Resolution 2001-303
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RESOLUTION NO. 2001-::\03
A RESOLUTION APPROVING THE ISSUANCE BY THE
HOUSING FINANCE AUTHORITY OF LEE COUNTY
(FLORIDA) OF ITS SINGLE F AMTL Y MORTGAGE REVENUE
BONDS IN THE AGGREGATE AMOUNT NOT TO EXCEED
$99,000,000 TO PROVIDE FUNDS TO FINANCE QUALIFYING
SINGLE FAMILY MORTGAGE LOANS IN VARIOUS
COUNTIES WITHIl" THE STATE OF FLORIDA, INCLUDING
COLLIER COUNTY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of Lee County (Florida) (the "Lee Authority")
has authorized the initiation of official action to issue its Single Family Mortgage Revenue Bonds
(the "Lee Bonds") to provide financing of qualified owner-occupied single family residences to
alleviate the shortage of housing in various counties within the State of Florida, including Collier
County and other counties within the State which agree to participate (collectively, the "Counties")
by acquiring certain mortgage loans or securities backed by mortgage loans originated by lending
institutions to finance the purchase of single family, owner-occupied houses for low, moderate or
middle income persons or families in the Counties. The Lee Bonds to be issued as described herein
are referred to herein as the "Bonds"; and
WHEREAS, Section 159.603, Florida Statutes, as amended, authorizes the Board to approve
the operating of the Lee Authority within the territorial boundaries of Collier County (the "County");
and
WHEREAS, on May 30, 2001 the Housing Finance Authority of Collier County Collier
Authority) conducted a public hearing as required by Section 147(f) of the Internal Revenue Code
of 1986, as amended, with respect to the issuance of the aforementioned bonds; and
WHEREAS, no members of the public appeared at the above-described hearing to object to
the issuance of the Bonds, and the Collier Authority having considered the advisability of the same,
and having adopted the Collier Authority's Resolution No. 2001-05, (the "Approving Resolution")
approving the Interlocal Agreement and authorizing its execution upon authorization from the Board
of County Commissioners of Collier County, a copy of said Resolution being attached hereto as
Exhibit A; and
WHEREAS, combining the authority to issue single family mortgage revenue bonds of the
Lee Authority, Collier County and any other counties desiring to participate in the issue will permit
mortgage loans to be made available at rates below the rates otherwise attainable through separate
issues.
WHEREAS, such a program would benefit Collier County and aid in alleviating a shortage
of affordable housing and capital available for investment therein within Collier County.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA:
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SECTION 1. Pursuant to Section 159.603, Florida Statutes, as amended, the operation of
the Lee Authority within the territorial boundaries of Collier County as described herein, is hereby
approved.
SECTION 2. The execution and delivery of the Interlocal Agreement by the appropriate
officers of the Housing Finance Authority of Collier County authorizing the issuance of the Bonds
to finance qualifying single family mortgage Joan programs in Lee County, Collier County and other
participating counties, a proposed form of which is attached to the Approving Resolution, is hereby
authorized. The form of the Interlocal Agreement attached thereto is hereby approved, subject to
such changes, insertions and omissions and such filling of blanks therein as may be approved and
made in such form by the officers of the Collier Authority and the Lee Authority executing same,
such execution and delivery to be conclusive evidence of such approval. The appropriate officers
of the Collier Authority are hereby authorized and empowered to execute and deliver the Interlocal
Agreement, subject to such changes, modifications, additions, deletions and substitutions as such
officers executing the same shall approve and to affix thereto or impress thereon the seal of the
Authority.
SECTION 3. This approval shall in no way be deemed to abrogate any regulations of
Collier County, Florida, and any and all single family homes contemplated to be financed with the
Bonds shall be subject to all such regulations, including, but not limited to, the Collier County
Growth Management Plan, all concurrency requirements contained therein, the Collier County Land
Development Code, and all applicable impact fee regulations.
SECTION 4. This resolution shall take effect immediately upon its adoption.
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Ai'TI!s"t( ,
Dwight E, BiO'~) Clerk
day Of~, 2001.
COLLIER COUNTY, FLORIDA BY
ITS BOARD OF COUN IV COMMISSIONERS
PASSED AND ADOPTED this :1/
By:
",
'[SE
Approved as to form and legal sufficiency:
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RESOLUTION NO, 2001-05
A RESOLUTION APPROVING THE ISSUANCE BY THE
HOUSING FINANCE AUTHORITY OF LEE COUNTY
(FLORIDA) OF ITS SINGLE F AMIL Y MORTGAGE REVENUE
BONDS IN THE AGGREGATE AMOUNT NOT TO EXCEED
$99,000,000 TO PROVIDE FUNDS TO FINANCE QUALIFYING
SINGLE FAMILY MORTGAGE LOANS IN VARIOUS
COUNTIES WITHIN THE STATE OF FLORIDA, INCLUDING
COLLIER COUNTY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of Lee County (Florida) (the "Lee Authority")
has authorized the initiation of official action to issue its Single Family Mortgage Revenue Bonds
(the "Lee Bonds") to provide financing of qualified owner-occupied single family residences to
alleviate the shortage of housing in various counties within the State of Florida, including Collier
County and other counties within the State which agree to participate (collectively, the "Counties")
by acquiring certain mortgage loans or securities baeked by mortgage loans originated by lending
institutions to finance the purchase of single family, owner-occupied houses for low, moderate or
middle income persons or families in the Counties. The Lee Bonds to be issued as described hcrein
are referred to herein as the "Bonds"; and
WHEREAS, on May 30, 2001, the Housing Finance Authority of Collier County held a
public hearing pursuant to notice published in the Naples Daily News as prescribed by the Internal
Revenue Codes; and
WHEREAS, Section 159.603, Florida Statutes, as amended, authorizes the Board to approve
the operating of the Lee Authority within the territorial boundaries of Collier County (the "County");
and
WHEREAS, combining the Authority to issue single family mortgage revenue bonds of the
Lee Authority, the County and any other counties desiring to participate in the issue will permit
mortgage loans to be made available for investment therein within the County.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE
AUTHORITY OF COLLIER COUNTY, FLORIDA:
SECTION 1. Pursuant to Section 159.603, Florida Statutes, as amended, the
operation of the Lee Authority within the territorial boundaries of Collier County as described
herein, is hereby approved.
SECTION 2. The execution and delivery of the Interlocal Agreement authorizing
the issuance of the Bonds to finance qualifying single family mortgage loan programs in Lee County,
the County and other participating eounties, a proposed form of which is attached hereto as Exhibit
A, is hereby authorized. The form of the Interlocal Agreement attached hereto as Exhibit A. is
EXHIBIT A TO Bee
RESOLUTION
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hereby approved, subj ect to such changes, insertions and omissions and such filling of blanks therein
as may be approved and made in such form by the officers of the County and the Lee Authority
executing same, such execution and delivery to be conclusive evidence of such empowered to
execute and deliver the Interlocal Agreement, subject to such changes, modifications, additions,
deletions and substitutions as such officers executing the same shall approve and to affix thereto or
impress thereon the seal of the County.
SECTION 3.
This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 30th day of May, 2001.
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,.,t'
OF COLLIER
ATTEST:
sf! ~L
, Gary D. (ind, Secretary
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INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into by and between the HOUSING FINANCE AUTHORITY OF
LEE COUNTY (FLORIDA), a public body corporate and politic organized and existing under the laws of the State of
Florida (hereinafter referred to as the "Lee Authority"), and the HOUSING FINANCE AUTHORITY OF COLLIER
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".
WIT N E SSE T H:
WHEREAS, Chapter 159, Part IV. Florida Statutes, as amended, 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 pnces or rentals which many persons and families can afford; and
WHEREAS, the Lee Authority has resolved to issue not exceeding $99,000,000 Single Family Mortgage
Revenue Bonds, Series 2000 (the "Lee Bonds"); and
WHEREAS, pursuant to Section 143 of the Internal Revenue Code of t986 (the "Code") as amended, the
amount of private activity bonds, including qualified mortgage bonds, which may be issued by governmental units in
any calendar year is limited, and is available for allocation to issuers within the State in accordance with Chapter 159
Part VI, Florida Statutes, as amended; and
WHEREAS, pursuant to individual interloeal agreements to be entered into between the Lee Authority and
the Housing Finance Authorities of other counties (or with other counties in the absence of a housing finance authority)
within the State, including Collier County (the "County", and, collectively. the "Counties"), each of the Counties will
delegate its authority to purchase mortgage loans or securities backed by mortgage loans originated within the territorial
boundaries of its respective county to the Lee Authority (the territorial boundaries of Lee County and the territorial
boundaries of the Counties. collectively, the "Area of Operation"); and
WHEREAS, the issuance of the Lee bonds by the Lee Authority for use in the Area of Operation will result
in a wider allocation of fixed expenses and achieve certain other economies of scale that will have the effect ofrcducing
the interest on mortgage loans that otherwise would have to be charged; and
WHEREAS, Sections 125.01, 163.01, 159.608 and 159.803(1), Florida Statutes, as amended, authorize the
Lee Authority and the Local Authority to enter into this Interlocal Agreement in order to make the most efficient use
of their respective powers. resources and capabilities by authorizing the Lee Authority to exercise those powers which
are common to them for the purpose of issuing one or more series of the Lee Bonds to finance qualifying single family
mortgage loan programs for the entire Area of Operation.
NOW, THEREFORE, the parties agree as follows:
Section I SUBSTITUTION OF BONDS: EXPENSES. The Local Authority hereby grants authority
to the Lee Authority to issue its Single Family Mortgage Revenue Bonds to finance qualifying single family housing
mortgage loans described in the resolutions authorizing the Lee Bonds, and any such Lee Bonds issued for such
qualifying housing mortgage loans in the Local Authority and hereby deemed to be in full substitution for an equivalent
principal amount of the Local Authority's Bonds. All revenues generated by bonds issued pursuant to this Agreement
and by the use ofthe proceeds thereof, will be administered by the Lee Authority or its agents and all payments due from
such revenueS shall be paid by the Lee Authority or its agents without further action by the Local Authority.
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EXHIBIT A TO AUTHORITY
RESOLUTION
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The fees and expenses, if any, incurred by the County an/or the County Attorney with respect to the single family
mortgage revenue bond program specified in this Agreement, shall be paid from the proceeds of any bonds allocable
for use in Collier County and issued pursuant to this Agreement or from program fees contributed by participating
lenders. Such fees and expenses shall not exceed $1 per principal amount of Lee Bonds allocated for use in the County.
SECTION 2. ADMINISTRATION. The Lee 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 withm
Cotlier County. The Lee Authority and its agents shall provide the Local Authority Wtth such reports as may be
necessary to account for funds generated by this Agreement.
The Lee Authority shall have full authority and responsibility to negotiate, validate, market. sell, issue and
deliver its Lee Bonds in such amount as the Lee Authority shall in its sole judgment determine (taking into account
lender demand and available allocation of private activity bond issuance authority pursuant to Chapter 159, Part VI,
Florida Statutes, as amended) to finance qualifying single family housing mortgage loans in Collier County and to take
such other action as may be necessary or convenient to accomplish such purpose, such bonds to bc i..ued in one or more
series as determined by the Lee Authority. All lendable proceeds of Lee Bonds attributable to the private activity bond
allocation for the Local AuthOrIty shall be rescrved for use in originating mortgage loans in Collier County for an initial
period of six months in which such series of Lee Bonds is issued (or such other period as required by law at the time
of issuance), whichever is later.
SECTION 3, PROGRAM PARAMETERS. The Local Authority shall determine the methodology for
establishing and establish initial maximum housing prices and initial maximum adjusted family income for eligihle
borrowers in Collier County in accordance with the Code, and in each subsequent year, the Lee Authority shall adjust
maximum housing prices and maximum adjusted family income for eligible borrowers in the County using the
methodology determined by Collier County in accordance with the Code. The Local Authority hereby consents and
agrees to the establishment by the Lee Authority of all other program parameters ineluding, but not limited to, selection
of allocations among participating lenders as may be required for any bonds issued by the Lee Authority pursuant to
this Agreement. The Lee Authority shall select allocations among participating lenders in Collier County based on
lender demand in Colher County, available allocation of private activity bond issuance authority, and the lenders'
performance in prior bond programs.
SECTION 4 TERM. This Agreement will remain in full force and effect from the date of its execution
until the date when no Lee Bonds remain outstanding; provided that any party hereto shall have the right to terminate
this Agreement upon 30 days' written notice to the other party hereto. Notwithstanding the foregoing, it is agreed that
this Agreement may not be terminated by any party during any period that any series of Lee Bonds issued pursuant to
the terms hereof remain outstanding, or during any period in which the proceeds of such Lee Bonds are still in the
possession ofthc Lee Authority or its agents pending distribution, unless the partIes to this Agreement mutually agree
in writing to the terms of such termination. It is further agree that in the event of termination the parties to this
Agreement will provide continuing cooperation to each other in futfilling the obligations associated with the issuance
of Lee Bonds pursuant to this Agreement.
SECTION 5. INDEMNITY. The Lee Authority agrees to hold the Local Authority and Collier County
harmless, to the extent permitted by law, from any and all liability for repayment of principal of and interest or penalty
on the Lec Bonds or in connection with the approval by the Local Authority of the program parameters as required by
Section 3 of this Agrecment, or in connection with the approval rendered by the Local Authority pursuant to Sections
159.603 and 159.604, Florida Statutes, as amended. The Lee Authority agrees that any offering circular or official
statement approved by and used in marketing the Lee Bonds will include a statement that Bondholders may not look
to the Local Authority for payment of the Lee Ronds and interest or premium thereon.
SECTION 6. COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of
which shall be an original and all of which shall constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed hereto by
the proper ollIcers thereof as of
ATTEST:
Secretaryrrreasurer
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