Resolution 2011-100
RESOLUTION 2011-100
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA AUTHORIZING THE
HOUSING FINANCE AUTHORITY OF LEE COUNTY TO
OPERATE WITHIN THE BOUNDARIES OF COLLIER COUNTY;
AUTHORIZING THE HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY TO ENTER INTO AGREEMENTS WITH
THE HOUSING FINANCE AUTHORITY OF LEE COUNTY
REGARDING SUCH AUTHORITY'S SINGLE FAMILY HOUSING
REVENUE BONDS TO PROVIDE FUNDS TO FINANCE
QUALIFYING SINGLE FAMIL Y MORTGAGE LOANS IN
VARIOUS COUNTIES WITHIN THE STATE OF FLORIDA,
INCLUDING COLLIER COUNTY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Chapter 159, Part IV, Florida Statutes, as amended (the "Act")
authorizes counties to create housing financing 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, pursuant to the Act, the Board of County Commissioners of Collier
County, Florida has found there exists a shortage of affordable housing and capital for
investment therein and a need for a housing finance authority to function in Collier
County and did accordingly create the Housing Finance Authority of Collier County (the
"Collier Authority"); and
WHEREAS, the Housing Finance Authority of Lee County (the "Lee Authority")
has authorized the issuance of not exceeding $99,000,000 single family housing revenue
bonds, including its Single Family Housing Revenue Bonds (GSE Program _ Multi-
County), 2009 Series A (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 participating counties in
Florida (collectively, the "Counties") by acquiring certain 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;
WHEREAS, the Collier Authority conducted a public hearing, notice of which
hearing was published on May 2, 2011, in the Naples Daily News (a copy of which notice
is attached as Exhibit "A" to the Authority Resolution as defined herein) on May 16,
2011, for the purpose of considering participation in the Lee Bonds issued or reissued by
the Lee Authority in the aggregate principal amount not to exceed $99,000,000 in
conformance with the requirements of Section 147(f) of the Internal Revenue Code of
1986, as amended. Said public hearing disclosed no reason why the Collier Authority
should not participate in the Lee Authority's program; and
WHEREAS, the Collier Authority has adopted a Resolution (the "Authority
Resolution") in the form attached hereto as Exhibit "B" and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Collier County that:
SECTION 1. The Board of County Commissioners of Collier County consents
to the Lee Authority exercising its powers to issue the Lee Bonds and to implement a
program from a portion of the proceeds of the Lee Bonds to finance single family
housing within the statutory boundaries of Collier County; provided that the Lee
Authority and the Collier Authority 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.
SECTION 2. In furtherance of the purposes set forth in Section 1 hereof the
Chairman or Vice-Chairman and 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, all as shall be approved by
counsel to the Collier Authority.
SECTION 3. The Interlocal Agreement, in substantially the form attached as
Exhibit "B" to the Authority Resolution, between the Collier Authority and the Lee
Authority, is hereby approved. The officers of the Collier Authority are, upon due
authorization and approval by that body, hereby authorized to enter into the Interlocal
Agreement on behalf of Collier County.
SECTION 4. The Board hereby approves, within the meaning of Section 147(f)
of the Code, the issuance or reissuance by the Lee Authority of not exceeding
$99,000,000 of its single family housing revenue bonds, including its $20,770,000 Single
Family Housing Revenue Bonds (GSE Program - Multi-County), 2009 Series A (as such
may be re-designated from time to time), and such other action pursuant to the Authority
Resolution.
SECTION 5. All ordinances and resolutions or parts thereof of the Board in
conflict with the provisions herein contained are, to the extent of such conflict,
superseded and repealed.
SECTION 6. Adoption of this Resolution shall not authorize or commit the
expenditure of any funds of Collier County or 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 Collier County's Growth Management Plan and all land
development regulations or concurrency requirements adopted thereunder or contained
2
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 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. No member of the Board of
County Commissioners of Collier County or any officer thereof shall be liable personally
on the Bonds by reason of their issuance.
PASSED AND DULY ADOPTED this 14th day of June, 2011.
BOARD OF COUNTY
COMMISSIONERS OF
COLLIER COUNTY
By: 7uL w. ~
Fred W. Coyle, Chmrm
ATTEST:
~
~:-"~'c..~.,:::.~ ~ .PO(~ ~~
: :~ e,qt Q~tl>>~~ri;UJ1 Court and
.1Jc",: -Officio ~..' It<f... -the Board of
:C C .~"':>
~. ounty 0 .~. ~&lpners
J.t!Wjt as':~::~~'1nt41t ,
j tvn~~;~,~;1
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
J:,-jI R~
Scott R. Teach,
Deputy County Attorney
3
EXHIBIT A
NonCE OF PUBLIC HEARING
Naples Daily News
Naples, FL 34110
Affidavit of Publication
Naples Daily News
---------------------------------------------------+------------------------
PICKWORTH, DONALD P.A.
5150 TAM lAM I TRL N #502
NAPLES FL 34103
REFERENCE: 010784
59652119
DONALD A. PICKWORTH
NOTICE OF PUBLIC HEA
State of Florida
Counties of Collier and Lee
Before the undersigned authority, persone' ':. .
appeared Kim Pokarney, who on oath says tha..;l'r
serves as the Accounting Manager, of the Na',
Daily News, a daily newspaper published at .~
in Collier County, Florida: distributed in T
and Lee counties of Florida; that the attac
copy of advertising was published in said
newspaper on dates listed. .
Affiant further says that the said NapleS':
News is a newspaper published at Naples, 1r.....
Collier County, Florida, and that the said "
newspaper has heretofore been continuously':.'
day and has been entered as second class ma::;'-;''':'
matter at the post office in Naples, in saiZ
Collier County, Florida, for a period of 1 ,.
next preceding the first publication of the,
attached copy of advertisement; and affiant.
further says that he has neither paid nor ;,
promised any person, firm or corporation ar;::"
discount, rebate, commission or refund for
purpose of securing this advertisement for
publication in the said newspaper.
PUBLISHED ON: 05/02
.. I t-.
..~~~:!"~ ."
AD SPACE: 72 LINE
FILED ON: 05/02/11
--------------------------'---/~---~-------------+------------------------
Signature of Affiant ~ ~~ _
~
Sworn to and Subscribed before me this \...\ \h day of JV\B.ld- 20..ll
Personally known by me t::
. UROI. E IWIUI
. ...., PlMc ..... If .....
.., C-. E......... 21. IOU
C; b...." DO'12237
EXHIBIT A TO
AUTHORITY RESOLUTION
EXHIBIT 8
RESOLUTION OF THE COLLIER COUNTY HOUSING Ji'lNANCE
AUTHORITY
RESOLUTION 2011-01
A RESOLUTION OF mE HOUSING FINANCE AUllIORITY OF
COLLIER COUNTY APPROVING A JOINT PROGRAM WITH
THE HOUSING FINANCE AUTHORITY OF LEE COUNTY,
FLORIDA FOR THE ISSUANCE BY SUCH HOUSING FINANCE
AUTHORITY OF SINGLE FAMILY HOUSING REVENUE
BONDS TO FINANCE QUALIFYING SINGLE FAMILY
MORTGAGE LOAN PROGRAMS IN LEE COUNTY, COLLIER
COUNTY AND CERT AlN OTHER FLORIDA COUNTIES;
APPROVING THE FORM OF AND AUfHORIZlNG THE
EXECUTION AND DELIVERY OF AN INTERLOCAL
AGREEMENT; AND PROVIDING CERTAIN OTHER DETAILS
WITH RESPECT llIERETO.
WHEREAS, Part IV, Chapter 159, Florida Statutes, authorizes the creation of Housing
Finanu Authorities within the State of Florida with the purpose of issuing revenue bonds and
refunding 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 oCa county (the "Governing Body"), to approve the operation of the housing finance
authority of another county within the territorial bO\Uldaries of its county. and the issuance by a
housing finance authority of revenue bonds to alleviate the shortage of affordable housing and capital
available for investment therein within the county; and
WHEREAS, the Housing Finance Authority of Lee County, Florida (the "Lee Authority")
has by resolution previously authorized the issuance of its single family housing revenue bonds in an
amount not to exceed $99.000,000. including the Lee Authority's Single Family Housing Revenue
Bonds (GSE Program - Multi-County), 2009 Series A (collectively, and as hereafter redesignated
from time to time as separate series. the "Bonds"); and
WHEREAS, the Lee Authority has bond issuance authority under such resolution which is
anticipated to be sufficient to fmance qualifying single family mortgage loan programs for Collier
County; and
WHEREAS, the Housing Finance Authority of Collier County (the "Collier Authority") has
expressed an interest in pursuing ajoint program for the issuance of a sufficient principal amount of
the Bonds to fmance qualifying single family mortgage loan programs for Lee County, Collier
County and cenain other Florida counties; and
WHEREAS, combining the authority to issue single family mortgage revenue bonds of the
Lee Authority and the Collier Authority will pennit mortgage loans to be made available at rates
below the rates otherwise possible if the Collier Authority attempted a separate issue; and
EXHIBIT A TO COUNTY
RESOLUTION
WHEREAS, such a program would benefit Collier County, Florida (the "County") and aid in
alleviating a shortage of affordable housing and capital available for investment therein within the
County;
WHEREAS, the Collier Authority held a public hearing regarding the Bonds on May 16.
20 11 pursuant to notice thereof published in the 'Naples Daily News on May 2, 20 II, a copy of which
notice is attached as Exhibit A, and which hearing was conducted in such a manner as to provide a
reasonable opportunity for persons with differing views to be heard. on both the issuance of the
Bonds and the participation of the Collier Authority through the Interloca1 Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLIER COUNTY HOUSING
FINANCE AUTHORITY mAT:
SECTION 1. AUTHORITY. This Resolution is adopted pursuant to the provisions of the
Florida Housing Finance Authority law, Part IV, Chapter 159, Florida Statutes (the "Act"), and
Section 163.01(5), Florida Statutes, and other applicable law.
SECTION 2. FINDINGS. The Collier Authority has found and detennined and hereby
declares that:
(a) In order to realize the economies of scale afforded by aggregating the separate single
family mortgage revenue bond programs ofthe Lee Authority and the Collier Authority. it is in the
best interest of the Collier Authority to authorize the issuance of the Bonds by the Lee Authority to
finance single family mortgage loan programs for the County, which qualifies under the Act.
(b) In order to implement such a program, it is in the best interest of the Collier Authority
to enter into an Interlocal Agreement with the Lee Authority.
SECTION J. AUTHORIZATION OF FORM OF INTERLOCAL AGREEMENT. The
execution and delivery of the InterlocaJ Agreement, authorizing the issuance of the Bonds by the _Lee
Authority to finance qualifying single family mortgage loan programs in the County, a proposed
fonn of which is attached hereto as Exhibit B (the "Interlocal Agreement") is hereby authorized. The
fonn of the Intcrlocal Agreement attached hereto as Exhibit B is hereby approved, subject to such
changes, insertions and omissions and such filling of blanks therein as may be approved and made in
such fonn by the officers of the Lee Authority and the Collier Authority executing same, such
execution and delivery to be conclusive evidence of such approval.
SECTION 4. AUTHORIZATION TO EXECUTE. The Chairman or Vice Chainnan and
the Secretary or Assistant Secretary of the Collier Authority are hereby authorized and empowered to
execute and deliver the Interl~a1 Agreement, subject to such changes, modifications, additions,
deletions and substitutions as such officers executing the same shall approve, such execution to be
conclusive evidence of such approval and to affix thereto or impress thereon the seal ofthc Collier
Authority.
2
SECfION 5. EFFECI1VE DATE. Tbe approvals and authorizations provided in Sections
3 and 4 afthis Resolution arc expressly continaent upon, and this Resolution shall become effective
upon. the adoption by the Governing Body of the County of a resolution approving and authorizing
the Lee Authority to operate within the territorial boundaries of the County with respect to its Single
family Housing Revenue Bonds.
APPROVED AND ADOPTED by the Collier County Housing Finance Authority this 16th
day of May, 2011.
.......
(SEAL)
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY
c/
)
This instrument prepared by:
Mark T. Mustian, Esq.
Nabors, Giblin &: Nickerson. P.A.
1500 Mahan Drive, Suite 200
Tallahassee, FL 32308
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into by and between the Housing Finance
Authority of Lee County, Florida. a public body corporate and politi<: 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. a public body corporate and politic organized and
existing under the laws of the State of Florida (hereinafter referred to as the "Collier Authority"),
WITN ESSETH:
WHEREAS. Part IV of Chapter 159 of the Florida Statutes authorizes the creation of
Housing Finance Authorities within the State of Florida for the purpose of issuing revenue bonds
and refunding bonds to assist in relieving the shortage of housing available at prices or rentals
which many persons and families can afford; and
WHEREAS, the Lee Authority has authorized the issuance of not exceeding
$99,000,000 in single family housing revenue bonds. ineludina its Single Family Housing
Revenue Bonds (GSE Program - Multi-County), 2009 Series A (collectively, and - such bonds
may hercafter be dcsignated as separate series, the "Bonds"); and
WHEREAS, pursuant to Section 143 of the Internal Revel11c Code of 1986, as amended,
the amount of private activity bonds, including qualified moft888C bonds, whieh may be issued
by governmental units in any calendar year is limited. and is available for allocation to issuers
within the Stille in accordance with Chapter 159. Part VI, Florida Statutes; and
WHEREAS. pursuant to individual interlocal agreements to be entered into between the
Lee Authority and the Housing Hnance Authorities of other counties (or with other counties in
the absence of a housing finance authority) within the State. iacluding the Collier Authority
(collectively, the "Counties"). each of the Counties will deJeptc its authority to purchase
mortgage loans originated within the tenitorial boundaries of its respective county to the Lee
Authority (the territorial boundaries of Lee County and the territorial boundaries of such other
counties, collectively, the" Area of Operation"); and
WHEREAS, by combining the allocation amounts of the Lee Authority and the
Countics, the Lee Authority will be able to make available mortgage loans at rates below the
rates otherwise attainable ifany ofthc Counties undertook a separltc issue; and
EXHIBIT 8 TO
AUTHORITY RESOLUTION
WHEREAS, the issuance or ~issuance ofthc 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 of reducing the interest on mortgage loans that
otherwise would have to be charscd; and
WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, authorize the Lee
Authority and the Collier Authority to enter into this Intcrlocal 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 Bonds to finance qualifying single family mortgage loan programs for the
entire Area of Operation.
NOW, THEREFORE, the parties agree as follows:
SECTION t. SUBSTITUTION OF BONDS. The Collier Authority hereby grants
exdusive authority to the Lee Authority to issue its Single Family Housing Revenue Bonds for
qualified single family housing mortgage loans described in the resolutions authorizing the
Bonds, and any such Bonds issued for such qualified single family housing mortgage loans in
Collier County are hereby deemed to be in full substitution for an equivalent prirwipaJ amount of
the Lee Authority's Bonds. All revenues generated by Bonds issued pursuant to this Agreement
and by the use of the proceeds thereof, will be admini!ll1Cred by the Lee Authority or its agents
and all payments due from such revenues shall be paid by the Lee Authority or its agcnts without
further action by Collier County, Florida or the Collier Authority.
SEcnON 2. ADMINISTRA nON. The Lee Authority hereby assumes responsibility
for administering this Agreement by and through its employees. agents and officers; provided,
however, that the Collier Authority retains and reserves its right and obligation to require
reasonable reporting on programs designed for and operated within Collier County. The Lee
Authority and its agents shall provide the Collier Authority with such reports as may be
necessary to account for funds generated by this Agreement.
l11e Lee Authority shall have full authority and responsibility to negotiate, validate,
market. sell, issue and deliver its Bonds in such amount as lhc Lee Authority shall in its sole
judgment determine (taking into account lender demand and available allocation of private
activity bond issuance authority purMWlt to Chapter 159. Part VI, Florida Statutes) to finance
qualifYing single family housing developments in Collier County and to take such other action as
may be necessary or convenient to accomplish such purpose. such Bonds to be issued in one or
more series as determined by the Lee Authority.
SECTION 3. PROGRAM PARAMETERS. The Lee Authority shall establish the
maximum housing prices and maximum adjusted family income for cliaible borrowers in
Collier County. The Collier Authority hereby consents and agrees to the establishment by the
Lee Authority of all ocher program parameters includina, but not limited to, seleetion of
allocations among participating lenders as may be required for lIOy Bonds issued by the Lee
Authority pursuant to this Agreement. The Lee Authority may seleet aUocations among
participating lenders in ColJier County based on lender demand in Collier County, available
2
SECTION s. EFFECTIVE DATE. The approvals and authorizations provided in Sections
3 and 4 oflhis Resolution arc expressly contingent upon, and this Resolution shall become effective
upon. the adoption by the Governing Body of the County of a resolution approving and authorizing
the Lee Authority to operate within the territorial boundaries of the County with respect to its Single
Family Housing Revenue Bonds.
APPROVED AN D ADOPTED by the Collier County Housing Finance Authority this 16th
day of May, 20 II.
(SEAL)
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY
#
3
IN WITNESS WHEREOF, the pIIties to this ~t ba~ their names to be
affixed hereto by the proper officers thereof as of the~~ of ;" . 2011.
COLLIER COUNTY
fINANCE AtmlORITY
HOUSING
By:
, (SEAL)
ArrEST:
j,T;.t~-Wet
STATE OF FLORIDA
COUNTY Of COLLIER
The ro..yr' iomumcnt _ oekMwIodpd __ meltUil!!.. ~ of IlJ.M.
2011, b~ t,.~ . . Chairman of the COU.1ER COUNTY HOUSIN~
AUTRO , a public body corporate and politic duly created IDd aisdlll wxIcr the laws of
the State of Florida, OIl behalf of tbl: Collier CounIy Housins FiMnce Authority. Said penon is
personally known to me or has produced a valid driver'IUCCIIIC U . ification.
Nomry Public;
Prine Name:
My ComnrisIiOll Expires:
My Commissioo No.:
4