HomeMy WebLinkAbout18-218RESOLUTION NO.18-218
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA,
GRANTING CONTINUING "AREA OF OPERATION"
AUTHORITY TO THE ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY TO OPERATE ITS SINGLE
FAMILY MORTGAGE REVENUE BOND PROGRAM
WITHIN ST. LUCIE COUNTY, FLORIDA; PROVIDING A
TERM; PROVIDING FOR REPEAL OF INCONSISTENT
PROVISIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Part IV of Chapter 159, Florida Statutes (the "Act"), authorizes the creation
of housing finance authorities within the State of Florida (the "State") with the authority to issue
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 County Housing Finance Authority (the "Escambia
Authority") and the St. Lucie County Board of County Commissioners (the "St. Lucie Board")
have cooperated for many years to operate programs to address such housing shortage in Escambia
County, Florida, and St. Lucie County, Florida, as well as certain other counties that may also
participate in such programs (collectively, the "Participating Counties"); and
WHEREAS, the Escambia Authority has from time to time issued certain Single -Family
Mortgage Revenue Bonds (Multi -County Program), in multiple series to fund single family
mortgage loans to first-time homebuyers (collectively, the "Mortgage Loan Bond Program');
and
WHEREAS, pursuant to the authority of Section 159.603, Florida Statutes and in order to
increase operational efficiencies, provide for a wider allocation of fixed expenses, and gain
economies of scale in order to decrease the cost of borrowing, the Escambia Authority has from
time to time been granted area of operation authority pursuant to official action of the governing
bodies the Participating Counties to extend the Mortgage Loan Bond Program to fund mortgages
for the purchase of homes located within such Participating Counties, and
WHEREAS, St. Lucie County wishes to secure the continued benefits of the Escambia
Authority's Mortgage Loan Bond Program for first time homebuyers residing within St Lucie
County to benefit the citizens and residents of St. Lucie County by renewing its grant of area of
operation authority to the Escambia Authority to operate its Mortgage Loan Bond Program, NOW
THEREFORE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA:
Section 1. Continued Operation of the Mortgage Loan Bond Program. Pursuant
to the authority of Sections 159.608 and 125.01, Florida Statutes, the Escambia Authority is hereby
granted non-exclusive "area of operation" authority to operate the Mortgage Loan Bond Program
within St. Lucie County for the benefit of the citizens and residents of St. Lucie County. The
Escambia Authority shall have full authority and responsibility to carry out the Mortgage Loan
Bond Program in accordance with the parameters established by the Escambia Authority and the
provisions of applicable law.
Section 2. Term. The "area of operation" authority granted to the Escambia Authority
shall continue until such time as it may be terminated by Resolution of the St. Lucie Board upon
not less than ten (10) days written notice to the Escambia Authority.
Section 3. Repealing Clause. 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.
Section 4. Effective Date. This resolution shall take effect immediately upon its
adoption this 13th day of November, 2018.
{SIGNATURE PAGE FOLLOWS}
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DULY ADOPTED by the Board of County Commissioners, this 13'h day of November, 2018.
ST. LUCIE COUNTY BOARD OF COUNTY
CO/yjCOMMISSIONERS
(SEAL) ;
By:
rr, M-a�`Frannie Hutchinson, Nair
Board of County Commissioners
ATTEST:
CLERK OF THE CIRCUIT COURT
ST. LUCIE COUNTY, FLORIDA
By:
Deputy Clerk/
APPROVED AS TO FORM:
ST. LUCIE OhjY ATT
By:
County Attorney
S OFFICE
(SEAL)
ACKNOWLEDGEMENT:
HOUSING FINANCE AUTHORITY OF J
ST. LU7-c7u
NTY
-4 %� —
�---A tfhorized Official
Date: �1