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ORDINANCE NO. 3215'-83
AN ORDINANCE DECLARING A SHORTAGE OF AFFORDABLE
HOUSING IN THE CITY OF CLEARWATER, FLORIDA; PROVID-
ING FOR THE RELIEF OF SUCH SHORTAGE BY AUTHORIZA-
TION OF FINANCING OF ACQUISITION, CONSTRUCTION AND
REHABILITATION OF QUALIFIED HOUSING FOR PERSONS OR
FAMILIES OF MODERATE, MIDDLE OR LESSER INCOMES; PRO-
VIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1. Find' and Declaration of Necessity. - It is found and declared
that:
(1) Within the City of. Clearwater, Florida, there is a shortage of housing
available at prices or rentals which many persons and families can afford, and a shortage
of capital for investment in such housing. This shortage constitutes a threat to the
health, safety, morals and welfare of the residents of the City, deprives the City of an
adequate tax base, and causes the City to make excessive expenditures for crime
prevention and control, public health, welfare, and safety, fire and accident protection,
and other public services and facilities.
(2) Such shortage cannot be relieved except through the encouragement of
investment by private enterprise and the stimulation of construction and rehabilitation of
housing through the use of public financing.
(3) The financing, acquisition, construction, reconstruction, and rehabili-
tation of housing and rrf the real and personal property and other facilities necessary,
incidental, and appurtenant thereto are exclusively public uses and purposes for which
public money may be spent, advanced, loaned, or granted and are governmental functions
of public concern.
f
(4) The Congress of the United States has, by the enactment of amendments
to the Internal Revenue Code of 1954, found and determined that housing may be financed
by means of obligations issued by any state or local governmental unit, the interest on
which obligations is exempt from federal income taxation, and has thereby provided a
method to aid state and local governmental units to provide assistance to meet the need
r
for housing, ,
(5) The provisions of this ordinance are found and declared to be necessary
and in the public interest as a matter of legislative determination.
SECTION 2. Definitions. - As used in this ordinance:
(1) "Area of operation" means the area within the territorial boundaries of
the City.
L KL-8/22/834207B 1
Ord. 3215-83 9-15-83
(2) "Bonds" means any bonds, notes, debentures, interim certificates, or
other evidences of financial indebtedness issued by the City under and pursuant to this
ordinance.
(3) "Housing development" means any residential building, land, equipment,
facility, or other real or personal property which may be necesspry, convenient, or
desirable in connection therewith, including streets, sewers, water and utility services,
parks, gardening, administrative, community, health, recreational, and educational facili-
ties, and other facilities related and subordinate to moderate, middle, or lesser income
housing, and also includes site preparation, the planning of housing and improvements, the
acquisition of property, the removal or demolition of existing structures, the acquisition,
construction, reconstruction, and rehabilitation of housing and improvements, and all
other work in connection therewith, and all costs of financing, including without
limitation the cost of consultant and legal services, other expenses necessary or incident
to determining the feasibility of the housing development, administrative and other
expenses necessary or incident to the housing development and the financing thereof
(including reimbursement to any municipality, county, or entity for expenditures made
with the approval of the City for the housing development), and interest accrued during
construction and for a reasonable period thereafter.
(4) , "Lending institution" means any bank or trust company, mortgage
banker, savings bank, credit union, national banking, association, savings and loan
association, building and loan association, insurance company, or other financial institu-
tion authorized to transact business in Florida and to provide service or otherwise aid in
the financing of mortgages located in Florida.
(5) "Qualifying housing development" means any housing development which
the City finds will assist in alleviating the shortage of housing in the area of operation of
the City.
(6) "Eligible persons" means persons or families, irrespective of race, creed,
national origin, or sex, determined by the City to be of moderate, middle or lesser income
requiring such assistance as is made available pursuant to this ordinance on account of
insufficient personal or family income and taking into consideration such facts as;
(a) The amount of the total income of such persons and families
available for housing needs.
(b) The size of the family.
(c) The cost and condition of available housing facilities.
LKL-8/22/83-#207B 2
Ord. 3215-83 9-15-83
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(d) The ability of such persons and families to compete successfully in
the normal, private housing market and to pay the amounts for which private enterprise is
providing sanitary, decent, and safe housing.
(e) If appropriate, the standards established for various federal programs
determining eligibility based on income of such persons and families.
SECTION 3. Powers of City. The City, exercising the public and essential
governmental functions set forth in this ordinance, shall have and may exercise the
following powers:
(X) To sue and be sued, to have a seal and to alter the same at pleasure, to
have perpetual succession, to make and execute contracts and other instruments neces-
sary or convenient to the exercise of the powers of the City, and to make and from time
to time amend and repeal by-laws, rules, and regulations, not inconsistent with this
ordinance, to carry into effect the powers and purposes herein set forth.
(2) To purchase or make commitments to purchase or to make loans for such
purpose, and to take assignments of, from lending institutions acting as a principal or as
an agent of the City, or to make to lending institutions or other qualified borrowers
mortgage loans and promissory notes accompanying such mortgage loans, including
federally insured mortgage loans or participations with lending institutions in such
promissory notes and mortgage loans for the construction, purchase, reconstruction, or
rehabilitation of the qualifying housing development or portion thereof; to purchase an
interest in a mortgage portfolio; provided, that the proceeds of sale or equivalent moneys
shall be invested in mortgage loans for qualifying housing developments by the lending
institutions.
rf (3) To make loans or deposits to lending institutions under terms and
conditions requiring the proceeds thereof to be used by such lending institutions for the
making, of new mortgages for any qualifying housing development, or portion thereof,
located, wholly or partially within the area of operation of the City. Prior to making a
loan or deposit to a lending institution which makes such loans or provides such financing,
the lending institution must agree to use the proceeds of such loan or deposit within a
reasonable period of time to make loans or to otherwise provide financing for the
acquisition, construction, reconstruction, or rehabilitation of a housing development or
portion thereof, and the City must find that such loan will assist in alleviating the
shortage of housing and of capital for investment in housing within its area of operation.
(4) To invest, either at its own direction, or if so provided in the City's
housing program, at the direction of the lending institution or institutions for whose
LKL-8/22/83-#207B 3
Ord. 3215-83 9-15-83
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benefit the investments will be made, any funds held in reserves or sinking funds or any
funds not required for immediate disbursement in property or securities which are (i)
lawful investments for the City, or (ii) if at the direction of lending institutions, which are
lawful investments for such lending institutions.
SECTION 4. Planning, Zoning and Building Laws. Each qualifying housing
development shall be subject to the planning, zoning, health, and building laws, ordin-
ances, and regulations applicable to the place in which such qualifying housing develop-
ment is situate.
SECTION 5. Bonds.
(1) The City may issue revenue bonds from time to time in the discretion of
the City for, the purposes of this ordinance. The City may also issue refunding bonds for
the purpose of paying, retiring, or refunding bonds previously issued by it. The City may
issue such types of bonds as it may determine; provided that the principal and interest on
such bonds are payable solely and only from all or any portion of the following sources:
(a) The proceeds of the bonds (until otherwise applied as provided in
the instruments authorizing the bonds);
(b) The income, revenues and receipts derived from the loans, deposits
or mortgage portfolios made or purchased pursuant to Section 3 of this ordinance,
including insurance proceeds and proceeds of sale of the underlying mortgaged properties;
(c) All or any part of any payment made to the City pursuant to any
loan or deposit agreement or pursuant to a sale of any loan or loan commitment; or
(d) The income derived from investment of funds held pursuant to the
instruments authorizing the bonds.
(2) Any bonds issued pursuant to the provisions of this ordinance may be
secured by a mortgage or other security device upon residential real property.
(3) In no event shall any bonds issued pursuant to the provisions of this
ordinance be payable from the general revenues of the City.
(4) Neither the members of the governing body of the City nor any person
executing thq bonds shall be liable personally on the bonds by reason of the issuance
thereof. The bonds,issued pursuant to the provisions hereof, and the bonds shall so state
on their face, shall not be a debt of the City, the county or the state, or any political
subdivision thereof; and neither the City, the county, the state or any political subdivision
T
thereof, shall be liable thereon; nor in any event shall such bonds or obligations be payable
out of any funds or properties other than those specified in this see tion.
LKL-8/22/83-#2078 4
Ord. 3215-83 9-15-83
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SECTION 6. Form and Sale of Bonds.
(1) Bonds of the City issued pursuant to this ordinance shall be authorized by
an ordinance of the City and may be issued in one or more series and shall bear such
dates, mature at such times, bear interest at such rates, be in such denominations, be in
such form, either coupon or registered, carry such conversion or registration privileges,
have such rank or priority, be executed by such officials of the City and in such manner,
be payable in such means of payment at such places, and be subject to such terms of
redemption, with or without premium, as such ordinance or any trust indenture entered
into pursuant to such ordinance may provide.
(2) The bonds issued by the City shall be sold by the City pursuant to general
law.
(3) In case any official of the City whose signature appears on the bonds or
coupons shall cease to be an official before the delivery of the bonds or coupons, such
bonds shall, nevertheless, be valid and sufficient for all purposes, the same as if such
official had remained in office until such delivery. Any provision of law to the contrary
notwithstanding, any bonds issued pursuant to this ordinance shall be fully negotiable.
(4) In any suit, action, or proceeding involving the validity or enforceability
of any bond of the City or the security therefor issued pursuant hereto, any such bond
reciting in substance that it has been issued by the City to assist in providing financing of
a qualifying housing development to alleviate the shortage of housing in its area of
operation shall be conclusively deemed to have been issued for a qualifying housing
development of such character.
SECTION 7. Provisions of Bonds and Trust Indentures. In connection with
the issuance of bonds and in order to secure the payment of such bonds, the City, in
addition to the other powers granted pursuant to this ordinance, shall have power:
(1) To covenant against pledging or assigning all or any part of any payments
made pursuant to any loan or deposit agreement or pursuant to the sale of any loan or loan
commitment or against permitting or suffering any lien on such payments; and 'to
covenant as to what other, or additional, debts or obligations may be incurred by the City
with respect to any qualifying housing development.
(Z) To covenant as to the bonds to be issued and as to the issuance of such
bonds in escrow or otherwise and as to the use and disposition of the proceeds thereof; and
to provide for the replacement of lost, destroyed, or mutilated bonds; to covenant against
. extending the time for the payment of its bonds or interest thereon; and to redeem the
bonds, covenant for their redemption, and provide the terms and conditions thereof.
LKL-8/22/83-#2078 5
`'' Ord. 321583 9-15-83
.
(3) To create or to authorize the creation of special funds for moneys hold
for construction costs, loans, deposits, or loan purchases, debt service, reserves, or other
purposes; and to covenant as to the investment and disposition of the moneys held in such
special funds.
(4) To prescribe the procedure, if any, by which the terms of any contract
with the holder of any bonds may be amended or abrogated, the amount of the bonds the
holders of which must consent thereto, and the manner in which such consent may be
given.
(5) To covenant as to the rights, liabilities, powers, and duties arising upon
the breach by the City of any covenant, condition, or obligation; and to covenant and
prescribe as to events of default and terms and conditions upon which any or all of its
bonds or obligations shall become or may be declared due before maturity and as to the
terms and conditions upon which such declaration and its consequences may be waived.
(6) To vest in a trustee or trustees or the holders of bonds or any proportion
of them the right to enforce the payment of the bonds or any covenants securing or
relating to the bonds; to vest in a trustee or trustees the right, in the event of a default
by the City, to collect the payments made pursuant to any loan or deposit agreement or
pursuant to the sale of any loan, deposit or loan commitment and to dispose of such rights
in accordance with the agreement of the City with said trustee; to provide for the powers
and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the
terms and conditions upon which the trustee or trustees or the holders of bonds or any
proportion of them may enforce any covenant or rights securing or relating to the bonds.
SECTION 8. Construction of Ordinance. The provisions of this ordinance
shall be liberally construed in order to effectively carry out the purposes of this
ordinance.
SECTION 9. Effective Date. This ordinance shall become effective imme-
diately upon its enactment.
LKL-8/22/83-#207B 6
Ord. 3215=83 9-15-83
SECTYON 10 Notice Notice of the proposed enactment of this
ordinance has been properly advertised in a newspaper of general circulation
in accordance with Section 166.041, Florida Statutes.
September 1, 1983
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL 1983
15
,
September
READING AND ADOPTED
- E
' Mayor-•Commissioner
Attest.
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City•,Clerk
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3/S?/3aA1 PP?F0%4DIN6
Ty 3a ?? 3 IS l r' OW ORDIN c
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S.S. jq THE ice I iFFEe
COUNTY OF PINBLLA5 i! J!
?J? AN OIibINl11
L. Ta SOY AM[NDtN6
l3cforc the undcnignc 1 ,uthnr ry o 11 ap cd - ' cH?}deLeM
`Fronts GpoTnn£? 8a?Cdf the a------- REA %ij,i earwa who on oath says that he is PROVIDING
a daily newspaper published at 5t. Petersbur , is PinellasC? unty, Florida: the TM%NNT$ A
attached copy of advertiscmen beia uegaT Not.Tn _--_ I THis.ORDIN
in the matter ._-M's- Not-Co. ? _•Qroposed_ enact:ment_ o _ C SACNroNp0?1?N
...... REPEI?WIYQ
.- ---------------• ----..--_---....- ir%MNO'H
'. ----------- --- in the ----------------------- WITH eJO-1
j was published in said newspaper in the issues of _ AU9,USt, _31-,.- roR I?Na,
----------------------------Clearwater dimes - ----------. i+ts",kSiloi?i
1 ,
Affiant further says the sai is a news d ( ?s[AAA
OINQ
published at St. Petersburg, in Said Pinellas County, Florida, and that the said f `Et.
paper has heretofore been continuously published in said Pinellas County, Flt eETRN vi
each day and has been entered u second class mail matter at the post office in S 11R
tersburgg, in said Pinellas County, Florida, for a period of one year next preadic =RA 1 R-ic
first publication of the attached copy of advertisement; and affiant further say -o
he has neither paid nor promised any person, firm, or corporation any discoul 'ADbi
bate, commission or refund for the purpose of securing this advertisement for af?sa?IViH
cation in the said newspaper. a?
Sworn to and su?y itbcd k A r
before me this ........ day of
- u - - ,? 8 3/ TN CIS
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(SiiAL) Notary Public
Nolary Pilbti:. 51ito cl l'iorlda nt Large Altdif A
My; commission expires M Cammiwlol " t¢w,El.ii_1, 1DD7 DOP?xa
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