Item K1
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: December 19-20, 200 I
Division: Monroe County Housing
Finance Authority
Bulk Item: Yes
No
Department:
Staff will be present at BOCC meeting to answer any questions
AGENDA ITEM WORDING:
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY,
FLORIDA, APPROVING THE ISSUANCE OF NOT EXCEEDING $9,350,000.00 MONROE
COUNTY HOUSING FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE
BONDS, SERIES 2002 (ROOSEVELT GARDENS APARTMENTS PROJECT) PURSUANT
TO CHAPTER 159, PART IV, FLORIDA STATUTES, AS AMENDED.
ITEM BACKGROUND
The Monroe County Housing Finance Authority has approved and recommended BOCC approval of
the issuance of the Authority's Multifamily Housing Revenue Bonds, Series 2002 for the purpose of
securing financing for the affordable housing development known as Roosevelt Gardens, a 96 unit
affordable housing development in Key West.
PREVIOUS RELEVANT BOCC ACTION:
Jan. 1999 Monroe County Comprehensive Land Authority approves Resolution 04-1999
authorizing the purchase of property at No. Roosevelt Boulevard "Fairgrounds" for $2,800,000, for the
purpose of developing affordable housing.
Oct. 2001 BOCC approves Resolution 416-2001 adopting the Regional (Private Activity Bond)
Allocation Procedure. This provides for Monroe County to be eligible to submit for a bond funded
project of up to $10,000,000 every other year in cooperation with Housing Finance Authorities of
Charlotte, Hendry and Collier Counties.
I STAFF RECOMMENDATION:
Approval.
TOTAL COST: $-0-
COST TO COUNTY: $-0-
APPROVED BY: County Attny.
. Manuel Castillo
, Momoe County Housing Finance Authority
DEPARTMENT APPROVAL:
DOCUMENTATION:
Included X
To Follow
Not Required _
DISPOSITION:
/-/(/
RESOLUTION
- 2001
RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
APPROVING THE ISSUANCE OF NOT EXCEEDING
$9,350,000.00 MONROE COUNTY HOUSING FINANCE
AUTHORITY MUL TIFAMIL Y HOUSING REVENUE BONDS,
SERIES 2002 (ROOSEVEL T GARDENS APARTMENTS
PROJECT) PURSUANT TO CHAPTER 159, PART IV, FLORIDA
STATUTES, AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
SECTION 1.
RECITALS. It is hereby found, ascertained, determined and declared that:
A. The Board of County Commissioners of Monroe County, Florida, created the Monroe
County Housing Finance Authority (the "Issuer"), by Ordinance No. 10-1979, it abolished the Issuer
by Ordinance NO. 354-1993, and it reconstituted the Issuer by Ordinance No. 059-1995. The Issuer is
a body corporate and politic duly created and existing as a local governmental body and a public
instrumentality for the purpose of assisting qualifying housing projects situated in Monroe County,
Florida (the "County"), under and by virtue of Chapter 159, Part IV, Florida Statutes (the "Act"), to
provide for the issuance of and to issue and sell its obligations for lawful corporate purposes.
B. The Issuer has submitted to the Board of County Commissioners a copy of its
Resolution (the "Resolution") with respect to the issuance by it of not exceeding $9,350,000.00 of
Monroe County Housing Finance Authority Multifamily Housing Revenue Bonds, Series 2002 (the
"Bonds").
C. A public hearing was held on the issuance of the Bonds on November 29,2001, which
public hearing was duly conducted by the Issuer upon reasonable public notice, and at such hearing
interested individuals were afforded the opportunity to express their views, both orally and in writing,
on all matters pertaining to the location and nature of the proposed project and to the issuance of the
Bonds.
D. The Issuer has recommended and requested that the Board of County Commissioners
approve the issuance of the Bonds so that the interest on the Bonds will be exempt from federal income
taxation under applicable provisions of Section 14 7( a) of the Internal Revenue Code of 1986, as
amended.
E. The Resolution shows that the Issuer has acted in accordance with all applicable
requirements of law, and that the issuance of the Bonds will serve significant public purposes as
provided in the Act.
F. The purpose of the Act will be effectively served, and it is necessary and desirable and
in the best interest of the County that the issuance of the Bonds be approved by the Board of County
Commissioners.
G. The Bonds shall not constitute a debt or a pledge of the faith and credit of the Issuer, the
County, the State of Florida or any political subdivision thereof and neither the Issuer, the 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 other than those of the Issuer, and then only to the
extent provided in the Indenture. No member of the Board of County Commissioners or any officer
thereof shall be liable personally on the Bonds by reason of its issuance.
SECTION 2. APPROVAL OF ISSUANCE OF THE BONDS. The issuance of the
Bonds as contemplated by the Resolution is hereby approved; however, this approval shall in no way
be deemed to abrogate any land development regulations of the County and the Project contemplated
by this Resolution shall be subject to all such regulations, including, but not limited to, the County's
Comprehensive Plan and all concurrence requirements contained therein.
SECTION 3. REPEALING CLAUSE. All resolutions or orders and parts thereof in
conflict herewith, to the extent of such conflict, are hereby superseded and repealed.
SECTION 4.
adoption.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the _ day of , A.D., 2001
EFFECTIVE DATE. This Resolution shall take effect immediately upon its
Mayor McCoy
Mayor Pro Tern Spehar
Commissioner Nugent
Commissioner Williams
Commissioner Nelson
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By:
Mayor/Chairman Charles McCoy
SEAL
ATTEST:
Approved as to form and legal sufficiency:
Date: