Resolution 1995-110
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RESOLUTION NO. 95-110
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY TO OPERATE WITHIN THE
BOUNDARIES OF COLLIER COUNTY; AUTHORIZING
THE HOUSING FINANCE AUTHORITY OF COLLIER
COUNTY, FLORIDA, TO ENTER INTO AGREEMENTS
WITH THE ESCAMBIA COUNTY HOUSING FINANCE
AUTHORITY; APPROVING A FORM OF INTERLOCAL
AGREEMENT; APPROVING THE ISSUANCE BY THE
ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF
NOT EXCEEDING $98,000,000 SINGLE FAMILY
MORTGAGE REVENUE BONDS, SERIES 1995 (MULTI-
COUNTY PROGRAM), PURSUANT TO SECTION 147(f) OF
THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Chapter 159, Part N, 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 thcir area of operation: and
WHEREAS, the Board of County Commissioners of Escambia County, Florida,
on May 29, 1980, adopted Ordinance No. 80-12, by which It created the Escambia
County Housing Finance Authority (the "Escambia AuthOrity") and authorized the
Escambla Authority to exercise all powers under the Act; and
WHEREAS, pursuant to the Act the Board of County Commlssioners of CollIer
County, Florida (the "Board"). has found a shortage of affordable housing and capital
for investment therein and a need for a housing finance authority to function in Colller
County and did accordingly create the Housing Finance Authority of Colller County,
Florida (the "Local Authority"); and
WHEREAS, it is not practicable at this time under existing Florida and federal
laws and regulations for a single local agency to Issue Its bonds for the purpose of
implementing a single family housing program, although the shortage of such single
famlly housing and capital for Investment thereIn Is continuing In Collier County; and
WHEREAS, the Escambla Authority has by a resolution duly adopted on
August 2, 1994, as amended and supplemented by resolutions duly adopted on
January 10, 1995 and January 17, 1995 (collectively, the "Escambla Resolution")
authorized the Issuance of not exceedIng $98,000,000 SIngle Family Mortgage
Revenue Bonds, Series 1995 (MulU-County Program) (the "Bonds"), and has indicated
to the Board Its willingness to exercise its powers in CoIlJer County to finance single
family housIng thereIn as permitted by the Act upon approval of the Board: and
WHEREAS, the Board desires to express Its approval of the action to be taken
pursuant to the Escambia Resolution; now therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA:
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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 CommJssioners of CollIer County
consents to the Escambia 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
Escambla Authority and the Local Authority first enter Into a written agreement
setting forth the powers, duties and limitations of the Local Authority as they pertain
to the use of said bond procceds within Collier County and payment of the Issuance
costs for such Bonds,
Section 2. In furUlerance of the purposes set forth In Section 1 hereof the
Chairman or Vice-Chairman and Secretary or Assistant Secretary of the Local
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 ColUer County's proportionate share of
costs of Issuance of such Bonds, all as shall be approved by counsel to the Local
Authority,
Section 3, The Interlocal Agreement, in substantially the form attached
hereto as Exhibit "A", and made a part hereof, between the Local Authority and the
Escambla Authority Is hereby approved, The officers of Local Authority are, upon due
authorization and approval by that body, hereby authorized to enter into the Jnterlocal
Agreement on behalf of the Local AuthOrity,
Section 4. The Board hereby approves the Issuance by the EscambIa
Authority of not exceeding $98,000,000 Single Family Mortgage Revenue Bonds, Series
1995 (Multi-County Program). and such other action to be taken pursuant to the
Escambla 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 commlt the
expenditure of any funds of CollIer County or of the Local 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 CoIlJer County,
including, but not llmlled to, the County's Growth Management Plan and all
concurrency requircmcnts contained therein, with respect to the acquisItion or
construction of housing pursuant to mortgage programs under this bond program.
Section 8. The Bonds shall not constitute a debt, or a pledge of the faIth and
credit of the Local Authority. Collier County, the State of Florida or any polltlcal
subdlvision thereof, and neither the Local Authority. CollIer County. the State of
Florida nor and pollllcal subdlvision thereof shall be Uable 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 there Issuance.
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Section 9. ThIs Resolution shall take effect immediately upon its adoption.
Duly adopted In the ~ ..J~. , session this 71"i.... day of li:L.. '?' 1995,
COLLIER COUNTY, FLORIDA
(SEAL)
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ATTEST: t. "
~WJ:GHT E. (BRO~}<, CLERK
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J. MATTHEWS
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County Attom
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Exhibit "A"
FORM OF
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered Into this _ day of , 1995,
by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a publlc
body corporate and polillc organized and existing under the laws of the State of Florida
(hereinafter referred to as the "EscambIa Authority"). and the HOUSING FINANCE
AUTHORITY OF COLLIER COUNTY, FLORIDA, a publlc body corporate and polillc
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, Part N of Chapter 159 of the Florida Statutes authorizes the
creallon of housing finance authorilles within the State of Florida (the "State") for the
purpose of IssuIng rcvenue bonds to assist in rellevlng the shortage of housing
available at prices or rentals which many persons and families can afford: and
WHEREAS, the EscambIa Authority has resolved to Issue not exceeding
$98,000,000 Single Family Mortgage Revenue Bonds, Series 1995 (Multi-County
Program) (the" 1995 Escambia Bonds"); and
WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of
1986, as amended (the "Code"), the amount of Mortgage Subsidy Bonds which may be
issued in each year Is limited by a private activity volume cap which has been
establlshed for such purpose within the State: and
WHEREAS, the limitations upon available portions of the volume cap prevent
the separate issuance of bonds for each county from being feasibly and economically
accompllshed: and
WHEREAS, the Escambia Authority has authorized a sufficient amount of 1995
Escambla Bonds to fund the anticipated demand during 1995 for qualifying single
family mortgages of both EscambIa County and Collier County. as well as certain other
counties which may also parllcipate In a joint bond program: and
WHEREAS, the aggregallon of mortgage loan demand and the securing of the
related amount of the State volume cap (the "A1locallon Amount") granted by the State
through 1995 (the "Authorlzallon Period") for the purpose of issuIng bonds to finance
qualtfying single family development (the "Bonds") will result In a wider allocation of
fixed expenses and certain other economies of scale; and
WHEREAS, unless such economies are realized, the Issuance of Mortgage
Subsidy Bonds would be less economical; and
WHEREAS, Sections 159,603 and 159,604, FlorIda Statutes, authorize Collier
County (the "Parllcipallng County") to approve the issuance of revenue bonds through
the EscambIa Authority to alleviate the shortage of affordable housing within the
Participating County, which approval has been granted by a resolution of the Board of
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County Commissioners of the ParticIpating County adopted on
1995 (the "County Resolution"); and
WHEREAS, Sccllons 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 agrecment upon the Escambla Authority to exercise those powers which
are common to it and the other parties hereto and to Include the Participating County
within the Escambia Authority's area of operation pursuant to Florida Statutes,
Section 159.603(1) for the purpose of issuing bonds based on the Allocation Amount to
(1) make avallable funds to finance qualIfying single family housing development
located within the Parllcipatlng County in accordance herewith, (2) establlsh the
reserves therefor, and (3) pay the costs of Issuance thereof (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 Stngle Family Mortgage
Revenue Bonds from time to time based on the Allocation Amount for the purpose of
financing the program and making funds available for qualifying sIngle family housing
developments in the ParticIpating County. Any 1995 Escambla Bonds Issued based
upon Allocation Amounts avallable from prIor bonds of the Escambia Authority eligIble
for use In Collier County are hereby approved, The Local Authority hereby authorizes
the Escambla Authority to utilize the Allocation Amount ellgible wIlliin CollIer County
pursuant to prior years' allocations incorporated In the 1995 Escambla Bonds on
behalf of the Local Authority for llie purpose of financing the Program, Including
funding of qualifying singlc family mortgages in llie Participating County, and the
Escambla Authority is hcreby desIgnated as the bond Issuing authority for the Local
Authority with respect to such prior years' Allocallon Amounts. The proceeds of the
Bonds shall be allocated and applied to the funding of mortgage loans within the
varIous PartlcipalJng CounlJes and for reserves and the payment of costs of Issuing the
Bonds, all in accordance wIth final program documents approved by the EscambIa
Authority, All revenues generated by bonds Issued pursuant to this Agreement and by
the use of the proceeds thereof, will be administered by the Escambla Authority or its
agents and all payments due from such revenues shall be paId by the Escambla
Authority or its agents without further action by the Local Authority,
Section 2. Administration. The EscambIa AuthorIty hereby assumes
responsIbillty for administering thIs Agreement by and througl1Its employees, agents
and officers: provided, however, that the Local Authority retains and reserves Its right
and obllgatIon to require reasonable reporting on programs desIgned for and operated
within the Parllcipallng County, Including, but not limited, to, reasonably avallable
mortgagor or profile data, The EscambIa Authority and Its agenis shall provide the
Local Authority with such reports as may be necessary to account for funds generated
by this Agreement.
The Escambia Authority shall have full authority and responslbllIty to
negotiate. define, market. sell, Issue and deliver Its Bonds in the maximum amount
determined in the sole discretion of the EscambIa Authority, based upon mortgage
loan demand, 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 accompUsh such purpose, All ellgible lendable proceeds of
the Bonds attributable to the mortgage loan demand In Collier County shall be
reserved for use In originating mortgage loans in Colller County for an lnitlal period of
120 days.
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The Issuance and administration costs and expenses related to the Bonds
Issued to finance the housing program and admJnlstratlon of such program shall be
paid from proceeds of the Bonds and revenues generated from the housing program.
Section 3. Program Parameters. (a) Upon request of the Escambla
Authority, the Local Authority shall, to the extent permitted by law, (I) approve,
establlsh. and update, from time to time as necessary, upon the request of the
Escambla Authority, such program parameters including, but not llmited to,
maximum housing price and maximum adjusted family income for ellgible borrowers,
as may be requIred for any bonds Issued by the Escambia AuthOrity pursuant to this
Agreement and (il) approve the allocation of mortgage loan moneys for each ParticIpant
offertng to originate Mortgage Loans within the Participating County, Unless otherwise
notified in wrlling by the Local Authority, the Escambla Authority may from lime to
Ume approve and establish such maximum prJce and family income amounts at the
maximum levels providcd pursuant to the Code without further action of the Local
Authority or Participating County,
(b) The fees and expenses of the Local Authority 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 Authorily and the Escambia Authority at or prIor to Issuance of
the 1995 Escambla Bonds.
Section 4, Term. ThIs Agreement will remaJn In full force and effect from
the date of Its execullon untll such time as it is tenn1nated by any party upon 10 days
written notice to thc other party hereto, NotwithstandIng the foregoing. It is agreed
that this Agreement may not be terminated by any party durtng any period that the
Bonds issued pursuant to the terms hereof remain outstanding, or during any period
in which the proceeds of such Bonds are stlll In the possessIon of the Escambla
Authority or lls agcnts pendIng distribution, unless eIther (1) the partIes to this
Agreement mutually agree In writing to the terms of such termination or (2) such
tenninatlon, by Its terms, only applles prospectively to the authorization to Issue
Bonds 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 othcr 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 Escambla
Authority agrees to hold the Participating County and the Local Authority harmless
from any and all Iiab!!lty for repayment of prtncIpal of and interest or penalty on the
Bonds, and the members and officlals of the ParticIpating County and of the Local
Authority harmiess from any and all Iiabllity in connection with the approval rendered
pursuant to Sections 159,603 and 159,604, Florida Statutes, The EscambIa AuthOrity
agrees that any offering, circular or officIal statement approved by and used in
marketing the 1995 Escambia Bonds wtIllnclude a statement that Bondowners may
not look to the Participating County or the Local AuthorIty for payment of the Bonds
and Interest or premium thereon.
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IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affixed hereto by the proper officers thereof as of the day of
, 1995,
(SEAL)
ATTEST:
Secretary
ATTEST:
Secretary
(SEAL)
ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY
By:
Chairman
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
By:
Chairman
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The undersigned
Authority of Collier County, Florida,
and complete copy of the
and
Date:
(SEAL)
MCL-09/14/94
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.1995.
. 1995
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of the Housing Finance
does hereby certifY that the foregoing Is a true
Interlocal Agreement executed by the
as of
Its:
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