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HomeMy WebLinkAbout1995-001 , , e e C,~pfLl~"t <J.'~ ( \- 3'0 ,ciS' HF A RESOLUTION NO. 95-01 A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF STt 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 1996 (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 STt 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 AN EFFECTIVE DATE. - 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 S1. Lucie County, Florida (the "Governing Body"), to approve the operation of the Escambia County Housing Finance Authority (the "Escambia Authority"), '\\1thin 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 S1. Lucie County, Florida; and WHEREAS, the Escambia Authority has by resolution previously authorized the issuance of not exceeding $80,000,000 Escambia County Housing Finance Authority Single Family Mortgage Revenue Bonds, Series 1996 (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 S1. 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 S1. Lucie Authority and certain other issuers desiring to participate in the issue, the Escambia Authority will be able to make available - 1 - '. e e 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 with St. Lucie County; and WHEREAS, in order to partIcIpate in such Escambia Multi-County Single Family Program and to approve the issuance of the Escambia Bonds, the St. Lucie Authority pursuant to Section 147(f) 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 30th day of November, 1995, 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 Bonds, the St. Lucie Authority desires 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; NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, THAT: SECTION 1. Authorit)'. This Resolution is adopted pursuant to the provisions of the Florida Housing Authority Law, Part IV of Chapter 159, Florida Statutes (the "Act"), and other applicable laws. SECTION 2. Findings. The St. Lucie 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 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 on the date hereof has held the public hearing required by Section 147(f) 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 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. - 2 - e e SECTION 3. Authorization of Form of Interlocal Agreement. The execution and delivery of the lnterlocal 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 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 Interlocal 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 Interlocal Agreement, including, without limitation, applications for up to the maximum available private activity bond volume allocations pursuant to Chapter 159, Part VI, Florida Statutes, for the purposes set forth in the Interlocal 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 $80,000,000 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 S1. Lucie County to approve, within the meaning of Section 147(f) ofthe Code, the issuance by the Escambia Authority of not exceeding $80,000,000 Single Family Mortgage Revenue Bonds, Series 1996 (Multi-County Program), and the public hearing related thereto by the S1. Lucie Authority on the date hereof. SECTION 6. No Expenditure of Funds: Limited. Special Obligations. Adoption of this Resolution does not authorize or commit the expenditure of any funds of S1. Lucie County or of the S1. 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, S1. Lucie County, Escambia County, or other participating counties or of the S1. 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 S1. Lucie County with respect to the issuance of its Escambia Bonds. - 3 - - e e DUL Y ADOPTED by the Housing Finance Authority of St. Lucie County, this 30th day of November, 1995, ATTEST: HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY ~~~ SECRETARY BY: 1< ~ ,J~ CHAIRMAN - 4 - e e Exhibit "A" FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this _ day of , 199_, 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 corproate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "St. Lucie Authority"); \V I T 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 (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 $80,000,000 Single Family Mortgage Revenue Bonds, Series 1996 (Multi-County Program) (the "1996 Escambia Bonds"); and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of Mortgage Subsidy Bonds 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 1996 Escambia Bonds to fund the anticipated demand during the proposed Origination Period for qualifying single family mortgages of both Escambia 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 amount of the State volume cap (the "Allocation Amount") granted by the State through 1996 (the "Authorization Period") for the purpose of issuing bonds such as the 1996 Escambia Bonds to finance qualifying single family development (referred to as "Mortgage Subsidy Bonds") will result in a wide allocation of fixed expenses and certain other economies of scale; and WHEREAS, unless such economies are realized, the issuance of Mortgage Subsidy Bonds would be less economical, resulting in high mortgage costs to qualified mortgagors; and - 1 - e e WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize St. Lucie County (the "Participating County") to approve the issuance of revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the St. Lucie Authority of the Participating County adopted on November 30, 1995 (the "St. Lucie Authority Resolution") and a resolution of the Board of County Commissioners of the Participating County adopted on , 199_ (the "County Resolution"); and WHEREAS, Sections 163,01, 159.608 and 125.01, Florida Statutes, the St. Lucie Authority Resolution 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 housing development located within the Participating County in accordance herewith, (2) establish the reserves therefor, and (3) pay the costs of issuance thereof (collectively, the "Progran1"). NOW THEREFORE, the parties agree as follows: Section 1. Aflocation Amount; Substitution of Bonds. The St. Lucie Authority hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time based on the Allocation Amount for the purpose of financing the Program and making funds available for qualifying single family housing developments in the Participating County. Any 1996 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 St. Lucie Authority's bonds which could have been issued for such purpose. The St. Lucie Authority hereby authorizes the Escambia Authority to utilize the St. Lucie Authority's Allocation Amount on behalf of the St. Lucie Authority for the purpose of financing the Program, including, among other things, funding of qualifying single family mortgages in the Participating County, and the Escambia Authority is hereby designated as the bond issuing authority for the St. Lucie Authority during the Authorization Period with respect to such Allocation Amounts. The proceeds of the 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 Bonds, all in accordance \vith 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 St. Lucie Authority, Section 2. Administration. The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees, agents and officers; provided, however, that the St. Lucie Authority retains and reserves its right to receive payment of its fees and expenses, its right to require and to receive a complete transcript of the proceedings relating to the issuance of the 1996 Escambia Bonds, and its right and obligation to require reasonable reporting on disclosure information and programs designed for and operated within the Participating County, including, but not limited, to, reasonably available mortgago!." or profile - 2 - e e data. The Escambia Authority and its agents shall provide the St. Lucie Authority with such reports as may be necessary to account for funds generated by this Agreement. The Escambia Authority shall have full authority and responsibility 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 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 County. It is agreed that the Allocation Amount for the Mortgage Subsidy 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. All lendable proceeds of the 1996 Escambia Bonds attributable to the mortgage loan demand in S1. Lucie County shall be reserved for use in originating mortgage loans in S1. Lucie County for an initial period of 120 days. The issuance and administration costs and expenses related to the 1996 Escambia Bonds issued to finance the housing Program and administration of such program shall be paid from proceeds of the 1996 Escambia Bonds and revenues generated from the housing Program. Section 3. Program Parameters. (a) Upon request of the Escambia Authority; the St. Lucie Authority shall, to the extent permitted by law, (i) approve, establish, and update, from time to time as necessary, upon the request ofthe 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 Participant offering to originate Mortgage Loans within the Participating County. Unless otherwise notified in writing by the S1. Lucie 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 S1. Lucie Authority or the Participating County , (b) The fees and expenses of the St. Lucie 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 S1. Lucie Authority and the Escambia Authority at or prior to issuance of the 1996 Escambia Bonds. 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 the S1. Lucie Authority during the Authorization Period, or by any party during any period that the 1996 Escambia Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such 1996 Escambia Bonds are still in the possession of the Escambia Authority or its agents pending distribution, unless either (1) the parties to this Agreement mutually agree in writing to the terms of such termination or (2) such termination, by its terms, only applies prospectively to the authorization to issue Mortgage Subsidy Bonds for which no Allocation Amount has been obtained and for which no purchase - 3 - e e 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 S1. Lucie Authority harmless from any and all liability for repayment of principal of and interest or penalty on the 1996 Escambia Bonds, the Mortgage Subsidy Bonds and any other bonds issued pursuant to this Agreement, and the members, officials, employees and agents of the Participating County and the St. Lucie Authority harmless 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 1996 Escambia Bonds will include a statement to the effect that Bondowners may not look to the Participating County or the St. Lucie Authority and their respective members, officials, employees and agents for payment of the 1996 Escambia Bonds, the Mortgage Subsidy Bonds and any other bonds issued pursuant to this Agreement, 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 , 199_, ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY (SEAL) ATTEST: By: Chairman Secretary HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA By: Chairman ATTEST: Clerk (SEAL) - 4 - e e The undersigned of the Housing Finance Authority of S1. Lucie County, Florida, does hereby certify that the foregoing is a true and complete copy of the lnterlocal Agreement executed by the and as of , 199_, Date: ,199_ Its: (SEAL) - ,5 -