HomeMy WebLinkAbout1991-001
,~~
~
'*
',.}5
" lW....
f
fl, t Assump
Doc Tax
Int Tax
$, ]. ',' ",-:' DOUC~IXON
S C~ 51. luc.unty
S 'fiE Clerk Circuit Court
e
lv, ~)
Deputy Clerk
$
1163995
T.tal S
':)":?' (.,I-j
RESOLUTION NO. G\ \-0\
A RESOLUTION OF THE ST. LUCIE COUNTY HOUSING FINANCE
AUTHORITY APPROVING A JOINT PROGRAM WITH THE ESCAMBIA
COUNTY HOUSING FINANCE AUTHORITY OR THE HOUSING FINANCE
AUTHORITY OF CLAY COUNTY, FOR THE ISSUANCE OF ITS SINGLE
F AM I L Y MORT GAG E REV ENU E BONDS TO F I NANC E QUALI FY I NG
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, Sect ions 159.603 and 159.604, Flori da Statutes, authori ze the
Board of County Commissioners of St. Lucie County, Florida (the "Governing
Body"), to approve the operat i on of the Escambi a County Hous i ng Finance Authority
or the Housing Finance Authority of Clay County (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 $60,000,000 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 Authority 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 waul d benefi t St. Luci e County and aid in
alleviating a shortage of affordable housing and capital available for investment
therein within St. Lucie County;
.' ",l 777 i'f,GE 304
4 '
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 scale 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 Indian River 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 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
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
~rJlJk 177 PAGE 305
. .
e
e
DULY ADOPTED by the St. Lucie County Housing Finance Authority this ~\
day 0 f l\oIJe"" \JP \, 191.J.
ST. LUCIE COUNTY HOUSING
FINANCE AUTHORITY
(SEAL)
(Z,&k ;J~
'IH
Chairman
AT.T~~~~' ,t,
~(~~L~
.~$ecret;a~t:y" \. ::;'i;t"
i' ,!~~i"ll~~"
" "r:.,"
3
" ..' 177 r~06
M,.j~ PAGE CJ '
e
e
EXHIBIT "A"
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this day of ___
, 19___, by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
OR THE HOUSING FINANCE AUTHORITY OF CLAY COUNTY, a public body corporate and
politic organized and existing under the laws of the State of Florida
(herei nafter referred to as the "I ssui ng Authority"), and the ST. LUCI E 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
"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
$60,000,000 Single Family Mortgage Revenue Bonds, Series 1992 (the "Bonds"), in
accordance with Chapter 75, Florida 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 been 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
Indian River 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 realized, 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 St. Lucie County, which
approval has been granted by a resolution of the Board of County Commissioners
of St. Luc i e County adopted on _, _ (the "County Reso 1 ut ion "); and
WHEREAS, Section 163.01,159.608 and 125.01, Florida Statutes, and the
County Resolution authorize this agreement by conferring the authority to
~G:I. 177 P^GE 307
e
e
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, Sect ion 159.803 (1) for the purpose of i ssu i ng bonds to fi nance
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
the 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 wh i ch coul d 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 Allocation Amount. All revenues generated by bonds issued
pursuant to th is Agreement and by the use of the proceeds thereof, wi 11 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
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 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 I ssui ng Authori ty shall have full authori ty and respons i bi 1 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 paid from lender commitment 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 Local Authority and/or Bond Counsel 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 Bonds shall not exceed $1.00 per $1,000 principal
amount of Bonds allocated for use in St. Lucie County. :. 'rrl
~LJ.!( PAGE
308
..
e
e
Sect i on 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 pri nc i pa 1 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 with the approval rendered pursuant to Sect ions 159.603 and
159.604, Flori da Statutes. The I ssui ng Authority agrees that any offeri ng,
circular or official statement approved by and used in marketing the Bonds will
include a statement that the Bonds do not constitute an obligation or
indebtedness of St. Lucie County or the St. Lucie County Housing Authority and
that Bondowners may not look to St. Lucie County, or to the St. Lucie County
Housing Finance Authority or any officers, agents or employees of either of them
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
(S EAL)
ATTEST:
ESCAMBIA HOUSING FINANCE
AUTHORITY
By:
Chairman
Secretary
ST. LUCIE COUNTY
HOUSING FINANCE AUTHORITY
ATTEST:
By:
Its:
Its:
(SEAL)
[,th,. 1'77 PAGE ;j09
e
e
The undersigned of the St, Lucie County Housing Finance
Authority does hereby certify that the foregoing is a true and complete copy of
the Interlocal Agreement executed by the and as of
, 19_
Date:
, 19
Its:
1163995
'92 FEB 24 P\2:i 2
FiU~ i,h
DOUG'I\ ,.
51 L \.1'
F;L COROU\
'."'-.' t.~
l,l,uN CLER
lNTY. FL
. ~
~'-':J~ '77 PAGE :';10
\text\housing\stLucie\interLoc.agr