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HomeMy WebLinkAbout1990-001 .- e ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY RESOLUTION NO. 90-1 A RESOLUTION OF THE ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY APPROVING A JOINT PROGRAM WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, FOR THE ISSUANCE OF ITS SINGLE FAMILY MORTGAGE REVENUE BONDS 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 ISSUER; AND PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO. WHEREAS, Part IV, Chapter 159, 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 County, Florida (the "Governing Body") to approve the operation of the Escambia County Housing Finance Authori ty (the "Issuing Authority"), within the territorial boundaries and the issuance by the Issuing 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 Issuing Authority has by resolution previously authorized the issuance of not exceeding $60 Million Single Family Mortgage Revenue Bonds (the "Bonds"); and WHEREAS, the Issuing Authority has expressed an interest in pursuing a joint program for the issuance by the Issuing Authori ty of a sufficient principal amount of the Bonds to finance qualifying single family mortgage loan programs for Escambia County, st. Lucie County and certain other counties; and WHEREAS, by combining the authority to issue single family mortgage revenue bonds of the Issuing Authority, the st. Lucie County Housing Finance Authority (the "Local Authority") and any other issuers desiring to participate in the issue, the Issuing 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; e e NOW, THEREFORE, BE IT RESOLVED BY THE LOCAL AUTHORITY THAT: SECTION 1. Authority. This Resolution is adopted pursuant to the provisions of the Florida Housing Finance Authority law, Part IV of Chapter 159, Florida Statutes (the "Act"), and other applicable law. SECTION 2. Findinqs. The Local Authority has found and determined and hereby declares that: (a) In order to realize the economies of 5cale afforded by aggregating the separate single family mortgage revenue bond programs for the Local Authority and the Issuing Authority, it is in the best interest of the Local Authority to authorize the Issuing Authority to issue the Bonds to finance single family mortgage loans for both ~c~~~c~ 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 Issuing Authority. SECTION 3. Authorization of form of Interlocal Aqreement. The execution and del ivery of the Interlocal Agreement, authorizing the Issuing Authority to issue its 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~ insertions and omi ssi ons and such fill i ng of blanks therei n as may be approved and made in such form by the officers of the Local Authority and the Issuing 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, additions, deletions, and substitutions 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 Local Authority. SECTION 5. Adoption of the Resolution does not authorize or commit the expenditure of any funds of St. Lucie County or 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 Governing Body of a resolution approving and authorizing the Issuing Authority to operate within the territorial boundaries of St. Lucie County with respect to the issuance of its Single Family Mortgage Revenue Bonds. 2 e e DULY ADOPTED by the st~ Lucie County Housing Finance Authority this /lI::h- day of !1.(j!.A<,,-M~ ,1990 ATTEST: ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY -'~ ~t~.N' ~V"- SECRETARY ~ ~'~~~r'- CHAIRMA APPROVED AS TO FORM AND CORRECTNESS -!f;, 'r; ct~\ A. "Yh'lk A~~ 4fCOUNTY ATTOR~ The undersigned Secretary of the st. Lucie County Housing Finance Authority does hereby certify that the foregoing is a true and complete copy of a resolution adopted by the Authority at its regular public meeting ont OJ: I;tl'\f~/\.. II 199 0 as the same appears of record in my office. Certified and executed this (-4-~ day of lj)l..tl)~.lJ..t.\. 1990 (SEAL) BY: ~J '- l\b>\f\. ~.J~LL -,,"- ~ e EXHIBIT "A" - . INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this , 19___, by and between the day of _ , a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "Iss,uing Authority"), and th.e ,St. Ln<;:rie County Housing FiRBoce Authori tyn publ lC body corporate and polltlC organlZed 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 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 Issuing Authority has resolved to issue not exceeding $~ /1,<-UGC",\ Single Family Mortgage Revenue Bonds, Series 1991 (the "Bonds")~, which Bonds have been validated by Final Judgement of the Circuit Court for UC~~ County entered on , and in accordance wi th Chapter 75, Flori da Statutes, as amended, and WHEREAS, pursuant to Section 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of Mortgage Subsidy Bonds which may be issued is limited to an Allocation Amount which has be~n established for such purpose by the State of Florida; and WHEREAS, the restrictions upon eligible mortgage loans contained in the Code, as well as the limitations upon available allocation amounts prevent the separate issuance-of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Issuing Authority has validated a sufficient amount of bonds to fund the anticipated demand for qualifying single family mortgages of both taClvVl~ County and St. Lucie County, 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 Allocation Amount for the purpose of issuing bonds will result in a wider allocation of fixed expenses and certain other economies of scale; and WHEREAS, unless such economies are real ized, no issuance of Mortgage Subsidy Bonds would be feasible; and - WHEREAS, Section 159.603 and 159.604, Florida Statutes, authorize St. Lucie County to approve the issuance of revenue bonds through the Issuing Authority to alleviate the shortage of affordable housing within 51. Lucie County, which approval has been granted by a resolution of the Board of County Commissioners of St. Lucie County adopted on __, ____ (the "County Resolution"); ~ .. e e .' and WHEREAS, Section 163.01, 159.608 and 125.01, Florida Statutes, and the County Reso 1 ut i on authori ze th is agreement by conferri ng the authori ty to exercise or contract by agreement upon the Issuing Authority to exercise those powers which are common to it and the other parties hereto and to include St. Lucie County within the Issuing Authority's area of operation pursuant to Florida Statutes, Section 159.803(1) for the purpose of issuing bonds to finance qualifying single family housing developments located within St. Lucie County. NOW, THEREFORE, the parties agree as follows: Section 1. Allocation Amount~ Substitution of Bonds. The Local Authority hereby authorizes the Issuing Authority to issue Single Family Mortgage Revenue Bonds for qualified single family housing developments in St. Lucie County, and any Bonds issued for such qualifying housing developments 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 Issuing Authority to apply for a sufficient Allocation Amount on behalf of the Local Authority for the purpose of financing such qualifying development in St. Lucie County, and the Issuing Authority is hereby designated as the bond issuing authority for the Local Authority with respect to such All ocat i on Amount. All revenues generated by bonds issued pursuant to thi s Agreement and by the use of the proceeds thereof, will be administered by the Issuing Authority or its agents and all payments due from such revenues shall be paid by the Issuing Authority or its agents without further action by the Local Authority. Section 2. Administration. The Issuing Authority hereby assumes responsibil ity 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 St. Lucie County. The Issuing Authority and its agents shall provide the Local Authority with such reports as may be necessary to account for funds generated by this Agreement. The Issui ng Authority shall have full authority and responsi bil i ty to, negotiate, define, validate, market, sell, issue and deliver its Bonds in the maximum Allocation Amount, based upon mortgage loan demand, permitted by law to finance qualifying single family housing developments in St. Lucie County and to take such other action as may be necessary or convenient to accomplish such purpose. All lendable proceeds of the 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. , The issuance and administration costs and expenses related to the Bonds issued to finance the housing program and administration of such program shall be pa i d from lender corrmi tment fees, proceeds of the Bonds and revenues generated from the housing program. The fees and expenses incurred by the Local Authority, Financial Advisor to the Authority and/or the County Attorney for St. Lucie County with respect to the single family mortgage revenue bond program specified in this Agreement, shall be paid from the proceeds of any bonds allocable for use in St. Lucie County and issued pursuant to this Agreement or from program fees contributed by participating lenders. Such fees and expenses payable from proceeds of the r e tit ... .. ,Bonds shall not exceed $1.00 per Sl,OOO principal amount of Bonds allocated for use in St. Lucie County. Section 3. ProQram Parameters. The Local Authority shall, to the extent permitted by law, (a) approve, establish, and update, from time to time as necessary, upon the request of the Issuing 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 Issuing Authority pursuant to this Agreement and (b) approve the allocation of mortgage loan moneys for each Participant offering to originate Mortgage Loans within 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 10 days written notice to the other party hereto. Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated by any party during any period that the Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such Bonds are still in the possession of the Issuing Authority or its agents pending distribution, unless the parties to this Agreement mutually agree in writing to the terms of such termination. 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 Issuing Authority agrees to hold the Local Authority harmless from any and all liability for repayment of principal of and interest or penalty on the Bonds., and the members and officials of the Local Authority harmless from any and all liability in connection wi th the approval rendered pursuant to Sect ions 159.603 and 159.604, Florida Statutes. The Issuing Authority agrees that any offering, circular or official statement approved by and used in marketing the Bonds will include a statement that Bondowners may not look to the St. Lucie County Housing Finance Authority for payment of the Bonds and interest or premium thereon. IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed hereto by the proper officers thereof as of the ____ day of ____ 19___ - (SEAL) ATTEST: ESCAMBIA HOUSING FINANCE AUTHORITY By: Chairman Secretary ATTEST: ST. LUCIE COUNTY HOU SING FINANCE AU THORITY By: CHAIRMAN ,. e e " , The undersigned SQcr~tarthat1 of the St. Lucie County Hotl.sing Finance Authority does hereby certify hat the foregoing is a true and complete copy of the Interlocal Agreement executed by the and as of , 19_ Date: , 19_ Its: \text\housing\stluc.int