Resolution 168-1989
RESOLUTION NO. 168
-1989
A RESOLUTION APPROVING THE ISSUANCE BY THE
HOUSING FINANCE AUTHORITY OF CLAY COUNTY,
FLORIDA OF ITS SINGLE FAMILY MORTGAGE
REVENUE BONDS IN THE AGGREGATE AMOUNT NOT TO
EXCEED $75,000,000 TO PROVIDE FUNDS TO
FINANCE THE PURCHASE OF SINGLE-FAMILY
RESIDENCES IN VARIOUS COUNTIES WITHIN THE
STATE OF FLORIDA, INCLUDING MONROE COUNTY;
AUTHORIZING THE CLAY AUTHORITY TO APPLY FOR
AN ALLOCATION OF PRIVATE ACTIVITY BOND
I SSUANCE AUTHORITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the Housing Finance Authority of Clay County,
Florida (the "Clay Authority") by resolution adopted on November
12, 1987 initiated official action to issue its Single Family
Mortgage Revenue Bonds in an aggregate principal amount not to
exceed $75,000,000
(the JlBonds") 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, (collectively, the "Counties")
by acquiring certain mortgage notes secured by mortgages of real
property owned by moderate, middle or lesser income persons or
families in the Counties; and
WHEREAS, Monroe County Housing Finance Authority conducted a
Public Hearing on the Bonds on the 15th day of March, 1989 at
6:00 P.M. for the purpose of considering the issuance of the
bonds by the Clay Authority 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 Bonds
should not be issued.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA:
Section 1. The Board, pursuant to, and in accordance with,
the requirements set forth in Section 147 (f) of the Internal
Revenue Code of 1986, as amended, hereby approves the issuance of
the Bonds by the Clay Authority.
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Section 2. The Clay Authority is hereby authorized to apply
to the Division of Bond Finance of the State of Florida
Department of General Services for an allocation of authority to
issue private activity bonds from the regional pool applicable to
Monroe County, in an amount equal to the pro rata amount of the
Bonds allocable to Monroe County.
The authorization granted in
this Section 2 is conditioned upon the Clay Authority reserving
for use in Monroe County Funds in an amount at least equal to the
amount of such requested allocation, minus Monroe County's pro
rata share of the costs of issuing the Bonds and reserve
accounts, if any.
Section 3. This Resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED the 21st day of March, 1989.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY
BY: /)J/~t#~
(SEAL)
ATTESTPANNY L. KOLHAGE, Clerk
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Clerk
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