Resolution 1996-587
"
1 6 I
RESOLUTION NO. 96- 587
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; APPROVING
THE FORM OF THE INTERLOCAL AGREEMENT; APPROVING THE
ISSUANCE BY THE HOUSING FINANCE AUTI{ORITY OF LEE COUNTY
OF NOT EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS, 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 "l\.ct.") I authorizes 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;and
WH2REAS, pursuant to the Act the Board of County Commissioners
of Collier County, Florida hereby 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
Count:y (the "Collier Authority"); and
vn-lEREAS, the Heusing FiClance 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 variolls counties
within the State of Florida, including Collier County, and other
participating counties ir1 Florida (collectively, the "Counties") by
acquiring certain mortgage 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 O~ fa~iJies in the counties; and
WHEREAS, the Collier Authority conducted a public hearing,
notice of which hearing was published on November 18, 1996 in the
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Naples Daily News (a copy of which notice is attached as Exhibit
"A" and incorporated herein) en Deeember J, 1996 for the purpose of
considering the issuance of the Lee bonds by the Lee Authority in
the aggregate principal amount not exceeding $60,000,000 In
conformance with the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as ameClded, 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 in the
form attached hereto as Exhibit "B" and made a part hereof;
NOW THEREFORE, BE
COMMISSIONERS OF COLLIER
IT RESOLVED BY THE
COUNTY, FLORIDA; THAT:
BOARD
OF
COUNTY
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 imple~ent a program from a portion of the
proceeds of the Lee Bonds to finance single family housing within
the statutory boundaries of Cellier County; provided, that the Lee
Authority and the Cellier 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 Count',.' 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,
intergovernmerltal agreements or other documents as shall be
required to implement such single family housing program and to
provide for payment of Collier Authority's proportionate share of
costs of issuance of sueh bonds, all as shall be approved by
Counsel to the Collier Authority,
SECTION 3, The Interlocal Agreement, in substantially the
form attaehed to 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 t~e Collier Authority,
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1 61 1
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 $60,000,000 Single Family Mortgage Revenue Bonds, and
such ether action to be taken 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 aCld 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 eoncurrency
requirements contained therein, with respect to the acquisition or
construction of housing pursuant to mortgage programs under this
bOCld program,
SECTlor; 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, aDd 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
or employee thereof shall be liable personally on the Bonds by
reason of their issuance.
SECTION 9. This Resolution shall take effect immediately upon
its adoption,
ADOPTED THIS 11'bAY OF DECEMBER 1996
BOARD OF COilllTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA
~
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~'.- /,/ . ,.'
BY: ...,~~
/" John C, Norris
Chairman
C0FTl(F)wr\\'I~^,Wrrxx.-S'.~UTlr.RESBCC. WPO
161 1
ATTEST:
"D~IGHT, E. 'Bfl.OCK, CLERK
" ,
;BY~' '.,',',.? ia:.Q,(7_
~. " ~/('./.L/?~-:?y Clerk
- c' . '., .
""Approv~d as' ,t:Q Form and Legal Suffieiency
"'&~'l!-f x/.", " ~.Y-
County Attorney ~
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EXHIBIT A
"I!plu D.i ly H~s
Hapl." fL 33940
Affidavit of Publication
-----------+-----
PICKVORTH, ~ALD
5811 PELICAH BAY BLVD '210
NAPLES fL 33963
REfERENCE: 010784
57392131 NOTICE OF "EETIHGPur
State of Florida
County of Collier
~tore the undersign~ authority, personally
a~ar~ Hina Iverson, ~ho on oath says that she
serve, as the Assistant Secretary of the NapLes
DaiLy N~s, a daily newspaper publish~ at NapLes,
in Collier County, FLorida: that the attached
copy of advertising was published in said
n~spa~r on dates list~.
Affiant further say' that the said Naples Daily
Nev, is a nevs~per pubLished at Naples, in said
Cotlier County, Florid., and that the ..id
nevspap<<r has her.totore ~ continuously
publishtd in ,aid coLtier County, Florida, each
day and has been entered IS second class ~;l
..tter at the post office in Kaples, in ~1d
Collier County, Florida, 10r a period 01 1 year
next preceding the first publi~ation of the
attached copy of &dvertis~~t; and affiant
further s~ys that he ~s neither paid nor pro.ised
any per~, fir_ or coperation any discount,
rebate, co-Mission or refund for the purpose of
securing this &dvertis~t for public.tion in the
...id nC'Wspaper.
PUBLISHED ON: 11118
AD SPACE:
fILED ON:
8.333 IHCH
11118/96
I
?; er'dJ I'JA~/~
Si~tur<< of Affiant
S'JOrn to and Subscri~ before .e this .t7' day of 't~,1J')
/~ '/:\ 1~1/ .
Ptrsonally kno'JT1 by ..,__k".{,d c.f _ ' ':;~-,.<-L--, .("~
!f /
161
1
PUBLIC NOTICE
NOncE OF MEETING
P\nuont to Section U7(~ at tht Irmr.
I'd R....tmJ< Code at l!'6r ll\ anended, no-
lk. b l>ertby given m:Jl the HoW"Il Fl.
rmer Aulhorlly at lAIII<r Coumy, F1aida
(1ht 'AutMrlly") wf. met'! on De<trrber 3,
1m ct t.OO a.m. in the C1Mty ~l
Cooftrmct Room, Second F1oc:r, B<ri1<;lnQ
F, at tht eom.r Coumy Coo.r1!lou>e, lJIl \
Eos! T omkrnI T rri1, ~ FOlrldo, to con-
~dtr:
~ at Q rtSOluflon apprav1ng the
Ioint pa1lcipal\on at ... Caller Coumy
HoW"Il F1nar'a Aulhorlly wfIIl ... Ltt
County Hovsln9 F1rmct Aulharlty for the
blUCllC. and sale by the ltt Aulharlty at
not m<<<lln9 UO,DOO,DOO SInQlt FamIy
Mclrt9a9< R<vmJ< Bonds to IIncrla .".,..
/ytnQ sln9it fomRy rnor1oc>o< loons "'"'
mcloatl"9 FIor1da ~\ 1ndud"9
CoIfitr County; """ovlnQ !he tsSUCnC. 01
the E\OOd<, !he lonn 01, and """""zlnQ !he
txecullon and deIlv<ry at, on Inter1acaI
A~wn<11f b<lwten the Ltt Aulhorlly and
II1r ColIit!' AutMrlly and provld"ll ur1aIn
_ _~ wfIIl rnllKl fhertto.
The prl)Cffds at lVct1 bonds will be
US<d to IIncrla and pravIdt ~ for In-
vtStmenf to flrod the p.rcIlQse at rnor1oc>o<
loons to ~ tlamt bvvtn at low, rnacl-
trot< or _ Incamo lor tht Cllr'51nK.
lion, Pl"c:has< or rt!lol>lllrotlon 01 owner.
occuoleO ~"IlI< family hallsl"ll located
within I><I'1lc\:lOl1n F1aida caunf101, In-
cW"Il CoIIitr CtMtv, FlorIda.
Tho bonds wfR not cansffM! Q cltllt at
the Slat! at FOlrldo, Hovsln9 Fl1CI1Ct Au-
lhorlly 01 CalIitr County, or CJtf'( porlIclpat.
Inq c....n.s or HoW"9 F1ncncr Auth0ri-
ties, bIJt wfII be ~ saIeIy from poy.
ments madt tam ... r<vmJ< lI<>~_
from the housing PIW'Ql1\.
All InIor.md em,..". en InvIIod to
Slbmrt wr1tttn O).I.llOlOllh, cr attt'I"Id the
pItlIlc rntt!lnol on tht _ ~ ct>aYt
and, tithtr penonaIIy or ~ hi' rtP-
r-= wf. be given on ~ to
exprm 1hti- views ~..... """ thnt mat.
!eo. ':~. t~ resaIuIlon en
QVQl'd>!< for and capytno ~ and
_ may be SlbIT'In.d or, tht
foIIowIn9 CIdlms: ~ CN1Iy Otl>ort-
roort at tiou>lnlI ~ Urtm Irrcrav<m<nt,
ltOO Nar1!I Har1e>hat Dr1vt, ~ FlaJl.
do J.llo..
Persons en advis<d that, r they do-
dele la appeof CJtf'( dodsIon madt ct tills
llltfffn9.1!ltywfllnttdQ~at...pro.
ctt6/l9s, and lor such ..."."., they may
nttd to '""" """ Q _ ~ at
tht ~ b rnadt, w!lidl ~ In-
cludes tht mtlmony and ovtdenct """"
w!lidl the appeof Is -.
in .......110.., wfIIl tht Amtrlcon wfIIl
[)isOO/f'lf1es Ad, _ ntt<Ing Q !l>KlaI
acCll<mlOdallo., to pao1k\>alt in tills pro.
uedng should canIacI Oardd A. Pid<.
wor1Il. Co<mei to tht Aulharlty d: (941)
591.r1oO no IaIer thon _ cl<rt> pr1ar to
tht meettno. '
HOUSING ~IHAHCE AUTliORITY
OF COLlER COUh'TY '
By: JoIln T. Carray, X.
Chaim:In
_11 No.!GOf7Y
EXHIBIT B
1 61
RESOLUTION NO, 96-05
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 THE HOUSING FINANCE AUTHORITY OF LEE
COUNTY (FLORIDA) OF ITS SINGLE FAMILY MORTGAGE REVENUE
BONDS TO FINANCE QUALIFYING SINGLE FAMILY MORTGAGE LOANS
IN COLLIER COUNTY; APPROVING THE FORM OF AND AUTHORIZING
THE EXECUTION AND DELIVERY OF AN INTERLOCAL AGREEMENT
WITH THE HOUSING FINANCE AUTHORITY OF LEE COUNTY
(FLORIDA); AND PROVIDING CERTAIN OTHER DETAILS WITH
RESPECT THERETO.
WHEREAS, Chapter 159, Part IV, Florida Statutes, as amended
(the "Act"), authorizes the creation of housing financing
authorities with the purpose of issuing revenue 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, as
amended, authorize the Board of County Commissioners of Collier
County, Florida (the "Governing Body"), to approve the operation of
the Housing Finance Authority of Lee County (Florida) (the "Lee
Authority"), within the territorial boundaries of Collier County,
and the issuance by the Lee Authority of revenue bonds to alleviate
the shortage of affordable housing and capital available for
investment therein within Collier County, Florida; and
WHEREAS, the Lee Authority has by resolution
1996 authorized the issuance of not
$60,000,000 Housing Finance Authority of Lee County
Single Family Mortgage Revenue Bonds (the "Lee Bonds");
adopted on
exceeding
(Florida)
and
I'IHEREAS, the Lee Authority has expressed an interest in
pursuing a joint program for the issuance by the Lee Authority of
sufficient principal amount of the Lee Bonds to finance qualifying
single family mortgage loan programs for a Lee County, Collier
County and other counties within the State which agree to
participate; and
WHEREAS, by combining the authority to issue single family
C, \OFF'; CE\WPWIN\ WPDOCS \^1JTH\RESHOFA. WPD
1
161 1
mortgage revenue bonds of the Lee Authority, the Housing Finance
Authority of Collier County (the"Collier Authority") and any other
counties desiring to participate in the issue, the Lee Authority
will be able to make available mortgage loans at rates below the
rates otherwise attainable through separate issues; and
WHEREAS, such a program would benefit Collier County and aid
In alleviating a shortage of affordable housing and capital
available for investment therein within Collier County; and
WHEREAS, the Collier Authority condueted a public hearing on
the Lee Bonds on December 3, 1996 at 9:00 AM at the Collier County
Courthouse pursuant to notice thereof published in the Naples Daily
News on November 18, 1996 for the purpose of considering the
issuance of the Lee Bonds by the Lee Authority in the aggregate
principal amount not exceeding $60,000,000 in conformance with the
requirements of Section 147 (f) of the Internal Revenue Code of
1986, as amended, said public hearing disclosing no reason why the
Lee Bonds should not be issued.
NOW THEREFORE, BE IT RESOLVED by the members of the Housing
Finance Authority of Collier County, Florida, a lawful quorum of
which is duly assembled, as follows:
SECTION 1. 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 program for the Collier Authority and the Lee Authority, it is
the best interest of the Collier Authority to authorize the Lee
Authority to issue the Lee Bonds to finance single family mortgage
loans for both Lee County and Collier County and any other
participating county in Florida, and (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 2. The execution and delivery of the Interlocal
Agreement, authorizing the Lee Authority to issue its Lee Bonds to
finance qualifying single family mortgage loans in Collier County,
a proposed form of which is attached hereto as Exhibit "A" (the
"Interlocal Agreement") is hereby authorized provided that the
Board of County Commissioners of Collier County consents to such
Interlocal Agreement and authorizes the Collier Authority to enter
into such Interlocal Agreement. The form of the Interlocal
C:\OfFICE\~PWIN\WPDOCS\^UTH\RESHGfA."PD
161 1
Agreement attached hereto as Exhibit "A" is hereby approved,
subject to such changes, insertions and omissions and such filling
in of blanks therein as may be approved and made in such form by
the officers of the collier Authority and the Lee Authority
executing the same, such execution and delivery to be conclusive
evidence of such approval.
SECTION 3. 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,
subj ect to such changes, modif icat ions, addi t ions deletions and
substitutions as such officers executing the same shall approve,
such execution to be conelusive evidence of such approval and to
affix thereto or impress thereon the seal of the Collier Authority.
SECTION 4. Adoption of this Resolution does not authorize or
commit the expenditure of any funds of Collier County or of the
Collier Authority to pay the cost of issuance of the Lee Bonds.
SECTION 5. All resolutions and orders or parts thereof of the
Collier Authority in conflict herewith are, to the extent of such
conflict, hereby modified to the extent of such conflict.
SECTION 6. It is found and determined that all formal actions
of the Collier Authority concerning and relating to the adoption of
this Re~olution were taken in an open meeting of the members of the
Collier Authority and that all deliberations of the members of the
Collier Authority which resulted in such formal action were taken
in meetings open to the public, in full compliance with all legal
requirements,
SECTION 7. This Resolution shall become effective immediately
UpOCl its adoption,
ADOPTED this 3rd day of December, 1996,
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
By: /S/ John Conroy Jr.
Chairman
ATTEST:
/S/ Dawn P. Litchfield
Secretary
C: \CFr: C::\ ....i'....., ~l\ WPDOCS\AL'TH\ RESEOF'A "tD
-~
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EXHIBIT A
INTERLOCAL AGREEMENT
THIS AGREEMENT made and entered into by and between the HOUSING
FINANCE AUTHORITY OF LEE COUNTY (FLORIDA), a publie body corporate
and politic organized and existing under the laws of the State of
Florida (hereinafter referred to as the "Lee Authority"), and
HOUSING FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, a public body
corporate and politie 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, Chapter 159, Part IV, FloridCl Statutes, as amended,
authorizes the creation of Housing Finance Authorities within the
State of Florida (the "State") 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 Lee Au thori ty has resolved to issue not exceeding
$60,OOO,noo Single Family Mortgage Revenue Bonds (the "Lee Bonds");
and
WHEREAS, pursuant to Section 143 of the Internal Revenue Code of
1986 (the "Code") 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 State in accordance
with Chapter 159 PClrt VI, Florida Statutes, as amended; and
WHEREAS, pursuant to individual interlocal agreements to be entered
into between 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 Collier
County (collectively, the "Counties"), each of the Counties will
delegate its authority to purchase mortgage loans or securities
baeked by mortgage loans originated within the territorial
boundaries of its respective county to the Lee Authority (the
territorial boundaries of Lee County and the territorial boundaries
of the Counties, eollectively, the "Area of Operation"); and
c. 'OFTlCE\WI"\.q:-.-., WPD(X"SV,GTI r ISH R L. WPD
',------_.,~'~,---,----~~-----
1 6/ 1
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
of the Counties undertook a separate issue; and
WHEREAS, the issuance of the Lee 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 redueing the interest on mortgage loans that
otherwise would have to be charged; and
WHEREAS, Sections 125,01, 163.01, 159,608 and 159,803(1), Florida
Statutes, as amended, authorize the Lee Authority and the Local
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 Lee Authority to exercise those
powers which are common to them for the purpose of issuing one or
more series of the Lee Bonds to finance qualifying single family
mortgage loan programs for the entire Area of Operation.
NOW, THEREFORE, the parties agree as follows:
Section 1. Sybstitution of Bonds: EXDensps. The Local Authority
hereby grants authority to the Lee Authority to issue its Single
Family Mortgage Revenue Bonds to finance qualifying single family
housing mortgage loans described in the resolutions authorizing the
Lee Bonds, and any such Lee Bonds issued for such qualifying
housing mortgage lcans in the Local Authority and hereby deemed to
be in full substitution for an equivalent principal amount of the
Local 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 the Local Authority.
The fee of the Local Authority, with respect to the single family
mortgage revenue bond program specified in this Agreement, shall be
paid from the proceeds of any bonds allocable for use in Collier
County and issued pursuant to this Agreement or from prugram fees
contributed by participating lenders. The Local Authority fee
shall be 25 basis points for each Collier County mortgage. The
fees and expenses of the Local Authority's counsel shall be paid
upon delivery of this Agreement, after authorization by the Board
cornn:wr\l,"!:',.-I,I;prXXSAt;TlfJ"TERL WPO
161 1
of County Commissioners and execution by the Local Authority. Such
fees and expenses shall not exceed $1,500,00
Section 2, Administration. The Lee Authority hereby assumes
responsijility for administering this Agreement by and through its
employees, agents and officers; provided, however, that the Local
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
Local Authority with such reports as may be necessary to account
for funds generated by this Agreement.
The Lee Authority shall have full authority and responsibility to
negotiate, validate, market, sell, issue and deliver its Lee Bonds
in such amount as the Lee Authority shall in its sole judgment
determine (taking into aceount lender demand and available
allocation of private activity bond issuance authority pursuant to
Chapter 159, Part VI, Florida Statutes, as amended) to finance
qualifying single family housing mortgage loans in Collier County
and to take such other action as may be necessary or convenient to
accompl ish such purpose, such bonds to be issued in one or more
series as determined by the Lee Authority, All lendable proceeds
of Lee Bonds attributable to the private activity bond allocation
for the Local Authority shall be reserved for use in originating
mortgage loans in Collier County for an initial period of six
months In which sueh series of Lee Bonds is issued (or such other
period as required by law at the time of issuance), whichever is
later.
Section ], Program Parametprs, The Local Authority shall determine
the methodology for establishing and establish initial maximum
housing prlces and initial maximum adjusted family income for
eligible borrowers in Collier County in accordance with the Code,
and in each subsRouent year, the Lee Authority shall adjust maximum
housing prices and maximum adjusted family income for eligible
borrowers in the County using the methodology determined by Collier
County in accordance with the Code. The Local Authority hereby
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 Lee Authority pursuant to this
Agreement. The Lee Authority shall select allocations among
participating lenders in Collier County based on lender demand in
c. '-offlCE\ WP\.l.') ~i ',l,'PIX)('S'A uTI [\JNTERL wrD
16' 1
Collier County, available allocation of ;:Jr:,':a:e
lssuance authority, and the lenders' perfor771ance
programs,
a c:. i., i :. 'i
:::~i.o:-
Do:1.d
bond
Section 4. Term. This Agreement will re;';1ai., ~n full forTe and
effect from the date of its execution until the cia:e .hen no Lee
Bonds remain outstanding; provided that any party hereto shall have
the right to terminate this Agreement upon 30 days' .ritten 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 Lee Bonds issued pursuant to
the terms hereof remain outstanding, or duriClg any period in which
the proceeds of sueh Lee 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, It lS further agree 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 Lee Bonds pursuant to this Agreement.
Section 5, Indemnitv. The Lee Authority agrees to hold the Local
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 Lee Bonds or in connection with the
approval by the Local Authority of the program parameters as
required by Section 3 of this Agreement, or in connection with the
approval rendered by the Local Authority pursuant to Sections
159,6J3 and 15'),601, Florida Statutes, as amended. The Lee
Authority agrees that any offering circular or official statement
approved by and used in marketing the Lee Bonds will include a
statement that Bondholders may not look to the Local Authority for
payment of the Lee Bonds and interest or premium thereon,
Section
multiple
of which
6. Counterparts. This Agreement may be executed In
counterparts, each of which shall be an original and all
shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties to this Agreement have caused their
names to be affixed hereto by the proper officers thereof as of
( OffICE WrWl~\wr[)f)\S'."CTif J:--;TERLWPD
ATTEST:
By:
Secretary
ATTEST:
By:
Secretary
c:'OmCD WP'N1N\ WPDOCSv..unf-JNTERL. WPD
16'
HOUSING FINANCE AUTHORITY OF
LEE COUNTY (FLORIDA)
By:
Chairman
HOUSING FINANCE AUTHORITY OF
COLLIER COUNTY, FLORIDA
By:
Chairman