Okaloosa County BOCC — August 4, 2015 — 10743 0229 Resolution (Board of County Commissioners of Okaloosa County)

RESOLUTION NO. 15-___ A RESOLUTION OF THE BOARD OF THE COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA (THE “COUNTY”), APPROVING A PLAN OF FINANCE FOR THE ISSUANCE AND SALE FROM TIME TO TIME OF NOT EXCEEDING $13,000,000 OF THE TOWN OF SHALIMAR, FLORIDA MULTI-JURISDICTIONAL MULTI-FAMILY HOUSING REVENUE REFUNDING BONDS (ECH II – CAPTAINS QUARTERS, LLC PROJECT), SERIES 2015 BY THE TOWN OF SHALIMAR, FLORIDA (THE “ISSUER”), FOR THE PURPOSE OF FINANCING A LOAN PROGRAM TO ASSIST IN THE FINANCING OF THE COSTS OF ACQUISITION AND REHABILITATION OF THOSE CERTAIN MULTI-FAMILY RESIDENTIAL RENTAL FACILITIES LOCATED IN OKALOOSA COUNTY IN THE STATE OF FLORIDA; GRANTING OTHER APPROVALS REQUIRED BY FEDERAL LAW AND BY THE COUNTY; AUTHORIZING THE ISSUER TO ENTER INTO FINANCING AGREEMENTS AND OTHER INSTRUMENTS IN CONNECTION WITH THIS BOND ISSUE; PROVIDING APPROVAL OF THE PUBLICATION OF THE NOTICE OF THE PUBLIC HEARING HELD IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS BY THE ISSUER; PROVIDING FOR REPEAL OF CONFLICTING PROVISIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Fla. Stat. Ann. §159.27(12) et seq., as amended (the “Act”), provides for the creation for a housing finance authority in each county in the State of Florida (the “State”) for the purpose of alleviating a shortage of housing available at prices or rentals which persons of moderate, middle, or lesser income can afford, and a shortage of capital for investment in such housing; and WHEREAS, pursuant to the provision of the Act, on May 12, 2015, the Issuer adopted its Inducement Resolution (the “Resolution”) indicating its intent to issue not exceeding $13,000,000 of its revenue bonds in one or more series (collectively, the “Bonds”), for the purpose of facilitating the plan of finance consisting of the financing or refinancing of the acquisition and rehabilitation of multifamily residential housing facilities owned by ECH II - Captains Quarters, LLC (the “Borrower”), consisting of certain existing low-income multi-family rental housing facilities (and associated capital expenditures) (the “Affordable Housing Project”) further described in Exhibit “A” (also known as the “Facilities”), which presently contain approximately 355 units within the territorial limits of the County (the “Plan of Finance”), to the end that the Issuer may be able to improve the prosperity and welfare of the State and its inhabitants by encouraging the development and preservation of affordable, decent, safe, and sanitary housing, and to finance the cost of such qualifying housing development and related facilities by the issuance of its revenue bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), requires public approval of certain revenue bonds by the governmental unit on behalf of which such bonds are to be issued, following a public hearing; and WHEREAS, pursuant to the requirements of the Code, a public hearing was scheduled for May 12, 2015, at 6:00 p.m., and notice of such hearing was given in the form and in the manner required by the Code; and WHEREAS, the Issuer, on behalf of the Board, has conducted the public hearing and provided reasonable opportunity for all interested persons to express their views, both orally and in writing, and diligently and conscientiously considered all comments and concerns expressed by such individuals, if any; and WHEREAS, the Issuer has presented the Board with a report of such public hearing (the “Report”), a copy of which is attached hereto as Exhibit “B;” and WHEREAS, pursuant to Section 147(f) of the Code, the Board desires to approve the Plan of Finance and the issuance and sales of the Bonds solely for purposes of the Code; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: SECTION 1. PUBLIC HEARING NOTICE AND REPORT APPROVED. The Board