Resolution 214-1979
RESOLUTION NO. 214_l979
RESOLUTION OF THE MONROE COUNTY HOUSING FINANCE
AUTHORITY AUTHORIZING WILLIAM R. HOUGH & CO.
TO DEVELOP A FINANCING PROPOSAL TO EFFECT THE
ISSUANCE OF AN APPROPRIATE AMOUNT OF MONROE
COUNTY HOUSING FINANCE AUTHORITY MORTGAGE REV-
ENUE BONDS.
WHEREAS, the Florida Legislature recognizing the critical
shortage of affordable housing units throughout the State,
recently enacted the "Florida Housing Finance Authority Law",
authorizing each and every county in Florida to create by
ordinance a separate public body, corporate and politic, to
be known as the "Housing Finance Authority" of the County for
which it was created; and
WHEREAS, William R. Hough & Co. was authorized on
November 15, 1978, to prepare a needs analysis study for the
Monroe County Housing Finance Authority; and
WHEREAS, William R. Hough & Co. has prepared and pre-
sented said needs analysis study detailing the housing needs
and mortgage market conditions of Monroe County; and
WHEREAS, after reviewing the needs analysis report and
related information and being aware of the general state of
the local economy and rapidly increasing housing costs and
shortage of low-cost capital for housing in the County, the
Board of County Commissioners of Monroe County adopted
Ordinance No. 10-1979 declaring the need for a Housing
Finance Authority in Monroe County; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING AS THE MONROE COUNTY HOUSING
FINANCE AUTHORITY, as follows:
1. William R. Hough & Co. is hereby authorized as
Underwriter to proceed to develop a financing and residential
mortgage acquisition plan, together with a bond purchase pro-
posal to accomplish this financing.
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APPROVED ON
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2. The Housing Finance Authority is under no ob1iga-
tion to accept the purchase proposal of William R. Hough &
Co., and the County is not obligated to proceed.
3. In the event that the purchase proposal of William
R. Hough & Co. is accepted, the compensation of William R,
Hough & Co. shall be derived from the underwriting spread,
if earned, Hough acting as principal. All expenses of issu-
ance, including validation costs, fee of Bond Counsel, fee
of local counsel, rating agency fees and expenses, cost of
printing bonds, cost of printing and distributing the official
statement, and closing costs shall be borne by the Underwriter.
4. In the event the purchase proposal of Hough is not
accepted, Hough shall act as Agent for the Housing Finance
Authority to market the bonds through alternate methods of
marketing. Hough in this event is to be compensated by a fee
mutually acceptable to both parties. In the event that Hough
acts as Agent for the Housing Finance Authority, all afore-
mentioned expenses of issuance shall be borne by the Author-
ity.
ADOPTED this 25th day of September, 1979.
BOARD OF COill~TY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING
AS THE HONROE COUNTY HOUSING
FINANCE AUTH ITY
By
(Seal)
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BY u~~~...4
At(!'tme:~'s Officff
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