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ORDINANCE NO. 325$ -83
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, AUTHORIZING THE MAKING OF A
MORTGAGE LOAN THROUGH A QUALIFIED LENDING
INSTITUTION FOR RENTAL TO MODERATE, MIDDLE OR LESSER
INCOME FAMILIES FOR THE CONSTRUCTION, PURCHASE OR
REHABILITATION OF QUALIFYING HOUSING DEVELOPMENTS;
AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7;375, 000
MORTGAGE REVENUE BONDS, SERIES 1983, OF THE CI'T'Y FOR
THE PURPOSE OF FUNDING SUCH MORTGAGE LOAN; PRO-
YIDING THAT SUCH BONDS SHALL BE PAYABLE SOLELY FROM
THE REVENUES HEREIN PROVIDED THEREFOR; APPROVING THE
FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
TRUST INDENTURE SECURING THE HOLDERS OF SUCH BONDS,
A FINANCING AGREEMENT IN CONNECTION THEREWITH AND.
SUPPLEMENTAL REGULATORY AGREEMENT; PROVIDING
CERTAIN OTHER DETAILS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CLEAR-
WATER, FLORIDA, that:
SECTION 1. AUTHORITY. This ordinance is adopted pursuant to the pro-,
visions of Chapter 166, Florida Statutes, Ordinance No. 3215-8 duly enacted by the City
Commission of the City on September 15, 1983, and other applicable provisions of law
(hereinafter collectively referred to as the "Act").
SECTION 2. FINDINGS AND DETERMINATIONS. The City of Clearwater,
Florida (the "Issuer") hereby finds and determines as follows:
A. The Issuer is authorized and empowered under the Act to assist in
alleviating the shortage of housing in the City of Clearwater, Florida (the "City"), for
eligible persons and families of moderate, middle or lesser income, and alleviating the
shortage of capital available for investment in such housing; to make mortgage loans,
including federally insured and guaranteed mortgage loans, and promissory notes executed
in connection with such mortgage loans for the construction of "qualifying housing
developments" (as that term is used in the Act); and to issue and deliver revenue bonds of
the type hereinafter described to provide funds from which such loans may be made.
B. There is a shortage in the City of housing available at prices which many
persons or families of moderate, middle or lesser income can afford, which shortage has
been found by the City to constitute a threat to the health, safety, morals and welfare of
the State and the City, to deprive the State and the City of an adequate tax base and to
cause the State and the City to make extra expenditures for crime prevention and control,
public health, welfare and safety, fire and accident protection, and other public services
and facilities.
C. Factors contributing to the shortage of affordable housing and capital
available for Investment in such housing include (i) an increase in the population of the
City without: a corresponding increase in the construction of new multi-family housing
LKL-8/2Z/83-2078
Rev.8/31/83 -I-
Ord. 3258-83 10-6-83
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rental units, (ii) a decline in the quality of the existing housing stock and an Increase in
the number of substandard units In the City, and (iii) a significant escalation in interest
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rates fr.m conventional private sources which, under current lending practices, has
prevented many City residents from obtaining sanitary, decent and safe housing.
Although existing federal moderate, middle and lesser income housing programs are
available to some City residents, those programs are not available to many families who
are unable to afford decent, safe and sanitary housing.
D. The use of public funding to make or stimulate Loans at reduced interest
rates will assist in alleviating the shortage of existing affordable housing by making
financing for rental housing available at below market interest rates thereby enabling
such persons to obtain sanitary, decent and safe housing that they could not otherwise
afford,
E. Many persons and families with total income of $33,975 or. less require
such assistance as Is made available pursuant to the provisions of the Act to obtain
decent, safe and sanitary housing in the City. As determined in the exhibits attached
hereto, (the "Exhibits"), persons and families with incomes of $33,975 or less (as adjusted
for family size and as otherwise provided in the Exhibits) and meeting the other criteria
of an "Eligible Tenant's under the Exhibits, constitute "eligible persons" within the
meaning of the Act. The City recognizes that inflationary housing and cost of living
increases after the date of enactment of this ordinance may warrant corresponding
increases in this amount. Consequently, the City hereby retains the right to make such
adjustments as may be necessary to reflect the effects of inflation on income levels for
low,' moderate and middle Income persons and families qualifying as Eligible Tenants..
F. The housing development to be financed pursuant to the Exhibits
constitutes a qualifying housing development under the Act.
G. It is desirable and in the public interest to provide funds to make a
mortgage loan to finance a housing development for rental to Eligible Tenants by the
issuance of 'bonds to be designated "Mortgage Revenue Bonds, Series 1983 (F11A Insured
Apartments
Mortgage Loan - Drew Gardens /Project)" in the aggregate principal amount of not
exceeding $7,,374000 (the "Bonds"), pursuant to the terms of the Trust Indenture between
the City and'the bank or trust company named in the Exhibits (the "Trust Indenture"), in
substantially the form attached hereto as Exhibit A, and made a part hereof.
H. The Bonds shall be payable solely from and secured by the sources
spe6ifled in the Trust Indenture. The Bonds and the interest thereon do not constitute a
debt, liability, general or moral obligation or a pledge of the faith or loan of the credit of
the City,. Pinellas County, the State of Florida or any political subdivision thereof.
LKIr-8/22/83-207B
Rev.8/31/83
Ord. 3258-83
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10-6-83
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.? ? _%!^2.,"C. ... <r.:?? .. ?.':r.._?e f'$t ,..., ... ..,s,>.. ., .._. ?'xt ?4^?.?.af.:?: ..:}.rS t??!Y?..;.+,-_ .... :.•?:' _ „? n..:...'.Gr., .::.a???. ,.... ":; -:":???,w?..,.1snt":.:c ..?s'i'
=r oil, a Neither the City, the County, the State of Florida or any political subdivision
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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 expressly provided in
the Trust Indenture.
SECTION 3. AUTHORIZATION OF TRUST INDENTURE, FINANCING
AGREEMENT, SUPPLEMENTAL REGULATORY AGREEMENT, AND BONDS.
The execution of the Trust Indenture, the Financing Agreement, and the Supple-
mental Regulatory Agreement as to Tax Exemptions, in substantially the forms
attached hereto as Exhibits A, B and C, respectively, are hereby authorized,
and the proper officers of the City shall execute the same with such changes and
additions as shall be hereafter approved by such officers (such approval of such
.final form to be presumed by their execution thereof). The issuance of the Bonds
.in not exceeding the aggregate principal amount described above is hereby
authorized pursuant to the Trust Indenture. The date; interest rates, interest
payment dates, maturities, redemption provisions and other marketing features
of the Bonds shall be fixed at the time of sale of the Bonds by resolution of the
City Commission supplementing this ordinance.
SECTION 4. OTHER APPROVALS.. The form of Mortgage Servicing
Agreement in substantially the form attached hereto as Exhibit D, is hereby
approved, and the Trustee and other parties named therein are requested to
execute and deliver such documents for the pruposes herein and therein stated.
The forms of Building Loan Agreement, Mortgage Note and Mortgage referred
to in the Exhibits"shall'be approved by resolution of the City Commission at the
time of sale of the Bonds.
SECTION §.. AUTHORIZATION OF ALL OTHER NECESSARY ACTION.
agreements or provisions of this ordinance and the Exhibits should be held
contrary to any express provision of law or contrary to the policy of express law,
though not expressly prohibited, or against public policy, or shall for any reason
The .proper officers of the City are hereby further aurhorized to take all such
additional necessary action on behalf of the City as shall be necessary to
implement the program specified in this ordinance and in the Exhibits.
SECTION 6. SEVERABILITY, If any one or more of the covenants,
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Ord.' 325`)-83 10-6-83
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y? ?3 ST, PETERSBURG TIMES 9 ? ?A b a 00
and EVENING INDEPENDENT 3GI1
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Publhbwd Wly
St. Petersburg, Pinellas County, Florida
STATE OF FLORIDA S.S.
COUNTY OF PINELLAS
Before the undersigned authority personally appeared k-6 _.T.r YJJ:ar-_-__
whoonoathsaysthathemronr Counter. Clk_ofthe (Jearwatex Times
a daily newspaper published at St. Petersburg, in Pinellas County, Florida: that the
attached copy of advertisement, bein a . _ a4e 9,1 _ IIQ ?g
in the matter ---------- $F-z-I44tJ•cQ- Rt-P-KQRoggd_eAaeM e11-t_ i
------------------ Ordinance
---------------------------------- in the----------------------- Court
was published in said newspaper in the issues of -- _5AR
Affunt further says the said Clearwater Times is a newspaper
published at St. Petersburg, in Said Pinellas County, Florida, and that the said news-
paper has heretofore been continuously published in said Pinellas County, Florida,
each day and has been entered as second class mail matter at the post office in St. Pe-
tersburg' in said Pinellas County, Florida, for a period of one year next preceding the
first publication of the attached copy of advernsement; and afEiant further says that
he has neither paid nor promised any person, firm, or corporation any discount, rc-
bate, commission or refund for the purpose of securing thu advertisement forpubli•
cation in the said newspaper.
Sworn to and subscribed
before me this ---211%1; day of
41 r?eQr. : A 1983
(SEAL) Notary P bLf6-
Natary Public, Slate of norlda o1 LarR±
My Commission expires My Commisa,cn k. uca FEs, 1, 1937
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