Resolution 2007-240
RESOLUTION NO. 2007-2A.Q
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 OF
NOT EXCEEDING $99,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS, SERIES 2007 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, 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,
Florida (the "Collier Authority"); and
WHEREAS, the Housing Finance Authority of Lee County (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 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 August 17, 2007, in the Naples Daily News (a copy of which
notice is attached as Exhibit" A" to thc Authority Resolution defined herein) on August
31, 2007, for the purpose of considering the issuance of the Lee Bonds by the Lee
Authority in the aggregate principal amount not exceeding $99,000,000 in conformance
with the requirements of Section l47(f) of the Internal Revenue Code of 1986, as
amended. Said public hearing disclosed no reason why the Lee Bonds should not be
issued nor 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 "A" 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 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 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
the Authority's proportionate share of costs of issuance of such bonds, all as shall be
approved by counsel to the Collier Authority.
SECTION 3. The Interlocal Agreement, in substantially the form attached as
Exhibit "B", 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 by the Lee Authority of not exceeding $99,000,000 Single
Family Mortgage Revenue Bonds, Series 2007, (as such may be re-designated from time
to time), and such other action pursuant to the Lee 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
concurrency requirements contained therein, with respect to the acquisition or
construction of housing pursuant to mortgage programs under this bond program.
2
SECTION 8. The Bonds shall not constitute a debt, or a pledge of 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 the County or any officer thereof shall be liable personally on
the Bonds by reason of their issuance.
PASSED AND DULY ADOPTED this lith day of September, 2007.
BOARD OF COUNTY
COMMISSIONERS OF
COLLIER COUNTY
By:
ATTEST: D'!',ight E'" Brock, Clerk
.. I -~ t. I)
o.c.
k of, theti~c Cou ' nd
E)\cofficio Clerk to the Board of
County Commissioners
Attest" to ctI<< I r"U/l S
"t10naturt Oft 1.
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
J)wa~t~ttorney
3
EXHIBIT A
RESOLUTION OF THE HOUSING FINANCE AUTHORITY
OF COLLIER COUNTY, FLORIDA
4
RESOLUTION 2007-2
A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA APPROVING A JOINT
PROGRAM WITH THE HOUSING FINANCE AUTHORITY OF
LEE COUNTY, FLORIDA FOR THE ISSUANCE BY SUCH
HOUSING FINANCE AUTHORITY OF SINGLE FAMILY
MORTGAGE REVENUE BONDS TO FINANCE QUALIFYING
SINGLE FAMILY MORTGAGE LOAN PROGRAMS IN LEE
COUNTY, COLLIER COUNTY AND CERTAIN OTHER
FLORIDA COUNTIES; APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
INTERLOCAL AGREEMENT; AND PROVIDING CERTAIN
THER DETAILS WITH RESPECT THERETO.
WHE EAS, Part IV, Chapter ] 59, Florida Statutes, authorizes the creation of Housing
Finance Autho ities within the State of Florida with the purpose of issuing revenue bonds and
refunding bon s to assist in alleviating a shortage of housing available at prices or rentals which
many persons nd families can afford; and
WHE EAS, Sections 159.603 and 159.604, Florida Statutes, authorize the board of county
commissioners ofa county (the "Governing Body"), to approve the operation of the housing finance
authority of an ther county within the territorial boundaries of its county, and the issuance by a
housing financ authority of revenue bonds to alleviate the shortage of affordable housing and capital
available for in estment therein within the county); and
WHER AS, the Housing Finance Authority of Lee County, Florida (the "Lee Authority")
has by resolution previously authorized the issuance of its Single Family Mortgage Revenue Bonds,
Series 2007 (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 finance qualifYing single family mortgage loan programs for Collier
County; and
WHEREAS, the Housing Finance Authority of Collier County, Florida (the "Collier
Authority") has expressed an interest in pursuing a joint program for the issuance of a sufficient
principal amount of the Bonds to finance qualifYing single family mortgage loan programs for Lee
County, Collier County and certain other Florida counties; and
WHEREAS, combining the authority to issue single family mortgage revenue bonds ofthe
Lee Authority and the Collier Authority will permit mortgage loans to be made available at rates
below the rates otherwise possible if the Collier Authority attempted a s~arate 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; and
WHEREAS, the Collier Authority held a public hearing on the proposed issuance of the
Bonds on August 31,2007 pursuant to notice thereof published in the Naples Daily News on August
17,2007, 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 Interlocal
Agreement
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE
AUTHORITY OF COLLIER COUNTY, FLORIDA THAT:
SECTION I. AUTHORITY, This Resolution is adopted pursuant to the provisions ofthe
Florida Housing Finance Authority law, Part IV, Chapter 159, Florida Statutes (the "Act"), and
Section 163.0 I (5), Florida Statutes, and other applicable law.
SECTION 2. FINDINGS, The Collier Authority has found and determined and hereby
declares that:
(a) In order to realize the economies of scale afforded by aggregating the separate single
family mortgage revenue bond programs of the 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 lnterlocal Agreement with the Lee Authority.
SECTION 3. AUTHORIZA nON OF FORM OF INTERLOCAL AGREEMENT. The
execution and delivery of the Interlocal Agreement, authorizing the issuance of the Bonds by the ,Lee
Authority to finance qualifYing single family mortgage loan programs in the County, a proposed
form of which is attached hereto as Exhibit B (the "lnterlocal Agreement") is hereby authorized. The
form of the Interlocal Agreement attached hereto as Exhibit A 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 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 Chairman and
the Secretary or Assistant Secretary 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 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 of the Collier Authority.
2
SECTION 5. EFFECTIVE DATE. The approvals and authorizations provided in Sections
3 and 4 of this Resolution are 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 boundarics of the County with respect to the
issuance of its Single Family Mortgage Revenue Bonds.
APPROVED AND ADOPTED by the Housing Finance Authority of Collier County,
Florida this 31st day of August, 2007.
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HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
,,-
",..",
BY:~ /~.#
crary D. Lind, Chairman
Naples Daily News
Naples, FL 34102
Affidavit of Publication
Naples Daily News
- - - - - ~ - - - - - - - +-
P:CKWORTH, DONALD P.A.
5:50 TAMIAMI TRL N #502
NAPLES FL 34103
REFERENCE, 010784
59424843
NOTICE OF PUBLIC HEA
State of Florida
County of Collier
Before the undersigned authority, personally
appeared B. Lamb, who on oath says that she serves
as Assistant Cor~orate Secretary of the Naples
Daily News, a da1ly newspaper published at Naples,
in Collier Countv. Florida: that the attached
copy of advertis1ng was published in said
newspaper on dates listed.
Affiant further says that the said Naples Daily
News is a newspaper ~ublished at Naples, in said
Collier County, Flor1da, and that the said
news~aper has heretofore been continuously
pub11shed in said Collier County, Florida, each
day and has been entered as second class mail
matter at the post office in Naples, in said
Collier County, Florida, for a period of 1 year
next preceding the first publication of the
attached copy of advertisement; and affiant
further says that she has neither paid nor
promised any person, firm or corporation any
discount, rebate, commission or refund for the
purpose of securing this advertisement for
publication in the said newspaper.
PUBLISHED ON, 08/17 08/17
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AD SPACE, 138.000 INCH
FILED ON, 08/17/07
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Sworn to and Subscribed before me
this ~ day
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of !l.l \'6
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Personally known by me
rf;fl~ JUDY JANES
.:~..'\ Commission DO 675029
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EXHIBIT A TO AUTHORITY
RESOLUTION
EXHIBIT B
INTERLOCAL AGREEMENT
5
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 "Collier Authority").
WIT N E SSE T H:
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 Lce Authority has authorized the initiation of otlicial action for the issuance
of its Single Family Mortgage Revenue Bonds, Series 2007 (collectively, and as such bonds may
hereafter by designated as separate series, the "Bonds"); and
WHEREAS, pursuant to Scction 143 of the Internal Revenue Code of 1986, 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
Statc in accordance with Chapter 159, Part VI, Florida Statutes; and
WHEREAS, pursuant to individual interlocal agreements to be entered into betwcen 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 the Housing Finance Authority of
Collier County, Florida (collectively, the "Counties"), each ofthe Counties will delegate its authority
to purchase mortgage loans originated within the territorial boundaries ofjts 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 Counties, the
Lee Authority will be able to make available mortgage loans at rates below the rates otherwise
attainable if any ofthe Counties undertook a scparate issue; and
WHEREAS, the issuance of the 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 cffcct of reducing the interest on mortgage loans that otherwise would have to be
charged; and
EXHIBIT B TO AUTHORITY
RESOLUTION
WHEREAS, Sections 163.01, 159.608 and ]25.01, Florida Statutes, authorize the Lee
Authority and the Collier Authority to enter into this Interlocal Agreement in order to make the most
efficient use of their respcctive powers, resources and capabilities by authorizing the Lee Authority
to exercise those powcrs 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 thc entire Area of
Operation.
NOW, THEREFORE, the parties agree as follows:
SECTION 1. SUBSTITUTION OF BONDS. The Collier Authority hereby grants
exclusive authority to the Lee Authority to issue its Single Family Mortgage 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 hcreby deemed to be in full substitution for an equivalent principal 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 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 Collier County, Florida or the Collier Authority.
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 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
gencrated by this Agreement.
The Lee Authority shall have full authority and responsibility to negotiate, validate, market,
sell, issue and deliver its 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) 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 Lec Authority.
SECTION 3. PROGRAM PARAMETERS. The Lee Authority shall establish the
maximum housing prices and maximum adjusted family income for eligible borrowers in_Collier
County. The Collier Authority hcrcby consents and agrees to the establishment by the Lee Authority
of all other program parameters including, but not limited to, selection of allocations among
participating lenders as may be required for any Bonds issued by the Lce Authority pursuant to this
Agreement; provided, however, that the Collier Authority hereby reserves the right to determine the
amounts or proportion of allocation to be reserved for builder loans. The Lee Authority may select
allocations among participating lenders in Collier County based on lender demand in Collier 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 August 31, 20 I 0; 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 Bonds issued pursuant to the terms hcreofremain outstanding, or during any period in
whieh the proceeds of such Bonds are still in the possession of the Lee Authority or its agents
pending distribution, unless the parties to this Agreement mutually agree in writing to the terms of
such termination. lt is further agreed that in the event of termination the parties to this Agreement
will provide continuing cooperation to each other in fulfilling the obligations associated with the
issuance of Bonds pursuant to this Agreement.
SECTION 5. INDEMNITY. The Lee Authority agrees to hold the Collier Authority and
Collier County harmless, to the extent permitted by law and solely from amounts made available
under the documents relating to the Bonds, from any and all liability for repayment of principal of
and interest or penalty on the Bonds or in connection with the approval by the Collier Authority of
the program parameters as required by Section 3 of this Agreement, or in connection with the
approval rendered by Collier County pursuant to Sections 159.603 and 159.604, Florida Statutes.
The Lee Authority agrees that any offering circular or official statement approved by and used in
marketing the Bonds will include a statement that Bondholders may not look to Collier County or the
Collier Authority for payment of the Bonds 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.
(REMAINDER OF PAGE INTENTIONALLY BLANK)
IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be
affixed hereto by the propcr officers thereof as of the __ day of ,2007.
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
(SEAL)
By:
Chairman
ATTEST:
sSecretary
HOUSING FINANCE AUTHORITY OF
LEE COUNTY, FLORIDA
(SEAL)
By:
Chairman
ATTEST:
Secretary