Okaloosa County BOCC — October 15, 2013 — Escambia County Housing Fin Auth Docs — reading text

Elbert Jones Jr Executive Director jones @escambiahfa.com seme WE: Efbertjiones@éscambiahta.com Tl = AS = : Karyn Norton ; ; Assistant Executive Director E Sc M B / A C O U NTY karyn.norton@escambiahta.com HOUSING FINANCE AUTHORITY C.J. Pipkins Housing Program Director cjpipkins@escambiahfa.com Fran Jones Accountant fran. jones@escambiahfa.com WWW.ESCAMBIAHFA.COM Serving 1° Time Homebuyers since 1982... Providing below market interest rate mortgage loans in over 24 counties in Florida. 700 South Palafox Street, Suite 310 « Pensacola, Florida 32502-5958 Phone: (850) 432-7077 « Fax: (850) 438-5205 « Toll Free: (800) 388-1970 September 5, 2013 (VIA FEDERAL EXPRESS) Karen Rossi, Executive Assistant IT Okaloosa County Administrator's Office 1804 Lewis Turner Blvd., Ste. 400 Fort Walton Beach, FL 32547 Re: Escambia County Housing Finance Authority Single Family Mortgage Revenue Bonds (Multi-County Program) (the “Program’’); and TEFRA Hearing Scheduled — September 17, 2013 at 9:00 am Dear Ms. Rossi: Enclosed please find the following items for the agenda package for the above-referenced TEFRA Hearing: (1) Affidavit of Publication for the public hearing; (2) Resolution of the Board of County Commissioners; and (3) Interlocal Agreement, the form of which is approved pursuant to the Resolution and authorizes the County to participate in the above-referenced Program. Note that the Resolution should be adopted following the public hearing. Also enclosed are four copies of the Resolution and four execution copies of the Interlocal Agreement. Upon adoption by the Board, please have (i) two certified copies of the Resolution and (ii) three originals of the fully executed Interlocal Agreement returned to bond counsel for the Authority at the address shown below (I have enclosed a pre-paid Federal Express label for your convenience). We will return onc fully executed Interlocal Agreement to the County once executed by the Authority. Richard I. Lott, Partner McGuireWoods LLP ATTN: Nealon Starr (Escambia Housing Program) 25 West Cedar Street, Suite 211-500 Pensacola, Florida 32502 If you have any questions or require additional information prior to the Board meeting, please do not hesitate to contact us. Thanks for all your help. Sincerely, C.J. Pipkins Assistant Executive Director Enclosures RESOLUTION NO. 13-__ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE BOUNDARIES OF OKALOOSA COUNTY, FLORIDA, AND APPROVING A PLAN TO FINANCE SINGLE FAMILY MORTGAGE LOANS ON BEHALF OF OKALOOSA COUNTY, FLORIDA; AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS TO ENTER INTO AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO EXECUTE AND DELIVER CERTAIN DOCUMENTS AND INSTRUMENTS IN CONNECTION THEREWITH; APPROVING A FORM OF = INTERLOCAL AGREEMENT; APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, Florida Statutes, (the “Act’”) authorized counties to create housing finance authorities to exercise powers of the Act within their boundaries or outside their boundaries with the consent of the governing body of the territory outside their area of operation; and WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the “Escambia Board”) on May 29, 1980, enacted Ordinance No. 80-12 and on March 20, 2003, the Escambia Board enacted Ordinance 2003-8 (collectively, the “Ordinance”), creating the Escambia County Housing Finance Authority (the “Authority’”) and authorized the Authority to exercise all powers under the Act subject to approval by the Escambia Board as a condition precedent to the effectiveness of the certain actions of the Authority; and WHEREAS, there is no housing finance authority currently operating in Okaloosa County, Florida (“Okaloosa County”); and WHEREAS, pursuant to the Act, the Board of County Commissioners of Okaloosa County, Florida, (the “Okaloosa Board”) has found a shortage of affordable housing and capital for investment therein and a need for a housing finance authority to function in Okaloosa County; and WHEREAS, it is not practicable at this time under existing Florida and Federal laws and regulations for a single local agency to issue its mortgage revenue bonds for the purpose of implementing a single family housing program, although the shortage of such single family housing and capital available for investment therein is continuing in Okaloosa County; and WHEREAS, the Authority by Resolution No. 2013-02 duly adopted on May 14, 2013, as amended and supplemented (the “Enabling Resolution”), authorized a plan of finance (the “Plan’”), as permitted by Section 5f.103-2(f)(3) of the Regulations under the Internal Revenue Code of 1986, as amended (the “Code’’), for the operation of a TBA Program (herein defined) or by the issuance from time to time of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds (Multi-County Program) (the “Bonds” or the “Escambia Bonds’’) in multiple series (the “Program”); and WHEREAS, because the restrictions attendant to qualified mortgage revenue bonds under the Code limits the availability of mortgage funds for many eligible persons (within the meaning of the Act), the Authority may also issue taxable mortgage revenue bonds to increase the amount available for mortgage loans and to reduce or ameliorate such restrictions upon eligible persons; and WHEREAS, the Program heretofore approved by the Authority includes a program pursuant to which mortgage loans are originated pursuant to a Program Invitation and Parameters dated as of July 1, 2012, as amended and supplemented, and a Master Mortgage Origination Agreement dated as of July 1, 2012, as amended and supplemented (the “TBA Program”), and in order to enhance the efficiency of the TBA Program, the Authority authorized the interim purchase by the Authority (directly by the Authority or pursuant to a warehousing arrangement) of mortgage-backed securities backed by mortgage loans originated under the TBA Program, and further authorized the subsequent sale thereof by the Authority into the TBA market, and, following the issuance of a series of Bonds, the purchase by the trustee under the trust indenture securing such series of Bonds of any then available mortgage-backed securities; and WHEREAS, the Authority has indicated that, pursuant to the Plan, it expects to issue the Bonds from time to time with such particular Series designations as shall be appropriate in an aggregate principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, the Okaloosa Board desires to authorize certain actions as necessary in connection with participation in the Plan and the Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement dated as of September 17, 2013 (the “Interlocal Agreement”); and WHEREAS, Section 147(f) of the Code requires public approval of certain private activity bonds and the Plan therefor by an applicable elected representative or governmental unit following a public hearing and the Okaloosa Board constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled before the Okaloosa Board on behalf of the Okaloosa Board, the Escambia Board and the Authority for September 17, 2013, at 9:00 a.m. or as soon thereafter as practicable, and notice of such hearing was given in the form required by the Code by publication more than fourteen (14) days prior to such hearing; and WHEREAS, the Okaloosa Board, has on September 17, 2013, held the public hearing and provided at such hearing reasonable opportunity for all interested individuals to express their views, both orally and in writing, on the issuance of the Bonds; and WHEREAS, the Okaloosa Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Okaloosa Board desires to express its approval of the action to be taken pursuant to the Enabling Resolution and the Act, and as required by Section 147(f) of the Code; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: Section 1. Because of the continuing shortage of affordable single family housing and capital for investment therein in Okaloosa County and the continuing impediments to a bond issue to alleviate such shortages as to single family housing, it is hereby determined that the Okaloosa Board consents to the Authority exercising its powers (i) to issue the Bonds, (ii) to implement the Plan to provide capital from sources of funds available to the Authority, including but not limited to a portion of the proceeds of the Bonds and proceeds of obligations refunded by the Bonds, and (iii) to establish the Program to finance mortgage loans for single family housing within the statutory boundaries of Okaloosa County; provided, that the Authority and Okaloosa County first enter into a written agreement setting forth the powers, duties and limitations of the Authority as they pertain to the use of said Bond proceeds within Okaloosa County and payment of the issuance costs for such Bonds. Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice-Chairman and Clerk or Deputy Clerk of the Okaloosa Board are hereby authorized to execute such consents, intergovernmental agreements, applications, instruments or other documents as shall be required to implement participation by the Okaloosa Board of such Program and to provide for payment of Okaloosa County’s proportionate share of the costs thereof, including but not limited to the costs of issuance of such Bonds, all as shall be approved by counsel to Okaloosa County. Section 3. The Interlocal Agreement, in substantially the form attached hereto as Exhibit “A”, and made a part hereof, between Okaloosa County and the Authority is hereby approved. The officers of Okaloosa County are hereby authorized to enter into such Interlocal Agreement on behalf of Okaloosa County with such changes not inconsistent herewith as the officers executing same may approve, such execution and delivery to be conclusive evidence of such approval. The appropriate officers of Okaloosa County are hereby further authorized to execute and deliver such other documents and instruments as may be necessary to implement such Plan and the Program, including, without limitation, application for up to the maximum available private activity bond volume allocations pursuant to the Act and the Plan, for the purposes set forth in the Interlocal Agreement. Section 4. The Okaloosa Board hereby approves, within the meaning of Section 147(4) of the Code, the Authority’s Plan and the issuance by the Authority in multiple series from time to time of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, ' initially designated as “(Multi-County Program),” with such particular Series designation as shall be appropriate, for funding the Authority’s Program and such other action to be taken pursuant to the Enabling Resolution or the Act. Section 5. The principal of and premium, if any, and interest on the Bonds and all payments required under the proposed financing agreements, including the Interlocal Agreement, shall be payable solely by the Authority from the proceeds derived by the Authority under the proposed financing agreements, and Okaloosa County shall never be required to (i) levy ad valorem taxes on any property within its territorial limits to pay the principal of and