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F'i-le..Number: 15:lAO 7 9 OR BOOK 105. PAGE 0 gO l
Recorded: 12-11-95~11:Ol A.M. .
RESOLUTION NO. 96-03
A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTYt FLORIDA. APPROVING A JOINT
PROGRAM WITH THE ESCAMBIA COUNTY HOUSING FINANCE
AUTHORITY, FOR THE ISSUANCE BY THE ESCAMBIA COUNTY
HOUSING FINANCE AUTHORITY OF ITS SINGLE FAMILY
MORTGAGE REVENUE BONDS, SERIES 1997 (MULTI-COUNTY
PROGRAM), ON BEHALF OF ST. LUCIE COUNTY AND THE
HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY TO
FINANCE QUALIFYING SINGLE FAMILY MORTGAGE LOANS IN
ST. LUCIE COUNTY, FLORIDA; PROVIDING THAT SUCH
ESCAMBIA BONDS CONSTITUTE LIMITED, SPECIAL
OBLIGATIONS; 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 AND EFFECTIVE
DATE.
WHEREAS, Chapter 159, Part Nt Florida Statutes, authorizes the creation of
housing fmancing 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 Countyt Florida (the "Governing Body"). to
approve the operation of the Escambia County Housing Finance Authority (the
"Escambia Authority"). within the territorial boundaries oft 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; and
WHEREAS, the Escambia Authority has by resolution previously authorized the
issuance of not exceeding $60tOOOtOOO Escambia County Housing Finance Authority
Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County Program) (the
"Escambia Bonds"); 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 Authorityt St. Lucie County and the St. Lucie Authority and
certain other issuers desiring to participate in the issuet 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
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within St. Lucie County;
WHEREAS, in order to participate in such Escambia Multi-County Single
Family Program and to approve the issuance of the Escambia Bondst the St. Lucie
Authority pursuant to Section 147(fl 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 this 4th day of
Octobert 1996. following notice of such hearing given in the form required by the Code
by publication more than 14 days prior to such public hearing; and
WHEREAS, in order to participate in the Escambia Multi-County Single Family
Program and to approve the issuance of the Escambia Bondst the St. Lucie Authority
desire 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.
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NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, THAT:
SECTION 1. Authoritv. This Resolution is adopted pursuant to the
provisions of the Florida Housing Authority Law, Part N of Chapter 159. Florida
Statues (the "Act") t and other applicable laws.
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SECTION 2. Findin~s.
determined and hereby declares that:
(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
fmance single family mortgage loans for both Escambia County and St. Lucie County
which qualify under the Act.
The St. Lucie Authority has found and
(b) The St. Lucie Authority on the date hereof has held a public
hearing required by Section 147(fl of the Code after giving such notice as required
thereby. 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 viewst both orally and in writingt 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 Bondst 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 Interlocal Aereement. The
execution and delivery of the Interlocal Agreement. authorizing the Escambia
Authority to issue its Escambia Bonds to fmance 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. insertionst omissionst substitutions and such filling of blanks therein
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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 lnterlocal Agreement. subject to
such changest modifications. insertionst omissionst substitutions and filling of blanks
therein as such officers executing the same shall approvet 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. includingt without limitationt applications for up
to the maximum available private activity bond volume allocations pursuant to
Chapter 159t Part VIt Florida Statutes. for the purposes set forth in the lnterlocal
Agreement.
SECTION 5. Approval of Issuance of Escambia Bonds and Public Hearing.
The St. Lucie Authority hereby approves. within the meaning of Section 147(f) of the
Code. the issuance by the Escambia Authority of not exceeding $60.000.000 Single
Family Mortgage Revenue Bonds. Series 1996 (Multi-County Program). and the public
hearing related thereto held by the St. Lucie Authority on the date hereof. The St.
Lucie Authority hereby requests the Board of County Commissioners of St. Lucie
County to approvet within the meaning of Section 147(0 of the Codet the issuance by
the Escambia Authority of not exceeding $60.000tOOO Single Family Mortgage Revenue
Bonds. Series 1997 (Multi-County Program). and the public hearing related thereto by
the St. Lucie Authority on the date hereof.
SECTION 6. No EXllenditure of Funds: Limited. Soecial Oblieations.
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 of such
Escambia Bonds. The Escambia Bonds are limited. special obligations and will not
constitute a debt of the State of Florida. St. Lucie Countyt Escambia Countyt or other
participating Counties or of the St. Lucie Authority. the Escambia Authority or other
participating Housing Finance Authoritiest 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 3t 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
tenitorial 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 St. Lucie Countyt this
4th day of October. 1996.
HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTY
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Exhibit "A"
FORM OF
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this ..it.h day of Oc t . ,1996t 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, Part IV of Chapter 159 of the Florida Statutes authorizes the
creation of housing fmance 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
$60tOOO,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County
Program) (the "1997 Escambia Bonds"); 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 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 1997
Escambia Bonds to fund the anticipated demand during the proposed Origination
Period for qualifying single family mortgages of both Escambia County and St. Lucie
Countyt 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 1997 (the "Authorization Period") for the purpose of issuing qualified mortgage
revenue bonds to fmance qualifying single family owner-occupied residences 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 economicalt resulting in high
mortgage costs to qualified mortgagors; and
WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize St.
Lucie County (the "Participating County") to approve the issuance of qualified
mortgage revenue bonds through the Escambia Authority to alleviate the shortage of
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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 Nav. 12 , 1996 (the "County Resolution"); and
WHEREAS, Sections 163.01. 159.608 and 125.01. Florida Statutest 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 owner-occupied residences
located within the Participating Counties in accordance herewitht (2) establish the
reserves therefort and (3) 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 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 for the purpose of fmancing the
Program and making funds available for qualifying single family owner-occupied
residences in the Participating County. Any 1997 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 Local Authority's bonds which 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 for the purpose of financing the Programt including, among other thingst
funding 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 during the Authorization Period with respect to such Allocation Amounts.
The proceeds of the 1997 Escambia 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 1997 Escambia Bonds, all in accordance with
fmal program documents approved by the Escambia Authority. All revenues generated
by bonds issued pursuant to this Agreement and by the use of the proceeds thereoft
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.
Section 2. Administration. The Escambia Authority hereby assumes
responsibility for administering this Agreement by and through its employees, agents
and officers; provided, howevert 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, tOt reasonably available
mortgagor or prof11e data. The Escambia Authority and its agents shall provide the
Local Authority with a copy of the transcript of documents and proceedings for the
1997 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
negotiatet defme, validate, market. seUt issue and deliver its Bonds in the maximum
Allocation Amount, based upon mortgage loan demandt permitted by law to fmance
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.
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Each Participating County may apply for the full allocation amount available for such
County. It is agreed that the Allocation Amount for the 1997 Escambia Bonds in St.
Lucie County and other Participating Counties located within the same bond volume
allocation region under Section 159.804, Florida Statutest 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 1997 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 120 days.
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The issuance and administration costs and expenses related to the 1997
Escambia Bonds issued to finance the housing Program and administration of such
Program shall be paid from proceeds of the 1997 Escambia Bonds and revenues
generated from the housing Program.
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Section 3. Program Parameters. (a) Upon request of the Escambia
Authority, the Local Authority shall. to the extent permitted by lawt (i) approve,
establish, and updatet from time to time as necessaryt upon the request of the
Escambia Authority, such program parameters inc1udingt but not limited to,
maximum housing price and maximum adjusted family income for eligible borrowerst
as may be required for any bonds issued by the Escambia Authority pursuant to this
Agreement and (il) 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 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 1997 Escambia Bonds.
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Section 4. Term. This Agreement will remain in full force and effect from
the date ofits 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 Local Authority during the
Authorization Periodt or by any party during any period that the 1997 Escambia
Bonds issued pursuant to the terms hereof remain outstanding, or during any period
in which the proceeds of such 1997 Escambia Bonds are still in the possession of the
Escambia Authority or its agents pending distributiont unless either (1) the parties to
this Agreement mutually agree in writing to the terms of such termination or (2) such
terminationt by its terms, only applies prospectively to the authorization to issue 1997
Escambia 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 and the Local Authority harmless
from any and all liability for repayment of principal of and interest or penalty on the
1997 Escambia Bonds issued pursuant to this Agreementt and the memberst officials,
employees and agents of the Participating County and the Local Authority harmless
from any and all liability in connection with the approval rendered pursuant to
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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
1997 Escambia Bonds will include a statement to the effect that Bondowners may not
look to the Participating County or the Local Authority and their respective members.
officials. employees and agents for payment of the 1997 Escambia Bonds issued
pursuant to this Agreement and interest or premium 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 ll!L day of
Oc t. t 199..2...
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ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
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HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTY, FLORIDA
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APPROVefJ /\3 TlJ fnm4l
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The undersigned Vir.e-Chai rman of the Housing Finance
Authority of St. Lucie County. Floridat does hereby certify that the foregoing is a true
and complete copy of the Interlocal Agreement executed by the
Vic:p-r.hai man and Sp\.retary as of
October 4 . 19~.
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