SUBJECT
title
Adopt Resolution approving issuance of Housing Finance Authority Multifamily Housing Revenue Bonds for Cypress Oaks Preservation, Ltd.
body
DESCRIPTION
Cypress Oaks Preservation, Ltd. (the "Borrower"), desires to finance a portion of costs of the rehabilitation of an approximately 140 unit multifamily rental housing facility for persons or families of low and moderate income, located at 336 Sandy Oaks Circle, Leesburg, Lake County, Florida (the "Development"), to be initially owned by the Borrower or an affiliate of the Borrower and has requested the Housing Finance Authority of Polk County, Florida (the "Authority") to issue its Multifamily Housing Revenue Bonds in one or more series (the "Bonds") to finance the rehabilitation of the Development by the Borrower.
The Authority has been granted "area of operation" authority within Lake County, Florida with respect to financing the Development.
The Authority desires that the Board of County Commissioners of Polk County, Florida (the "Board") approve the issuance by the Authority of the Bonds in one or more series, in an aggregate face amount of not to exceed $29,000,000, to finance a portion of the costs of the acquisition and rehabilitation of the Development for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code").
The Bonds shall not be deemed to constitute a debt, liability or obligation, or a pledge of the faith and credit or taxing power of the Authority, Polk County, Florida, Lake County, Florida or of the State of Florida or of any other political subdivision thereof, but shall be limited obligations of the Authority payable solely from the revenues and proceeds to be derived by the Authority under the financing agreements entered into in connection with the issuance of the Bonds and other security provided in connection therewith.
RECOMMENDATION
Approve the issuance of the Bonds by the Housing Finance Authority in an aggregate face amount of not ...
Click here for full text