12/13/2000 Agreement
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BRANCH OFFICE
3117 OVERSEAS IDGHWAY
MARAmON, FLORIDA 33050
TEL. (305) 289-6027
FAX (305) 289-1745
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD STREET
KEY WEST, FLORIDA 33040
TEL. (305) 292-3550
FAX (305) 295-3660
BRANCH OFFICE
88820 OVERSEAS IDGHW A Y
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
FAX (305) 852-7146
MEMORANDUM
DATE:
January 16, 2001
TO:
Manuel Castillo, Director
Special Programs Office
Monroe County Housing Authority
AITN:
Rick Casey
Programs Coordinator
Pamela G. Hanc~
Deputy Clerk U
FROM:
At the December 13, 2000, Board of County Commissioner's meeting the Board adopted
Resolution No. 527-2000 approving the issuance by the Housing Finance Authority of Lee
County (Florida) of its single family mortgage Revenue Bonds in the aggregate amount not to
exceed $99,000,000 to provide funds to finance qualifying single family mortgage loans in various
counties within the State of Florida, including Monroe County; and providing an effective date.
Attached to the above Resolution was an Interlocal Agreement between Monroe County
and the Housing Finance Authority of Lee County 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.
Enclosed please find two duplicate originals of the Agreement, executed on behalf of
Monroe County, for your handling. Please be sure that the fully executed "Clerk's Original"
is returned to our office as soon as possible. Should you have any questions please do not
hesitate to contact this office.
Cc: County Administrator w/o document
County Attorney
Finance
File II"
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SPECIAL PROGRAMS OFFICE
c/o Monroe County Housing Authority
1403 12th Street
Key West, Florida 33040
(305) 292-1221 FAX. (305) 292-1162
January 26, 2001
Raymond James and Associates
Ms. Mary Bert
2001 Ross Avenue, Suite 3500
Dallas, TX 75201
RE: 2001 Multi-County Mortgage Revenue Bonds, Monroe County, Florida
Dear Ms. Bert,
As you are aware, our office is coordinating Monroe County's participation in the 2001
Multi-County Mortgage Revenue Bond Program (Single family) on behalf of the Monroe
County HOl}sing Finance Authority. Enclosed please find the following original
. . documents necessary for the application for said funding:
· Certified copy of Monroe County Housing Finance Authority #02-2000.
· Certified copy of executed Monroe County Resolution #527-2000.
· Original Interlocal Agreement between Monroe County and the Housing Finance
Authority of Lee County executed by Monroe County (Clerk's Original).
Upon execution of the Interlocal Agreement by the Housing Finance Authority of Lee
County, please return the original to our office in order that it may be record in the
Official Records of Monroe County and retained by the Clerk's Office as required by
Florida Statute.
Should you require any additional information, please feel free to call on our office.
~~~~ ~.
~ard casey,h
Programs Administrator
CC: 1. Manuel Castillo, Director, MCHA
Rocky Huebert, MCHF A
"dedicated to the quality of life through housing and
community initiatives"
July 11, 2001
INTEROFFICE MEMORANDUM
TO: Pam Hancock, Clerk's Office dvL
FR: Rick Casey, Special Programs Office, MCHA
RE: lnterlocal Agreement
As requested, please find enclosed a fully executed original lnterlocal Agreement
between Monroe County and the Lee County Housing Finance Authority.
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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 MONROE COUNTY, FLORIDA, a public body corporate and politic organized and existing
under the laws of the State of Florida (hereinafter referred to as the "County").
WIT N E SSE T H:
WHEREAS, Chapter 159, Part IV, Florida 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 Authority has resolved to issue not exceeding $99,000,000 Single
Family Mortgage Revenue Bonds, Series 2001 (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, Part 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 Monroe
County (collectively, the "Counties"), each of the Counties will delegate its authority to
purchase mortgage loans or securities backed 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, 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 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 reducing 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 County 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. Substitution of Bonds: Expenses. The County hereby grants authority to
the Lee Authority to issue its Single Family Mortgage Revenue Bonds to finance qualifying
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single family housing mortgage loans described in the resolutions authorizing the Lee
Bonds, and any such Lee Bonds issued for such qualifying housing mortgage loans in the
County are hereby deemed to be in full substitution for an equivalent principal amount of the
County'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 County.
The fees and expenses, if any, incurred by the County and/or the County Attorney
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 the County and
issued pursuant to this Agreement or from program fees contributed by participating
lenders. Such fees and expenses payable from proceeds of the Lee Bonds shall not exceed
$1.00 per $1,000 principal amount of Lee Bonds allocated for use in the County.
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 County retains and reserves its right and obligation to require reasonable
reporting on programs designed for and operated within the County. The Lee Authority and
its agents shall provide the County 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 account 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 the 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. All lendable
proceeds of Lee Bonds attributable to the private activity bond allocation for the County
shall be reserved for use in originating mortgage loans in the County for an initial period of
six months in which such series of Lee Bonds is issued (or such other period as required by
law at the time of issuance), whichever is later.
Section 3. Program Parameters. The County shall determine the methodology for
establishing and establish initial maximum housing prices and initial maximum adjusted
family income for eligible borrowers in the County in accordance with the Code, and in each
subsequent 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 the County in accordance with the Code. The County 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 the County based on lender demand
in the 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 the date when no Lee Bonds remain outstanding; 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 Lee Bonds issued pursuant
to the terms hereof remain outstanding, or during any period in which the proceeds of such
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 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 Lee Bonds pursuant to this Agreement.
Section 5. Indemnity. The Lee Authority agrees to hold the 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 County of the program
parameters as required by Section 3 of this Agreement, or in connection with the approval
rendered by the County pursuant to Sections 159.603 and 159.604, 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 County for payment of the Lee 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.
IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be
affixed hereto by the proper officers thereof as of December 13, 2000 .
HOUSING FINANCE AUTHORITY OF
LEE COUNTY (FLORIDA)
(SEAL)
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ATTEST:
ZROE COUNTY, FLORIDA
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Chairman, Board of County
Commissioners
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TI1is InstrurIElt Prepared By:
Mark T. MUstian, Esq.
P.O. Box 11008
Tallahassee, FL 32302
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