HomeMy WebLinkAbout2004-003
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RESOLUTION NO. oy -03
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 5150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS,
SERIES 2005 (MULTI-COUNTY PROGRAM), ON BEHALF OF ST. LUCIE
COUNTY, FLORIDA AND THE HOUSING FINANCE AUTHORITY OF ST.
LUCIE COUNTY, FLORIDA TO FINANCE QUALIFYING SINGLE FAMILY
MORTGAGE LOANS IN ST. LUCIE COUNTY, FLORIDA; PROVIDING THAT
SUCH ESCAMBIA BONDS CONSTITUTE LIMITED, SPECIAL
OBLlGA TIONS; APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INTERLOCAL AGREEMENT WIlli
THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; PROVIDING
-C;::-nT.AIN OTHER DETAILS WITH RESPECT THERETO; AND PRO'1DL~C.
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 a resolution duly adopted on May 14, 2002 (the
"Enabling Resolution"), as amended and supplemented, 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 2005 (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
WHEREAS, by combining the authority to issue single family mortgage revenue bonds of the
Escambia Authority, S1. Lucie County and the St. Lucie Authority and certain other issuers desiring to
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participate in the issue, the Escambia Authority will be able to make available mortgage loans at rates
below the rates otherwise possible if the 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(1) 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 November 23, 2004 and the Fort Pierce Tribune on November 23, 2004 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
. ... -- ------th-cfC,iU1 vf ar;d ~&0,,~cute and deliver an Interlocal Agreement with the EscambiaAuthority and tc' t~~~:.
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 December 15, 2004. 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.
Section 3. Authorization of Form of InterJocaJ 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
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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 lnterlocal 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 lnterlocal 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 lnterlocal Agreement.
Section 5. Approval of Issuance of EscambiaBonds and Public Hearing. The St. Lucie
Authority hereby approves, pursuant to Section 147(f) of the Code, the Plan and issuance by the Escambia
- ~ ALfdJV'iJ'tf"'fJ.'O'i~. "~~iiC-'0-,ii""riC,~ not exceeding $150,000,000 Single Family Mortgage Revenuc Bond:>;. ..,.._ __ _ _.
initially designated as (Multi-County Program), Series 2005, 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 2005.
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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DULY ADOPTED by the Housing Finance Authority of S1. Lucie County, this 15th day of
December, 2004.
HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTY
(SEAL)
~
Its: Chairman
ATTEST:
Hy,C;";h-o. Jl~V~ /J
11s: Secretary - ""~
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Exhibit A
INTERLOCAL AGREEMENT
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INTERLOCALAGREEMENT
THIS AGREEMENT made and entered into this 15th day of December, 2004, 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");
WITNE SSE TH:
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 relIevihg the'snorutge-. Of housing available at prices or rentals which many persons and
families can afford; <l;nd
WHEREAS, the Escambia Authority by a resolution duly adopted on May 14, 2002 (the
"Enabling Resolution"), as amended and supplemented, 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 2005 (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 mortgage revenue 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 mortgage revenue 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 St. 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
2005 (the "Authorization Period") for the purpose of issuing mortgage revenue bonds to finance
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
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WHEREAS, unless such economies are realized, the issuance of 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 mortgage revenue bonds under the Code limit
the availability of mortgage funds for many eligible persons (within tbe 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
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 December 21,2004 (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 Hivrtgagc i"C'y'Cu..C bvT.d~ ba;;cd on the Allocation Amount to (i) make available funds to
finance qualifYing single-family owner-occupied residences located within tbe Participating County io
accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of issuance thereof.
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 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 mmily 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 bebalf of the Local Authority, as part of its Plan for the purpose of funding tbe Program, including
among other things, financing of qualifying single family mortgages in the Participating County, and the
Escambia Authority is bereby 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 sball be allocated and applied solely to tbe 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, 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 Local Authority.
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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
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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.
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 andreven<.:;):} gz""Gn:{~d-f~&..."H-t-b- !'1'O~7am.
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 81. 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
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.
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Section 5. Indemnity. To the full extent pennitted by law, the Escambia Authority agrees
to hold the Participating County and the Local Authority hannless 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 hannless 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 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 15th day of December, 2004.
(SEAL)
ATTEST:
By:
Robert Ward, SecreLaI}'
(SEAL)
ATTEST:
By:
Its: Secretary
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ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
By:
Elbert Jones, Jr., Chairman
HOUSING FINANCE AUTIlORITY
OF ST. LUCIE COUNTY, FLORIDA
By:
Its: Chainnan
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The undersigned Secreta,y of 'he Housing Finance Anthority of St. Locie Connty, Florida, does
herehy certifY that the foregoing is a true and complete originsl of.he Intedocal Agreemen. executed by
the Chairman and Secretary as of December 15, 2004.
Date: December 15,2004
(SEAL)
MCL-I 0/12104
Rev; ] ] I] 9104
Rev; J J 123104-6602-SI. Lucie ILA
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HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
By:
Its: Secretary
Housing Finance Authority of St. Lucie County
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