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Home My WebLink About1994-002 e e RESOLUTION NO. 94-02 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 SINGLE FAMILY, MORTGAGE REVENUE BONDS, SERIES 1995, TO FINANCE QUALIFYING SINGLE FAMILY MORTGAGE LOANS IN ST. LUCIE COUNTY, FLORIDA; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERLOCAL AGREEMENT WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, Chapter 159, Part IV. Florida Statutes, 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 Countyt Florida (the "Governing Body"). to approve the operation of the Escambia County Housing Finance Authority (the "Escambia AuthOrity"), within the territorial boundaries 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 Countyt Florida; and WHEREAS, the Escambia Authority has by resolution previously authorized the issuance of not exceeding $60.000.000 Escambia County Housing Finance Authority Single Family Mortgage Revenue Bonds, Series 1995 (the "Escambia Bonds"); and WHEREAS, the Escambia Authority has expressed an interest in pursuing a joint program 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: and WHEREAS, by combining the authority to issue single family mortgage revenue bonds of the Escambia AuthOrity. the Housing Finance Authority of St. Lucie County (the "Local Authority") and any 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 if the Local 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; MCL-09/ 13/94-61 02-STI.U-HFA -1- e e 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 Finance Authority lawt Part IV of Chapter 159t Florida Statues (the "Act")t and other applicable law. SECTION 2. Findbll~s. The Local Authority has found and detennined 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 Local Authority and the Escambia Authorityt it is in the best interest of the Local 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. (b) In order to implement such a program. it is in the best interest of the Local Authority to enter into an Interlocal Agreement with the Escambia Authority. SECTION 3. Authorization of form of Interlocal A&reement. 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 Countyt 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 approvedt subject to such changes. insertions and omissions and such filling of blanks therein as may be approved and made in such form by the officers of the Local 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 Assistant Secretary of the Local Authority are hereby authorized and empowered to execute and deliver the Interlocal Agreement. subject to such changes, modifications. additionst deletions. and substitutions 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 Local Authority. SECTION 5. No Exnenditure of Funds. Adoption of this Resolution does not authorize or commit the expenditure of any funds of St. Lucie County or of the Local Authority to pay the cost of issuance of such Bonds. SECTION 6. Effective Date. The approvals and authorizations provided in Sections 3 and 4 of this Resolution are expressly contingent upon and this Resolution shall become effective upon the adoption by the Goveming 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 Single Family Mortgage Revenue Bonds. MCL-09/13/94-6102-STLU-HFA -2- e e DULY ADOPTED by the Housing Finance Authority of St. Lucie County. this 4th day of Nov t 1994... HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY (SEAL) J ~ IJ~ Chainnan ATfEST: L ~ ",~.7 , .. I~~..~, l~'\y .~'~~~....'_" ". \ ...,~,:'........ Jt4-, ~~/ '" Secretary -~~---- A e...",.....,,' "-""r':~p,',y' ... d "",.., f..'" ,,, '..',. ~r f",., . >;.. ~ .J'H'1I..... MCL,09/ 13/94,61 02-STI..U-HF A -3-