Resolution 1996-124
MAR - 5 1996
RESOLUTION NO.
96-124
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
AUTHORIZING THE PINELLAS 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 PINELLAS COUNTY HOUSING FINANCE
AUTHORITY; APPROVING A FORM OF INTERLOCAL
AGREEMENT; APPROVING THE ISSUANCE BY THE
PINELLAS COUNTY HOUSING FINANCE AUTHORITY
OF NOT EXCEEDING S50,OOO,OOO SINGLE FAMILY
MORTGAGE REVENUE BONDS, SERIES 1996, (MULTI-
COUNTY PROGRAM), PURSUANT TO SECTION 147(f)
OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED; AND PROVIDING AN EFFECfIVE DATE.
WHEREAS, Chapter 159, Part IV, 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 their
area of operation; and
WHEREAS, pursuant to the Act the Board of County Commissioners of ColJier
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 Collier County and
did accordingly create the Housing Finance Authority of Collier 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 family housing and
capital for investment therein is continuing in Collier County; and
WHEREAS, the Board desires to express its approval of the action to be taken pursuant
to the Pinellas Resolution; now therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
Cl!JI1.T rFR COUNTY, FLORIDA:
Sc:ctiOIl 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 Commissioners of Collier County consents to the Pinellas Authority exercising its
powers to issue the Bonds and to implement a program from a portion of the proceeds of the
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MAR - 5 1996
Bonds to finance single family housing with the statutory boundaries of Collier County;
provided, that the Pinellas 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 proceeds within Collier County and payment of the issuance costs for
such Bonds.
Section 2. In furtherance of the purposes set forth in Section I 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
Collier 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 Inter10cal Agreement, in substantially the form attached hereto as
Exhibit "A", and made a part hereof, between the Local Authority and the Pinellas Authority
is hereby approved. The officers of Local Authority are, upon due authorization and approval
by that body, hereby authorized to enter into the InterIocal Agreement on behalf of the Local
Authority.
Section 4. The Board hereby approved the issuance by the Pinellas Authority of not
exceeding $50,000,000 Single Family Mortgage Revenue Bonds, Series 1996 (Multi-County
Program), and such other action to be taken pursuant to the Pinellas 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 commit the expenditure
of any funds of Collier County aT 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 Collier County, including, but not
limited to, the 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.
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 political subdivision thereof,
and neither the Local Authority, Collier County, the State of Florida nor any political
subdivision thereof shall be liable 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 shan b<:. liable personally on the Bonds by reason of their issuance.
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Section 9. This Resolution shall take effect immediate upon its adoption. Duly adopted
in the recru1ar session this .s- day of March, 1996. '
COLLIER COUNTY, FLORIDA
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By:
airman, JOHN C. NORRIS
c:: Board of County Commissioners
.... (S'EAr.) ,
.. -ATTEST: '.', ".
.:':. DMGm E. B&QcK, CLERK
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, Approved as 'i~ form & legal sufficiency
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David Weigel
County Attorney
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MAR - 5 1996
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INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into by and between the
HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA, ~ public
body corporate and politic organized and existing under the laws of
the State of Florida (hereinafter referred to as the "Pinellas
Authority"), and the HOUS~NG 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 to assist
in relieving the shortage of housing available at prices or rentals
which many persons and families can afford; and
WHEREAS, the pinellas Authority has authorized the initiation
of official action for the issuance of its single Family Mortgage
Revenue Bonds (the "Pinellas Bonds"); and
WHEREAS, pursuant to section 143 of the Internal Revenue Code
of 1986, as amended, the amount of private activity bonds, includ-
ing qualified mortgage bonds, which may be issued by governmental
units in any calendar year is limited, and is available for alloca-
tion to issuers within the State in accordance with Chapter 159,
Part VI, Florida Statutes; and
WHEREAS, pursuant to individual interlocal agreements to be
entered into between the pinellas Authority and the Housing Finance
Authorities of other counties within the State of Florida,
including Collier county (collectively, the "Subsidiaries"), each
of the Subsidiaries will delegate its authority to purchase
mortgage loans originated within the territorial boundaries of its
respective county to the Pinellas Authority (the territorial
boundaries of pinellas County and the territorial boundaries of the
Subsidiaries, collectively, the "Area of Operation"); and
WHEREAS, by combining the allocation amounts of the pinellas
Authority and the Subsidiaries, the pinellas Authority will be able
to make a.vailable mortgage loans at rates below the rates otherwise
possible fJ!. any of the Subsidiaries undertook a separate issue; and
WHEREAS, the issuance of the Bonds by the pinellas Authority
for use in tha 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 charged; and
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WHEREAS, Sections 163.01, 159.608 and 125.01, Florida
Statutes, authorize the pinellas Authority and the Collier
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 pinellas 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 1. Substitution of Bonds: Exnenses. The Collier
Authority hereby grants exclusive authority to the Pinellas Author-
ity to issue its Single Family Mortgage Revenue Bonds in calendar
year 1996 for qualified single family housing developments
described in the resolutions authorizing the Bonds, and any such
Bonds issued for such qualifying housing developments in Collier
County are hereby deemed to be in full substitution for an
equivalent principal amount of the Collier Authority's Bonds for
calendar year 1996. All revenues generated by bonds issued
pursuant to this Agreement and by the use of the proceeds thereof,
will be administered by the pinellas Authority or its agents and
all payments due from such revenues shall be paid by the Pinellas
Authority or its agents without further action by Collier County or
the Collier Authority. Notwithstanding the foregoing sentence and
the limitation contained in the following paragraph, to the extent
that the proceeds of the Bonds, together with other sources made
available from the issue exceed the required deposits to various
funds and accounts for the Bonds and costs associated with issuing
the Bonds, such excess shall be used to pay a fee (other than the
program fee referred to in the next paragraph) to the Pinellas
Authority and the other participating Housing Finance Authorities,
including the Collier Authority, at the time the Pinellas Bonds are
issued, such fee shall be paid and will be in the same ratio to the
aggregate of the fees paid to the pinellas Authority and the other
participating Housing Finance Authorities as the aggregate lendable
proceeds reserved for use in Collier County to the total lendable
proceeds of the Pinellas Bond issue.
The expenses incurred by the Collier Authority and/or the
County Attorney for Collier County and/or counsel for the Collier
Authority with respect to the single family mortgage revenue bond
program specified in this Agreement, shall be the sole obligation
,of the Collier Authority and will not be payable directly from the
proceeds of the Bonds, but may be paid by the Collier Authority
f~ow the program fee to be paid to the Collier Authority.
Notwithstanding anything herein to the contrary, the program fee
payable to the Collier Authority from proceeds of the Bonds shall
equal $~.oo per $1,000 principal amount of Bonds allocated for use
in Collier County.
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MAR - 5 1996
At the time ot execution hereof, the amount of lendable
proceeds reserved for use in Collier County and the amount of Bonds
allocated tor use therein is zero.
section 2. Administration. The pinellas Authority hereby
assumes responsibility for administering this Agreement by and
through its employees, agents and otficers; provided, however, that
the Collier Authority retains and reserves its right and obligation
to require reasonable reporting on programs designed tor and
operated within Collier County. The pinellas Authority and its
agents shall provide the Ccllier Authority with such reports as may
be necessary to account for funds generated by this Agreement.
The pinellas Authority shall have full authority and
responsibility to negotiate, validate, market, sell, issue and.
deliver its Bonds in such amount as the pinellas Authority shall in
its sole judgment determine 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 pinellas Authority, Except for lendable proceeds
reserved for the origination of mortgage loans in targeted areas,
all lendable proceeds of Bonds attributable to the mortgage loan
demand in Collier county shall be reserved for use in originating
mortgage loans in Collier county for an initial period of 120 days
after the date on which such series of Bonds is issued, or such
other period as required by law at the time ot issuance, whichever
is later. All lendable proceeds reserved for the origination ot
mortgage loans in targeted areas shall be so reserved tor a period
of one year from the Application Start Date, as such term is
defined in the Trust Indenture pursuant to which the Bonds are
being issued.
Section 3. Proqram Parameters. The Collier Authority shall
establish the maximum housing prices and maximum adjusted family
incame for eligible borrowers in Collier County. The Collier
Authority hereby consents and agrees to the establishment by the
pinallas Authority ot 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 Pinellas
Auth~rity pursuant to this Agreement.
Section 4. ~. This Agreement relating to the pinellas
Authority'S Bonds to be issued in calendar year 1996 will remain in
tull force and eftect trom the date of its execution until December
31, 4027; provided that any party hereto shall have the right to
termiuate this Agreeaent upon 30 days written notice to the other
party ~to. Notwithstanding the foregoing, it is agreed that
this Aqreement may not be terminated by any party during any period
that any se~ies of Bonds issued pursuant to the terms hereof remain
outstanding, or during any period in which the proceeds of such
Bonds are still in the possession of the pinellas Authority or its
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MAR - 5 1996
agents pending distribution, unless the parties to this Agreement
mutually agree in writing to the terms of such termination. It 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. Indemnitv. The pinellas Authority agrees to hold
the Collier 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 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 pinellas
Authority agrees to payout of the funds derived from the Bonds or
from any other source available to the pinellas Authority for any
audits to be performed on the Program and for any fees or expenses
that are expended to assist the underwriters of the Bonds or any
other broker, dealer or municipal securities dealer in complying
with the provisions of Rule 15c2-12 of the Securities and Exchange
cOlDJllission. The pinellas Authority agrees that any offering
circular or official statement approved by and used in marketing
the Bonds and the Bonds will include a statement that Bondholders
may not look to the Collier Authority for payment of the Bonds and
interest or premium thereon.
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section 6. Countercarts. 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 atfixed hereto by the proper ofticers thereat as
ot the day ot , 1996.
(SEAL)
ATTEST:
HOUSING FINANCE AUTHORITY OF
PINELLAS COUNTY, FLORIDA
By
Chainnan
By
Secretary-Treasurer
ATTEST:
By
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
By
Chainnan
800K oao PAGE 99
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STATE OF FLORIDA ]
] 55.
COUNTY OF PINELLAS ]
The ~oregoing instrument was acknowledged before me this
day of , 1996, by
and , the
and of the Housing Finance Authority
o~ Pinellas County, Florida, on behalf of the Authority. They
are personally known to me or who have produced
as identification and who did/did not take
an oath.
(print name)
Notary Public
My Commission expires:
&OOK 000 PAGE 100
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STATE OF FLORIDA
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COUNTY OF
The foregoing instrument was acknowledged before me this
day ot , 1996, by
and , the
and of the Housing Finance Authority
of Collier County, Florida, on behalf of the Authority. They are
personally known to me or who have produced
as identification and who did/did not take an oath.
(print name)
Notary Public
My Commission expires:
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