Resolution 2002-261
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RESOLUTION NO. 2002- 261
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE HOUSING FINANCE AUTHORITY OF
LEE COUNTY, FLORIDA TO OPERATE WITHIN THE
BOUNDARIES OF COLLIER COUNTY; AUTHORIZING THE
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY,
FLORIDA TO ENTER INTO AGREEMENTS WITH THE
HOUSING FINANCE AUTHORITY OF LEE COUNTY,
FLORIDA; APPROVING THE ISSUANCE BY THE HOUSING
FINANCE AUTHORITY OF LEE COUNTY, FLORIDA OF NOT
EXCEEDING $99,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS (MULTI-COUNTY PROGRAM), IN
V ARIOUS SERIES PURSUANT TO SECTION 147(t) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED; 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 entity outside their area of
operation; and
WHEREAS, the Board of County Commissioners of Lee County, Florida, adopted
Ordinance No. 81-37, by which it created the Housing Finance Authority of Lee County, Florida
(the "Lee Authority") and authorized the Lee Authority to exercise all powers under the Act; and
WHEREAS, pursuant to the Act, the Board of County Commissioners of Collier County,
Florida (the "Board "), has found a shortage of affordable housing and capital investment therein
and a need for a housing finance authority to function in Collier County, Florida and did
accordingly create the Housing Finance Authority of Collier County, Florida (the "Collier
Authority"); and
WHEREAS, it is not practicable at this time under existing Florida and federal bond
regulations for a single Collier agency 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 Collier County; and
WHEREAS, the Lee Authority has authorized the issuance of not exceeding $99,000,000
Single Family Mortgage Revenue Bonds (Multi-County Program) in various series (the "Bonds")
over a three-year period, and has indicated to the Board its willingness to exercise its powers in
Collier County to finance single family housing therein as permitted by the Act upon approval of
the Board; and
WHEREAS, The Collier Authority has considered the advisability of authorizing the Lee
Authority to exercise its powers in Collier County to finance single family housing, and has
adopted a resolution on May 22, 2002 (the Collier Authority Resolution) attached hereto as Exhibit
A, said resolution having been adopted after a public hearing, notice of which was published in
the Naples Daily News in accordance with the requirements of the Internal Revenue Code, and
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which resolution approves the Lee Authority to exercise its powers in Collier County to finance
single family housing therein and approves an Interlocal Agreement between the Lee Authority
and the Collier Authority; and
WHEREAS, the Board desires to express its approval of the action to be taken pursuant
to the Lee Resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA:
SECTION 1. Because of the continuing shortage of affordable single family housing
and capital for investment therein in Collier County and the continuing impediments to a bond
issue to alleviate such shortages as to single family housing, it is hereby determined that the Board
of County Commissioners of Collier County consents to the Lee Authority exercising its powers
to issue the Bonds and to implement a program from a portion of the proceeds of the Bonds to
finance single family housing within the statutory boundaries of Collier County; provided, that the
Lee Authority and the Collier Authority first enter into a written agreement setting forth the
powers, duties and limitations of the Collier Authority as they pertain to the use of said bond
proceeds within Collier 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 Assistant Secretary of the Collier Authority are hereby
authorized to execute such consents, intergovernmental agreements or other documents as shall
be required to implement such single family housing program and to provide for payment of
Collier County's proportionate share of costs of issuance of such Bonds, all as shall be approved
by counsel to the Collier Authority.
SECTION 3. An Interlocal Agreement, in substantially the form attached hereto as
Exhibit B, and made a part hereof, between the Collier Authority and the Lee Authority is hereby
approved. The officers of Collier Authority are, upon due authorization and approval by that
body, hereby authorized to enter into the Interlocal Agreement on behalf of the Collier Authority.
SECTION 4. The Board hereby approves the issuance by the Lee Authority of not
exceeding $99,000,000 Single Family Mortgage Revenue Bonds (Multi-County Program), in
various series and such other action to be taken pursuant to the Lee Resolution.
SECTION 5. All resolutions or parts thereof of the Board in conflict with the
provisions herein contained are, to the extent of such conflict, hereby superseded and repealed.
SECTION 6. Adoption of this Resolution does not authorize or commit the expenditure
of any funds of Collier County or of the Collier Authority to pay the costs of issuance of such
Bonds.
SECTION 7. The approval of the Bonds contemplated by this Resolution shall not be
deemed to abrogate any land development regulations of Collier County, including, but not limited
to, the County's Growth Management Plan and all concurrency requirements contained therein,
with respect to the acquisition or construction of housing pursuant to mortgage programs under
this bond program.
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SECTION 8, The Bonds shall not constitute a debt or a pledge of the faith and credit
of the Collier Authority, Collier County, the State of Florida or any political subdivision thereof,
and neither the Collier Authority, Collier County, the State of Florida nor any political subdivision
thereof shall be liable thereon; nor in any event shall the Bonds be payable out of any funds or
properties provided in the Indenture. No member of the Board or any officer of Collier County
shall be liable personally on the Bonds by reason of their issuance.
SECTION 9. This Resolution shall take effect immediately upon its adoption.
DULY ADOPTED in the Regular session this 11th day of June, 2002.
COLLIER COUNTY, FLORIDA
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BY:Jamdl~ N
Chairman, Board of County Commissioners
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Approved as to form and legal sufficiency:
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David C. Weigel ~
County Attorney
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