HomeMy WebLinkAbout02-206RESOLUTION NO. 02 - ~ ~ ~
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
ST. LUCIE COUNTY, FLORIDA, 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 2003A (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 1985, 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, adopted Ordinance No. 80-12, by wh/ch it
created the Escambia County Housing Finance AuthOrity {the "Escambia Authority")
and authorized the Escambia Authority to exercise all powers under the Act; 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
WHEREAS, it is not practicable at this time under existing Florida and Federal
laws and regulations for the St. Lucie Authority to issue its 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 resolution duly adopted on June 13,
2000 {the "Enabling Resolution"), authorized a plan of fmance (the "Plan') for the
issuance from time to time of not exceeding $400,000,000 Single Family Mortgage
Revenue Bonds (Multi-County Program) (the "Program"); and
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6S 19-1ucyresbcc
WHEREAS, the Escambia Authority has indicated that it expects to issue its
Single Family Mortgage Revenue Bonds, Series 2003A (Multi-County Program) (the
"Escambia Bonds" or the "Bonds") in a principal amount not exceeding $150,000,000,
exclusive of any amounts required for refunding purposes; and
WHEREAS, Section 147(t) 0f 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(1) of the Code a public hearing was
scheduled by the St. Lucie Authority for August 15, 2002, at 3:00 p.m., and notice of
such hearing was given by publication more than fourteen (14) days prior to the public
hearing; and
WHEREAS, the St. Lucie Authority has indicated that the public hearing was
conducted at the t/me 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 has provided to the St. Lucie Board a copy
of the minutes of such public hearing which is attached hereto as Exhibit "B"; and
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(1) 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
COMMISSIONERS OF ST. LUCIE COUNTY, FLOI~rnA:
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,
the St. Lucie Board hereby 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
further implement the plan of finance to provide capital from sources of funds
available to the Escarnbia Authority, including but not limited to a portion of the
proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to
establish a 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 fn-st enter into a written agreement
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1ucyresbcc
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 in the Program and to provide for
payment of St. Lucie Autho~ity'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 foxm 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 del/very 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 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, for the purpose of Section
147(i~ of the Code, the Escambia Authority's plan of finance and the issuance by the
Escambia Authority from time to time of not exceeding $150,000,000 Single Family
Mortgage Revenue Bonds Multi-County Program, initially designated as Series 2003A,
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 15, 2002 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 15, 2002, 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 Escarnbia 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
MCL-0?/18/02
Rev:0?/23/02
Rev:08/07/02-6519-1ucyresbcc
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 or any other costs, fees or payments with respect to 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.
MCL-07/18/02
Rev: 07/23/02
Rev: 08 / 07/02-6519-1ucyresbcc
Section 7. This Resolution shall take effect immediately upon its adoption.
Duly adopted in the regular session this ~Td/'lday of ~/U~/f~ , 2002.
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIX)A
(SEAL)
By:
Its:
Dou~las~oward, Chairm~
Board of County Commission.ers
ATTEST: ~
c/ It~: Clerk of ~i'e Circuii Court, ~
ex-officio Clerk of the ~.~ %,'-*'~
· . .
Board of County Comrmss~one~
Approved as to form and correctness:
County Attorney
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1ucyresbcc
Exhibit A
INTERLOCAL AGREEMENT
MC~07/18/02
Rev:07/23/02
Rev:08/07/02-6519-~cyresbcc
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this 154 day of August, 2002, by
and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public
body corporate and poi/tic 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 corporate
and politic organized and existing under the laws of the State of Florida (hereinafter
· referred to as the "Local Authority");' '
WITNESSETH:
WHEREAS, Chapter 159, Part IV of the Florida Statutes, (the "Act") 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 by resolution duly adopted on June 13,
2000 {the "Enabling Resolution") authorized a plan of finance {the ~Plan') for the
issuance from time to time of not exceeding $400,000,000 Single Family Mortgage
Revenue Bonds {Multi-County Program); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its
Single Family Mortgage Revenue Bonds, Series 2003A {Multi-County Program) {the
"Escambia Bonds" or the "Bonds") in a principal amount not exceeding $150,000,000,
exclusive of any amounts required for refunding purposes; and
WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of
1986, as amended (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 such purpose within the State; and
WHEREAS, the limitations upon available portions of the private activity
volume cap prevents the separate issuance of qualified mortgage bonds for each
county from being feasibly and economically accomplished; and
WHEREAS, the Escambia Authority has authorized a sufficient amount of
Escambia Bonds the proceeds of which will be used to finance a portion of the
anticipated demand during the proposed Origination Period for qualifying single family
mortgages ("Mortgage Loans") 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 cumulative State private activity volume cap (the ~Allocation
Amount") granted by the State through 2003 (the "Authorization Period") for the
purpose of issuing qualified mortgage revenue bonds to finance qualifying single family
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
residences to be occupied primarily by first-time home buyers will result in a wider
allocation of f~xed expenses and certain other economies of scale; and
WHEREAS, unless such economies are realized, the issuance of qualified
mortgage revenue bonds for such purpose would be less economical, resulting in high
mortgage costs to qualified mortgagors; and
WHEREAS, because the restrictions attendant to qualified mortgage 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,el{gible persons; and
WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize St.
Lucie County, Florida (the "Participating County") to approve the issuance of qualit~ed
mortgage revenue bonds to alleviate the shortage of affordable housing within the
Participating County, which approval has been granted by a resolution of the Board of
County Commissioners of the Participating County adopted on August 15, 2002 (the
"County Resolution"); and
WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, 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 heretoincluding issuing mortgage revenue
bonds based on the Allocation Amount to (i) make available funds to finance
qualifying single family owner-occupied residences located within the Participating
Counties in accordance herewith, (ii) establish the reserves therefor, and (iii) pay 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 authorizes the Escambia Authority to issue, reissue, remarker or
refund qualified mortgage revenue bonds, in the form of its Single Family Mortgage
Revenue Bonds {the "Bonds") from time to time based on the Allocation Amount
through the Authorization Period for the purpose of financing the Program and making
funds available for qualifying single family owner-occupied residences in the
Participating County to the full extent permitted by the Act. Any Escambia Bonds
issued for such purposes with respect to the Participating County are hereby deemed
to be in full substitution for an equivalent principal amount of the Local Authority's
bonds that could have been issued for such purpose. The Local Authority hereby
authorizes the Escambia Authority to util/ze the Local Authority's Allocation Amount
on behalf of the Local Authority, as part of its Plan for the purpose of funding the
Program, including among other things, financing of qualifying single family mortgages
in the Part/cipa~g County, and the Escambia Authority is hereby designated as the
bond issuing authority for the Local Authority through the end of the Authorization
Period with respect to all such Allocation Amounts. The proceeds of the Escambia
Bonds shall be allocated and applied solely to the funding, or refinancing of or
refunding obi/gat_ions, the proceeds of which will be used for the funding of Mortgage
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519~luc~a
Loans within the various Participating Counties and for reserves and the payment of
costs of issuing the Escambia Bonds, in accordance with Chapter 159, Part VI, Florida
Statutes, the requirements of Section 103 and 143 of the Internal Revenue Code of
1986, as amended, and the instructions of bond counsel thereunder, in such manner
as to provide fair access by residents of St. Lucie County to bond proceeds equal to the
net Allocation Amount for St. Lucie County, giving due regard after July 1, 2003, to
the speed and extent of utilization of all Allocation Amounts within all Participating
Counties so as to expend all net Bond proceeds to originate Loans as fast as possible.
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 Local 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 Local Authority retains and reserves its right
and obligation to require reasonable reporting on programs designed for and operated
within the Participating County, including, but not limited to, reasonably available
mortgagor or profile data. The Escambia Authority and its agents shall provide the
Local Authority with a copy of the transcript of documents and proceedings for the
Escambia Bonds and such reports as may be necessary to comply with disclosure
requirements and to account for funds generated by this Agreement.
The Escambia Authority shall have full authority and responsibility to
negotiate, define, validate, market, sell, issue, reissue, deliver, refund or remarket its
Escambia Bonds in the maximum Allocation Amount, based upon mortgage loan
demand and available Allocation Amounts 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
Participating County. It is agreed that the initial regional Allocation Amount for the
Escambia 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. Ail lendable proceeds of the Escambia
Bonds attributable to the mortgage loan demand in St. Lucie County shall be reserved
for use in originating Mortgage Loans in St. Lucie County for an initial period of one
hundred and twenty (120) days or until July 1, 2003 whichever is later.
The issuance and administration costs and expenses related to the Escambia
Bonds issued to finance the Program and administration of such Program shall be
paid from proceeds of the Escambia Bond's and revenues generated from the Program.
Section 3. Program Parameters.
(A) Upon request of the Escambia Authority, the Local Authority shall, to the
extent permitted by law, (i) approve, establish, and update, from time to time as
necessary, upon the request of the Escambia Authority, such Program parameters
including, but not limited to, maximum housing price and maximum adjusted family
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6519-1ucyia
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 lending institute offering to originate Mortgage Loans
within the Participating County. Unless otherwise notified in writing by the Local
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 Local Authority or Participating County.
(B) The fees and expenses of the Local 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 Local Authority and the
Escambia Authority at or prior to issuance of the Escambia Bonds. Notwithstanding
anything herein to the contrary, a program fee payable to the Local Authority from
amounts received in connection with the issuance of the Bonds shall be equal to $1.00
per $1,000 principal amount of bond allocation received from the State of Florida for-
use in St. Lucie County.
Section 4. Tei.... 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 ten (10)
days written notice to the other party hereto. Notwithstanding the foregoing, it is
agreed that this Agreement may not be terminated by the Local Authority during the
Authorization Period, or by any party during any period that the Escambia Bonds
issued pursuant to the terms hereof remain outstanding, or during any period in
which the proceeds of such Escambia Bonds (or investments acquired through such
proceeds) are still in the possession of the Escambia Authority, or its agents, pending
distribution, unless either (i) the parties to this Agreement mutually agree in writing
to the terms of such termination or (ii) such te~J~dnation, by its terms, only applies
prospectively to the authorization to issue Escambia Bonds for which no Allocation
Amount has been obtained or used by the Escambia Authority and for which no
purchase 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 Local Authority harmless
from any and all liability for any actions by the Escambia Authority relating to the
Program, including, but not limited to the repayment of principal of, premium, if any,
and interest or penalty on the Escambia Bonds issued pursuant to this Agreement,
and the members, officials, employees and agents of the Participating County and the
Local Authority harmless from any and al/ liability in connection with the approval
rendered under the respective resolutions adopted August 15, 2002. The Escambia
Authority agrees that any offering, circular or official statement approved by and used
in marketing the Escambia Bonds will include a statement to the effect that Bond
owners may not look to the Participating County or the Local Authority and their
respective members, officials, employees and agents for payment of the Escambia
Bonds issued pursuant to this Agreement and interest or premium or penalty thereon.
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
4
IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affixed hereto by the proper officers thereof as of the J.~_hday of August,
2002.
, , Secretary
ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
/'~ts:-Sandra J. ~1~, ~hairman
(SEAL)
HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
By~~
ATTEST:
By:
Its: Secretary
MCL-07/18/02 5
Rev: 07/23/02-6519-1ucyia
The undersigned Secretary of the Housing Finance Authority of St. Lucie
County, Florida, does hereby certify that the foregoing is a true and complete original
of the Interlocal Agreement executed by the Chairman and Secretary as of August 15,
2002.
Date: August 15, 2002
(SEAL)
HOUSING FINANCE AUTHORITY
OF ST' LUCIE COUNTY, FLOTA //ff.
Its: Secretary
Housing Finance Authority
of St. Lucie County
MCL-07/18/02
Rev: 07/23/02
Rev: 08 / 07 / 02 -6519 -lucyia
EXHIBIT B
ST. LUCIE COUNTY
HOUSING FINANCE AUTHORITY
MINUTES
Thursday, August 15, 2002
The St. Lucie County Housing Finance Authority met at 3:00 pm, Thursday, July 18, 2002 in the
Commission Chambers, St. Lucie County Administration Building Annex, 2300 Virginia Avenue, Fort Pierce,
FL 34982.
1. Roll Call
Authority members present were Bob Davis, Reggan Ellis and Diana Wesloski. Luz Baez and Joyce
Nix were absent. Also attending the meeting were Gordon Jernigan, Executive Director of the
Escambia County HFA; Helen Feinberg, Sr. Vice President and Manager, Housing Finance, William
R. Hough and Co.; and Heather Young, Assistant County Attorney.
Chairman Davis called the meeting to order at3:05 p.m.
2. Approval of Minutes
Diana Wesloski made a motion to approve the July 18, 2002 Minutes. Reggan Ellis seconded the
motion. The motion carried.
o
Public Hearing - I-IFA Resolution No. 02-01 - Escambia County Housing Finance Authority for
Issuance of Single Family Mortgage Revenue Bonds~ Series 2003~ Multi-County Program
Chairman Davis announced that this was a public hearing to consider participation in the Escambia
County Housing Finance Authority Single Family Mortgage Revenue Bonds, Series 2003, Multi-
County Program. He asked for staff comments. Ms. Young stated that notice of the pubic hearing
was published in the Tribune and Port St. Lucie News on July 25, 2002 and July 27, 2002. Proof of
publication of the notice was entered into the record. The title of HFA Resolution No. 02-01 was read
into the record. Ms. Young stated that the resolution authorized the Authority to participate in the
2003 Escambia County HFA Multi-County Program which makes low interest single family
mortgages available to qualified homebuyers. The resolution also provides for the Authority to enter
into an interlocal agreement with the Escambia County HFA which establishes the terms and
conditions of participation in the 2003 Program, subject to the approval of the Board of County
Commissioners. The bonds issued under the program are limited, special obligations and will not
constitute a debt of the Authority or St. Lucie County. Ms. Young then introduced Mr. Jernigan and
Ms. Feinberg. Mr. Jernigan addressed the Authority regarding the 2003 Program and said he looked
forward to working with them again. Chairman Davis asked if any member of the public wished to be
heard on this matter. Seeing no one, the public hearing portion of the hearing was then closed.
Chairman Davis asked for a motion on proposed HFA Resolution No. 02-01. Diana Wesloski made a
motion to approve proposed HFA Resolution No. 02-01. Reggan Ellis seconded the motion. The
motion carried.
4. Other Business:
Chairman Davis announced that the office of Secretary was vacant due to the resignation of Horace
Hunter. Reggan Ellis moved that Diana Wesloski be appointed Secretary. Chairman Davis seconded
the motion. The motion carried.
5. Adiourn
There being no further need for discussion, the meeting was adjourned.
2
Exhibit C
RESOLUTION
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1ucyresbcc
RESOLUTION NO. 01l - o 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 il003A (MULTI-COUNTY PROGRAM), ON
BEHALF OF ST. LUCRE COUNTY,. FLORIDA AND THE HOUSING
FINANCE. AUTHORITY OF ST. LUCRE COUNTY~ FLORLDA 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"}, w/thin 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 St. Lucie County, Florida {"St. Lucie
County"); and
WHEREAS, the Escambia Authority by resolution duly adopted on June 13,
2000 {the "EnabLing Resolution"), author/zed a plan of finance {the "Plan") for the
issuance from time to time of not exceeding $400,000,000 Single Family Mortgage
Revenue Bonds {Multi-County Program); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its
Single Family Mortgage Revenue Bonds, Series 2003A {Multi-County Program) (the
"Escambia 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 program with the Housing Finance Authority of St. 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
MCL-07/18/02
Rev:07/23/02
Rev:O8/OT/O2-6519~lucyrcsh~
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 Authority 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 issuance of the Escambia Bonds, the St.
Lucie Authority pursuant to Section 147{/) of the Internal Revenue Code of 1986, as
amended {hereinafter referred to as the "Code"}, has held a public hearkng on behalf of
St. Lucie County, the Escambia Authority and Escambia County, following notice of
such hearing given in the fo~-m prepared by the Escambia Authority by publication in
The Port St. Lucie News on July 27, 2002 and the Fort Pierce Tribune on July 27,
2002 more than fourteen {14) days prior to such public hearing; and
WHEREAS, in order to participate in the Escambia Multi-County Single Family
Housing Program and to approve the issuance of the Escambia Bonds, the St. Lucie
Authority desires to approve the fo~¥n 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. 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 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 August 15, 2002. 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
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6519-1ucyre~hfa
views, both orally and in writing, on the issuance of the Escambia Bonds. The St.
Lucie Authority shall provide the minutes of such pubhc 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.
Section 3. Authorization of Fo.,,, of Interlocal Agreement. The execution
and delivery by the St. Lucie Authority of the Interlocal 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 Chain-man 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 affzx 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, application for up
to the maximum available private activity bond volume allocations pursuant to the
Act, 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, pursuant to Section 147{1] of the
Code, the Plan and issuance by the Escambia Authority from time to time, of not
exceeding $150,000,000 Single Family Mortgage Revenue Bonds, initially designated
as {Multi-County Program), Series 2003A, for funding the Escambia Authority's
program for Mortgage Loans. The St. Lucie Authority hereby requests the Governing
Body to approve, pursuant to Section 147{1] of the Code, the Escambia Authority's
Plan and the issuance by the Escambia Authority of not exceeding $150,000,000
Single Family Mortgage Revenue Bonds, {Multi-County Program), Series 2003A.
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 or any other costs, fees or payments with respect to 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
MC~07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1ucyresh~
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.
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1ucyreshfa
DULY ADOPTED by the Housing Finance Authority of St. Lucie County, this
day of a~-,~- ,2002.
HOUSING FINANCE AUTHORITY OF
ST. LUCIE COUNTY
(SEAL)
Its: Chairman
ATTEST:
Its: Secretary
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6519-1ucyreshfa
Exhibit A
INTERLOCAL AGREEMENT
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6519-1ucyreshfa
6
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into this 15~ day of August, 2002, 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 corporate
and politic organized and existing under the laws of the State of Florida (hereinafter
referred to as the "Local Authority");
WITNESSETH:
WHEREAS, Chapter 159, Part IV of the Florida Statutes, (the "Act") 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 by resolution duly adopted on June 13,
2000 (the "Enabling Resolution") authorized a plan of finance (the "Plan") for the
issuance from time to time of not exceeding $400,000,000 Single Family Mortgage
Revenue Bonds (Multi-County Program); and
WHEREAS, the Escambia Authority has indicated that it expects to issue its
Single Family Mortgage Revenue Bonds, Series 2003A (Multi-County Program) (the
"Escambia Bonds" or the "Bonds") in a principal amount not exceeding $150,000,000,
exclusive of any amounts required for refunding purposes; and
WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of
1986, as amended (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 such purpose within the State; and
WHEREAS, the limitations upon available portions of the private activity
volume cap prevents the separate issuance of qualified mortgage bonds for each
county from being feasibly and economically accomplished; and
WHEREAS, the Escambia Authority has authorized a sufficient amount of
Escambia Bonds the proceeds of which will be used to finance a portion of the
anticipated demand during the proposed Origination Period for qualifying single family
mortgages ("Mortgage Loans") 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 cumulative State private activity volume cap (the "Allocation
Amount") granted by the State through 2003 (the "Authorization Period") for the
purpose of issuing qualified mortgage revenue bonds to finance qualifying single family
MCL-07/18/02
Rev: 07/23/02
Rev: 08/07/02-6519-1ucyia
residences to be occupied primarily by first-time home buyers will result in a wider
allocation of £uced expenses and certain other economies of scale; and
WHEREAS, unless such economies are realized, the issuance of qualified
mortgage revenue bonds for such purpose would be less economical, resulting in high
mortgage costs to qualified mortgagors; and
WHEREAS, because the restrictions attendant to qualified mortgage 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, Sections 159.603 and 159.604, Florida Statutes, authorize St.
Lucie County, Florida (the "Participating County") to approve the issuance of qualified
mortgage revenue bonds to alleviate the shortage of affordable housing within the
Participating County, which approval has been granted by a resolution of the Board of
County Commissioners of the Participating County adopted on August 15, 2002 .(the
"County Resolution"); and
WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, 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 heretoincluding issuing mortgage revenue
bonds based on the Allocation Amount to (i) make available funds to finance
qualifying single family owner-occupied residences located within the Participating
Counties in accordance herewith, (ii) establish the reserves therefor, and (iii) pay 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 authorizes the Escambia Authority to issue, reissue, remarker or
refund qualified mortgage revenue bonds, in the form of its Single Family Mortgage
Revenue Bonds (the "Bonds") from time to time based on the Allocation Amount
through the Authorization Period for the purpose of £mancing the Program and making
funds available for qualifying single family owner-occupied residences in the
Participating County to the full extent permitted by the Act. Any Escambia Bonds
issued for such purposes with respect to the Participating County are hereby deemed
to be in full substitution for an equivalent principal amount of the Local Authority's
bonds that could have been issued for such purpose. The Local Authority hereby
authorizes the Escambia Authority to utilize the Local Authority's Allocation Amount
on behalf of the Local Authority, as part of its Plan for the purpose of funding the
Program, including among other things, financing of qualifying single family mortgages
in the Participating County, and the Escambia Authority is hereby designated as the
bond issuing authority for the Local Authority through the end of the Authorization
Period with respect to all such Allocation Amounts. The proceeds of the Escambia
Bonds shall be allocated and applied solely to the funding, or refinancing of or
refunding obligations, the proceeds of which will be used for the funding of Mortgage
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
Loans within the various Participating Counties and for reserves and the payment of
costs of issuing the Escambia Bonds, in accordance with Chapter 159, Part VI, Florida
Statutes, the requirements of Section 103 and 143 of the Internal Revenue Code of
1986, as amended, and the instructions of bond counsel thereunder, in such manner
as to provide fair access by residents of St. Lucie County to bond proceeds equal to the
net Allocation Amount for St. Lucie County, giving due regard after July 1, 2003, to
the speed and extent of utilization of all Allocation Amounts within all Participating
Counties so as to expend all net Bond proceeds to originate Loans as fast as possible.
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 Local 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 Local Authority retains and reserves its right
and obligation to require reasonable reporting on programs designed for and operated
within the Participating County, including, but not limited to, reasonably available
mortgagor or profzle data. The Escambia Authority and its agents shall provide the
Local Authority with a copy of the transcript of documents and proceedings for the
Escambia Bonds and such reports as may be necessary to comply with disclosure
requirements and to account for funds generated by this Agreement.
The Escambia Authority shall have full authority and responsibility to
negotiate, define, validate, market, sell, issue, reissue, deliver, refund or remarket its
Escambia Bonds in the maximum Allocation Amount, based upon mortgage loan
demand and available Allocation Amounts pe~-mitted 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
Participating County. It is agreed that the initial regional Allocation Amount for the
Escambia 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 Participa~g Counties
within sUch region based upon lender demand. All lendable proceeds of the Escambia
Bonds attributable to the mortgage loan demand in St. Lucie County shall be reserved
for use in originating Mortgage Loans in St. Lucie County for an initial period of one
hundred and twenty (120) days or until July 1, 2003 whichever is later.
The issuance and administration costs and expenses related to the Escambia
Bonds issued to finance the Program and administration of such Program shall be
paid from proceeds of the Escambia Bonds and revenues generated from the Program.
Section 3. Program Parameters.
(A) Upon request of the Escambia Authority, the Local Authority shall, to the
extent permitted by law, (i) approve, establish, and update, from time to time as
necessary, upon the request of the Escambia Authority, such Program parameters
including, but not limited to, maximum housing price and maximum adjusted family
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
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 lending institute offering to originate Mortgage Loans
within the Participating County. Unless otherwise notified in writing by the Local
Authority, the Escambia Authority may from t/me to time approve and establish such
max/mum price and family income amounts at the maximum levels provided 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 shall be paid from the proceeds of the Program in the manner and to
the extent mutually agreed upon by the officials of the Local Authority and the
Escambia Authority at or prior to issuance of the Escambia Bonds. Notwithstanding
anything herein to the contrary, a program fee payable to the Local Authority from
amounts received in connection with the issuance of the Bonds shall be equal to $1.00
per $1,000 principal 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 execution until such time as it is terminated by any party upon ten {10)
days written notice to the other party hereto. Notwithstanding the foregoing, it is
agreed that this Agreement may not be te~-~finated by the Local Authority during the
Authorization Period, or by any party during any period that the Escambia Bonds
issued pursuant to the terms hereof remain outstanding, or during any period in
which the proceeds of such Escambia Bonds (or investments acquired through such
proceeds) are still in the possession of the Escambia Authority, or its agents, pending
distribution, unless either {i) the parties to this Agreement mutually agree in writing
to the terms of such termination or {ii) such termination, by its terms, only applies
prospectively to the authorization to issue Escambia Bonds for which no Allocation
Amount has been obtained or used by the Escambia Authority and for which no
purchase 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 Local Authority harmless
from any and all liability for any actions by the Escambia Authority relating to the
Program, including, but not limited to the repayment of principal of, premium, if any,
and interest or penalty on the Escambia Bonds issued pursuant to this Agreement,
and the members, officials, employees and agents of the Participating County and the
Local Authority harmless from any and all liability in connection with the approval
rendered under the respective resolutions adopted August 15, 2002. The Escambia
Authority agrees that any offering, circular or official statement approved by and used
in marketing the Escambia Bonds will include a statement to the effect that Bond
owners may not look to the Participating County or the Local Authority and their
respective members, officials, employees and agents for payment of the Escambia
Bonds issued pursuant to this Agreement and interest or premium or penalty thereon.
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affuxed hereto by the proper officers thereof as of the 15~h day of August,
2002.
(SEAL)
ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
ATTEST:
By:
Its:
Elbert Jones, Jr., Secretary
By:
Its: Sandra J. Ward, Chakman
HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
By:
Its: Chai,man
ATTEST:
By:
Its: Secretary
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a
The undersigned Secretary of the Housing Finance Authority of St. Lucie
County, Florida, does hereby certify that the foregoing is a true and complete original
of the Interlocal Agreement executed by the Chairman and Secretary as of August 15,
2002.
Date: August 15, 2002
HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
(SEAL)
By:
Its:
Secretary
Housing Finance Authority
of St. Lucie County
MCL-07/18/02
Rev:07/23/02
Rev:08/07/02-6519-1uc~a