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HomeMy WebLinkAbout2013-001RESOLUTION NO. 13-01 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 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 AND APPROVING A PLAN 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 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 Authority (the "Escambia Authority"), within the territorial boundaries of St. Lucie County ("St. Lucie County"), and the issuance by the Escambia Authority of mortgage revenue bonds to alleviate the shortage of affordable housing and capital available for investment therein within St. Lucie County; and WHEREAS, the Escambia Authority by Resolution No. 2013-02 duly adopted on May 14, 2013, as amended and supplemented (the "Enabling Resolution"), authorized a plan of finance (the "Plan"), as permitted by Section 5f.103 -2(f)(3) of the Regulations under the Internal Revenue Code of 1986, as amended (the "Code") for the operation of a TBA Program (herein defined) or by the issuance from time to time 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 designation as shall be appropriate in an aggregate principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and 1 WHEREAS, because the restrictions attendant to qualified mortgage revenue bonds under the Code limits the availability of mortgage funds for many eligible persons (within the meaning of the Act), the Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available for mortgage loans and to reduce or ameliorate such restrictions upon eligible persons; and WHEREAS, the Program heretofore approved by the Escambia Authority includes a program pursuant to which mortgage loans are originated pursuant to a Program Invitation and Parameters dated as of July 1, 2012, as amended and supplemented, and a Master Mortgage Origination Agreement dated as of July 1, 2012, as amended and supplemented (the "TBA Program"), and in order to enhance the efficiency of the TBA Program, the Authority authorized the interim purchase by the Authority (directly by the Authority or pursuant to a warehousing arrangement) of mortgage-backed securities backed by mortgage loans originated under the TBA Program; and further authorized the subsequent sale thereof by the Authority into the TBA market, and, following the issuance of a series of Bonds, the purchase by the trustee under the trust indenture securing such series of Bonds of any then available mortgage-backed securities; and WHEREAS, the Escambia Authority has expressed an interest in pursuing the Program through a joint program with the Housing Finance Authority of St. Lucie County (the "St. Lucie Authority") for the operation of the TBA Program and by the issuance from time to time by the Escambia Authority of a sufficient principal amount of the Escambia Bonds to finance qualifying single family mortgage loan programs for Escambia County, Florida ("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, St. Lucie County and the St. Lucie Authority and certain other issuers desiring to participate in the issue, the Escambia Multi -County Single Family Housing Program will be able to make available 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 within St. Lucie County; and WHEREAS, in order to participate in such Escambia Multi -County Single Family Housing Program and to approve the operation of a TBA Program and the issuance of the Escambia Bonds, the St. Lucie Authority pursuant to Section 147(f) of the Code, has held a public hearing on behalf of St. Lucie County, the Escambia Authority and Escambia County, following notice of such hearing given in the form required by the Code by publication more than fourteen (14) days prior to such public hearing; and WHEREAS, in order to participate in the Plan and the Escambia Multi -County Single Family Housing Program and to approve the issuance of the Escambia Bonds, the St. Lucie 2 Authority desires to approve the form of and to execute and deliver an Interlocal Agreement with the Escambia Authority in the form more fully described below (the "Interlocal Agreement") 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. Authority. This Resolution is adopted pursuant to the provisions of the Florida Housing Authority Law, Chapter 159, Part IV, Florida Statues, 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 operate a TBA Program and 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 held a public hearing on October 2, 2013, as 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 Plan and 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 the Interlocal Agreement with the Escambia Authority. Section 3. Authorization of Form of Interlocal Agreement. The execution and delivery of the Interlocal Agreement authorizing the Escambia Authority to issue its Escambia Bonds to finance qualifying single family mortgage loans in St. Lucie County from time to time 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. C 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 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 or additional intergovernmental agreements, applications, consents, or other documents and instruments as may be necessary to implement the Plan and the Program, including, without limitation, application for up to the maximum available private activity bond volume allocations pursuant to the Act and the Plan, 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 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 Multi -County Single Family Housing Program, and the public hearing related thereto held by the St. Lucie Authority on October 2, 2013. The St. Lucie Authority hereby requests the Governing Body to approve, within the meaning of Section 147(f) of the Code, the Plan and the issuance by the Escambia Authority of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, initially designated as "(Multi -County Program)," in multiple series from time to time with such particular Series designation as shall be appropriate and the public hearing related thereto by the St. Lucie Authority. Section 6. No Expenditure of Funds; Limited, Special Obligations. 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 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, 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 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 St. Lucie County with respect to the issuance of its Escambia Bonds. 4 DULY ADOPTED by the Housing Finance Authority of St. Lucie County, this 2nd day of October, 2013. (SEAL) ATTEST: B S cretary HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY 5 Chairman Exhibit A FORM OF INTERLOCAL AGREEMENT [Follows]