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

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 hereby approves the form and the manner of publication of the Notice of Public Hearing (the “Notice”) published in the Northwest Florida Daily News, a newspaper of general circulation in the jurisdiction of the Board on April 28, 2015, not less than fourteen (14) days prior to the hearing date. A certified affidavit establishing proof of proper publications of the Notice, a copy of which is attached hereto as Exhibit “C,” is accepted into the record. The Board hereby accepts the Report, a copy of which is attached hereto as Exhibit “B.” SECTION 2. PLAN OF FINANCE, BONDS AND OTHER ACTIONS APPROVED. After diligent and conscientious consideration of the views expressed by the persons appearing at the public hearing as described in the Report, the Board hereby approves, solely for purposes of and within the meaning of Section 147(f) of the Code, the Plan of Finance and the issuance by the Issuer of the Bonds in the not exceeding amount set forth herein for the purposes herein described. SECTION 3. NO LIABILITY OF THE COUNTY; COMPLIANCE WITH ARTICLE 46 OF THE OKALOOSA COUNTY CODE. Nothing herein shall be deemed to create any obligations or liability of the County in any respect whatsoever. No statement, representation or recital made herein shall be deemed to constitute a legal conclusion or a determination by the Board that any particular action or proposed action is required, authorized or permitted under the laws of the State or the United States. The County makes no recommendation regarding the advisability of investment in the Bonds and has not evaluated the creditworthiness of the Bonds for suitability of investment. The County has no obligation to make any payment whatsoever with respect to the Bonds. The Issuer and the Borrower shall comply with the applicable provisions of the Okaloosa County Code. Nothing contained herein shall be deemed to grant any planning, zoning or other similar type approval with respect to the properties described in Exhibit “A” attached hereto. SECTION 4. REPEALING CLAUSE. All resolutions or parts thereof of the Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. 2  SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption this 4th day of August, 2015. (SEAL) OKALOOSA COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS By: ______________________________ Nathan D. Boyles, Chairman ATTEST: _____________________________, CLERK OF THE CIRCUIT COURT ______________________________ Deputy Clerk Approved as to form and legality: By: _______________________ County Attorney 3  EXHIBIT “A” The Project Facilities consist of the following multi-family apartment complexes to be owned by the Borrower: Name Address # Occupancy (Acres) Units Cape Drive 20-26 Cape Dr. 12 100.0% 1.29 Captains Headquarters 19 Chestnut Ave. 80 92.5% 1.88 Glenwood 201 Troy Street & 22 100.0% .71 50 Kelly Ave. Landview 511 Landview Dr. 4 75.0% .18 Lowery Village 401-405 Lowery Dr. 16 93.8% .32 Monta Villa 517 – 523 Circle Dr. 12 91.7% .53 Niceville 203 Kelly & 20 100.0% .99 700 Howell Rd. Oak Leaf 1402 – 1408 Beverly St. 16 93.8% 1.01 Shangra Woods 940 – 949 Ashley 48 93.8% 1.15 Soft Breeze 103 Water St. 16 98.0% .57 Sugar Loaf 958 Denton Blvd. 7 88.9% .45 Third St. 206 3rd St. 18 100.0% .34 Union Village 515 – 517 Union St. 16 100.0% .55 Viking 401 Rogers St. 10 100.0% .34 Walton Isle 362 Bluefish Dr. 8 100.0% .28 Wesvue Apartments 951 McFarlan & 50 98.0% 1.31 953 McFarlan Ave. TOTALS 355 95.5% 11.90 A-1  EXHIBIT “B” THE TOWN OF SHALIMAR, FLORIDA On May 12, 2015, the Town of Shalimar, Florida conducted a public hearing at which members of the general public were invited to provide comments on the proposed issuance by the Issuer of its Multi-Jurisdictional Multi-family Housing Revenue Refunding Bonds (ECH II – Captains Quarters, LLC Project) Series 2015, in an aggregate principal amount of not to exceed $13,000,000, in one or more series, to provide financing for a low, moderate and middle income rental housing project, namely the multi-family apartment complexes, to consist of approximately 355 units of multi-family residential rental facilities located on sixteen (16) properties, on (the “Project”), to be occupied by persons of low, moderate and middle income and owned and operated by ECH II – Captains Quarters, LLC, a Florida limited liability company, or one of its affiliates (the “Owner”). Notice of the hearing was published in the Northwest Florida Daily News or April 28, 2015 (a copy of the Affidavit of Publication is attached hereto). The Issuer did not receive written comments prior to the hearing. At the meeting no members of the audience offered any comments with respect to the proposed financing. B-1  EXHIBIT “C” I:\TX.12\10000\10743.0219.Resolution (BOCCOOC). 7 29 2015 (C) C-1