Resolution 164-1984
_J
RESOLUTION NO. 164-1984
A RESOLUTION OF THE BOARD OF COUNTY COMMIS-
SIONERS OF MONROE COUNTY, FLORIDA, APPROVING
THE OPERATION OF THE HOUSING FINANCE AUTHORITY
OF POLK COUNTY, FLORIDA, WITHIN THE TERRI-
TORIAL BOUNDARIES OF MONROE COUNTY FOR THE
PURPOSE OF PURCHASING FROM LENDING INSTITU-
TIONS LOW-INTEREST RATE MORTGAGE LOANS TO
MODERATE, MIDDLE AND LESSER INCOME FAMILIES
WITHIN MONROE COUNTY WITH THE PROCEEDS FROM
THE SALE OF HOUSING FINANCE AUTHORITY OF POLK
COUNTY, FLORIDA, SINGLE FAMILY MORTGAGE
REVENUE BONDS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, 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. 146-1980
adopted on June 3, 1980, 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, pursuant to Section 103A of the Internal Revenue
Code of 1954, as amended, the amount of mortgage subsidy bonds
which may be issued by any county in any year is limited to an
allocation amount which has been established by the State of
Florida (the "Allocation Amount"); 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 Polk
County, Florida (the "Polk Authority") within its territorial
boundaries; and
WHEREAS, the Polk Authority has authorized and validated a
sufficient amount of its single family mortgage revenue bonds to
fund the 1984 Allocation Amounts of both Polk County, Florida,
and the County, as well as certain other counties which may also
participate in a joint single family mortgage revenue bond
program; and
WHEREAS, the Monroe Authority has requested that the
Governing Body approve the operation of the Polk 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 Allocation Amount of the Polk
Authority, the Monroe Authority and other issuers desiring to
participate in the issue, the Polk 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;
(c) Because of economies of scale, time considerations and
other factors, it is advantageous economically and otherwise and
thus, there is a need for the Polk 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 acquire mortgage loans
from persons and families of moderate, middle or lesser income
within the County (the "Single Family Mortgage Loan Program").
2
.;
Section 2. The operation of the Polk 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 Polk 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, at a regular meeting of said Board held
on the 1st day of June, A.D. 1984.
BOARD OF COUNTY COMMISSIONERS
OF MONROE/COUNTY, FLORIDA
\./ {7
\j /'
/i-----C:..-;Y7...- <::::--~~
By \. ..~ r' o--L"_'-V1.-~ ~~
Mayor
(SEAL)
Attest:
DANNY L. KOLHAGE, Clerk
~?0 ~4/
-./. {. J'
/o~. t1 /Yi{<rAhl~.J, L,/
/ er' .
BV
,J
3