Resolution 167-1989
RESOLUTION NO. 167
-1989
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A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY FLORIDA,
APPROVING THE OPERATION OF THE HOUSING
FINANCE AUTHORITY OF CLAY COUNTY, FLORIDA,
WITHIN THE TERRITORIAL BOUNDARIES OF MONROE
COUNTY FOR THE PURPOSE OF PROVIDING FUNDS
FOR THE PURCHASE FROM LENDING INSTITUTIONS OF
LOW INTEREST RATE MORTGAGE LOANS TO MODERATE,
MIDDLE AND LESSER INCOME FAMILIES WITHIN
MONROE COUNTY WITH THE PROCEEDS FROM THE SALE
OF SINGLE FAMILY MORTGAGE REVENUE BONDS; AND
PROVIDING AN EFFECTIVE DATE.
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~, The Board of County Commissioners of Monroe County,
Florida (the "Governing Body"), by Ordinance No. 10-1979,
enacted on June 5, 1979 created the Housing Finance Authority of
Monroe County, Florida (the "Monroe Authority"), to alleviate a
shortage of housing and capital for investment in housing in
Monroe County, Florida (the "County"); and
WHEREAS, the governing body by Resolution No. 333-1988
adopted on August 2, 1988, found and declared that a need existed
for the Monroe Authority to function to alleviate a shortage of
housing and capital for investment in housing within the County;
and
WHEREAS, Sections 159.603 and 159.604, Florida Statutes,
authorize the Governing Body as the governing body of the County
to approve the operation of the Housing Finance Authority of Clay
County, Florida (the "Clay Authority") within its territorial
boundaries; and
WHEREAS, the Clay Authority has authorized the issuance of a
sufficient amount of single family mortgage revenue bonds to fund
qualifying mortgage loans in both Clay County, Florida, and the
County, as well as certain other counties which may also
participate in a joint single family mortgage revenue bond
program such bonds being issued either solely by the Clay
Authority or jointly with the Housing Finance Authority of
Volusia County; and
WHEREAS, the Monroe Authority has requested that the
Governing Body approve the operation of the Clay Authority within
the territorial boundaries of the County with respect to a joint
single family mortgage revenue bond program with the Monroe
Authority; and
WHEREAS, by combining the authority to issue single family
mortgage revenue bonds of the Clay Authority, the Monroe
Authority and other issuers desiring to participate in the
issue, the Clay Authority will be able to make available
mortgage loans at rates below the rates otherwise possible if the
Monroe Authority attempted a separate issue;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Monroe County, Florida, that:
SECTION 1. It is hereby found, determined and declared that:
(a) Within the County, there is a shortage of housing available
at prices or rentals which many persons and families can afford
and a shortage of capital for investment in such housing. This
shortage constitutes a threat to the health, safety, morals and
welfare of the residents of the County, deprives the County of an
adequate tax base, and causes the county to make excessive
expenditures for crime prevention and control, public health,
welfare and safety, fire and accident protection and other public
services and facilities;
(b) Such shortage of capital and housing cannot be relieved
except through the encouragement of investment by private
enterprise and the stimulation of construction and rehabilitation
of housing through the use of public financing; and
(c) Because of the economies of scale, time consideration and
other factors, it is advantageous economically and otherwise and
thus, there is a need for the Clay Authority to operate within
the territorial boundaries of the County with respect to the
issuance of its Single Family Mortgage Revenue Bonds, and the use
of a portion of the proceeds thereof to provide funds for the
acquisition of mortgage loans for persons and families of
moderate, middle or lesser income within the County (the "Single
Family Mortgage Loan Program").
SECTION 2. The operation of the Clay Authority within the
territorial boundaries of the County in regard to the Single
Family Mortgage Loan Program is hereby authorized and approved.
SECTION 3.
The Governing Body, on behalf of the County,
hereby covenants and agrees not to authorize the issuance of any
single family mortgage revenue bonds prior to the issuance of the
Housing Finance Authority of Clay County, Florida, Single Family
Mortgage Revenue Bonds as contemplated herein.
SECTION 4.
This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, this the 21st day of March, 1989.
BOARD OF COUNTY COMMISSIONERS,
MONROE COUNTY, FLORIDA
BY: /JII~J;P4
(SEAL)
ATTEST IDANNY L KOLHAGE Clerk
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Clerk '