publication in The Port
St. Lucie News on July 26, 2003 and the Fort Pierce Tribune on July 25, 2003 more than fourteen (14)
days prior to such public hearing; and
WHEREAS, in order to participate in the Escambia Multi-County Single Family Housing
Program and to approve the issuance of the Escambia Bonds, the St. Lucie Authority desires to approve
the form of and to execute and deliver an Interlocal Agreement with the Escambia Authority and to take
such other actions as are necessary.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA, THAT:
Section 1. Authority. This Resolution is adopted pursuant to the provisions of the Florida
Housing Authority Law, Chapter 159, Part IV, Florida Statues, and other applicable laws.
Section 2.
declares that:
Findings. The St. Lucie Authority has found and determined and hereby
(A) In order to realize the economies of scale afforded by aggregating the separate single
family mortgage revenue bond programs for the St. Lucie Authority and the Escambia Authority, it is in
the best interest of St. Lucie County and the St. Lucie Authority to authorize the Escambia Authority to
issue the Escambia Bonds to finance single family mortgage loans for both Escambia County and St.
Lucie County which qualifY under the Act.
(B) The St. Lucie Authority held a public hearing on August 28, 2003. Such public hearing
was conducted at the time and place advertised and at such hearing reasonable opportunity was provided
for all interested individuals to express their views, both orally and in writing, on the issuance of the
Escambia Bonds. The St. Lucie Authority shall provide the minutes of such public hearing to the
Governing Body for approval as the applicable elected representative or governmental unit.
(C) In order to implement such Escambia Multi-County Single Family Housing Program and
to approve the issuance of the Escambia Bonds, it is in the best interest of the St. Lucie Authority to enter
into an Interlocal Agreement with the Escambia Authority.
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Section 3. Authorization of Form of Interlocal Agreement. The execution and delivery
by the St. Lucie Authority of the Interlocal Agreement, authorizing the Escambia Authority to issue its
Escambia Bonds to finance qualifying single family mortgage loans in St. Lucie County, a proposed form
of which is attached hereto as Exhibit A (the "Interlocal Agreement") is hereby authorized. The form of
the Interlocal Agreement attached hereto as Exhibit A is hereby approved, subject to such changes,
modifications, insertions, omissions, substitutions and such filling of blanks therein as may be approved
and made in such form by the officers of the St. Lucie Authority and the Escambia Authority executing
the same, such execution and delivery to be conclusive evidence of such approval.
Section 4. Authorization to Execute. The Chairman or Vice Chairman and the Secretary
or Deputy Secretary of the St. Lucie Authority are hereby authorized and empowered to execute and
deliver the Interlocal Agreement, subject to such changes, modifications, insertions, omissions,
substitutions and filling of blanks therein as such officers executing the same shall approve, such
execution to be conclusive evidence of such approval and to affix thereto or impress thereon the seal of
the St. Lucie Authority. The appropriate officers of the St. Lucie Authority are hereby further authorized
to execute and deliver such other intergovernmental agreements, applications, consents, or other
documents and instruments as may be necessary to implement the Interlocal Agreement, including,
without limitation, application for up to the maximum available private activity bond volume allocations
pursuant to the Act, for the purposes set forth in the Interlocal Agreement.
Section 5. Approval of Issuance of Escambia Bonds and Public Hearing. The St. Lucie
Authority hereby approves, pursuant to Section 147(f) of the Code, the Plan and issuance by the Escambia
Authority from time to time, of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds,
initially designated as (Multi-County Program), Series 2004A, for funding the Escambia Authority's
program for Mortgage Loans. The St. Lucie Authority hereby requests the Governing Body to approve,
pursuant to Section 147(f) of the Code, the Escambia Authority's Plan and the issuance by the Escambia
Authority of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, (Multi-County
Program), Series 2004A.
Section 6. No Expenditure of Funds; Limited, Special Obligations. Adoption of this
Resolution does not authorize or commit the expenditure of any funds of St. Lucie County or of the St.
Lucie Authority to pay the cost of issuance or any other costs, fees or payments with respect to such
Escambia Bonds. The Escambia Bonds are limited, special obligations and will not constitute a debt of
the State of Florida, St. Lucie County, Escambia County, or other participating Counties or of the St.
Lucie Authority, the Escambia Authority or other participating Housing Finance Authorities, but will be
payable solely from payments made from the revenues generated from the Escambia Multi-County Single
Family Housing Program.
Section 7. Effective Date. The approvals and authorizations provided in Sections 3,4 and
5 of this Resolution are expressly contingent upon and this Resolution shall become effective upon the
adoption by the Governing Body of a resolution approving and authorizing the Escambia Authority to
operate within the territorial boundaries of St. Lucie County with respect to the issuance of its Escambia
Bonds.
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DUL Y ADOPTED by the Housing Finance Authority of S1. Lucie County, this 28th day of
August, 2003.
HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTY
(SEAL)
By:
Robert Davis, Chairman
ATTEST:
By:
Diana Wesloski, Secretary
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MCL-07/22/03
Rev: 08/18/03-6519-St. Lucie BCC Reso
Exhibit A
INTERLOCAL AGREEMENT
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