HomeMy WebLinkAbout11-114 RESOLUTION NO. 11- 11 fi
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 ST. LUCIE COUNTY, FLORIDA AND THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA, TO FINANCE
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
BETWEEN THE HOUSING FINANCE AUTHORITY OF ST. LUCIE
COUNTY AND THE ESCAMBIA COUNTY HOUSING FINANCE
AUTHORITY; APPROVING THE ISSUANCE BY THE ESCAMBIA
COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING
$150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS ON
BEHALF OF ST. LUCIE COUNTY, FLORIDA AND THE HOUSING
FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA,
PURSUANT TO SECTION 147(t~ 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 counties to
create housing finance authorities to exercise powers of the Act within their boundaries or
outside their boundaries with the consent of the governing body of the territory outside their area
of operation; and
WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the
"Escambia Board") on May 29, 1980, enacted Ordinance No. 80-12 and on March 20, 2003, the
Escambia Board enacted Ordinance 2003-8 (collectively, the "Ordinance"), creating the
Escambia County Housing Finance Authority (the "Escambia Authority") and authorized the
Escambia Authority to exercise all powers under the Act subject to approval by the Escambia
Board as a condition precedent to the effectiveness of the certain actions of the Escambia
Authority; and
WHEREAS, pursuant to the Act, the Board of County Commissioners of St. Lucie
County, Florida, (the "St. Lucie Board") has found a shortage of affordable housing and capital
for investment therein and a need for a housing finance authority to function in St. Lucie County,
Florida ("St. Lucie County") and did accordingly create the Housing Finance Authority of St.
Lucie County, Florida (the "St. Lucie Authority"); and
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WHEREAS, it is not practicable at this time under existing Florida and Federal laws and
regulations for the St. Lucie Authority to issue its mortgage revenue bonds for the purpose of
implementing a single family housing program, although the shortage of such single family
housing and capital for investment therein is continuing in St. Lucie County; and
WHEREAS, the Escambia Authority by a resolution duly adopted on March 8, 2011 (the
"Enabling Resolution"), as amended and supplemented, authorized a plan of finance, as
permitted by Section Sf.103-2(f)(3) of the Regulations under the Internal Revenue Code of 1986,
as amended, (the "Plan") for the issuance of not exceeding $150,000,000 Single Family
Mortgage Revenue Bonds (Multi-County Program) (the "Bonds" or the "Escambia Bonds") in
multiple series (the "Program"); and
WHEREAS, the Escambia Authority has indicated that, pursuant to the Plan, it expects
to issue the Bonds from time to time with such particular Series designations as shall be
appropriate in an aggregate 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 the Program
through a joint program with the St. Lucie Authority for the issuance by the Escambia Authority
of a sufficient principal amount of the Escambia Bonds to finance single family mortgage loan
programs for Escambia County, Florida ("Escambia County") and St. Lucie County and certain
other counties through amulti-county single family housing program (the "Escambia Multi-
County Single Family Housing Program"); and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended
(hereinafter referred to as the "Code") requires public approval of certain private activity bonds
and the plan of finance therefor by an applicable elected representative or governmental unit
following a public hearing and the St. Lucie Board, constitutes an applicable elected
representative or governmental unit; and
WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled by
the St. Lucie Authority, on behalf of the St. Lucie Board, the Escambia Board and the Escambia
Authority for August 11, 2011, at 4:00 p.m. or as soon thereafter as practicable and notice of
such hearing was given in the form required by the Code by publication more than fourteen (14)
days prior to the public hearing; and
WHEREAS, the St. Lucie Authority has indicated that the required 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 Bonds; and
WHEREAS, the St. Lucie Authority on behalf of the St. Lucie Board, the Escambia
Authority and the Escambia Board, diligently and conscientiously considered all comments and
concerns expressed by such individuals; and
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WHEREAS, the St. Lucie Board desires to express its approval of the action to be taken
pursuant to the Enabling Resolution and the Act and as required by Section 147(f) of the Code;
and
WHEREAS, the St. Lucie Board desires to authorize the St. Lucie Authority to
undertake certain actions as necessary in connection with participation in the Escambia Multi-
County Single Family Housing Program and the issuance, sale, authentication and delivery of the
Bonds by Interlocal Agreement (the "Interlocal Agreement") with the Escambia Authority;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMIVIISSIONERS OF ST. LUCIE COUNTY, FLORIDA:
Section 1. Because of the continuing shortage of affordable single family housing
and capital for investment therein in St. Lucie County and the continuing impediments to a bond
issue to alleviate such shortages as to single family housing, it is hereby determined that the St.
Lucie Board consents to the Escambia Authority exercising its powers to issue the Bonds on
behalf of St. Lucie County and the St. Lucie Authority and to implement the Plan to provide
capital from sources of funds available to the Escambia Authority, including but not limited to a
portion of the proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to
establish the Program to finance Mortgage Loans for single family housing within the statutory
boundaries of St. Lucie County ("Mortgage Loans"); provided, that the Escambia Authority and
the St. Lucie Authority first enter into a written agreement setting forth the powers, duties and
limitations of the St. Lucie Authority as they pertain to participation in the Escambia Multi-
County Single Family Housing Program and the issuance, sale, authentication and delivery of
said Bonds and the use of said Bond proceeds within St. Lucie County and payment of the
issuance costs for such Bonds.
Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman
or Vice-Chairman and Secretary or Deputy Secretary of the St. Lucie Authority are hereby
authorized to execute such consents, intergovernmental agreements, applications, instruments or
other documents as shall be required to implement participation by the St. Lucie Authority of
such Program and to provide for payment of St. Lucie Authority's proportionate share of the
costs thereof, including but not limited to the costs of issuance of such Bonds, all as shall be
approved by counsels to the St. Lucie Authority.
Section 3. The Interlocal Agreement, in substantially the form attached hereto as
Exhibit A, and made a part hereof, between the St. Lucie Authority and the Escambia Authority
is hereby approved. The officers of the St. Lucie Authority are, upon due authorization and
approval by that body, hereby authorized to enter into such Interlocal Agreement on behalf of the
St. Lucie Authority with such changes, modifications, insertions, omissions, substitutions, and
such filling of blanks therein not inconsistent herewith as the officers executing same may
approve, such execution and delivery to be conclusive evidence of such approval. The
appropriate officers of the St. Lucie Authority are hereby further authorized to execute and
deliver such other documents and instruments as may be necessary to implement such Interlocal
Agreement, including, without limitation, application for up to the maximum available private
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activity bond volume allocations pursuant to Chapter 159, Part VI, Florida Statutes, for the
purposes set forth in the Interlocal Agreement.
Section 4. The St. Lucie Board hereby approves, within the meaning of Section
147(f) of the Code, the Escambia Authority's Plan and the issuance by the Escambia Authority in
multiple series from time to time of not exceeding $150,000,000 Single Family Mortgage
Revenue Bonds, initially designated as "(Multi-County Program)," with such particular Series
designation as shall be appropriate for funding the Escambia Authority's Program for Mortgage
Loans, and such other action to be taken by the St. Lucie Authority pursuant to the Enabling
Resolution or the Act, in connection with the issuance, sale, authentication and delivery of the
Bonds. A copy of the minutes of the public hearing held by the St. Lucie Authority on August
11, 2011 pursuant to Section 147(f) of the Code is attached hereto as Exhibit B and made a part
hereof. The related Resolution of the St. Lucie Authority, adopted August 11, 2011, following
the public hearing is attached hereto as Exhibit C and made a part hereof.
Section 5. The principal of and premium, if any, and interest on the Bonds and all
payments required under the proposed financing agreements, including the Interlocal Agreement,
shall be payable solely by the Escambia Authority from the proceeds derived by the Escambia
Authority under the proposed financing agreements, and St. Lucie County shall never be
required to (i) levy ad valorem taxes on any 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 proposed 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
expenditure of any funds of St. Lucie County or of the St. Lucie Authority to pay the costs of
issuance of such Bonds. The Bonds are limited, special obligations and will not constitute a debt
of the State of Florida, St. Lucie County, Escambia County, or other participating Counties or of
the St. 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 Program.
Section 6. All resolutions or parts thereof of the St. Lucie Board in conflict with the
provisions herein contained are, to the extent of such conflict, hereby superseded and repealed.
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Section 7. This Resolution shall take effe/ct immediately upon its adoption.
Duly adopted in the regular session this r 1° day of , 2011.
ST. LUCIE COUNTY, FLORIDA
`
f u~ By:
_ Its: hairman
Board of County Commissioners
(SEAL) - _::a,
ATTEST:
CLERK OF THE COURTS
ST. LUCIE COUNTY, FLORIDA
B y:
APPROVED AS TO FORM:
ST. LUCIE COUNTY ATTORNEY'S OFFICE
'J
B y:
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