Resolution 608-1996 RESOLUTION NO. 6 0 8-19 9 6
R£SOWTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, R.ORI0A AUTHORIZING THE HOUSING FINANCE AUTHORITY OF LEE
COUNTY TO OPERATE WITHIN THE BOUNDARIES OF MONROE COUNTY;
AUTHORIZING NE HOUSING AUTHORITY OF MONROE COUNTY TO ENTER
INTO AGREDRENT$ WITH THE HOUSING FINANCE AUTHORITY OF LEE
COUNTY; APPROVING THE FORM OF THE INTERLOCAL, AGREEMENT;
APPROVING THE ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF LEE
COUNTY OF NOT EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE
REVENUE BONDS, SERIES 1997, 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.
WHEREAS, Chapter 159, Part IV, Florida Statutes, as amended (the 'Act"), 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 operation; and
•
WHEREAS, pursuant to the Act the Board of County Commissioners of Monroe 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 Monroe County and did accordingly
create the Housing Finance Authority of Monroe County (the "Monroe Authority'); and
WHEREAS, the Housing Silence Authority of Lee County (the 'tee 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 Monroe County, and other
participating counties In Florida (collectively, the 'Counties') by acquiring certain mortgage bans 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; and
WHEREAS, the Monroe Authority conducted a public hearing, notice of which hearing was
published on December 6. 1996 In the Key West Citizen (a copy of which notice is attached as
Exhibit A' and incorporated herein) on December 13, 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 1988, as amended. Said public hearing disclosed no reason why the Lee Bonds should not be
issued nor why the Monroe Authority should not participate in the Lee Authority's program; and
WHEREAS, the Monroe Authority has adopted a Resolution in the form attached hereto as
Exhibit 'B' and made a part hereof;
NOW, THEREFORE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA;THAT:
SECTION i The Board of County Commissioners of Monroe County consents to the Lee
Authority exercising its powers to issue the Lee Bonds and to implement a program from-erportion of
the proceeds of the Lee Bonds to finance single family housing within the Statutory boundariq&,of
Monroe County; provided, that the Lee Authority and the Monroe Authority first enter irp a written
agreement setting forth the powers, duties and limitations of the Monroe Authority aS thif pertain to
the use of said bond proceeds within Monroe County and payment of the issuance cost% for such
bonds.
SECTION 1. In furtherance of the purposes set forth in Section 1 hereof the Chairmen or Vice-
Chairman and Secretary of the Monroe Authority are hereby authorized to execute su o consents,
IntlInCO~._.w ........... or other doc:uments as aheU be required to implement such sine"
f~ how... PfOCIWfI end to provide for payment of Monroe Authority.s proportjonete .hale of
goat. of IMUeftCe of __ . bond.. ell _ $hell be approved by counsel to ~ Monroe Authority.
IIC1'ICNI a. The '1nterIocaI Acreement. In aubstantiely the fonn IIUed1ed to Exhibit "B".
between the ,.".... AuIhority end the L.e A~ I. hereby apPlO\1eCS. The orncers of the Monroe
A~ .... upon .. tIUthorizatlon .nd approve' by that body. he,">, euthorized to enter into the
I~ ~ on ~ of 1M MonIoe Authori\Y.
8I!CTIOII... n. Bon heNby ~....., within the meen1na of ~n 147(1) of the Code.
the Iaau.noe by the Lee Authoff\v of not .XOMdlnc $60,000.000 SineJe Family Morf.eace Revenue
Bonds. s.no. 1897. end such other ecuon to, be taken pursuant to the lee RNolution.
.amoJl L AI oIdIMnoea end rnolutiona Of parts thereof of 1M BoMI In confttl;t with the
PfICMSos hetem contAIined ..... to the '-nt of such oonfl"lCt. .uPGfMded end repealed.
aEC1ION.. Adoption of... Resolution shell not authorize or ~ \he upendi\we of any
funds of Monfoe Coum;v or VIe Monroe Authority to pay the C03ts of i~ of .UCh bonds.
SE0110N 7. The ~ of the bonds contemphlted by this Re.olutJon shell not be deemec:I
to 8I:No&- MY lend dIMtIopment or other reCUlatioM of Monroe Coun\Y. 1ncIUdInC. but not IImtted
to. MonIOe eounv. Gn:Iwtl ....necement PI... and all c:oncurrency requtrement& contained therein.
wtth respect to the CICqU..nfon tK construction of housing pursuant to morfC..e pog,..". under this
bond ~.
SEC110N e. The Bonds shall not oonstitute II debt. or II pledce of falth .,d credit of the
Monroe Authority. MoIvoe County. the StGte of FIoride or any poIltiC41 subdivision thereof, and
neither v.. Monfoe ~. ~roe County. the Slate ot Florida nor any political subdiVision
theroof $hell be IIIIbIe thereon. No member ot the Board of County Convnisaione,. of the County or
MY otftcer ~ _all be If~ personally on the Bonds by reason of their ;..u~.
By:
ATIEST:
Mayor Douglass yes
Commissioner Freeman yes
Commissioner Harvey yes
Commissioner London yes
Commissioner Reich yes
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