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HomeMy WebLinkAbout01-195COUll their the t~ (the crca~ and Luci¢ hous: to fm the E and laws imple fa_mil' and 200C Rev: 1£ RESOLUTION NO. 01- i~[~ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE BOUNDARIES OF ST. LUCIE COUNTY, FLORIDA ON BEHALF OF AND AT THE REQUEST OF ST. LUCIE COUNTY, FLORIDA AND THE HOUSING FINANCE.AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, TO FINANCE QUALIFYING SINGLE FAMILY MORTGAGE LOANS; AUTHORIZING THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, TO ENTER INTO' AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; APPROVING A FORM OF AND EXECUTION AND DELIVERY OF AN INTERLOCAL AGREEMENT; APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 2002 (MULTI-COUNTY PROGRAM) ON BEHALF OF ST. LUCIE COUNTY AND THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, PURSUANT TO SECTION 147{f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") authorized [es to create housing finance authorities to exercise powers of the Act within boundaries or outside their boundaries with the consent of the governing body of ;rritory outside their area of operation; and WHEREAS, the Board of County Commissioners of Escambia County, Florida, Escambia Board") on May 29, 1980, adopted Ordinance No. 80-12, by which it .~d the Escambia County Housing Finance Authority (the "Escambia Authority") .uthorized the Escambia Authority to exercise all powers under the Act; and WHEREAS, pursuant to the Act, the Board of County Commissioners of St. County, Florida, {the "St. Lucie Board") has found a shortage of affordable ng and capital for investment therein and a need for a housing finance authority ration in St. Lucie County, Florida {"St. Lucie County"} and did accordingly create ousing Finance Authority of St. Lucie County, Florida {the "St. Lucie Authority"}; WHEREAS, it is not practicable at this time under existing Florida and Federal and regulations for the St. Lucie Authority to issue its bonds for the purpose of menting a single family housing program, although the shortage of such single housing and capital for investment therein is continuing in St. Lucie County; WHEREAS, the Escambia Authority by resolution duly adopted on June 13, (the "Enabling Resolution"), authorized a plan of finance (the "plan") for the 14/01 1 11 / 01-6472-1ucyresbcc iSSU~ Reve: Singl "Esc~ exclu (here activi or go aria sch~ Boar, such heari heari reasc views EscIm consi be ta 147(f unde Escm auth~ Agree COM~ housi impe~ the S to iss impl¢ rice from time to time of not exceeding $400,000,000 Single Family Mortgage hue Bonds (Multi-County Program) {the "Program"); and WHEREAS, the Escambia Authority has indicated that it expects to issue its e Family Mortgage Revenue Bonds, Series 2002 (Multi-County Program) (the anbia Bonds" or the "Bonds") in a principal amount not exceeding $150,000,000, sire of any amounts required for refunding purposes; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended [nafter referred to as the "Co~!e") requires public approval of certain private ty bonds and the plan of finance therefor by an applicable elected representative vernmental unit following a public hearing and the St. Lucie Board, constitutes ~plicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(f) of the Code a public hearing was [uled by the St. Lucie Authority, on behalf of the St. Lucie Board, the Escambia and the Escambia Authority for August 29, 2001, at 4:00 p.m., and notice of hearing was given by publication more than fourteen (14) days prior to the public ng; and WHEREAS, the St. Lucie Authority has indicated that the required public ng was conducted at the time and place advertised and at such hearing nable opportunity was provided for all interested individuals to express their both orally and in writing, on the issuance of the Bonds; and WHEREAS, the St. Lucie Authority on behalf of the St. Lucie Board, the ~bia Authority and the Escambia Board, diligently and conscientiously dered all comments and concerns expressed by such individuals; and WHEREAS, the St. Lucie Board desires to express its approval of the action to ten pursuant to the Enabling Resolution and the Act and as required by Section of the Code; and WHEREAS, the St. Lucie Board desires to authorize the St. Lucie Authority to :take certain actions as necessary in connection with participation in the nbia Multi-County Single Family Housing Program and the issuance, sale, ..ntication and delivery of the Bonds by Interlocal Agreement (the "Interlocal ment") with the Escambia Authority; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY .~IISSIONERS OF ST. LUCIE COUNTY, FLORIDA: Section 1. Because of the continuing shortage of affordable single family ng and capital for investment therein in St. Lucie County and the continuing timents to a bond issue to alleviate such shortages as to single family housing, t. Lucie Board hereby consents to the Escambia Authority exercising its powers ue the Bonds on behalf of St. Lucie County and the St. Lucie Authority and to ment a plan of finance to provide capital from sources of funds available to the MCL-O~;/14/01 2 Rev: lC '01-6472-1ucyresbcc Esc~ Bon~ finan St. L St. L and Esca auth, St. L' Chai Auth agree impl~ payrr but z coun heret Esca upon such modi not il and , the S docu: Agre{ priva Stat~ 147(f Escaz Mortl for f~ actio~ the ,z Bond Augu B an~ Octo! made and ~ Inter] proc¢ .~bia Authority, including but not limited to a portion of the proceeds of the s, and proceeds of obligations refunded by the Bonds, to establish a program to ce Mortgage Loans for single family housing within the statutory boundaries of acie County ("Mortgage Loans"); provided, that the Escambia Authority and the ~cie Authority first enter into a written agreement setting forth the powers, duties limitations of the St. Lucie Authority as they pertain to participation in the x~bia Multi-County Single Family Housing Program and the issuance, sale, mtication and delivery of said Bonds and the use of said Bond proceeds within ~cie County and payment of the issuance costs for such Bonds. Section 2. In furtherance of the purposes set forth in Section 1 hereof the · man or Vice-Chairman and Secretary or Deputy Secretary of the St. Lucie ~rity are hereby authorized to execute such..consents, intergovernmental merits, applications, instruments or other documents as shall' be required to :ment participation by the St. Lucie Authority in the Program and to provide for .ent of St. Lucie Authority's proportionate share of the costs thereof, ingluding. Jot limited to the costs of issuance of such Bonds, all as shall be approved by sels to the St. Lucie Authority. Section 3. The Interlocal Agreement, in substantially the form attached o as Exhibit A, and made a part hereof, between the St. Lucie Authority and the nbia Authority is hereby approved. The officers of the St. Lucie Authority ar.e, due authorization and approval by that body, hereby authorized to enter into Interlocal Agreement on behalf of the St. Lucie Authority with such changes, 5cations, insertions, omissions, substitutions, and such filling of blanks therein monsistent herewith as the officers executing same may approve, such execution ielivery to be conclusive evidence of such approval. The appropriate officers of t. Lucie Authority are hereby further authorized to execute and deliver such other nents and instruments as may be necessary to implement such Interlocal ,ment, including, without limitation, application for up to the maximum available ~e activity bond volume allocations pursuant to Chapter 159, Part VI, Florida tes, for the purposes set forth in the Interlocal Agreement. Section 4. The St. Lucie Board hereby approves, for the purpose of Section ! of the Code, the Escambia Authority's plan of finance and the issuance by the nbia Authority from time to time of not exceeding $150,000,000 Single Family ;age Revenue Bonds Multi-County Program, initially designated as Series 2002, mding the Escambia Authority's program for Mortgage Loans, and such other 1 to be taken by the St. Lucie Authority pursuant to the Enabling Resolution or ,ct, in connection with the issuance, sale, authentication and delivery of the s. A copy of the minutes of the public hearing held by the St. Lucie Authority on st 29, 2001 pursuant to Section 147(/) of the Code is attached hereto as Exhibit made a part hereof. The related Resolution of the St. Lucie Authority, adopted er 25, 2001, following the public hearing is attached hereto as Exhibit C and a part hereof. Section 5. The principal of and premium, if any, and interest on the Bonds dl payments required under the proposed financing agreements, including the ocal Agreement, shall be payable solely by the Escambia Authority from the eds derived by the Escambia Authority under the proposed financing MCL-011/14/01 3 Rev: 1( ll/01-6472-1ucyresbcc agree ments, and St. Lucie County shall never be required to (i) levy ad valorem taxes on a~ty property within its territorial limits to pay the principal of and premium, if any, and interest on the Bonds or to make any other payments provided for under the propqsed financing agreements, or (ii) pay the same from any funds of St. Lucie County whatsoever. Adoption of this Resolution does not authorize or commit the exper~diture of any funds of St. Lucie County or of the St. Lucie Authority to pay the cost, of issuance or any other costs, fees or payments with respect to such Bonds. ~onds are limited, special obligations and will not constitute a debt of the State of The t Flori( St. L Auth gene~ with supe~ la, St. Lucie County, Escambia County, or other participating Counties or of the acie Authority, the Escambia Authority or other participating Housing Finance )rities, but will be payable solely from payments made from the revenues 'ated from the Program. Section 6. Ail resolutions or parts thereof of the St. Lucie Board in conflict the provisions herein contained are, to the extent of such conflict, hereby · seded and repealed. MCL-0~ /14/01 4 Rev: 10 1/01-6472-1ucyresbcc (SEAl ATT~ Section 7. This Resolution Shall take effect immediately upon its adoption. Duly adopted in the regular session this i~/~th day of ~14~~ ,2001. BOARD OF COUNTY COMMISSIONERS ST. LUCIE COUNTY, FLORIDA By: Its: Chairl~a~ Board o~f County Commissioners Clerk of the Circuit~rt, ,~ ex-officio Clerk of the ./ Board of County Commissioners Appro~.~d as to form an~orrectness: MCL-08, '14/01 Rev: 10 1/01-6472-1ucyresbcc Exhibit A INTERLOCAL AGREEMENT MCL-0I / 14/01 6 Rev: 10 ~ 11/01-6472-1ucyresbcc INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this 25th day of October, 2001, by and between the ESC~kMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic orgar ized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia Auth.)rity"), and the HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, a publi,: body corporate and politic organized and existing under the laws of the State of Florida (here: nafter referred to as the "Local Authority"); WlTNESSETH: WHEREAS, Chapter 159, Part IV of the Florida Statutes, (the "Act") authorizes the creation of housi:lg 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 manS, persgns and familJ es can afford; and WHEREAS, the Escambia Authority by resolution duly adopted on June 13, 2000 (the "Enabling Resol ~tion") authorized a plan of finance (the "Plan") for the issuance from time to time of not exceeding $400 )00,000 Single Family Mortgage Revenue Bonds (Multi-County Program); and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mort age Revenue Bonds, Series 2002 (Multi-County Program) (the "Escambia Bonds" or the "Bonds") in a .rincipal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purp{ ;es; and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amen(.ed (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 su~ :h purpose within the State; and WHEREAS, the limitations upon available portions of the private activity volume cap prevents the se )arate issuance of qualified mortgage bonds for each county from being feasibly and economically accon )lished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia Bonds the proce¢ ~s of which will be used to finance a portion of the anticipated demand during the proposed Origin ation Period for qualifying single family mortgages ("Mortgage Loans") of both Escambia County and S~. Lucie County, as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the aggregation of mortgage loa,n, demand and the securing of the related amount of the curpulative State private activity vOlume cap (the Allocation Amount") granted by the state through 2002 ( qualif) wider: MCL-O~ Rev: 08 Rev: 10 :he "Authorization Period") for the purpose of issuing qualified mortgage revenue bonds to finance 'ing single family residences to be occupied primarily by first-time home buyers will result in a illocation of fixed expenses and certain other economies of scale; and /14/01 /2O/Ol /ll/O1-6472~luc~a WHEREAS, unless such economies are realized, the issuance of qualified mortgage revenue bond~ for such purpose would be less economical, resulting in high mortgage costs to qualified mortlagors; and / WHEREAS, because the restrictions attendant to qualified mortgage bonds under the Code limits the ~'.vailability of mortgage funds for many eligible persons (within the meaning of the Act), the Esca nbia Authority may also issue taxable mortgage revenue bonds to increase the amount available for Mort gage Loans and to reduce or ameliorate such restrictions upon eligible persons; and (the ' Esca~ appr( Coun authc Escal inclu, Statu' Amo~ locat{ (iii) p autho in the Alloc makir Coun~ respe~ amoul Authc on be amonl Escan the er Escan obliga Partic: accor( Intern: mann{ Alloca utiliza proce¢ Agree: MCL-01 Rev: 08 Rev: 112 WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize St. Lucie County, Florida 'Participating County") to approve the issuance of qualified mortgage revenue bonds through the nbia Authority to alleviate the shortage of affordable housing within the Participating County, which ,val has been granted by a resolution of the Board of'County Commissioners of the Participating ty adopted on ,2001 (the "County Resolution"); and WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the County Resolution rize this Agreement by conferring the authority to exercise or contract by agreement upon the nbia Authority to exercise those powers which are common to it and the other parties hereto and to te the Participating County within the Escambia Authority's area of operation pursuant to Florida es, Section 159.603(1) for the purpose of issuing mortgage revenue bonds based on the Allocation lnt to (i) make available funds to finance qualifying single family owner-occupied residences :d within the Participating Counties in accordance herewith, (ii) establish the reserves therefor, and ay 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 :izes the Escambia Authority to issue, reissue, remarker or refund qualified mortgage revenue bonds, form of its Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the ~tion Amount through the Authorization Period for the purpose of financing the Program and g funds available for qualifying single family owner-occupied residences in the Participating y to the full extent permitted by the Act. Any Escambia Bonds issued for such purposes with :t to the Participating County are hereby deemed to be in full substitution for an equivalent principal it of the Local Authority's bonds that could have been issued for such purpose. The Local rity hereby authorizes the Escambia Authority to utilize the Local Authority's Allocation Amount ~alf of the Local Authority, as part of its Plan for the purpose of funding the Program, including g other things, financing of qualifying single family mortgages in the Participating County, and the tbia Authority is hereby designated as the bond issuing authority for the Local Authority through d of the Authorization Period with respect to all such Allocation Amounts. The proceeds of the ~bia Bonds shall be allocated and applied solely to the funding, or refinancing of or refunding tions, the proceeds of which will be used for the funding of Mortgage Loans within the various pating Counties and for reserves and the payment of costs of issuing the Escambia Bonds, in .ance with Chapter 159, Part VI, Florida Statutes, the requirements of Section 103 and 143 of the il Revenue Code of 1986, as amended, and the instructions of bond counsel thereunder, in such r as to prOvide fair access by residents of St. Lucie County to bond proceeds equal to the net tion Amount for St Lucie County, giving due regard after July 1, 2002, to the speed and extent of :ion of all Allocation Amounts within all Participating Counties so as to expend all net Bond ds to originate Loans as fast as possible. All revenues generated by bonds issued pursuant to this nent and by the use of the proceeds thereof, will be administered by the Escambia Authority, or its /2o/m /ll/O1-6472-1uc~a agem witht admi: the .prog reaso Local such gene~ mark, Amo~ finan, actim apply regio] locate alloc~ based loan, Coun finam Bond permi the E: and n the E mone Unles time; proviz shall the o Bon& from princi execu MCL-0 Rev: Ol Rev: 11 s, and all payments due from such revenues shall be paid by the Escambia Authority, or its agents, ,ut further action by the Local Authority. Section 2. Administration. The Escambia Authority hereby assumes responsibility for fistering this Agreement by and through its employees, agents and officers; provided, however, that ,ocal Authority retains and reserves its right and obligation to require reasonable reporting on ams designed for and operated :within the Participating County, including, but not limited to, nably available mortgagor or profile' data. The Escambia Authority and its agents shall provide the Auth6rity with a copy of the transcript of documents and proceedings for the Escambia Bonds and reports as may be necessary to comply with disclosure requirements and to account for funds ated by this Agreement. The Escambia Authority shall have full authority and responsibility to negotiate, define, validate, .'t, sell, issue, reissue, deliver, refund or remarket its Escambia Bonds in the maximum Allocation tnt, based upon mortgage loan demand and available Allocation Amounts permitted by law, to :e qualifying single family housing developments in the Participating County and to take such other t as may be necessary or convenient to accomplish such purpose. Each Participating County may for the full AllocatiOn Amount available for such Participating County. It is agreed that the initial ml Allocation Amount for the Escambia Bonds in St. Lucie County and other Participating Counties :d within the same bond volume allocation region under Section 159.804, Florida Statutes, shall be .ted ratably between St. Lucie County and such other Participating Counties within such region upon lender demand. All lendable proceeds of the Escambia Bonds attributable to the mortgage temand in St. Lucie County shall be reserved for use in originating Mortgage Loans in St. Lucie .y for an initial period of one hundred and twenty (120) days or until July 1, 2002 whichever is later. The issuance and administration costs and expenses related to the Escambia Bonds issued to :e the Program and administration of such Program shall be paid from proceeds of the Escambia and revenues generated from the Program. Section 3. Program Parameters. (A) Upon request of the Escambia Authority, the Local Authority shall, to the extent Ied by law, (i) approve, establish, and update, from time to time as necessary, upon the request of ;cambia Authority, such Program parameters including, but not limited to, maximum housing price aximum adjusted family income for eligible borrowers, as may be required for any bonds issued by ;cambia Authority pursuant to this Agreement and (ii) approve the allocatiOn of Mortgage Loan is for each lending institute offering to originate Mortgage Loans within the Participating County. s otherwise notified in writing by the Local Authority, the Escambia Authority may from time to tpprove and establish such maximum price and family income amounts at the maximum levels [ed 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 paid from the proceeds of the Program in the manner and to the extent mutually agreed upon by ficials of the Local Authority and the Escambia Authority at or prior to issuance of the Escambia Notwithstanding anything herein to the contrary, a program fee payable to the Local Authority imounts received in connection with the issuance of the Bonds shall be equal to $1.00 per $1,000 >al amount of bond allocation received from the State of Florida for use in St. Lucie County. Section 4. Term. This Agreement will remain in full force and effect from the date of its ion until such time as it is terminated by any party upon ten (10) days written notice to the other ~/14/01 ~/9o/o~ ) / 11 / 01-6472-1ucyia party the L Bond of su, Escm mutu appli~ been into. conti~ pursu to hol of pri Agre~ Auth( Sectic circul staten and tt pursu: MCL-0E Rev: 08 Rev: 10 hereto. Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated by ~cal Authority during the Authorization Period, or by any party during any period that the Escambia s issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds :h Escambia Bonds (or investments acquired through such proceeds) are still in the possession of the nbia Authority, or its agents, pending distribution, unless either (i) the parties to this Agreement ally agree in writing to the terms of such termination or (ii) such termination, by its terms, only :s prospectively to the authorization to issue Escambia Bonds for which no Allocation Amount has obtained or used by the Escambia Authority and for which no purchase contract has been entered 'It is further agreed that in the event of termination the parties to this Agreement will provide ruing cooperation to each other in fulfilling the obligations associated with the issuance of Bonds ~nt to this Agreement. Section 5. Indemnity. To the full extent permitted by law, the' Escambia Authority agrees ct the Participating County and the Local Authority harmless from any and all liability for repayment acipal of, premium, if any, and interest or penalty on the Escambia Bonds issued pursuant to this ment, and the members, officials, employees and agents of the Participating County and the Local ~rity harmless from any and all liability in connection with the approval rendered pursuant to ns 159.603 and 159.604, Florida Statutes. The Escambia Authority agrees that any offering, ir or official statement approved by and used in marketing the Escambia Bonds will include a tent to the effect that Bond owners may not look to the Participating County or the Local Authority eir respective members, officials, employees and agents for payment of the Escambia Bonds issued tnt to this Agreement and interest or premium or penalty thereon. /~4/o~ t20/O1 11/01-6472-1uc~a hereb the C Date: (SEA2 MCL-0fi Rev: 08 Rev: 10 The undersigned Secretary of the Housing Finance Authority of St. Lucie County, Florida, does certify that the foregoing is a true and complete original of the Interlocal Agreement executed by 1airman and Secretary as of' December 6~ 2001. ;) Its Secretary ' ~~w'~ 'St~ng Finance Aut~ity/ /14/01 /20/01 ll/01-6472-1uc~a o EXHIBIT "B" ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY WEDNESDAY, AUGUST 29, 2001 CONFERENCE ROOM 3 2300 VIRGINIA AVENUE, ANNEX BLDG. FORT PIERCE, FLORIDA MINUTES OF MEETING ROLL. CALL: MEMBERS PRESENT: Joyce Nix, Luz Baez MEMBERS ABSENT: Bob Davis, Horace Hunter, Reggan Ellis OTHERS PRESENT: Gordan R. Jemigan, Executive Director Escambia Co. HFA Karen Norton, Assistant to Gordan Jernigan Heather Young, Assistant County Attorney Public Hearing - HFA Resolution No. 01-01 - Approving Joint Program with Escambia County Housing Finance Authority for Issuance of Single Family Mortgage Revenue Bonds, Series 2002 Joyce Nix started the meeting by explaining that we were all here to approve or disapprove Resolution 01-01 referenced above. Heather Young gave staff comments and read the title of Resolution 01-01 into the record. Ms. Young stated that a copy of the Notice of Intent has been included in the package. She recommends that HFA approve the Resolution 0 t-01. Mr. Jemigan stated he would glad to answer any questions. There were no questions. The resolution was not approved at this, time, as there was no quorum. It was decided that if we didn't get a quorum today, it would be considered at the next meeting. This was an advertised public hearing. As there were no members of the public present, the public hearing was closed. Housing Assistance Mini-Grant Program - Proposed Program Guidelines and Application This item was tabled to the next meeting. Other Business: The members discussed the organization of the Authority and its relationship to the Board of County Commissioners. At Mr. Jemigan's suggestion, Ms. Young indicated that she would contact the attorney for the Marion County HFA to discuss their operation. There being no further business, the meeting was then adjourned. /cb H:'~HF.z nutes2.wpd · Exhibit C RESOLUTION MCL-0f / 14/01 Rev: 10 / 11 / 01-6472-1ucyresbcc creat assis persc Boa.r~ to a~ "Esc~ Esca: and ( Court 2000 issua Reve~ RESOLUTION NO. 01- a I 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 $150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 2002 (MULTI-COUNTY PROGRAM), ON BEHALF oF sT. LUCIE COUNTY, FLORIDA AND THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA 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 AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act"), authorizes the on of housing financing authorities with the purpose of issuing revenue bonds to t in alleviating a shortage of housing available at prices or rentals which many ,ns and families can afford; and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the of County Commissioners of St. Lucie County, Florida (the "Governing Body"), ~rove the operation of the Escambia County Housing Finance Authority (the mbia Authority"), within the territorial boundaries of, and the issuance by the nbia Authority of revenue bonds to alleviate the shortage of affordable housing apital available for investment therein within St. Lucie County, Florida ("St. Lucie ty"); and WHEREAS, the Escambia Authority by resolution duly adopted on June 13, (the "Enabling Resolution"), authorized a plan of finance (the "Plan") for the nce from time to time of not exceeding $400,000,000 Single Family Mortgage ~ue Bonds (Multi-County Program); and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenu,,e, Bonds, Series 2002 (Multi-County Program) (the "EScakmbia Bonds" or the "Bonds ) in a principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and ' ]WHEREAS, the Escambia Authority has expressed an interest in pursuing a joint 'pro~,r, am with the Housing Finance Authority of St. Lucie County (the "St. Lucie Authl)rity) for the issuance by the Escambia Authority of a sufficient principal a_rnou progr nt of the Escambia Bonds to finance qualifying single family mortgage loan ams for Escambia County and St. Lucie County and certain other counties MCL-01 ;/14/01 1 Rev: 1(] ~ 11/01-6472-1ucyreshfa thro' Sing bonc cert~ be al the alle~ ther~ Farn: Luci( arnei St. L such fourt Hou~ Auth Agre~ nece: AUTI of th~ appli, herek separ and Luci, fina_n, whic[ requ~ Such heari] agh a multi-county single family housing program (the "Escambia Multi-County [e Family Housing Program"); and WHEREAS, by combining the authority to issue single family mortgage revenue is of the Escambia Authority, St. Lucie County and the St. Lucie Authority and in other issuers desiring to participate in the issue, the Escambia Authority will )le to make available mortgage loans at rates below the rates otherwise possible if It. Lucie Authority attempted a separate issue; and WHEREAS, such a program would benefit St. Lucie County and aid in '.ating a shortage of affo?dable housing and capital available for investment ',in within St. Lucie County; and WHEREAS, in order to participate in such Escambia Multi-County Single ly Housing Program and to approve the issuance of the Escambia Bonds, the St. ; Authority pursuant to Section 147(0 of,, the Internal Revenue Code of 1986, as tded (hereinafter referred to as the "Code ), has held a public hearing on behalf'of ucie County, the Escambia Authority and Escambia County, following notice of hearing given in the form required by the Code by publication more than een (14) days prior to such public hearing; and WHEREAS, in 'order to participate in the Escambia Multi-County Single Family ing Program and to approve the issuance of the Escambia Bonds, the St. Lucie ~rity desires to approve the form of and to execute and deliver an Interlocal :ment with the Escambia Authority and to take such other actions as are ;sary. NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE IORITY OF ST. LUCIE COUNTY, FLORIDA, THAT: Section 1. Authority. This Resolution is adopted pursuant to the provisions , Florida Housing Authority Law, Chapter 159, Part IV, Florida Statues, and other :able laws. Section 2. Findings. The St. Lucie Authority has found and determined and y declares that: (A) In order to realize the economies of scale afforded by aggregating the ate single family mortgage revenue bond programs for the St. Lucie Authority he Escambia Authority, it is in the best interest of St. Lucie County and the St. Authority to authorize the Escambia Authority to issue the Escambia Bonds to :e single family mortgage loans for both Escambia County and St. Lucie County qualify under the Act. (B) The St. Lucie Authority held a public hearing on August 29, 2001 as ed by Section 147(f) of the Code after giving such notice as required thereby. public hearing was conducted at the time and place advertised and at such ~g reasonable opportunity was provided for all interested individuals to express MCL-Ofi / 14/01 2 Rev: 10 ! 11/01-64724ucyreshfa their' views, bOth orally and in writing, on the issuance of the Escambia Bonds. The St. I~ucie Authority shall provide the minutes of such public hearing to the Governing Bod~ 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 Esca mbia Authority. and its ~ Co6] Agre here inse~ appr Esc~ evid~ the eml~ mod: such evid~ Luci~ auth appli imp1, to t~ Act, Heal Code $1sc Cour Mort on A appr, the i: Mort heari Oblil expel cost Bond Section 3. Authorization of Form of Interlocal Agreement. The execution delivery of the Interlocal Agreement, authorizing the Escambia Authority to issue ;scambia Bonds to finance qualifying single family mortgage loans in St. Lucie ~ty, a proposed form of which is attached hereto as Exhibit A (the "Intertocal ement') is hereby authorized. The form of the Interlocal Agreement attached :o as Exhibit A is' hereby approved, subject to such changes, modifications,. · tions, omissions, substitutions and such filling of blanks therein as may be oved and made in such form by the officers of the St. Lucie Authority and the mbia Authority executing the same, such execution and delivery to be conclusive '.nce of such approval. Section 4. Authorization to Execute. The Chairman or Vice Chairman and ~ecretary or Deputy Secretary of the St. Lucie Authority are hereby authorized and )wered to execute and deliver the Interlocal Agreement, subject to such changes, fications, insertions, omissions, substitutions and filling of blanks therein as officers executing the same shall approve, such execution to be conclusive :nce of such approval and to affix thereto or impress thereon the seal of the st. Authority. The appropriate officers of the St. Lucie Authority are hereby further )rized to execute and deliver such other intergovernmental agreements, :ations, consents, or other documents and instruments as may be necessary to .~ment the Interlocal Agreement, including, without limitation, application for up e maximum available private activity bond volume allocations pursuant to the !or the purposes set forth in the Interlocal Agreement. Section 5. Approval of Issuance of Escambia Bonds and Public ing. The St. Lucie Authority hereby approves, pursuant to Section 147(f) of the , the issuance by the Escambia Authority from time to time, of not exceeding ,000,000 Single Family Mortgage Revenue Bonds, initially designated as {Multi- .ty Program}, Series 2002, for funding the Escambia Authority% program for lage Loans, and the public hearing related thereto held by the St. Lucie Authority ~g~st 29, 2001. The St. Lucie Authority hereby requests the Governing Body to ~ve, pursuant to Section 147{f) of the Code, the Escambia Authority's Plan and muance by the Escambia Authority of not exceeding $150,000,000 Single Family lage Revenue Bonds, {Multi-County Program), Series 2002, and the public ng related thereto by the St. Lucie Authority. Section 5. No Expenditure of Funds; Limited, Special ations. Adoption of this Resolution does not authorize or commit the :diture of any funds of St. Lucie County or of the St. Lucie Authority to pay the ~f issuance or any other costs, fees or payments with respect to such Escambia s. The Escambia Bonds are limited, special obligations and will not constitute a MCL-0 t/14/01 3 Rev: 1( ~/11 /01-6472-1ucyreshfa debt Coul Hou.. revel Secti Resc resol terril Bom of the State of Florida, St. Lucie County, Escambia County, or other participating ~ties or of the St. Lucie Authority, the Escambia Authority or other participating ting Finance Authorities, but will be payable solely from payments made from the roes generated from the Escambia Multi-County Single Family Housing Program. Section 7. Effective Date. The approvals and authorizations provided in OhS 3, 4 and 5 of this Resolution are expressly contingent upon and this [ut_ion shall become effective upon the adoption by the Governing Body of a ution approving and authorizing the Escambia Authority to operate within the :orial boundaries of St. Lucie County with respect to the issuance of its Escambia Is. MCL-0 1/~4/0~ Rev: 1£ / 11/01-6472-1ucyreshfa 6th (SE; ATT DULY ADOPTED by the Housing Finance Authority of St. Lucie County, this day of December, 2001. HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY .L) Its: Chairman EST: MCL-O I/14/01 Rev: 1( ~ 11 / 01-6472-1ucyreshfa