Loading...
Resolution 1989-054 ~""" MARCH 7, RESOLDTIOK- NO. 89-54 A RESOLUTION OF THE BOARD OF COUNTY COMMIS- SIONERS OF COLLIER COUNTY, FLORIDA, APPROVING TilE OPERATION or TilE HOUSING FINANCE AUTIlO- RITY OF CLAY COUNTY, FLORIDA, WITHIN THE TER- RITORIAL BOUNDARIES OF COLLIER COUNTY FOR TilE PURPOSE OF PROVIDING FUNDS FOR THE PURCHASE FROM LENDING INSTITUTIONS OF LOW INTEREST RATE MORTGAGE LOANS TO MODERATE, MIDDLE AND LESSER INCOME FAMILIES WITHIN COLLnJR COUNTY WITH THE PROCEEDS FROM THE SALE 0:1 HOUSING FINANCE AUTHORITY OF CLAY COUNTY, FLORIDA, SINGLE FAMILY MORTGAGE REVENUE BONDS/ APPROVING THE ISSUANCE OF BONDS BY THE CLAY COUNTY AUTHORITY FOR SUCH PURPOSES, AND APPROVING AN INTERLOCAL AGREEMENT BETWEEN THE HOUSING FINANCE AUTHORITY OF COLLIER COUNTY AND THE CLAY AUTHORITY/ AUTHORIZING THE CLAY AUTHORITY TO APPLY FOR AN ALLOCATION OF PRI- VATE ACTIVITY BOND ISSUANCE AUTHORITY/ PRO- VIDING AN EFFECTIVE DATE. 1989 , . '< >:~;iij~':~~~ , j ..<~.} e._ WHEREAS, the Board of County Commissioners of Collier County, Florida (the "Board"), by Ordinance No. 80-66, enacted on July 29, 1980 created the Housing Finance Authority of Collier County, Florida (the "Collier Authority"), to alleviate a shortage of housing and capital for investment in housing in Collier County, Florida (the "County"); and WHEREAS, the Board by Resolution No. 80-130, adopted on July 29, 1980, found and declared that a need existed for the Collier Authority to function to elleviate e shortage of housing end cep- ital for investment in housing within the County/ end WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the Board es the governing Board of the County to approve the operation of the Housing Finance Authority of Clay County, Florida (the "Clay AI!~hority") within its territorial boundaries/ and WHEREAS, the Clay Authority hes initiated officiel ection to issue its single family mortgage revenue bonds (the Bonds) in en aggregate principal amount not exceeding $75,000,000.00 to fund qualifying mortgage loans in both Clay County, Florida, end Collier County, as "ell as certain other counties which may also participate in a joint single family mortgage revenue bond program/ and e~~..g$-;9. / MARCH 7, 1989 WHEREAS, the Collier Authority has requested thet the Board approve and authorize the operation of the Clay Authority within the territorial boundaries of the County with respect to a joint single family mortgage revenue bond progralT. with the Collier Au thor itYl and WHEREAS, the Collier Authority has requ'1sted the Board to approve the issuance of the Bonds in order to satisfy the requirements of Section 147 (f) of the Internal Revenue Code of 1986 as amended/ and WHEREAS the Collier Authority held a public hearing pursuant to Section 147 (f) of the Internal Revenue Code on Februery 14, 1989 as amended and said hearing disclosing 110 reason the bonds described herein should not be issued/ end WHEREAS, by combining the authority to issue single family mortgage revenue bonds of the Clay Authority, the Collier Auth- ority and other issuers desiring to participate the issue, the Clay Authority will be eble to make available mortgage loans at rates below the rates otherwise possible if the Collier Authority attempted a separate issue/ NOW THEREFORE BE IT RESOLVED by the Boerd of County Commis- sioners of Collier County, Floride, that: SECTION 1. It is hereby found, determined and declared that: (a) Within Collier County, there is e shortage of single femily housing available et prices or rentals which meny persons and femilies can efford end e shortege of cepitel for investment in such housing. This shortage constitutes a threet to the health, safety, morals and welfare of the residents of the County, deprives the County of an adequa~e tax base, ani! causes the County to make excessive expenditures for crime prevention and control, public health, welfare and safety, fire and accident protection and other public ser.ices and facilities/ (b) Such shor tage of capital and housing cannot be relieved except through the encouragement of investment by private enter- prise and the stimulation of construction and rehabilitation of housing through the use of public financing/ and (c) Because of economics of scale, time considerations and other factors, it is edvantageous economically and otherwise and thus, there is a need for the Clay Authorlty to operate within the territorial boundaries of the County with respect to the issuance of its Single Family Mortgage Revenue Bonds, and the use of a portion of the proceeds thereof to provide funds for the acquisition of mOJ:tgage loans for persons and families-'of moderate, middle or lesser income-within the County. (the "Single Family Mortgage Loan Program"). -2- ...c9 a ~e..r -3.3.. If. ().. +.;;~.:;, ," /i ''', ,~..' " "f', ,'~ 'lI '.~"'./~: . ,\, ,~',:,:~.:,"i~/,~!.; /'--," .:-/:.~ MARCH 7, 1989 SECTION 2. The operetion of the Clay Authority within the territorial boundaries of the- County in re':lard to the Single Family Mortgage Loan Progrem is hereby authori.zed and approved. SECTION 3. The Boerd, on behalf of the County, hereby cove- nants and agrees not to authorize the issuance of any single family mortgage revenue bonds prior to the issuence of the Housing Finance Authority of Clay County, Florida, Single Family Mortgage Revenue Bonds as contemplated herein. SECTION 4. The Board, pursuant to, and in eccordance with Section l47(f) of the Internal Revenue Code of 1986, as amended, hereby approves and authorizes the Clay Authority to issue the bonds described herein and to utilize a portion of the proceeds of such issue in such amounts e3 are authorized by law within Collier County to make qualifying mortgage loans. The execution and delivery by the Collier Authority of an Interlooal Agreement between the Clay Authority and the Collier Authority in substan- tially the form attached hereto as Exhibit "A" is hereby approved. SECTION 5. The Clay Authority is hereby authorized to apply to the Division of Bond Finance of the State of Florida Depart- ment of General Services for an allocation of authority to issue private activity bonds from the regional pool applicable to Collier County, in an amount equal to the pro rata amount of the Bonds allocable to Collier County. The authorization granted in this Section 5 is conditioned upon the Clay Authority reserving for use in Collier County funds in an amount at least equal to the amount of such requested allocation, minus Collier County's pro rata share of the costs of issuing the Bonds and reserve accounts, if any. SECTION 6. The approval of the bonds contemplated by this resolution shall not be deembd to abrogete any land development regulations of the County, inClUding, but not limited to, the County's Growth Management Plen and all concurrency requirements contained therein, with respect to the acquisition or construction of housing pursuant to mortgage programs under this bond program. SECTION 7. This Resolution shall become effective immed- iately upon its adoption. SECTION 8. The Bonds sh"ll not constitute a debt, or a pledge of faith and credit of the Author ity, the County, the State of Florida or any political subdiVision thereOf, and neither the Authority, the County, the State of Florida nor any political subdivisit>n thereof shall be liable thereon/ nor in any event shall the Bonds be payable out of any funds or properties other than those of the Authority, and then only to the extent -3- /l P..3.3 -;#. ...3 ~~~ MARCil 7, 1989 provided in the Indenture. No member of the Board Of County Commissioners of the County or any officer thereof shell be liable personelly on the Bonds by reason Of their issuenc8. APPROVED AND ADOPTED by the Board of County Commissioners Of Collier County, Florida, this 7th day of Msrch , 1989. BOARD OF COrNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA BYI ;f~~ Chairman .,,~tr,~,~,~ Co ' ',.' .'.~'d ~~' ", t"... :p:.:~.::~:~:~~'~,~t:.!~ ;:..~~.; : ~<iA'rTESr:Ed): '; <-> : . ,,",:~:;.f .', .:;:, .: g; : . ".~'''... ':'~: .? .:- ~ . form & legal sUfficiency ,l.pproved as to A ~. 4. ~. ~' ~J - County Attomoy - . DAP!vab49l3 Floride , .j' j' ! ~ " -'-.._..:.'~' -4- .9#t-.~ .,33. t9. ~ , " '. ,.,::l,;:~) .- "'::';~:;'x.~:,.;. ':. '" 1.". 11''''~''''''''