Broward County Commission Regular Meeting

MOTION TO ADOPT Resolution No. 2014-225 of the Board of County Commissioners of Broward County, Florida, approving a Plan of Financing involving the issuance by the Housing Finance Authority of Broward County, Florida of its Single Family Mortgage Revenue Bonds (the “Bond”) in an aggregate face amount of not to exceed $250,000,000; approval of the bonds as required by Section 147(f) of the Internal Revenue Code of 1986, as amended; approving the minutes of a public hearing in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended; authorizing the proper Officers to do all things necessary or advisable; and providing an effective date for this Resolution.

ACTION: (T-10:23 AM) Approved.

VOTE: 8-0. Commissioner Ritter was not present.

ACTION: (T-10:45 AM) The Board reconsidered the Consent Agenda for Item 28. (Refer to minutes for full discussion.)

VOTE: 9-0. Commissioner Ritter voted in the affirmative telephonically.

Prior to the issuance of a Series of Bonds, the Housing Finance Authority of Broward County must obtain the Board of County Commissioners’ approval pursuant to the Code and Sections 8 and 10 of the Ordinance.

Allows the Housing Finance Authority of Broward County as part of a Plan of Finance to issue Single Family Mortgage Revenue Bonds in one or more series in an aggregate  face amount of not to exceed $250,000,000 within the meaning of Section 147(f)(c) of the Internal Revenue Code of 1986 (the “Code”).

None

THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY DEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
 

The Single Family Mortgage Revenue Bonds (SFMRB) will be used to provide funds to refund certain outstanding obligations of the Housing Finance Authority of Broward County (the “HFA”) and/or to purchase federally insured or guaranteed mortgage loans originated by participating local lending institutions to finance or refinance the purchase of new or existing owner-occupied single-family residences in Broward County. The SFMRB also allows for the purchase of securities from a master servicer backed by a pool of qualifying mortgage loans or may be used in conjunction with a Mortgage Credit Certificate (MCC) program or Multifamily carry forward.  
 

At its regular Board meeting on October 9, 2013, the HFA approved Resolution No. 2013-013 to issue SFMRB in an aggregate face amount not to exceed $250,000,000, and authorizing to hold a Tax Equity and Fiscal Responsibility Act (“TEFRA”) hearing within the Code. The Resolution was approved as to form by the Office of the County Attorney.  

The HFA held a TEFRA hearing on February 12, 2014, as required by the Code, after proper notice was published on January 27, 2014 in the Sun Sentinel Newspaper, for the purpose of giving all interested persons the opportunity to express their views in connection with approval of the issuance of the Bonds.  
 

Adoption of this Resolution a) approves the issuance of the SFMRB in an aggregate face amount not to exceed $250,000,000 and b) ratifies the minutes of the TEFRA hearing held on February 12, 2014 as required by the Code.  It should be noted that the use of this funding for any specific project(s) will require approval from both the HFA and Board.