board package - broward county, florida board meeting materials... · 2018. 4. 18. · 26 18 1...

BOARD PACKAGE

Meeting

APRIL 18, 2018

Chair: Colleen LaPlant • Vice Chair: Milette Thurston • Secretary: Donna Jarrett-Mays • Assistant Secretary: Daniel D. Reynolds Members: Ruth T. Cyrus • Kirk L. Frohme • Jose “Pepe” Lopez • John G. Primeau

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301

Tel: 954.357.4900 Fax: 954.357.8221

www.Broward.org/HFA

TO: Housing Finance Authority (“HFA) Board Members FROM: Norman Howard, Manager DATE: April 18, 2018 SUBJECT: HFA April 18, 2018, Board Meeting Corrections

Staff has made the following revisions to reflect the following listed below: CORRECTION REDLINES:

1. Agenda: Item #6, 2006 Single Family, Series A&B – Optional Redemption of Outstanding Bond.

2. Item #6 – Write-up (Present Situation)

Removal of double entry:

• “taken to initiate the Optional Redemption of HFA’s 2007 Bonds at which point”

“MOTION TO APPROVE” incorrectly stated:

• “Series 2007 ABBCD” should be read as “Series 2007 ABCD”

• “authorizing the use of Housing Finance Bonds;” should be read as “authorizing the use of Housing Finance Authority funds for the redemption;”

“MOTION TO APPROVE” language inclusion:

• authorizing the Sale of Securities currently held as collateral for the bonds;

Previous motion replaced:

MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), approving the Optional Redemption (“redemption”) in full of the Housing Finance Authority’s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABBCD, and Series 2007 EF (“Bonds”); authorizing the use of Housing Finance Bonds; authorizing the placement of released securities into the Housing Finance Authority’s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date.

http://www.broward.org/housing

2

Revised motion with redline correction should read: (See attached agenda).

MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), approving the Optional Redemption (“redemption”) in full of the Housing Finance Authority’s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABCD, and Series 2007 EF (“Bonds”); authorizing the use of Housing Finance Authority funds for the redemption; authorizing the Sale of Securities currently held as collateral for the bonds; authorizing the placement of released securities into the Housing Finance Authority’s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date.


110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301

Tel: 954.357.4900 Fax: 954.357.8221

www.Broward.org/HFA

REGULAR MEETING

A regular meeting of the Housing Finance Authority of Broward County (the “HFA), Florida,

will be held on Wednesday, April 18, 2018, at 5:30 p.m., in the 2nd Floor Conference Room,

located at 110 N.E. 3rd Street, Fort Lauderdale, Florida.

CALLING OF THE ROLL

CONSENT AGENDA ITEMS (1 through 2)

1. Approval of March 21, 2018, Regular Meeting Minutes

2. Executive Director’s (March) Operational Report

MOTION TO APPROVE the Consent Agenda Items 1 and 2.

REGULAR AGENDA

3. Mr. Liran Friedman, VanGuard Real Estate Services - Letter of Intent to Purchase Real

Estate (HFA Vacant Lot)

4. Financial Reports Monthly Overview – Ms. Linda Dufresne

MOTION TO APPROVE the Housing Finance Authority monthly financial report for

the month of March 31, 2018.

5. Good Faith Deposit - Policy and Procedures

MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward

County, Florida (“Housing Finance Authority”), amending the policies and

procedures for multi-family housing bond program of the Housing Finance Authority;

providing the Executive Director of the Housing Finance Authority to reduce the

Good Faith Deposit, for certain large bond transactions; providing for severability;

and providing for an effective date.

http://www.broward.org/housing

2

6. 2006 Single Family, Series A&B – Optional Redemption of Outstanding Bond

MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), approving the Optional Redemption (“redemption”) in full of the Housing Finance Authority’s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABCD, and Series 2007 EF (“Bonds”); authorizing the use of Housing Finance Authority funds for the redemption; authorizing the Sale of Securities currently held as collateral for the bonds; authorizing the placement of released securities into the Housing Finance Authority’s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date.

INFORMATION ITEM

7. Brokerage Investment Agreement - Policy and Procedures

PRESENTATION

8. Broward County Ethics Workshop – Annika Ashton

9. MATTERS OF HFA MEMBERS

10. MATTERS FROM THE FLOOR

11. NEXT BOARD MEETING

May 16, 2018

12. ADJOURNMENT


MINUTES

BOARD MEETING

Wednesday, March 21, 2018

A regular Board Meeting of the Housing Finance Authority (“HFA”) of Broward County was held on Wednesday, March 21, 2018, at 5:30 p.m., in the 2nd Floor Conference Room, located at 110 Northeast 3rd Street, Fort Lauderdale, Florida. The Chair, Colleen LaPlant, called the meeting to order at 5:30 p.m.

CALLING OF THE ROLL

A Roll Call was taken by Sonia Isme.

Board Members Present

Colleen LaPlant, Chair – Donna Jarrett-Mays, Secretary – John G. Primeau, Member – Jose

Lopez, Member – Kirk L. Frohme, Member

Board Members Absent

Daniel D. Reynolds, Asst. Secretary – Ruth T. Cyrus, Member – Milette Thurston, Vice Chair

Staff Also Present

Suzanne R. Fejes, Executive Director Deborah Zomermaand, Financial Advisory Svc

Norman Howard, Manager Linda Dufresne, Dufresne CPA Services, P.A.

Sonia Isme, Secretary

Annika Ashton, Senior Asst. County Attorney Ms. LaPlant, the Chair, acknowledged informational items provided to the board prior to discussion on agenda items, and moved item 7 to the consent agenda. CONSENT AGENDA ITEMS 1 – 5 and 7 1. Approval of February 21, 2018, Regular Meeting Minutes 2. Executive Director’s (February) Operational Report 3. S. Davis & Associates, P.A. (Agreement Option) 4. 2018 Florida Association of Local Housing Finance Authorities Education Conference,

St. Petersburg, Florida 5. Emerald Palms Apartments – Good Faith Deposit Reduction 7. Single Family Bonds – 2018 Mortgage Credit Certificate

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, FL 33301

Phone: 954.357.4900 Fax: 954.357.8221

www.broward.org/HFA

HFA Board Meeting Minutes – March 21, 2018

Page 2 of 3

MOTION TO APPROVE the Consent Agenda for March 21, 2018.

MOTION was made by John G. Primeau, seconded by Jose Lopez, to approve Consent Agenda Items 1 through 5 and 7. The motion carried unanimously.

6. Financial Reports Monthly Overview – Ms. Linda Dufresne Ms. Linda Dufresne provided a brief overview of the financial reports and itemized attachments. She mentioned there were no significant issues and that the numbers were consistent with the reported audited financials. She inquired whether anyone had questions pertaining Mr. Kirk Frohme’ s Q&A’s or questions on the financial report. Mr. Frohme referred to the Balance Sheet (Flux Report), Attachment 2 on Accumulated Depreciation assets and inquired what the Accumulated Depreciation – BOCC consisted. Ms. Dufresne responded the Broward County Board of County Commissioners (the “BOCC”) provided a list of assets allocated to the HFA from their books. There was a brief discussion between Linda Dufresne and Kirk L. Frohme on the Accumulated Depreciation accounts. Mr. Frohme requested verification on the BOCC Accumulated assets and balances for the next meeting. Ms. Dufresne confirmed that she will acquire the information requested. MOTION TO APPROVE the Housing Finance Authority Monthly Financial Reports for the month of February 28, 2018.

MOTION was made by Kirk L. Frohme, seconded by Jose Lopez, to approve the Housing Finance Authority monthly financial reports for February 28, 2018. The motion carried unanimously.

7. Single Family Bonds – 2018 Mortgage Credit Certificate (MCC) Program MOTION TO AUTHORIZE staff to publish a Mortgage Credit Certificate Public Notice; authorizing the assignment of Bond Counsel to assist in the preparation of the Public Notice; and authorizing the expenditures for such purposes not to exceed $2,500. Prior to the start of discussion, the Chair authorized item 7 to be moved to the consent agenda and board members motioned to approve. No further discussion on this item.

8. Multifamily Request for Applications - Ms. Deborah Zomermaand

Ms. Zomermaand reported there were no applications submitted.

HFA Board Meeting Minutes – March 21, 2018

Page 3 of 3

10. MATTERS OF HFA MEMBERS

Ms. LaPlant advised the board members to submit the S. Davis & Associates, P.A.

audit confirmation letters before leaving the meeting. Ms. Howard mentioned that all

envelopes must be sealed before submitting to staff.

Ms. Fejes informed board members the BOCC allocated $5 million annually from

general revenue accounts towards affordable housing for the next three years. The

intent would be to have an RFP utilizing the $5 million as gap financing for an HFA

project at a minimum of 100 units. The $5 million may not be enough for a

development at that size but there have been discussions on reducing the $5 million

for another project and a minimum of $4.5 million for gap financing.

In addition, Ms. Fejes informed the Board that Ralph Stone will return to the division

on Monday, March 26, 2018 and that Mr. Stone will be the Executive Director of the

HFA and that she will move to Assistant Director and be involved with HFA

transactions.

11. MATTERS FROM THE FLOOR

None.

12. NEXT BOARD MEETING

April 18, 2018

13. ADJOURNMENT The Chair, Colleen LaPlant hearing no further comments, questions or discussions adjourned the meeting at 5:58 p.m.

HFA Executive Report (March 2018)

Page 2 of 3

Foreclosure (180+ days) – February 2018

2017 Mortgage Credit Certificate Program (MCC) At this time, the HFA has fifteen (15) lenders participating in the January 2017 MCC Program. The program totals to date are as follows:

MCC’s by Lender Commitments Issued Cancelled/Expired

Academy Mortgage Corporation 7 7 0

America’s Mortgage Professionals, LLC 0 0 0

Bank of America, N.A. 9 4 0

Banking Mortgage Services Corp 0 0 0

Centennial Bank 0 0 0

CMG Financial, Inc. 0 0 0

Cornerstone Home Lending 2 1 0

Gold Star Mtg. Financial Group 6 5 0

GSF Mortgage Corporation 0 0 0

Gulf Atlantic Funding Group, Inc. 0 0 0

HG Mortgage, LLC 26 18 1

Hamilton Funding Group 41 34 2

Paramount Residential Mortgage Group

(PRMG) 17 14 0

Plaza Home Mortgage, Inc 1 0 0

The Mortgage Firm 4 3 0

Totals 113 86 3

Income to date: $12,475

Loan Count Total 1st Lien 2nd Lien 1st Mort./Total 2nd Mort./Total

12 $1,444,989 8 4 $1,300,794 $144,195

HFA Executive Report (March 2018)

Page 3 of 3

MULTIFAMILY HOUSING BOND TRANSACTIONS 2018 Multifamily housing transactions update for the month of March (Attachment 1). MULTI-FAMILY COMPLIANCE MONITORING Multifamily compliance monitoring; reporting period January 21, 2018, to February 20, 2018. Monthly Compliance

Review of this month’s bond report shows all properties are in compliance with their respective Land Use Restriction Agreements (LURA’s).

Occupancy Report

The HFA Rental Occupancy Report for period January 21, 2018, to February 20, 2018, is included (Attachment 2). Annual Management Review and Inspections

There were no reviews or inspections completed during the reporting period of January 20, 2018 to February 20, 2018.

All the above listed properties were in compliance with their respective LURAs.

ATTACHMENT 1

2018 MULTIFAMILY HOUSING BOND TRANSACTIONS – APRIL UPDATE

HFA RANKING 1 2 3

PROJECT NAME

Emerald Palms Apartments

PROJECT LOCATION

5331 Southwest 43rd Terrace

Dania Beach, FL 33314

DEVELOPER

MRK Partners Inc.

PROFESSIONAL TEAM

• Lead Underwriter

• Bond Counsel

• Credit Underwriter (“CU”)

• RBC

• Nabors, Giblin & Nickerson

• Seltzer

BOND AMOUNTS

• Bond Amount/Original Req.

• Revised Request

• CU Recommendation

• $38,000,000

• N/A

• TBD

TEFRA & Inducement

• TEFRA/Inducement Amount

• Date of HFA Inducement

• Date of TEFRA Hearing

• Date of HFA Approval

• Date of BOCC App. TEFRA

• Date of BOCC Approval Cust.

Agreement (If Applicable)

• $38,000,000 (Inducement)

• April 19, 2017

• April 5, 2018

• May 16, 2018

• June 12, 2018

• N/A

ALLOCATION

• Allocation Approved by HFA

•

$38,000,000

TRANSACTION STATUS See Note #1

Note #1:

Application to fund Emerald Palms Apartments in the 2017 allocation cycle was submitted to the HFA on March 20, 2017. The financing is

expected to fund the acquisition and rehabilitation of 318 units of affordable housing in Dania Beach. The HFA approved and induced the project at

its board meeting on April 19, 2017, such approval effectively ranked the development to receive tax-exempt bond allocation and/or carryforward in

2017. On February 21, 2018 the HFA authorized a reduction of the Good Faith Deposit from $190,000 to $75,000. The transaction is expected to

close during the summer of 2018.

ATTACHMENT 2

Housing Finance Authority of Broward County

Rental Occupancy Report

Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K

Property

Total

Number of

Units

From Mgmt

Number of

Units

Occupied

% of Units

Occupied

Previous

month % of

Lower Units

Occupied

January

From Mgmt

Low Income

Units

Occupied

% Occupied

by Low

Income

LURA

Low Income

Requirement

Certificate of

Compliance

rec'd

February Comments

Vacant

Units

Banyan Bay 416 379 91.1 46% 171 45.1 20% 3/9/2018 37

Chaves Lakes 238 238 100.0 92% 218 91.6 40% 2/27/2018 QP expires 3/2018 0

Colonial Park 160 160 100.0 100% 160 100.0 99% 2/23/2018 0

Cypress Grove/Sandalgrove 814 714 87.7 100% 714 100.0 40% 4/4/2018 100

Golden Villas 120 119 99.2 100% 118 99.2 40% 3/6/2018 1

Golf View Gardens 160 159 99.4 100% 159 100.0 100% 2/22/2018 QP expires 12/31/2020 1

Harbour Cove 212 210 99.1 86% 181 86.2 40% 2/28/2018 QP expires 1/31/2022 2

Heron Pointe 200 197 98.5 98% 192 97.5 40% 2/28/2018 3

Laguna Pointe 188 188 100.0 92% 172 91.5 40% 3/1/2018 0

Lake Vista (fka Ashlar/Pier Club) 480 439 91.5 22% 91 20.7 20% 2/28/2018 QP expires 6/1/2021 41

Lauderhill Point (fka Driftwood Terr) 176 175 99.4 100% 175 100.0 100% 3/9/2018 1

Los Prados 444 417 93.9 29% 125 30.0 20% 2/22/2018 27

Mar Lago Village 216 200 92.6 44% 88 44.0 40% 4/4/2018 16

Meridian 160 157 98.1 100% 157 100.0 99% 2/22/2018 QP expires 5/2018 3

Palms of Deerfield 56 54 96.4 100% 54 100.0 100% 3/13/2018 2

Pembroke Park 244 241 98.8 84% 202 83.8 40% 3/1/2018 3

Pinnacle Village 148 147 99.3 99% 146 99.3 40% 3/6/2018 1

Prospect Park 125 124 99.2 100% 124 100.0 40% 3/28/2018 1

Sailboat Bend 37 37 100.0 100% 37 100.0 100% 3/9/2018 0

San Tropez (fka Pembroke Village) 480 466 97.1 21% 96 20.6 20% 3/7/2018 QP expires 6/26/2019 14

Sanctuary Cove 292 292 100.0 99% 290 99.3 40% 2/23/2018 0

St Croix 246 242 98.4 100% 242 100.0 40% 3/2/2018 QP expires 6/1/2020 4

Summerlake 108 104 96.3 100% 104 100.0 40% 2/27/2018 4

Woodsdale Oaks 172 165 95.9 100% 165 100.0 70% 2/22/2018 QP expires 1/31/2022 7

Totals 5,892 5,624 4,181 268

* Figures in red show properties that are less than 90% occupied

Total % rate of occupancy for all properties 95%

Item 2 - Attachment 2 (Rental Occupancy Report) 4/16/2018; 8:51 AM

MULTI-FAMILY BOND RENTAL OCCUPANCY REPORT KEY

The Rental Occupancy Report was prepared by staff from Certifications of Continuing

Compliance reports received from Multi Family property management.

Column B represents the total number of units the property has.

Column C represents the number of units occupied during the time period.

Column D represents the percentage of units occupied versus the total number.

Column E represents the percentage of total units that were lower income occupied

during the month of January, 2017

Column F represents the number of lower income units occupied.

Column G represents the percentage of lower income units occupied versus the total

number of units available.

Column H represents the lower income requirement per the Land Use Restriction

Agreement.

Column I represents the date the Certificate of Compliance was received by Housing

Finance Authority.

Column J represents comments deemed important or necessary such as the qualifying

period expiration date or explanation for red numbers on the report.

Column K represents the number of units vacant for each property.

Columns that are blank represent no report was received from property management.

Housing Finance Authority (HFA) of Broward County

April 18, 2018 – Board Meeting

Letter of Intent to Purchase Real Estate (Vacant Lot) Vanguard Real Estates Services provided the HFA a Letter of Intent to Purchase the HFA vacant lot east of the HFA 110 Building. Background On March 13, 2018, Vanguard Real Estate Services approached staff and

forwarded a Letter of Intent to Purchase the HFA vacant lot listed above for $625,000 (Attachment 1).

Recommendation

Staff recommends that HFA continue utilizing the property for over-flow of

additional parking for meetings at the HFA 110 building.

Attachment

1. Letter of Intent to Purchase Real Estate, dated March 8, 2018.

ATTACHMENT 1

1

Housing Finance Authority of Broward County

Dufresne CPA Services, PA – Overview of the March 2018 Financial Reports

The following are items considered to be of note regarding the financial reports for the month of March 2018:

1. Balance sheets (Attachments 1 and 2) changes relate primarily to individual cash and investment account

activity, including funds released from the indemnification fund for return of good faith deposits in excess

of related expenses and the transfer of investments from the US Bank Custody Account to the BNY

Mellon Custody Account. During fiscal 2017, the Authority’s lot valued at $31,400 entitled “HFA Land

Inventory For Homes” was granted to the homeowner who purchased the Franklin park home which was

built on the lot. The closing documents assigned no value to the lot and no payment for the lot was

received by the Authority when the transaction was closed during fiscal 2017. After discussion with the

auditors, the transaction was reported on the audited financial statements for fiscal 2017 as a “Land

Grant” on the Statement of Activities and was removed from the Statement of Net Position. The result of

recording the transaction to reflect removal of the lot from the Authority’s internal records appears as a

difference in Attachment 2 on page 3.

2. An immaterial reclassification was done between Accumulated Depreciation – BOCC and Accumulated

Depreciation – HFA to correct the line items.

3. Profit and loss report indicates the changes that relate primarily to timing of new bond issuances,

redemptions and related fees and residuals, fair market value adjustments, rent income and timing of

invoices paid and payments received. Significant application, TEFRA and closing fees relate to Landings

at Coconut Creek closing and NW Gardens conversion (Attachments 3 and 4)

Cash vs Accrual Basis for P&L Budget to Actual comparison (Attachment 4)

On a monthly basis the process to prepare the financial statements includes:

a. Budgetary column – Cumulative 1/12 of the budgeted revenues and expenses are reported

b. Actual column – Significant known revenue and expense items are accrued

a. Authority fees receivable are adjusted to correct accrual basis balance

b. Cumulative 1/12 of budgeted Personnel and Other Expenses due to BOCC are adjusted to correct accrual basis balance

c. Expenses for all invoices submitted to the HFA prior to month end are paid and recorded in the financial statements.

d. Bank and account management fees that are reported on the monthly bank statements are recorded as expense in the applicable month.

Index to Attachments

Attachment 1, Page 2: Balance Sheet (Flux Report – March 2018 comparison to February 2018)

Attachment 2, Page 3: Balance Sheet (Flux Report – March 2018 comparison to March 2017)

Attachment 3, Page 4: P&L (Flux Report – Current Year-to-Date to Prior Year-to-Date)

Attachment 4, Page 5: P&L (Flux Report – Budget to Actual)

Attachment 5, Page 6: Aged Receivables Report

Attachment 6, Pages 7-8: Wells Fargo Bank Reconciliation Report – Operating

Attachment 7, Page 9: Professional Fees Detail

Attachment 8, Page 10: Cumulative Net Change in Investment Value

ATTACHMENT(S)

March February $ Difference % Difference

Explanation

(See criteria below)

Assets

Cash-Wells Fargo 1,013,119$ 983,796$ 29,323 3%

Cash- LOC 6,159 6,152 7 0.1%

Indemnification Fund -BNY 329,770 329,523 247 0.1%

Cash-BNY Custody Account 5,087,043 5,077,460 9,583 0.2%

Total Cash 6,436,091 6,396,931

Investments-BNY Mellon Custody Account 5,739,984 5,738,866 1,118 0.02%

Note Receivable-DPA 387,125 387,125 - NA

Prepaid Expense 26,872 26,872 - NA

Authority Fees Receivable - 20,591 (20,591) -100%

Interest Receivable 19,421 13,936 5,485 28% 2

Notes Receivable-CDC 200,000 200,000 - NA

Notes Receivable - Mt. Olive 231,156 236,156 (5,000) -2%

HFA Mortgage Receivables 9,451 9,485 (34) -0.4%

Due from Artspace 548,817 548,817 - NA

Utility Deposit 1,925 1,925 - NA

HFA Land 621,704 621,704 - NA

HFA Buildings 1,036,000 1,036,000 - NA

Equipment 90,258 90,258 - NA

Capital Assets BOCC (Tagged) 127,474 127,474 - NA

Accumulated Depreciation -BOCC (127,474) (131,553) 4,079 -3.2%

Accumulated Depreciation, HFA (679,771) (675,692) (4,079) 0.6%

Total Assets 14,669,035 14,648,897

Deferred Outflows

Deferred outflows related to pension 209,589 209,589 - NA

Total Assets and Deferred outflows 14,878,625$ 14,858,486$

Accrued Sick/Vacation, ST 43,000$ 43,000$ - NA

Due to BOCC - Exp reimb 368,580 307,150 61,430 17% 1

Due to BOCC - Artspace project 428,070 428,070 - NA

Due to BOCC - Artspace Interest 120,747 120,747 - NA

Audit Fees Payable 16,425 47,475 (31,050) -189% 3

Net Pension Liability 423,522 423,522 - NA

Accrued Sick/Vacation, LT 51,000 51,000 - NA

Total Liabilities 1,451,344$ 1,420,964$

Deferred Inflows

Deferred inflows related to pension 34,578$ 34,578$ - NA

Equity

Beginning of year 13,207,828$ 13,207,828$

Current Year Earnings 184,875 195,116

Total Equity 13,392,703 13,402,944

Total Liabilities, Deferred Inflows and Equity 14,878,625$ 14,858,486$

Criteria to determine if explanations are required:

Cash account fluctuation explanations provided for >=$100,000 variance

Remaining items explanations are provided for >=10% and >=$5,000 variance

NA No change as compared to prior month

100% No activity in prior month

-100% No activity in current month

1 Timing of receipts/payments and accruals based on budget

2 Change in accrued income: Investments-BNY Mellon Custody Account

3 Audit fees for multifamily bonds collected by BNY as trustee, remitted to Authority and paid to S.Davis for bond audit services in installment payments

3/31/2018

Attachment 1

The Housing Finance Authority of Broward County

110 NE Third Street, #300

Fort Lauderdale, FL 33301

Balance Sheet (Flux Report)

2

Mar-18 Mar-17 $ Difference % Difference

Explanation

(See criteria below)

Assets

Cash-Wells Fargo 1,013,119$ 564,119$ 449,000$ 80% 1

Cash-Wells Fargo - Franklin Park - 2,137,744 (2,137,744) -100%

Cash- LOC 6,159 6,093 66 1%

Indemnification Fund -BNY 329,770 330,720 (950) -0.3%

Cash-BNY Custody Account 5,087,043 - 5,087,043 100%

Total Cash 6,436,091$ 3,038,676$

US Bank Custody Acct-Karpus -$ 8,861,689$ (8,861,689)$ -100%

Investments-BNY Mellon Custody Account 5,739,984 - 5,739,984 100%

Note Receivable-DPA 387,125 407,125 (20,000) -5%

Prepaid Expense 26,872 - 26,872 100%

Audit Fees Receivable - 69,000 (69,000) -100%

Authority Fees Receivable - 49,590 (49,590) -100%

Interest Receivable 19,421 26,855 (7,434) -28% 2

FP Construction Loan Interest Receivable - 52,098 (52,098) -100%

Notes Receivable-CDC 200,000 200,000 - NA

Notes Receivable - Mt. Olive 231,156 241,156 (10,000) -4%

HFA Mortgage Receivables 9,451 9,839 (388) -4%

Due from Artspace 548,817 503,729 45,088 9%

Utility Deposit 1,925 1,925 - NA

HFA Land 621,704 698,164 (76,460) -11% 3

HFA Land Inventory For Homes - 31,400 (31,400) -100%

HFA Buildings 1,036,000 1,115,000 (79,000) -7%

Land Improvements - 4,499 (4,499) -100%

Equipment 90,258 90,258 - NA

Capital Assets BOCC (Tagged) 127,474 127,474 - NA

Accumulated Depreciation -BOCC (127,474) (126,954) (520) 0.4%

Accumulated Depreciation, HFA (679,771) (657,338) (22,433) 3%

Total Assets 14,669,035 14,744,186

Deferred Outflows

Deferred outflows related to pension 209,589 - 209,589 100%

Total Assets and Deferred outflows 14,878,625$ 14,744,186$

Liabilities

Accrued Sick/Vacation, ST 43,000$ 50,000$ (7,000) -14% 3

Due to BOCC - Exp reimb 368,580 274,133 94,447 34% 2

Due to BOCC-Artspace project 428,070 428,070 - NA

Due to BOCC-Artspace Interest 120,747 75,659 45,088 60% 3

Audit Fees Payable 16,425 35,250 (18,825) -53% 2

Escrow Deposit-Indemnification 423,522 - 423,522 100%

Good Faith Deposits - 43,000 (43,000) -100%

Accrued Sick/Vacation, LT 51,000 39,000 12,000 31% 3

Total Liabilities 1,451,344$ 945,112$

Deferred Inflows

Deferred inflows related to pension 34,578$ -$ 34,578 100%

Equity

Beginning of year 13,207,828$ 13,533,205$ Prior Period Adjustment - 516,194 (516,194) -100%

Current Year Earnings 184,875 (250,326)

Total Equity 13,392,703 13,799,073 Total Liabilities, Deferred Inflows and Equity 14,878,625$ 14,744,186$

Criteria to determine if explanations are required:

Cash account fluctuation explanations provided for >=$100,000 variance

Remaining items explanations are provided for >=10% and >=$5,000 variance

NA No change as compared to prior year

100% No activity in prior year

-100% No activity in current year

1 Franklin Park proceeds transferred from Cash-Wells Fargo - Franklin Park to Cash-Wells Fargo September 2017


3 Audit adjustments recorded based on current BOCC reports

3/31/2018

Attachment 2




Balance Sheet (Flux Report)

3

Mar-18 Mar-17 $ Difference

% Difference

to PY *Explanation

Income

Bond Authority Fees 338,226$ 267,996$ 70,230 26% 2

Bond redemption & other income - 17,584 (17,584) -100% 2

Compliance Monitoring Fees 6,000 6,000 - NA

Application, TEFRA and Closing Fees 286,000 9,500 276,500 2911% 6

MCC and Lender Program Income 8,948 11,225 (2,277) -20%

Interest Income, Mortgages 326 339 (13) -4%

Interest Income, Wells Fargo 691 160 531 332%

** Interest Income, BNY Mellon/US Bank 53,296 59,385 (6,089) -10% 1,3

* Net Change in Investment Value (28,202) (54,490) 26,288 -48% 1

* Realized Gain/Loss On Investment, US Bank - (2,852) 2,852 -100%

* Interest Income, FHLB LOC 37 34 3 9%

Parking Rent Income 6,000 4,040 1,960 49%

Total Income 671,322$ 318,920$ 352,401$

Personnel Services, Broward Co 275,046$ 278,015$ 2,969 100%

Other Expenses, Broward County 93,534 90,535 (2,999) 100%

Professional Fees 65,510 111,451 45,941 41% 2, 4

Bank Management Fees 2,789 31,982 29,193 91% 3

Advertising/Marketing 819 1,067 248 23%

Dues and Membership Fees 2,220 7,290 5,070 70% 2

Conference and Travel Expense 5,475 7,100 1,625 23%

Building/Land Maintenance 29,364 23,873 (5,491) -23% 2

Utilities 9,334 8,847 (487) -6%

Miscellaneous Expense 175 - 175 100%

Capital Outlay Expense 2,181 9,087 (6,906) -76% 5

Total Expenses 486,448$ 569,246$ 69,338$

184,875$ (250,326)$

Explanations provided for >=10% and >= $5,000 variance

1 Gain/Loss related to current market conditions


3 Termination of Karpus contract in fiscal 2017; investments transferred to BNY Mellon

4 Franklin Park Homes Construction project completed in fiscal 2017

5 Timing of expenditures for capital improvements

6 Received fees for Landings at Coconut Creek closing (Dec 2017) and NW Gardens conversion (Jan 2018)

* Please note that to more accurately reflect the components of interest income certain line descriptions were changed

** BNY Mellon was combined with USBank because the USBank assets were transferrred to BNY Mellon.

"%Actual to Budget" Column Legend

NA - No amount reported in either of the two years

0% - Current year actual is equal to PY actual amount

100% - No amount in one of the two years presented

Attachment 3

Net Profit/(Loss)




Profit & Loss (Flux Report) Current Year-to-Date to Prior Year-to-Date

Year to Date As of March 2018

Expenses

4

Selected Period Budgeted $ Difference

% Difference

to budget *Explanation

Income

Bond Authority Fees 338,226$ 207,953$ 130,273$ 63% 1

Bond redemption & other income - 92,053 (92,053) 100% 1

Application, TEFRA and Closing Fees 286,000 - 286,000 NA

MCC and Lender Program Income 8,948 17,500 (8,552) -49% 1

Interest Income, Mortgages 326 - 326 NA

Interest Income, Wells Fargo 691 - 691 NA

Interest Income, BNY Mellon/US Bank 53,296 95,000 (41,704) -44% 1

Net Change in Investment Value (28,202) - (28,202) NA

Interest Income, FHLB LOC 37 - 37 NA

Rent Income - 60,525 (60,525) 100% 1

Parking Rent Income 6,000 - 6,000 NA

Liquidation of Investments - 50,000 (50,000) 100% 1

Total Income 671,322$ 523,030$

Expenses

Personnel Services, Broward Co 275,045$ 275,045$ -$ 0%

Other Expenses, Broward County 93,535 93,535 - 0%

Professional Fees 65,510 76,500 (10,990) -14% 1

Audit Expense (BOCC) - 6,600 (6,600) 100% 1

Bank Management Fees 2,789 2,000 789 39%

Advertising/Marketing 819 2,000 (1,181) -59%

Dues and Membership Fees 2,220 3,000 (780) -26%

Conference and Travel Expense 5,475 10,750 (5,275) -49% 1

Postage/FedEx - 100 (100) 100%

Liab Insurance/HFA Board - 4,500 (4,500) 100%

Building/Land Maintenance 29,364 29,000 364 1%

Utilities 9,334 10,000 (666) -7%

Capital Outlay Expense 2,181 10,000 (7,819) -78% 1

Miscellaneous Expense 175 - 175 NA

Total Expenses 486,448$ 523,030$

Net Profit/(Loss) 184,875$ -$

* Explanations provided for >=10% and >= $5,000 variance


NA - No Budget amount

100% - Actual is zero

Year to Date As of March 2018

Attachment 4




Profit & Loss (Flux Report) Budget to Actual

5

Authority fee receivable Total Due 0 - 30 31 - 60 61 - 90 90+

Total Authority Fee Receivable -$ -$ -$ -$ -$

NOTE: No receivables over 60 days

3/31/2018

Attachment 5




Aged Receivables

6

2784 Broward Housing Finance Authority110 NE Third Street #300Fort Lauderdale, FL 33301

Reconciliation Report4/5/2018

2:27:03 PM

Page 1

ID# Date Memo/Payee Deposit Withdrawal

Checking Account: 1-1000 Cash-Wells Fargo

Date of Bank Statement: 3/31/2018

Last Reconciled: 2/28/2018

Last Reconciled Balance: $994,427.45

Cleared Checks

4836 1/31/2018 Holmes Lawn Services $485.004843 2/15/2018 Dufresne CPA Services, PA $1,489.004846 2/28/2018 FL ALHFA $2,500.004847 2/28/2018 Zomermaad Financial Advisory $6,157.404848 3/6/2018 Holmes Lawn Services $335.004849 3/6/2018 Dufresne CPA Services, PA $1,804.004850 3/6/2018 L&B Janitorial Services $8,088.004851 3/14/2018 TECO Peoples Gas $37.254852 3/14/2018 Sun-Sentinel $201.75GJ000025 3/28/2018 Utility debits $1,093.93SC033118 3/31/2018 to record WF Srvc Chrg for Ma $282.36

Total:

$0.00

$22,473.69

Cleared Deposits

CR000040 3/1/2018 Payment; 2008 Driftwood $7,998.97GJ000020 3/2/2018 "Utility Debit, Dental Rent, 1 M $825.22GJ000021 3/7/2018 Emerald Palms Apts Public He $5,500.00GJ000022 3/8/2018 MBS net proceed on 56 loans $2,529.16CR000039 3/9/2018 Payment; 2006 Woodsdale $12,591.80GJ000023 3/13/2018 "Mount Olive Development Cor $5,175.00GJ000024 3/21/2018 "1 MCC, 2nd Mtg Prin and Int" $261.84CR000041 3/29/2018 2004 Cypress Grove for 00000 $31,770.00IE033118 3/31/2018 to record WF Int for Mar 2018 $77.54

Total:

$66,729.53

$0.00

Outstanding Checks

4853 3/29/2018 Holmes Lawn Services $335.004854 3/29/2018 S. Davis & Associates, P.A. $15,525.004855 3/29/2018 NALHFA $2,975.004856 3/29/2018 Zomermaad Financial Advisory $6,729.79

Total:

$0.00

$25,564.79

Reconciliation

AccountEdge Pro Balance on 3/31/2018: $1,013,118.50

Add: Outstanding Checks: $25,564.79

Subtotal: $1,038,683.29

Deduct: Outstanding Deposits: $0.00

Expected Balance on Statement: $1,038,683.29

rives

Typewritten Text

Attachment 6

rives

Typewritten Text

rives

Typewritten Text

7

rives

Typewritten Text

Attachment 7

Professional Fees Detail

October 1, 2017 ‐ March 31, 2018

10/27/2017 Zomermaand Financial Advisory Services, LLC $6,110.27

11/9/2017 Dufresne CPA Services, PA $1,804.00


12/5/2017 Dufresne and Associates $1,300.00


12/29/2017 Dufresne CPA Service, PA Paid quarterly $21,120.00

1/11/2018 Dufresne CPA Services PA $1,426.00



2/28/2018 Zomermaad Financial Advisory, LLC $6,157.40



$65,509.81

Grouped by payee

12/5/2017 Dufresne and Associates $1,300.00

12/29/2017 Dufresne CPA Service, PA Paid quarterly $21,120.00

1/11/2018 Dufresne CPA Services PA $1,426.00




$28,943.0010/27/2017 Zomermaand Financial Advisory Services, LLC $6,110.27






$36,566.81

$65,509.81 65,509.81$

8

Attachment 8

Cumulative Net Change in Investment Value

October 1, 2017 ‐ March 31, 2018

10/31/2017 3/31/2018

BNY Mellon Custody Acct ‐ New Account 11/17 (28,202)

US Bank Custody Acct (7,599)

(7,599) (28,202)

Cumulative Net Change in Investment Value (20,603)

NOTE: No material change

9

Housing Finance HFA of Broward County April 18, 2018 – Board Meeting

Multifamily Bonds (Good Faith Deposit) – Action Item Request Board approval of a Resolution authorizing the Executive Director to cap the GFD at $75,000. Background

1. At its September 20, 2017 meeting the HFA approved an Inducement Resolution for The Landings at Coconut Creek. The expected maximum principal amount of the Bonds was $33,000,000. In addition to routine matters typically addressed within an Inducement Resolution, the Resolution included authorization to reduce the HFA’s Good Faith Deposit (“GFD”) from $165,000 to $75,000.

2. In support of the reduction, the Developer indicated that the large amount of Bonds expected to be issued would require a GFD far greater than what would be necessary to cover all fees and costs of the HFA and its professionals in the event the transaction does not close.

3. At its February 21, 2018 meeting the HFA approved a similar reduction in the Good Faith Deposit for Emerald Palms Apartments. Due to the larger transaction size ($38,000,000) the GFD was reduced from $190,000 to $75,000.

4. Due to the size of the GFD for larger transactions and the fact that preparation of bond documents cannot begin until the GFD has been received, staff requested that the Board consider authorizing the Executive Director to consent in capping the GFD at $75,000 as he/she deems appropriate.

5. The Board authorized the Executive Director to approve a reduction in the GFD requirement as requested. If such reductions are granted, the Executive Director will inform the Board of such action at the next regularly scheduled HFA Board Meeting.

6. The Board was advised that a Resolution pertaining to the authority granted to the Executive Director would be presented at the March meeting.

Present Situation

1. The Resolution formally approving the Board’s prior action is included for the Board’s consideration.

2. The Resolution was prepared by the Senior Assistant County Attorney.

Recommended Actions Board approval of:

1. Resolution 2018-014 Authorizing Executive Director to Cap Good Faith Deposit at $75,000.

Attachment

1. Inducement Resolution No. 2018-014 – Good Faith Deposit Reduction Executive Director Authority

ATTACHMENT 1

RESOLUTION NO. 2018-014

A regular meeting of the Housing Finance Authority of Broward County, Florida,

was held at 5:30 p.m. on April 18, 2018, at the offices of the Housing Finance Authority

of Broward County, Florida, located at 110 Northeast Third Street, Suite 201, in the City

of Fort Lauderdale, Florida.

Members Present:

Members Absent:

* * * * *

Thereupon, introduced the following resolution:

A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (“HOUSING FINANCE AUTHORITY”), AMENDING THE POLICIES AND PROCEDURES FOR MULTI-FAMILY HOUSING BOND PROGRAM OF THE HOUSING FINANCE AUTHORITY; PROVIDING THE EXECUTIVE DIRECTOR OF THE HOUSING FINANCE AUTHORITY TO REDUCE THE GOOD FAITH DEPOSIT, FOR CERTAIN LARGE BOND TRANSACTIONS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, the Housing Finance Authority of Broward County, Florida (“HFA”)

has adopted its “Policies and Procedures for Multi-Family Housing Bond Program"

(“Policies and Procedures”), which establishes numerous policies and procedures in

connection with the HFA’s Multifamily Housing Bond Program; and

2

WHEREAS, pursuant to the Policies and Procedures, developers seeking funds

through the HFA Multifamily Housing Bond Program must pay a Good Faith Deposit to

the HFA equal to the greater of (i) Twenty Five Thousand Dollars ($25,000), or (ii) Fifty

(50) basis points of the principal amount of bond expected to be issued; and

WHEREAS, over the past year, the HFA has approved several projects with an

expected principal amount of the bonds to be issued in excess of Thirty Million Dollars

($30,000,000), which would have resulted in Good Faith Deposits significantly in excess

of the amount needed to pay the HFA’s expenses and fees associated with the

transaction; and

WHEREAS, requiring developers to make good faith deposits significantly in

excess of the needs of the HFA may discourage developers from seeking financing

through the HFA and reduce the incentive to develop affordable housing in Broward

County; and

WHEREAS, the HFA desires to amend its Policies and Procedures to authorize

the Executive Director of the HFA to reduce the good faith deposit in certain

circumstances; and

WHEREAS, the HFA finds that the revision to the Policies and Procedures as set

forth herein has the potential to remove barriers to developing affordable housing in

Broward County,

3

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE HOUSING

FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA AS FOLLOWS:

Section 1. Declaration of Findings.

The recitals set forth in the preamble to this Resolution are true, accurate, and

deemed as being incorporated herein by this reference as though set forth in full

hereunder.

Section 2. Amendment of Good Faith Deposit.

Section V of the Policies and Procedures, Fees and Expenses shall be amended

to read as follows (words in struck-through type are deletions from existing text. Words

in underscored type are additions):

Developers are responsible for the payment of all fees and expenses relating to

each bond issue pursued on its behalf and are responsible for payment of same

regardless of whether such costs are capable of being financed with bond proceeds.

The fees outlined herein relate only to the HFA and do not include trustee fees,

continuing disclosure costs, financial advisor fees, credit enhancement fees,

underwriting fees, bond counsel fees or other costs of issuance.

All HFA fees are non-negotiable and shall be paid via cashier’s check to the

“Housing Finance Authority of Broward County.” The HFA’s fees are payable at the

times required in these Bond Policies and in the specific amounts required below.

4

No discounts will be offered based on the size of a bond issue, and all fees are

non-refundable, except as otherwise provided herein.

. . .

Good Faith Deposit The greater of $25,000 or 50 basis points of principal amount of bonds expected to be issued.

The Good Faith Deposit must be paid to the HFA by the developer before bond

documents are drafted. Upon request of the developer, the HFA’s Executive Director

may reduce the Good Faith Deposit to an amount not less than Seventy Five Thousand

Dollars ($75,000) if, in the Executive Director’s sole discretion, the developer

demonstrates that the requested Good Faith Deposit is sufficient to cover the HFA’s

administrative expenses, expenses paid or incurred by the HFA or its staff, or on behalf

of the HFA in connection with the bond transaction, and the fees and expenses due to

any professionals associated with the transaction.

Section 3. Severability.

If any portion of this Resolution is determined by any Court to be invalid, the

invalid portion shall be stricken, and such striking shall not affect the validity of the

remainder of this Resolution. If any Court determines that this Resolution, or any

portion hereof, cannot be legally applied to any individual(s), group(s), entity(ies),

property(ies), or circumstance(s), such determination shall not affect the applicability

hereof to any other individual, group, entity, property, or circumstance.

5

Section 4. Resolution Effective.

This Resolution shall become effective immediately upon its adoption.

ADOPTED this _18th __ day of April, 2018.

Upon motion of __________________________ , seconded by

________________ , the foregoing Resolution was adopted by the

following vote:

Ayes:

Nays:

AEA/mdw 4/3/18 GoodFaithDeposit #288677

STATE OF FLORIDA ) ) SS:

COUNTY OF BROWARD )

I, _____________________________, __________________ of the Housing Finance

Authority of Broward County, Florida, DO HEREBY CERTIFY that the foregoing is an

accurate copy of the resolution of the Authority adopted at a meeting held on April _18th ,

2018, as set forth in the official minutes of the Authority, relating to the Good Faith Deposit

pursuant to the Policies and Procedures for Multi-family Housing Bond Program.

I DO HEREBY FURTHER CERTIFY that said meeting was duly called and held in

accordance with Chapter 286, Florida Statutes.

WITNESS my hand and the corporate seal of said Authority, this _18th_ day of

__April___, 2018.

HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

By: Donna Jarrett-Mays, Secretary

(SEAL)

1

Housing Finance Authority of Broward County April 18, 2018 – Board Meeting

Single Family Private Activity Bond Redemptions – Action Item Request authorization to take all actions necessary, including required notices and the use of HFA funds to optionally redeem in full the HFA’s Single-Family Mortgage Revenue Bonds 2006 Series ABC, 2007 Series ABCD and 2007 Series EF and to place all released securities within the HFA’s investment account at The Bank of New York Mellon Trust Company, N.A.; subject to the approval of Bond Counsel and the County Attorney’s Office. Background

1. The HFA currently has three single-family bond transactions outstanding that may be collapsed via an Optional Redemption of the outstanding Bonds. One single-family transaction is under collateralized (2006 Series ABC) and two are overcollateralized (2007 Series ABCD and 2007 Series EF).

2. Procedurally an Optional Redemption would require:

a. HFA notice to the Trustee stating the HFA was exercising its option to redeem the Bonds in full, along with the date for such redemption.

b. After receipt of the HFA notice, the Trustee would send out a Notice of Redemption, not less than 15 days and not more than 30 days prior to the redemption date, in accordance with the Master Indenture.

c. Prior to the redemption date, the HFA would be required to deposit funds sufficient to redeem the Bonds (including outstanding principal, interest and if applicable Bond premium). The required deposit would be reduced by the available funds held with the Trustee, net of outstanding fees/expenses.

d. Once the Bonds were fully redeemed, all Mortgage Backed Securities (MBS) held by the Trustee (which had served as collateral for the Bonds) would be transferred to the HFA’s investment account. (Note the securities consist of Fannie Mae, GNMA or Freddie Mac pools which include first mortgages originated by the HFA through its Single-Family Bond Programs.)

e. Any excess cash would be disbursed to the HFA. In addition to the MBSs, the HFA will also own the Whole Loans (consisting of second mortgages originated via the HFA’s Single-Family Bond Program) which would continue to be held by Citibank as Master Servicer.

Present Situation

1. At its February 21, 2018 meeting the HFA Board was advised of the two overcollateralized transactions and authority was granted for an Optional Redemption of the 2007 Series ABC and 2007 Series EF Bonds. Actions were

2

taken to initiate the Optional Redemption of HFA’s 2007 Bonds at which point Trustee’s Counsel expressed concerns regarding the fact that the undercollateralized Bond issue would remain outstanding, given fact that a Master Indenture was in place covering all three transactions. Trustee’s Counsel requested confirmation from Bond Counsel regarding the authority to redeem only the two overcollateralized 2007 Bond issues, versus all three issues.

2. Based on the foregoing, an Optional Redemption of all three transactions was

analyzed. The net result was financially positive for the HFA and the information was presented to the Investment Committee (“IC”) at its March 21, 2018 meeting. The IC discussed the matter in detail and recommended full redemption of all three bond issues subject to approval of the HFA Board, Bond Counsel and County Attorney’s office.

3. The HFA has sufficient cash and cash equivalents to fully redeem all three series of Bonds without liquidating any securities.

4. The released securities would increase the return on the HFA’s investment portfolio. Additional details include:

a. Net position of the Optional Redemption by series: i. Upon redemption Series 2006 ABC will be in a deficit position, ii. Upon redemption Series 2007 ABCD will be in a positive position, iii. Upon redemption Series 2007 EF will be in a positive position, and iv. Upon redemption of all three issues the HFA will be in a positive

position. b. The Series 2006 ABC Mortgage Backed Securities have:

i. An interest rate of 5.10%, ii. Maturities ranging from February 15, 2037 to February 15, 3038,

and iii. Market value greater than both the cost and par value. (Attachment

1) c. The Series 2007 ABCD Mortgage Backed Securities have:

i. Interest rates ranging from 4.75% to 6.15%, ii. Maturities ranging from August 20, 2017 to October 15, 3038, and iii. Market value greater than both the cost and par value. (Attachment

2) d. The Series 2007 EF has Mortgage Backed Securities with:

i. An interest rate of 6.10%, ii. Maturities ranging from January 15, 2038 to September 15, 2038,

and iii. Market value greater than both the cost and par value. (Attachment

3) e. The 2006 Series ABCD Whole Loans (Second Mortgages) have:

i. Interest rates ranging from 1% to 6.20% ii. Maturities coterminous with the first mortgage generally in 2037,

3

iii. There are nine (9) Whole Loans totaling $161,567.37 of which one (1) totaling $40,672.77 is past due. The remaining loans are current,

iv. The Whole Loans are expected to be held to maturity or prepayment. (Attachment 4)

f. The 2007 Series ABCD Whole Loans (Second Mortgages) have: i. Interest rates ranging from 2% to 6.25% ii. Maturities coterminous with the first mortgage generally in 2037 or

2038, iii. There are nine (9) Whole Loans totaling $304,860.80 of which three

(3) totaling $103,521.87 are past due. The remaining loans are current,

iv. The Whole Loans are expected to be held to maturity or prepayment. (Attachment 4)

g. Based on current market conditions, even if every Whole Loan defaulted, the HFA’s portfolio will be in a net positive position if the 2006 ABC and 2007 Series ABCD transactions are collapsed versus a “do nothing” scenario.

5. To the extent the IC wanted to shorten up the portfolio maturities, the MBS’s

could be sold with proceeds reinvested in securities with a shorter maturity. Additionally, MBS maturities may be shortened due to mortgage prepayments.

6. Due to the foregoing, the IC recommended full redemption of the 2006 ABC,

2007 Series ABCD and 2007 Series EF Single Family Mortgage Revenue Bond transactions.

7. As this is an administrative function of the HFA, BOCC authorization is not

required.

Recommendation

1. Request authorization to take all actions necessary, including required notices and the use HFA funds to optionally redeem in full the HFA’s Single-Family Mortgage Revenue Bonds 2006 Series ABC, 2007 Series ABCD and 2007 Series EF and to place all released securities within the HFA’s investment account at The Bank of New York Mellon Trust Company, N.A.; subject to the approval of Bond Counsel and the County Attorney’s Office.

Attachments

1. 2006 Series ABC Revenue Account – Dated March 31, 2018 2. 2007 Series ABCD Revenue Account – Dated March 31, 2018 3. 2007 Series EF Revenue Account – Dated March 31, 2018 4. Whole Loans – Dated February 2018

ATTACHMENT 1

Year-to-DateCurrent Period

Percent of all

Investments Asset Classification Market Value

Asset Classification Market Value Cost Accrued Income Est Annual Income Market Yield

RealizedTransaction Category Income Principal Gains/Losses Income Principal

Go Paperless. Securely access your account online to view your statements.Ask your BNY Mellon contact how we can help you access your accounts, enteryour own transactions or submit an audit confirmation online. Also be sure toask how Connect(SM), our new web-based, single sign-on platform can help yougo paperless.

Visit us at www.bnymellon.com

CLIENT SERVICE MANAGER: THOMAS RADICIONI

100% TOTAL OF ALL INVESTMENTS 1,212,960.41

Account Statement

Account Overview

Summary of Assets Held

Summary of Cash Transactions

Statement Period 03/01/2018 Through 03/31/2018

Account 405739BROWARD S F 06 REVENUE

10161 CENTURION PARKWAYJACKSONVILLE, FL [email protected]

97% FIXED INCOME 1,165,448.87 3% CASH AND SHORT TERM 47,511.54

FIXED INCOME 1,165,448.87 1,103,734 .97 4,669.86 56,038.24 4.81%

CASH AND SHORT TERM 47,511.54 47,511.54 0.00 99.93 0.21%

DIVIDENDS 1.23 0.00 0.00 2.92 0.00

INTEREST 4,681.16 0.00 0.00 14,077.24 0.00

SALES AND REDEMPTIONS 0.00 2,662.44 11.98 - 0.00 25,112.69

OTHER CASH ADDITIONS 0.00 44,849.10 0.00 0.00 55,271.18

OTHER CASH DISBURSEMENTS 4,682.39 - 0.00 0.00 14,080.16 - 17,160.28 -

PURCHASES 0.00 7,856.71 - 0.00 0.00 23,568.76 -

The above cash transactions summary is provided for information purposes only and may not reflect actual taxable income or deductible expensesas reportable under the Internal Revenue Code.

ACCOUNT TOTALS 1,212,960.41 1,151,246 .51 4,669.86 56,138.17 4.63%

OPENING BALANCE 0.00 0.00 0.00 0.00

CLOSING BALANCE 0.00 39,654.83 11.98 - 0.00 39,654.83

Page 1 of 5

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Shares / Market Price Market Value Accrued IncomePar Value Asset Description Average Cost Cost Est Annual Income Market Yield

Transaction RealizedDate Transaction Description Income Principal Cost Gains/Losses


Statement of Assets Held

Statement of Transactions


22,535.040 FREDDIE MAC GOLD POOL T30067 107 .02700 24,118.58 95.77 4.77%CUSIP: 31286DCC3 100 .45014 22,636.48 1,149.29MATURITY DATE: 02/15/2037RATE: 5.100%ORIG-FACE: 2,208,943.000

306,613.530 FREDDIE MAC GOLD POOL T30158 107 .05700 328,251.25 1,303.11 4.76%CUSIP: 31286DE72 100 .45007 307,993.52 15,637.29MATURITY DATE: 04/15/2037RATE: 5.100%ORIG-FACE: 1,449,183.000

96,371.780 FREDDIE MAC GOLD POOL T30122 107 .05400 103,169.85 409.58 4.76%CUSIP: 31286DD32 100 .45008 96,805.53 4,914.96MATURITY DATE: 05/15/2037RATE: 5.100%ORIG-FACE: 1,561,919.000

140,238.500 FREDDIE MAC GOLD POOL U30476 107 .02400 150,088.85 596.01 4.77%CUSIP: 31335YQ58 100 .45015 140,869.79 7,152.16MATURITY DATE: 05/15/2037RATE: 5.100%ORIG-FACE: 862,230.000

253,253.760 FREDDIE MAC GOLD POOL U30540 106 .97800 270,925.81 1,076.33 4.77%CUSIP: 31335YS56 100 .45012 254,393.70 12,915.94MATURITY DATE: 05/15/2037RATE: 5.100%ORIG-FACE: 538,044.000

94,938.040 FANNIE MAE POOL 938872 102 .10400 96,935.54 403.49 4.99%CUSIP: 31412YQZ8 100 .45011 95,365.37 4,841.84MATURITY DATE: 05/25/2037RATE: 5.100%ORIG-FACE: 891,648.000

122,973.550 FANNIE MAE POOL 969577 102 .31200 125,816.70 522.64 4.98%CUSIP: 31414LUA4 100 .45012 123,527.08 6,271.65MATURITY DATE: 12/25/2037RATE: 5.100%ORIG-FACE: 599,878.000

61,864.960 FREDDIE MAC GOLD POOL U31951 106 .91400 66,142.30 262.93 4.77%CUSIP: 31321XEY6 100 .45024 62,143.50 3,155.11MATURITY DATE: 02/15/2038RATE: 5.100%ORIG-FACE: 192,442.000

7,856.710 FIDELITY INVESTMENT MM TSY 3 696 1.00000 7,856.71 0.00 1.27%CUSIP: X9USD0002 1.00000 7,856.71 99.93

CASH BALANCE 0.00000 39,654.83 0.00 0.00% 0.00000 39,654.83 0.00

Total Market Value Plus Total Accrued Income 1,217,630.27

03/01/18 Deliver 0.00 0.00 100.71 - 0.00INVESTMENT AGREEMENT B/W BAYERISCHELANDESBANK BNY TRUST DTD 7-24-2006 DUE9-30-2038 4.76/IAS/TRF TO 4057528400 2006B PRIN P

FIXED INCOME

Total FIXED INCOME 1,165,448.87 4,669.86 4.81% 1,103,734.97 56,038.24

CASH AND SHORT TERM

Total CASH AND SHORT TERM 47,511.54 0.00 0.21% 47,511.54 99.93

ACCOUNT TOTALS 1,212,960.41 4,669.86 4.63% 1,151,246.51 56,138.17

03/01/18 OPENING BALANCE 0.00 0.00 1,143,613.79

Page 2 of 5

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Statement of Transactions - Continued


/IAS/MTS & PPMTS REP: WHOLE LOA/IAS/N 2ND MTG PRINCIPAL RECVD FEBR/IAS/UARY 2018TRADE DATE 03/01/18 SET/DATE 03/01/18CUSIP S86744440100.710 SHARES

03/02/18 Dividend 1.23 0.00 0.00 0.00FIDELITY INVESTMENT MM TSY 3 696TRADE DATE 03/02/18 SET/DATE 03/02/18CUSIP X9USD00021.230 SHARES

03/02/18 Cash Credit 0.00 1.23 0.00 0.00CW00033985: SWP FRM 4057398401

03/02/18 Cash Debit 1.23 - 0.00 0.00 0.00CW00033985: SWP TO 4057398400

03/05/18 Purchase 0.00 1.23 - 1.23 0.00FIDELITY INVESTMENT MM TSY 3 696TRADE DATE 03/05/18 SET/DATE 03/05/18CUSIP X9USD00021.230 SHARES

03/05/18 Deliver 0.00 0.00 268.10 - 0.00INVESTMENT AGREEMENT B/W BAYERISCHELANDESBANK BNY TRUST DTD 7-24-2006 DUE9-30-2038 4.76/IAS/TRF UNITS TO #405740 REV PREPA/IAS/YMENT A/C REP: SERIES A PREPMN/IAS/TS FOR THE MONTH OF JAN 2018 P/IAS/OSTED IN FEB 2018TRADE DATE 03/05/18 SET/DATE 03/05/18CUSIP S86744440268.100 SHARES


03/14/18 Cash Credit 0.00 511.88 0.00 0.00RCV WIRE FROM CITIMRTG REP: 2006B WHOLELOAN 2ND MORTAGE PRIN $100.64 & INT$411.24

03/15/18 Purchase 0.00 2,141.91 - 2,141.91 0.00FIDELITY INVESTMENT MM TSY 3 696TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP X9USD00022,141.910 SHARES

03/15/18 Paydown 0.00 249.75 250.87 - 1.12 -FREDDIE MAC GOLD POOL T30122RATE: 5.100% MATURITY: 05/15/37CUSIP 31286DD32249.750 SHARES

03/15/18 Paydown 0.00 774.31 777.79 - 3.48 -FREDDIE MAC GOLD POOL T30158RATE: 5.100% MATURITY: 04/15/37CUSIP 31286DE72774.310 SHARES

03/15/18 Paydown 0.00 138.98 139.61 - 0.63 -FREDDIE MAC GOLD POOL U31951RATE: 5.100% MATURITY: 02/15/38CUSIP 31321XEY6138.980 SHARES

03/15/18 Paydown 0.00 354.23 355.82 - 1.59 -FREDDIE MAC GOLD POOL U30476

03/01/18 DAILY ENDING BALANCE 0.00 0.00 1,143,513.08 0.00




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RATE: 5.100% MATURITY: 05/15/37CUSIP 31335YQ58354.230 SHARES

03/15/18 Paydown 0.00 624.64 627.45 - 2.81 -FREDDIE MAC GOLD POOL U30540RATE: 5.100% MATURITY: 05/15/37CUSIP 31335YS56624.640 SHARES

03/15/18 Interest 95.77 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30067RATE: 5.100% MATURITY: 02/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DCC322,535.040 SHARES

03/15/18 Interest 410.64 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30122RATE: 5.100% MATURITY: 05/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DD3296,621.530 SHARES

03/15/18 Interest 1,306.40 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30158RATE: 5.100% MATURITY: 04/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DE72307,387.840 SHARES

03/15/18 Interest 263.52 0.00 0.00 0.00FREDDIE MAC GOLD POOL U31951RATE: 5.100% MATURITY: 02/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XEY662,003.940 SHARES

03/15/18 Interest 597.52 0.00 0.00 0.00FREDDIE MAC GOLD POOL U30476RATE: 5.100% MATURITY: 05/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31335YQ58140,592.730 SHARES

03/15/18 Interest 1,078.98 0.00 0.00 0.00FREDDIE MAC GOLD POOL U30540RATE: 5.100% MATURITY: 05/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31335YS56253,878.400 SHARES

03/15/18 Cash Credit 0.00 3,752.83 0.00 0.00CW00033985: SWP FRM 4057398401

03/15/18 Cash Debit 3,752.83 - 0.00 0.00 0.00CW00033985: SWP TO 4057398400



03/26/18 Paydown 0.00 236.91 237.98 - 1.07 -FANNIE MAE POOL 938872RATE: 5.100% MATURITY: 05/25/37CUSIP 31412YQZ8236.910 SHARES

03/26/18 Paydown 0.00 283.62 284.90 - 1.28 -FANNIE MAE POOL 969577RATE: 5.100% MATURITY: 12/25/37

03/15/18 DAILY ENDING BALANCE 0.00 3,752.83 1,143,748.46 9.63 -

03/16/18 DAILY ENDING BALANCE 0.00 0.00 1,147,501.29 9.63 -

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Cash and securities set forth on this Account Statement are held by The Bank of New York Mellon, an affiliate of The Bank of New York Mellon Trust Company, N.A. In addition,The Bank of New York Mellon Trust Company, N.A. may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may becompensated for their services and products. The value of securities set forth on this Account Statement are obtained by The Bank of New York Mellon Trust Company, N.A., from its affiliate, The Bank of New York Mellon which determines such values for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (includingindependent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to theaccuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realizedupon the sale of such securities. In addition, the market values for the securities set forth in this Account Statement may differ from the market prices and information for the samesecurities used by other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates based uponmarket prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values withthose used by, or reconcile different market values used by, other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or theirrespective subsidiaries or affiliates. Neither The Bank of New York Mellon Trust Company, N.A. nor The Bank of New York Mellon shall be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information providedby other third party pricing services.





CUSIP 31414LUA4283.620 SHARES

03/26/18 Interest 404.49 0.00 0.00 0.00FANNIE MAE POOL 938872RATE: 5.100% MATURITY: 05/25/37TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31412YQZ895,174.950 SHARES

03/26/18 Interest 523.84 0.00 0.00 0.00FANNIE MAE POOL 969577RATE: 5.100% MATURITY: 12/25/37TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31414LUA4123,257.170 SHARES




03/30/18 Deliver 0.00 0.00 36,835.59 - 0.00INVESTMENT AGREEMENT B/W BAYERISCHELANDESBANK BNY TRUST DTD 7-24-2006 DUE9-30-2038 4.76/IAS/GIC WITHDRAWAL FOR 04/01/2018/IAS/ DEBT SERVICE PAYMENTTRADE DATE 03/30/18 SET/DATE 03/30/18CUSIP S8674444036,835.590 SHARES

03/30/18 Cash Credit 0.00 36,835.59 0.00 0.00RECEIVED DRAW DOWN FROM INVESTMENTAGREEMENT

03/30/18 Cash Credit 0.00 2,819.24 0.00 0.00RECEIVED FLOAT INTEREST FROM INVESTMENTAGREEMENT




03/31/18 CLOSING BALANCE 0.00 39,654.83 1,111,591.68 11.98 -

Cumulative realized capital gain and loss position from 12/31/2017 for securities held in principal of account:

Short Term: 0.00 * Long Term: 35.79-*

* The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable.

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ATTACHMENT 2


Percent of all







100% TOTAL OF ALL INVESTMENTS 2,850,559.88

Account Statement

Account Overview






94% FIXED INCOME 2,666,949.64 1% OTHER 32,894.47 5% CASH AND SHORT TERM 150,715.77

FIXED INCOME 2,666,949.64 2,536,426 .75 10,643.65 127,723.69 4.79%

OTHER 32,894.47 32,894.47 0.00 0.00 0.00%


DIVIDENDS 4.28 0.00 0.00 88.26 0.00

INTEREST 10,698.36 0.00 0.00 32,247.63 0.00


OTHER CASH ADDITIONS 8,862.07 138,519.66 0.00 8,862.07 163,221.36


PURCHASES 0.00 24,702.49 - 0.00 0.00 69,773.15 -


ACCOUNT TOTALS 2,850,559.88 2,720,036 .99 10,643.65 128,037.88 4.49%


CLOSING BALANCE 0.00 126,013.28 22.00 - 0.00 126,013.28

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12,561.030 GINNIE MAE II POOL 456069 110 .80000 13,917.62 64.38 5.55%CUSIP: 36208NT29 101 .40164 12,737.09 772.50MATURITY DATE: 08/20/2027RATE: 6.150%ORIG-FACE: 1,445,936.000

23,040.920 FANNIE MAE POOL 401352 100 .34100 23,119.49 118.08 6.13%CUSIP: 31378KZR8 102 .48224 23,612.85 1,417.02MATURITY DATE: 09/25/2027RATE: 6.150%ORIG-FACE: 1,132,632.000

28,939.550 GINNIE MAE II POOL 459420 111 .18400 32,176.15 148.32 5.53%CUSIP: 36208SK92 101 .40168 29,345.19 1,779.78MATURITY DATE: 10/20/2027RATE: 6.150%ORIG-FACE: 1,117,636.000

55,553.590 GINNIE MAE II POOL 459393 111 .23500 61,795.04 284.71 5.53%CUSIP: 36208SKE1 101 .40155 56,332.20 3,416.55MATURITY DATE: 10/20/2027RATE: 6.150%ORIG-FACE: 1,772,970.000

36,951.750 GINNIE MAE II POOL 468435 111 .23300 41,102.54 189.38 5.53%CUSIP: 36209DLQ5 101 .42862 37,479.65 2,272.53MATURITY DATE: 01/20/2028RATE: 6.150%ORIG-FACE: 1,283,856.000

0.010 GINNIE MAE II POOL 468506 100 .00000 0.01 0.00 0.00%CUSIP: 36209DNX8 100 .00000 0.01 0.00MATURITY DATE: 03/20/2028RATE: 6.150%

63,093.550 GINNIE MAE II POOL 477378 111 .23600 70,182.74 323.35 5.53%CUSIP: 36209PJX6 101 .42867 63,994.95 3,880.25MATURITY DATE: 05/20/2028RATE: 6.150%ORIG-FACE: 1,329,678.000

30,801.360 GINNIE MAE II POOL 477439 106 .65700 32,851.81 139.89 5.11%CUSIP: 36209PLU9 99 .15546 30,541.23 1,678.67MATURITY DATE: 06/20/2028RATE: 5.450%ORIG-FACE: 1,497,903.000

90,675.310 FANNIE MAE POOL 444665 104 .38600 94,652.33 411.82 5.22%CUSIP: 31380M6A9 99 .48820 90,211.23 4,941.80MATURITY DATE: 08/25/2028RATE: 5.450%ORIG-FACE: 1,078,439.000

43,681.380 GINNIE MAE II POOL 492255 106 .64300 46,583.13 198.39 5.11%CUSIP: 36210GZU1 99 .15541 43,312.45 2,380.64MATURITY DATE: 09/20/2028RATE: 5.450%ORIG-FACE: 1,433,682.000

47,932.770 FANNIE MAE POOL 444667 102 .75500 49,253.32 217.69 5.30%CUSIP: 31380M6C5 99 .48810 47,687.40 2,612.34MATURITY DATE: 10/25/2028RATE: 5.450%ORIG-FACE: 1,818,827.000

47,935.560 FANNIE MAE POOL 444668 101 .34300 48,579.33 217.71 5.38%CUSIP: 31380M6D3 99 .48873 47,690.48 2,612.49MATURITY DATE: 11/25/2028RATE: 5.450%ORIG-FACE: 537,538.000

62,096.180 GINNIE MAE II POOL 495980 106 .64200 66,220.61 282.02 5.11%CUSIP: 36210L6R9 99 .15537 61,571.70 3,384.24MATURITY DATE: 11/20/2028RATE: 5.450%ORIG-FACE: 804,519.000

48,386.500 GINNIE MAE II POOL 496039 106 .64900 51,603.72 219.76 5.11%CUSIP: 36210MBG5 99 .15534 47,977.80 2,637.06MATURITY DATE: 12/20/2028RATE: 5.450%

FIXED INCOME

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Statement of Assets Held - Continued


ORIG-FACE: 1,030,722.000 37,287.680 GINNIE MAE II POOL 504132 106 .65200 39,768.06 169.35 5.11%

CUSIP: 36210WA90 99 .09394 36,949.83 2,032.18MATURITY DATE: 03/20/2029RATE: 5.450%ORIG-FACE: 1,760,577.000

42,262.060 FANNIE MAE POOL 492178 101 .69500 42,978.40 191.94 5.36%CUSIP: 31382TXF1 99 .42168 42,017.65 2,303.28MATURITY DATE: 11/25/2029RATE: 5.450%ORIG-FACE: 449,073.000

101,419.420 FANNIE MAE POOL 492179 103 .56600 105,036.04 460.61 5.26%CUSIP: 31382TXG9 99 .42131 100,832.52 5,527.36MATURITY DATE: 01/25/2030RATE: 5.450%ORIG-FACE: 868,020.000

42,707.130 GINNIE MAE II POOL 524387 106 .65600 45,549.72 193.96 5.11%CUSIP: 36211VRG7 98 .97914 42,271.15 2,327.54MATURITY DATE: 01/20/2030RATE: 5.450%ORIG-FACE: 3,028,965.000

124,687.130 FREDDIE MAC GOLD POOL T30156 105 .69600 131,789.31 493.55 4.49%CUSIP: 31286DE56 100 .05004 124,749.52 5,922.64MATURITY DATE: 08/15/2037RATE: 4.750%ORIG-FACE: 1,737,506.000

234,877.000 FREDDIE MAC GOLD POOL T30240 105 .60600 248,044.20 929.72 4.50%CUSIP: 31286DHR5 100 .05004 234,994.53 11,156.66MATURITY DATE: 09/15/2037RATE: 4.750%ORIG-FACE: 1,866,698.000

387,331.370 FREDDIE MAC GOLD POOL T30332 105 .70000 409,409.26 1,533.19 4.49%CUSIP: 31286DLM1 100 .05002 387,525.13 18,398.24MATURITY DATE: 10/15/2037RATE: 4.750%ORIG-FACE: 3,212,396.000

229,729.960 FANNIE MAE POOL 965478 101 .92600 234,154.56 909.35 4.66%CUSIP: 31414GCP2 100 .05003 229,844.89 10,912.17MATURITY DATE: 10/25/2037RATE: 4.750%ORIG-FACE: 2,364,928.000

0.010 FANNIE MAE POOL 967395 100 .00000 0.01 0.00 0.00%CUSIP: 31414JGC1 100 .00000 0.01 0.00MATURITY DATE: 11/25/2037RATE: 4.750%

0.010 FANNIE MAE POOL 969576 100 .00000 0.01 0.00 0.00%CUSIP: 31414LT99 100 .00000 0.01 0.00MATURITY DATE: 12/25/2037RATE: 4.750%

190,456.500 FANNIE MAE POOL 972971 102 .42300 195,071.26 753.89 4.64%CUSIP: 31414QMU8 100 .05010 190,551.91 9,046.68MATURITY DATE: 01/25/2038RATE: 4.750%ORIG-FACE: 400,360.000

288,270.400 FREDDIE MAC GOLD POOL U31941 105 .73800 304,811.36 1,141.07 4.49%CUSIP: 31321XEN0 100 .05011 288,414.84 13,692.84MATURITY DATE: 05/15/2038RATE: 4.750%ORIG-FACE: 475,980.000

89,946.650 FREDDIE MAC GOLD POOL U32124 104 .68200 94,157.95 356.04 4.54%CUSIP: 31321XLD4 100 .05020 89,991.80 4,272.47MATURITY DATE: 07/15/2038RATE: 4.750%ORIG-FACE: 294,899.000

77,413.090 FREDDIE MAC GOLD POOL U32235 104 .80300 81,131.24 306.43 4.53%CUSIP: 31321XPU2 100 .05033 77,452.05 3,677.12MATURITY DATE: 08/15/2038RATE: 4.750%ORIG-FACE: 299,309.000

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Statement of Assets Held - Continued



49,991.010 FREDDIE MAC GOLD POOL U32277 104 .69100 52,336.09 197.88 4.54%CUSIP: 31321XQ64 100 .05035 50,016.18 2,374.57MATURITY DATE: 08/15/2038RATE: 4.750%ORIG-FACE: 257,504.000

48,296.240 FREDDIE MAC GOLD POOL U32413 104 .92400 50,674.35 191.17 4.53%CUSIP: 31321XVE1 100 .05023 48,320.50 2,294.07MATURITY DATE: 10/15/2038RATE: 4.750%ORIG-FACE: 259,733.000

32,894.470 CALYON INVESTMENT AGREEMENT DTD 4-12-07 1.00000 32,894.47 0.00 0.00%DUE 10-1-2039 4.307 (FLOAT FD)2039-01-10 1.00000 32,894.47 0.00CUSIP: S86320640MATURITY DATE: 01/10/2039


CASH BALANCE 0.00000 126,013.28 0.00 0.00% 0.00000 126,013.28 0.00

Total Market Value Plus Total Accrued Income 2,861,203.53

03/01/18 Deliver 0.00 0.00 575.53 - 0.00CALYON INVESTMENT AGREEMENT DTD 4-12-07DUE 10-1-2039 4.307 (FLOAT FD)2039-01-10/IAS/TRF TO 4352938400 2007C PRIN P/IAS/MTS & PPMTS REP: WHOLE LOA/IAS/N 2ND MTG PRINCIPAL RECVD FEBR/IAS/UARY 2018MATURITY: 01/10/39TRADE DATE 03/01/18 SET/DATE 03/01/18CUSIP S86320640575.530 SHARES





Total FIXED INCOME 2,666,949.64 10,643.65 4.79% 2,536,426.75 127,723.69

OTHER

Total OTHER 32,894.47 0.00 0.00% 32,894.47 0.00

CASH AND SHORT TERM


ACCOUNT TOTALS 2,850,559.88 10,643.65 4.49% 2,720,036.99 128,037.88

03/01/18 OPENING BALANCE 0.00 0.00 2,700,799.48



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03/05/18 Deliver 0.00 0.00 105.36 - 0.00CALYON INVESTMENT AGREEMENT DTD 4-12-07DUE 10-1-2039 4.307 (FLOAT FD)2039-01-10/IAS/TRF UNITS TO #435289 A PREPAYM/IAS/ENTS A/C REP: SERIES A PREPAY/IAS/MENTS FOR THE MONTH OF JAN 201/IAS/8 RECEIVED IN FEB 2018MATURITY: 01/10/39TRADE DATE 03/05/18 SET/DATE 03/05/18CUSIP S86320640105.360 SHARES

03/05/18 Deliver 0.00 0.00 1,428.02 - 0.00CALYON INVESTMENT AGREEMENT DTD 4-12-07DUE 10-1-2039 4.307 (FLOAT FD)2039-01-10/IAS/TRF UNITS TO #435291 B PREPAYM/IAS/ENTS A/C REP: SERIES B PREPAY/IAS/MENTS FOR THE MONTH OF JAN 2/IAS/018 RECEIVED IN FEB 2018MATURITY: 01/10/39TRADE DATE 03/05/18 SET/DATE 03/05/18CUSIP S863206401,428.020 SHARES


03/13/18 Cash Credit 0.00 1,803.74 0.00 0.00RCV WIRE FROM CITIMRTG REP: 2007C WHOLELOAN 2ND MORTAGE PRIN $702.32 AND INT$1,101.42


03/15/18 Paydown 0.00 314.07 314.23 - 0.16 -FREDDIE MAC GOLD POOL T30156RATE: 4.750% MATURITY: 08/15/37CUSIP 31286DE56314.070 SHARES

03/15/18 Paydown 0.00 574.38 574.67 - 0.29 -FREDDIE MAC GOLD POOL T30240RATE: 4.750% MATURITY: 09/15/37CUSIP 31286DHR5574.380 SHARES

03/15/18 Paydown 0.00 1,086.34 1,086.88 - 0.54 -FREDDIE MAC GOLD POOL T30332RATE: 4.750% MATURITY: 10/15/37CUSIP 31286DLM11,086.340 SHARES

03/15/18 Paydown 0.00 759.13 759.51 - 0.38 -FREDDIE MAC GOLD POOL U31941RATE: 4.750% MATURITY: 05/15/38CUSIP 31321XEN0759.130 SHARES

03/15/18 Paydown 0.00 206.10 206.20 - 0.10 -FREDDIE MAC GOLD POOL U32124RATE: 4.750% MATURITY: 07/15/38CUSIP 31321XLD4206.100 SHARES

03/15/18 Paydown 0.00 186.09 186.18 - 0.09 -FREDDIE MAC GOLD POOL U32235RATE: 4.750% MATURITY: 08/15/38CUSIP 31321XPU2186.090 SHARES



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03/15/18 Paydown 0.00 113.78 113.84 - 0.06 -FREDDIE MAC GOLD POOL U32277RATE: 4.750% MATURITY: 08/15/38CUSIP 31321XQ64113.780 SHARES

03/15/18 Paydown 0.00 108.46 108.51 - 0.05 -FREDDIE MAC GOLD POOL U32413RATE: 4.750% MATURITY: 10/15/38CUSIP 31321XVE1108.460 SHARES

03/15/18 Interest 494.80 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30156RATE: 4.750% MATURITY: 08/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DE56125,001.200 SHARES

03/15/18 Interest 932.00 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30240RATE: 4.750% MATURITY: 09/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DHR5235,451.380 SHARES

03/15/18 Interest 1,537.49 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30332RATE: 4.750% MATURITY: 10/15/37TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DLM1388,417.710 SHARES

03/15/18 Interest 1,144.08 0.00 0.00 0.00FREDDIE MAC GOLD POOL U31941RATE: 4.750% MATURITY: 05/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XEN0289,029.530 SHARES

03/15/18 Interest 356.85 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32124RATE: 4.750% MATURITY: 07/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XLD490,152.750 SHARES

03/15/18 Interest 307.16 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32235RATE: 4.750% MATURITY: 08/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XPU277,599.180 SHARES

03/15/18 Interest 198.33 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32277RATE: 4.750% MATURITY: 08/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XQ6450,104.790 SHARES

03/15/18 Interest 191.60 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32413RATE: 4.750% MATURITY: 10/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XVE148,404.700 SHARES





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03/20/18 Paydown 0.00 1,632.95 1,655.85 - 22.89 -GINNIE MAE II POOL 456069RATE: 6.150% MATURITY: 08/20/27CUSIP 36208NT291,632.960 SHARES

03/20/18 Paydown 0.00 330.02 334.65 - 4.63 -GINNIE MAE II POOL 459420RATE: 6.150% MATURITY: 10/20/27CUSIP 36208SK92330.020 SHARES

03/20/18 Paydown 0.00 385.57 390.96 - 5.40 -GINNIE MAE II POOL 459393RATE: 6.150% MATURITY: 10/20/27CUSIP 36208SKE1385.560 SHARES

03/20/18 Paydown 0.00 260.33 264.05 - 3.72 -GINNIE MAE II POOL 468435RATE: 6.150% MATURITY: 01/20/28CUSIP 36209DLQ5260.330 SHARES

03/20/18 Paydown 0.00 439.75 446.03 - 6.28 -GINNIE MAE II POOL 477378RATE: 6.150% MATURITY: 05/20/28CUSIP 36209PJX6439.750 SHARES

03/20/18 Paydown 0.00 177.38 175.89 - 1.50GINNIE MAE II POOL 477439RATE: 5.450% MATURITY: 06/20/28CUSIP 36209PLU9177.390 SHARES

03/20/18 Paydown 0.00 282.89 280.50 - 2.39GINNIE MAE II POOL 492255RATE: 5.450% MATURITY: 09/20/28CUSIP 36210GZU1282.890 SHARES

03/20/18 Paydown 0.00 435.88 432.20 - 3.68GINNIE MAE II POOL 495980RATE: 5.450% MATURITY: 11/20/28CUSIP 36210L6R9435.880 SHARES

03/20/18 Paydown 0.00 265.87 263.63 - 2.25GINNIE MAE II POOL 496039RATE: 5.450% MATURITY: 12/20/28CUSIP 36210MBG5265.880 SHARES

03/20/18 Paydown 0.00 215.78 213.82 - 1.96GINNIE MAE II POOL 504132RATE: 5.450% MATURITY: 03/20/29CUSIP 36210WA90215.780 SHARES

03/20/18 Paydown 0.00 229.90 227.55 - 2.35GINNIE MAE II POOL 524387RATE: 5.450% MATURITY: 01/20/30CUSIP 36211VRG7229.900 SHARES

03/20/18 Interest 72.74 0.00 0.00 0.00GINNIE MAE II POOL 456069RATE: 6.150% MATURITY: 08/20/27TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36208NT2914,193.990 SHARES

03/20/18 Interest 150.01 0.00 0.00 0.00GINNIE MAE II POOL 459420


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RATE: 6.150% MATURITY: 10/20/27TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36208SK9229,269.570 SHARES

03/20/18 Interest 286.69 0.00 0.00 0.00GINNIE MAE II POOL 459393RATE: 6.150% MATURITY: 10/20/27TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36208SKE155,939.150 SHARES

03/20/18 Interest 190.71 0.00 0.00 0.00GINNIE MAE II POOL 468435RATE: 6.150% MATURITY: 01/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36209DLQ537,212.080 SHARES

03/20/18 Interest 325.61 0.00 0.00 0.00GINNIE MAE II POOL 477378RATE: 6.150% MATURITY: 05/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36209PJX663,533.300 SHARES

03/20/18 Interest 140.70 0.00 0.00 0.00GINNIE MAE II POOL 477439RATE: 5.450% MATURITY: 06/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36209PLU930,978.750 SHARES

03/20/18 Interest 199.67 0.00 0.00 0.00GINNIE MAE II POOL 492255RATE: 5.450% MATURITY: 09/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36210GZU143,964.270 SHARES

03/20/18 Interest 284.00 0.00 0.00 0.00GINNIE MAE II POOL 495980RATE: 5.450% MATURITY: 11/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36210L6R962,532.060 SHARES

03/20/18 Interest 220.96 0.00 0.00 0.00GINNIE MAE II POOL 496039RATE: 5.450% MATURITY: 12/20/28TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36210MBG548,652.380 SHARES

03/20/18 Interest 170.33 0.00 0.00 0.00GINNIE MAE II POOL 504132RATE: 5.450% MATURITY: 03/20/29TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36210WA9037,503.460 SHARES

03/20/18 Interest 195.01 0.00 0.00 0.00GINNIE MAE II POOL 524387RATE: 5.450% MATURITY: 01/20/30TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36211VRG742,937.030 SHARES





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03/26/18 Paydown 0.00 238.52 244.44 - 5.92 -FANNIE MAE POOL 401352RATE: 6.150% MATURITY: 09/25/27CUSIP 31378KZR8238.520 SHARES

03/26/18 Paydown 0.00 608.32 605.21 - 3.11FANNIE MAE POOL 444665RATE: 5.450% MATURITY: 08/25/28CUSIP 31380M6A9608.320 SHARES

03/26/18 Paydown 0.00 1,224.45 1,218.18 - 6.27FANNIE MAE POOL 444667RATE: 5.450% MATURITY: 10/25/28CUSIP 31380M6C51,224.450 SHARES

03/26/18 Paydown 0.00 271.95 270.56 - 1.39FANNIE MAE POOL 444668RATE: 5.450% MATURITY: 11/25/28CUSIP 31380M6D3271.950 SHARES

03/26/18 Paydown 0.00 215.28 214.03 - 1.25FANNIE MAE POOL 492178RATE: 5.450% MATURITY: 11/25/29CUSIP 31382TXF1215.280 SHARES

03/26/18 Paydown 0.00 506.78 503.86 - 2.93FANNIE MAE POOL 492179RATE: 5.450% MATURITY: 01/25/30CUSIP 31382TXG9506.790 SHARES

03/26/18 Paydown 0.00 629.64 629.96 - 0.32 -FANNIE MAE POOL 965478RATE: 4.750% MATURITY: 10/25/37CUSIP 31414GCP2629.640 SHARES

03/26/18 Paydown 0.00 496.50 496.75 - 0.25 -FANNIE MAE POOL 972971RATE: 4.750% MATURITY: 01/25/38CUSIP 31414QMU8496.500 SHARES

03/26/18 Interest 119.31 0.00 0.00 0.00FANNIE MAE POOL 401352RATE: 6.150% MATURITY: 09/25/27TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31378KZR823,279.440 SHARES

03/26/18 Interest 414.58 0.00 0.00 0.00FANNIE MAE POOL 444665RATE: 5.450% MATURITY: 08/25/28TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31380M6A991,283.630 SHARES

03/26/18 Interest 223.26 0.00 0.00 0.00FANNIE MAE POOL 444667RATE: 5.450% MATURITY: 10/25/28TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31380M6C549,157.220 SHARES

03/26/18 Interest 218.94 0.00 0.00 0.00FANNIE MAE POOL 444668RATE: 5.450% MATURITY: 11/25/28TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31380M6D3


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48,207.510 SHARES03/26/18 Interest 192.92 0.00 0.00 0.00

FANNIE MAE POOL 492178RATE: 5.450% MATURITY: 11/25/29TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31382TXF142,477.340 SHARES

03/26/18 Interest 462.91 0.00 0.00 0.00FANNIE MAE POOL 492179RATE: 5.450% MATURITY: 01/25/30TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31382TXG9101,926.210 SHARES

03/26/18 Interest 911.84 0.00 0.00 0.00FANNIE MAE POOL 965478RATE: 4.750% MATURITY: 10/25/37TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31414GCP2230,359.600 SHARES

03/26/18 Interest 755.86 0.00 0.00 0.00FANNIE MAE POOL 972971RATE: 4.750% MATURITY: 01/25/38TRADE DATE 03/25/18 SET/DATE 03/25/18CUSIP 31414QMU8190,953.000 SHARES




03/30/18 Deliver 0.00 0.00 117,151.21 - 0.00CALYON INVESTMENT AGREEMENT DTD 4-12-07DUE 10-1-2039 4.307 (FLOAT FD)2039-01-10/IAS/GIC WITHDRAWAL FOR 04/01/2018/IAS/ DEBT SERVICE PAYMENTMATURITY: 01/10/39TRADE DATE 03/30/18 SET/DATE 03/30/18CUSIP S86320640117,151.210 SHARES



03/30/18 Cash Credit 8,862.07 0.00 0.00 0.00RECEIVED FLOAT INTEREST FROM INVESTMENTAGREEMENT





03/31/18 CLOSING BALANCE 0.00 126,013.28 2,594,023.71 22.00 -




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Statement Period 03/01/2018 Through 03/31/2018Account 435286BROWARD S F 07 REVENUE

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ATTACHMENT 3


Percent of all







100% TOTAL OF ALL INVESTMENTS 864,897.31

Account Statement

Account Overview




Account 435685BROWARD 07 E REVENUE


1% EQUITY 10,000.00 94% FIXED INCOME 806,826.94 5% CASH AND SHORT TERM 48,070.37

EQUITY 10,000.00 10,000.00 0.00 0.00 0.00%

FIXED INCOME 806,826.94 753,995.48 3,691.20 44,294.18 5.49%


DIVIDENDS 0.94 0.00 0.00 2.12 0.00

INTEREST 3,699.49 0.00 0.00 11,123.23 0.00


OTHER CASH ADDITIONS 0.00 45,747.22 0.00 0.00 53,172.74


PURCHASES 0.00 5,335.63 - 0.00 0.00 15,515.04 -


ACCOUNT TOTALS 864,897.31 812,065.85 3,691.20 44,370.79 5.13%


CLOSING BALANCE 0.00 42,046.79 62.76 - 0.00 42,046.79

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10,000.000 INVESTMET AGREEMENT WITH CALYON 4.5 DTD 1.00000 10,000.00 0.00 0.00%09/19/07 DUE 09/29/2039 (FLOAT FD) 1.00000 10,000.00 0.00CUSIP: S86442950

55,953.320 FREDDIE MAC GOLD POOL T30453 111 .25900 62,253.10 284.43 5.48%CUSIP: 31286DQE4 103 .85008 58,107.57 3,413.15MATURITY DATE: 01/15/2038RATE: 6.100%ORIG-FACE: 2,262,370.000

176,509.240 FREDDIE MAC GOLD POOL T31200 111 .18500 196,251.80 897.26 5.49%CUSIP: 31286EKM0 103 .85006 183,304.96 10,767.06MATURITY DATE: 03/15/2038RATE: 6.100%ORIG-FACE: 1,648,786.000

200,009.540 FREDDIE MAC GOLD POOL T31222 111 .18600 222,382.61 1,016.72 5.49%CUSIP: 31286ELB3 103 .85009 207,710.08 12,200.58MATURITY DATE: 05/15/2038RATE: 6.100%ORIG-FACE: 1,010,436.000

95,860.140 GINNIE MAE II POOL 672824 111 .09400 106,494.86 487.29 5.49%CUSIP: 36295KPH0 103 .75027 99,455.15 5,847.47MATURITY DATE: 05/20/2038RATE: 6.100%ORIG-FACE: 749,070.000

33,683.990 FREDDIE MAC GOLD POOL U32069 111 .18300 37,450.87 171.23 5.49%CUSIP: 31321XJN5 103 .85058 34,981.02 2,054.72MATURITY DATE: 06/15/2038RATE: 6.100%ORIG-FACE: 344,519.000

164,117.970 FREDDIE MAC GOLD POOL U32305 110 .89200 181,993.70 834.27 5.50%CUSIP: 31321XR22 103 .85011 170,436.70 10,011.20MATURITY DATE: 09/15/2038RATE: 6.100%ORIG-FACE: 415,412.000


CASH BALANCE 0.00000 42,046.79 0.00 0.00% 0.00000 42,046.79 0.00

Total Market Value Plus Total Accrued Income 868,588.51




EQUITY

Total EQUITY 10,000.00 0.00 0.00% 10,000.00 0.00

FIXED INCOME

Total FIXED INCOME 806,826.94 3,691.20 5.49% 753,995.48 44,294.18

CASH AND SHORT TERM


ACCOUNT TOTALS 864,897.31 3,691.20 5.13% 812,065.85 44,370.79

03/01/18 OPENING BALANCE 0.00 0.00 796,537.46

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03/05/18 Deliver 0.00 0.00 2.28 - 0.00INVESTMET AGREEMENT WITH CALYON 4.5 DTD09/19/07 DUE 09/29/2039 (FLOAT FD)/IAS/TRF UNITS TO #435687 E PREPAYM/IAS/ENTS A/C REP: SERIES E PREPAY/IAS/MENTS FOR THE MONTH OF JAN 201/IAS/8 RECEIVED IN FEB 2018TRADE DATE 03/05/18 SET/DATE 03/05/18CUSIP S864429502.280 SHARES


03/15/18 Paydown 0.00 114.68 119.10 - 4.42 -FREDDIE MAC GOLD POOL T30453RATE: 6.100% MATURITY: 01/15/38CUSIP 31286DQE4114.680 SHARES

03/15/18 Paydown 0.00 360.34 374.21 - 13.87 -FREDDIE MAC GOLD POOL T31200RATE: 6.100% MATURITY: 03/15/38CUSIP 31286EKM0360.340 SHARES

03/15/18 Paydown 0.00 675.27 701.28 - 26.00 -FREDDIE MAC GOLD POOL T31222RATE: 6.100% MATURITY: 05/15/38CUSIP 31286ELB3675.280 SHARES

03/15/18 Paydown 0.00 66.01 68.55 - 2.54 -FREDDIE MAC GOLD POOL U32069RATE: 6.100% MATURITY: 06/15/38CUSIP 31321XJN566.010 SHARES

03/15/18 Paydown 0.00 219.18 227.62 - 8.44 -FREDDIE MAC GOLD POOL U32305RATE: 6.100% MATURITY: 09/15/38CUSIP 31321XR22219.180 SHARES

03/15/18 Interest 285.01 0.00 0.00 0.00FREDDIE MAC GOLD POOL T30453RATE: 6.100% MATURITY: 01/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286DQE456,068.000 SHARES

03/15/18 Interest 899.09 0.00 0.00 0.00FREDDIE MAC GOLD POOL T31200RATE: 6.100% MATURITY: 03/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286EKM0176,869.580 SHARES

03/15/18 Interest 1,020.15 0.00 0.00 0.00FREDDIE MAC GOLD POOL T31222RATE: 6.100% MATURITY: 05/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31286ELB3200,684.820 SHARES

03/15/18 Interest 171.56 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32069RATE: 6.100% MATURITY: 06/15/38

03/02/18 DAILY ENDING BALANCE 0.00 0.94 796,537.46 0.00

03/05/18 DAILY ENDING BALANCE 0.00 0.00 796,536.12 0.00

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TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XJN533,750.000 SHARES

03/15/18 Interest 835.38 0.00 0.00 0.00FREDDIE MAC GOLD POOL U32305RATE: 6.100% MATURITY: 09/15/38TRADE DATE 03/15/18 SET/DATE 03/15/18CUSIP 31321XR22164,337.150 SHARES





03/20/18 Paydown 0.00 199.72 207.22 - 7.49 -GINNIE MAE II POOL 672824RATE: 6.100% MATURITY: 05/20/38CUSIP 36295KPH0199.730 SHARES

03/20/18 Interest 488.30 0.00 0.00 0.00GINNIE MAE II POOL 672824RATE: 6.100% MATURITY: 05/20/38TRADE DATE 03/20/18 SET/DATE 03/20/18CUSIP 36295KPH096,059.870 SHARES




03/30/18 Deliver 0.00 0.00 30,153.77 - 0.00INVESTMET AGREEMENT WITH CALYON 4.5 DTD09/19/07 DUE 09/29/2039 (FLOAT FD)/IAS/GIC WITHDRAWAL FOR 04/01/2018/IAS/ DEBT SERVICE PAYMENTTRADE DATE 03/30/18 SET/DATE 03/30/18CUSIP S8644295030,153.770 SHARES

03/30/18 Cash Credit 0.00 11,893.02 0.00 0.00RECEIVED FLOAT INTEREST FROM INVESTMENTAGREEMENT


03/15/18 DAILY ENDING BALANCE 0.00 3,211.19 796,480.84 55.27 -

03/16/18 DAILY ENDING BALANCE 0.00 0.00 799,692.03 55.27 -



03/30/18 DAILY ENDING BALANCE 0.00 42,046.79 770,019.06 62.76 -

03/31/18 CLOSING BALANCE 0.00 42,046.79 770,019.06 62.76 -

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ATTACHMENT 4

Housing Finance Authority of Broward County April 18, 2018 – Board Meeting

Investment Committee (Investment/Brokerage Procedures) Advise the HFA Board that BNY Mellon Capital Markets will serve as the single source broker for HFA investments. Background 1. On October 18, 2017, the HFA approved Resolution 2017-011 authorizing: (i) the

appointment of Bank of New York Mellon Trust Company, N.A. as safekeeping agent and broker for the HFA’s investment funds, (ii) the execution of the custody agreement, (iii) execution of other documents and authorizing officers of the HFA to do all things necessary or advisable in connection with entering into the agreements, and (iv) the providing of an effective date.

2. Resolution 2017-011 was approved by the BOCC at its November 7, 2017 meeting.

Present Situation 1. On March 21, 2018 the HFA’s Investment Committee (IC) discussed various

procedural aspects related to the process for investing the HFA’s funds and reviewed the HFA’s Investment Policy which states the following:

“10. BID REQUIREMENT. The Authority or its authorized representative shall determine the approximate maturity date based on cash-flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the Investment Objectives specified in Article 2, above, must be selected.”

2. Due to the limited number of investments in any given year, it was determined that

the HFA’s investment volume was not sufficient to warrant competitive bids via multiple brokers and that bids would be requested from BNY Mellon Capital Markets (“BNYMCM”) as the HFA’s authorized broker per Resolution 2017-011.

3. The IC committee requested the creation of documentation to assure written back-up

for investment directions and/or decisions. Proposed forms will be presented to the IC at its next meeting and are included for the Board as background for this agenda item. (Attachment 2)

4. To assure full transparency the IC determined it would be appropriate to disclose the

foregoing to HFA Board and request Board approval of the BNYMCM as the single source broker. Within BNYMCM, Matthew Menzel will serve as the HFA’s representative and day-to-day contact. Mr. Menzel joined BNYMCM in 2001 as an Institutional Fixed Income Salesperson. His current role is Managing Director of Short Term Sales at BNYMCM. Prior to his position with the firm, Mr. Menzel worked at

Lehman Brothers for 8 years as an Institutional Fixed Income Salesperson in Municipals. Mr. Menzel earned a Bachelor of Arts in Economics and Education from Rutgers College, Rutgers University. He has FINRA Series 3, 7, 24, 50, and 63 registrations.

5. Information on BNYMCM is included for the Board’s information. (Attachment 3)

Attachments

1. HFA Investment Policy 2. HFA Brokerage Forms – Proposed pending IC approval. 3. BNY Mellon Capital Markets – Fixed Income Desk Overview

ATTACHMENT 1

EXHIBIT A

1

HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

INVESTMENT POLICY

1. SCOPE. This Investment Policy shall apply to the surplus funds of the Housing Finance

Authority of Broward County, Florida (“Authority”) in excess of amounts needed to meet current

short term expenses. This Investment Policy shall not apply to proceeds from the issuance of bonds

or other debts or other funds held with respect thereto where there are indentures or agreements by

the Authority relating to the investment of said funds. Nor shall this Investment Policy apply to

the investment or application of funds in the furtherance or implementation of the housing

programs of the Authority.

2. INVESTMENT OBJECTIVES. The first objective of all investments shall be the preservation

of the capital of the Authority. The second objective of all investments shall be the liquidity of

Authority funds. The third objective of all investments shall be investment income to the

Authority.

3. PERFORMANCE MEASUREMENT. In order to assist in the evaluation of the investments

made pursuant to this Investment Policy, the Investment Portfolio Committee (as defined in Article

13) shall, at least quarterly, (1) compare the rate of return on its investments to the rate of return

on the Local Government Surplus Trust Fund or any intergovernmental investment pool authorized

pursuant to the Florida Interlocal Cooperation Act, as provided for in Section 163.01, Florida

Statutes, and established in Section 218.405, Florida Statutes; and (2) include that rate comparison

in the quarterly report described in Article 13 herein.

4. PRUDENT PERSON RULE. Investments should be made with judgment and care, under

circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in

the management of their own affairs, not for speculation, but for investment, considering the

probable safety of their capital and liquidity requirements, as well as the probable income to be

derived from the investment.

5. ETHICAL STANDARDS. Persons involved in the investment process shall refrain from

personal business activity that may conflict with the proper execution of the investment program,

or which impair their ability to make impartial investment decisions. Also, persons involved in the

investment process shall disclose to the Authority any material financial interests in financial

institutions that conduct business with the Authority, and they shall further disclose any material

financial/investment positions that could be related to the performance of the Authority's portfolio.

6. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSITION. Funds in the

investment portfolio shall be limited to the following eligible securities. Marginable accounts,

short sales (where the Authority does not own the underlying security), and investments in any

derivative securities (including interest only or principal only and inverse floaters investments)

are prohibited unless specifically designated below:

a. Direct obligations, or obligations, of the United States Government, the principal

and interest of which are unconditionally guaranteed by the United States

EXHIBIT A

2

Government, including bonds, notes, and other obligations. Such securities will

include, but not be limited to, the following:

1. Cash Management Bills.

2. Treasury Bills.

3. Treasury Notes.

4. Treasury Bonds.

b. Bonds, notes, and other obligations of any federal agency whose obligations

represent the full faith and credit of the United States Government. Such securities

will include, but not be limited to, the following:

1. Farmers Home Administration—Certificate of beneficial ownership.

2. Federal Housing Administration Debentures.

3. United States Department of Housing and Urban Development Project notes and

local authority bonds.

4. Government National Mortgage Association (GNMA or "Ginnie Mae").

5. Department of Veterans Affairs (VA).

c. Bonds, debentures, or notes issued by Government Sponsored Enterprises (GSEs),

which carry the implicit backing of the United States Government, but are not direct

obligations of the United States Government. Such securities will include issuances

from, but not be limited to, the following:

1. Federal Home Loan Bank System (FHLB)—Senior debt obligations.

2. Federal Farm Credit Bank (FFCB).

3. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac")—

Participation certificates, senior debt obligations.

4. Federal National Mortgage Corporation (FNMA or "Fannie Mae")—Participation

certificates, senior debt obligations.

5. Federal Agricultural Mortgage Corporation (FRM or "Farmer Mac")—

Participation certificates, senior debt obligations.

d. The Local Government Surplus Trust Fund ("Florida PRIME") or any

intergovernmental investment pool authorized pursuant to the Florida Interlocal

Cooperation Act, as provided for in Section 163.01, Florida Statutes, and established

in Section 218.405, Florida Statutes. In addition, a thorough investigation of the pool

is required prior to investing and on a continual basis. Areas of consideration shall

include a review of the Investment Policy, the types of securities allowed, the fund's

risk profile, operational requirements, and calculations relating to interest, gains and

losses, and distributions.

EXHIBIT A

3

e. Repurchase agreements with Primary Dealers, as defined by the Federal Reserve

Bank of New York, and a custodian bank acting as a tri-party agent, provided such

agreements are (i) in writing; and (ii) fully secured by securities unconditionally

guaranteed by the United States Government, and provided further that:

1. Any such collateral is held by the Authority or the tri-party agent acting for the

Authority during the full term of such agreements;

2. Any such collateral may only be substituted for same credit quality or better;

3. Any such collateral is not subject to liens or claims of third parties;

4. Any such collateral has a market value (determined at least every seven (7) days)

at least equal to one hundred two percent (102%) of the amount invested in such

agreement;

5. The Authority has a perfected first security interest in such collateral;

6. A Master Repurchase Agreement has been executed with all counterparties

pursuant to Article 9 of this Investment Policy;

7. The Master Repurchase Agreement provides that the failure to maintain such

collateral at the level required by clause (4) above will require the Authority or

the tri-party agent to liquidate the investments; and

8. Term of the repurchase agreements cannot exceed ninety (90) days from date of

purchase.

f. Commercial paper rated in one of the two highest rating categories by at least two

(2) nationally recognized rating agencies, or commercial paper backed by a letter of

credit or line of credit rated in one of the two highest rating categories.

g. Bonds, notes, or obligations of the State of Florida, or of any municipality, political

subdivision, or agency or authority of the State of Florida, if such obligations are

rated by at least two (2) nationally recognized rating services in any one of the two

highest classifications.

h. Bank time deposits evidenced by certificates of deposit, or other evidences of

deposit, issued by any bank, savings and loan association, trust company, or national

banking association, which are (a) fully insured by the Federal Deposit Insurance

Corporation and are governed by Florida Statutes or (b) to the extent not so insured,

secured by government obligations provided (i) the institution is designated by the

Chief Financial Officer of the State of Florida as a qualified public depository, as

defined in Section 280.02, and such obligations shall be in the physical possession

of the State of Florida or a bank or trust of its choosing as directed by the Chief

Financial Officer of the State of Florida, and (ii) such obligations must continuously

have a market value at least equal to the amount so invested.

EXHIBIT A

4

i. Securities of, or other interest in, any open-end or closed-end management type,

investment company, or investment trust registered under the Investment Company

Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended from time to time, provided the

portfolio of such investment company or investment trust is limited to United States

Government obligations and the repurchase agreements fully collateralized by such

United States Government obligations and provided such an investment company or

investment trust takes delivery of such collateral either directly or through an

authorized custodian. In addition, a thorough review shall take place as described in

item d., above.

j. Collateralized Mortgage Obligations ("CMOs") which are bank eligible and pass a

three-pronged test for CMO safety at purchase based on the following:

1. The Weighted Average Life ("WAL") does not exceed five (5) years;

2. The expected WAL does not extend for more than two (2) years nor shorten by

more than three (3) years assuming an immediate and sustained parallel shift in

the yield curve of plus or minus three hundred (300) basis points; and

3. The estimated change in price is not more than ten percent (10%) assuming an

immediate and sustained parallel shift in the yield curve of plus or minus three

hundred (300) basis points.

k. World Bank notes, Bonds, or Discount Notes, rated AAA or equivalent by Moody's

Investor Service or Standard and Poors Corporation.

l. Obligations of the Tennessee Valley Authority.

m. Reverse repurchase agreements which shall be used only for liquidity purposes and

cannot be longer than thirty (30) days in duration and must have the approval of the

CFO.

n. Securities and Exchange Commission registered money market funds with the

highest credit quality rating from a nationally recognized rating agency.

7. MATURITY AND LIQUIDITY REQUIREMENTS. To the extent possible, an attempt will

be made to match investment maturities with known cash needs and anticipated cash-flow

requirements. The investment portfolio shall be structured in such a manner as to provide sufficient

liquidity to pay obligations as they come due.

8. THIRD PARTY CUSTODIAL AGREEMENTS. Securities should be held with a third

party; and all securities purchased by, and all collateral obtained by, the Authority should be

properly designated as an asset of the Authority. No withdrawal of securities, in whole or in part,

shall be made from safekeeping, except by an authorized representative of the Authority. Security

transactions between a broker-dealer and the custodian involving purchase or sale of securities by

transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to

EXHIBIT A

5

ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion

of the transaction.

9. MASTER REPURCHASE AGREEMENT. All approved institutions and dealers transacting

repurchase agreements shall execute and perform as stated in a Master Repurchase Agreement,

when and if adopted by the Authority. All repurchase agreement transactions shall adhere to the

requirements of the Master Repurchase Agreement, when and if adopted by the Authority.

10. BID REQUIREMENT. The Authority or its authorized representative shall determine the

approximate maturity date based on cash-flow needs and market conditions, analyze and select

one or more optimal types of investment, and competitively bid the security in question when

feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the

Investment Objectives specified in Article 2, above, must be selected.

11. INTERNAL CONTROLS. The Authority shall establish a series of internal controls and

operating procedures to protect the Authority's assets and ensure proper accounting and reporting

of the transactions related thereto. No person may engage in an investment transaction except as

authorized under the terms of this policy. Internal controls shall include, but are not limited to:

(a) Transfers of funds from the HFA to the State Board of Administration may be made by

wire transfer or EFT (by Executive Director or Authority Board Chair or other

Authority Board member serving on the Investment Portfolio Committee), or by check

with one signature (by Executive Director or Authority Board Chair or other Authority

Board member serving on the Investment Portfolio Committee).

(b) Funds may be deposited in the Authority's checking account by the Executive Director

or Authority Board Chair or other Authority Board member serving on the Investment

Portfolio Committee, without further approvals.

(c) Transfers by wire transfer or EFT to money market funds meeting the requirements of

this Investment Policy may be made by the Executive Director with the prior written

approval of the Authority Board Chair or other Authority Board member serving on

the Investment Portfolio Committee.

(d) Transfers to banks for investment in certificates of deposit meeting the requirements of

this Investment Policy may be made by the Executive Director (utilizing wires or the

EFT system) with prior written approval by the Authority Board Chair or other

Authority Board member serving on the Investment Portfolio Committee.

(e) Monthly reconciliations of all accounts affected by investment transactions must be

performed by parties other than those who have the authority to approve or execute

such transactions under this Investment Policy.

Such internal controls shall be reviewed by independent auditors as a normal part of the annual

financial audit of the Authority.

EXHIBIT A

6

12. REPORTING. The Authority's certified public accountant shall monthly, as part of its

normal financial statement report, list the securities in the investment portfolio by class or type,

book value, income earned, and market value as of the report date.

13. INVESTMENT PORTFOLIO COMMITTEE. An Investment Portfolio Committee

(“Committee”), comprised of Authority’s Executive Director, two Authority Board Members (one

of which shall be the Authority Board Chair), Authority's Financial Advisor, and an investment

coordinator from the Broward County Finance and Administrative Services Department, shall be

established to manage and monitor the performance and composition of the Authority’s

investments in accordance with this Investment Policy. The Committee shall (1) meet at least

quarterly; (2) review the monthly statements of the funds, investments, and securities of the

Authority to determine the performance and status of said funds, investments, and securities. (3)

provide quarterly reports regarding the status of the Authority’s investment portfolio to the

Authority Board; and (4) recommend necessary or desirable modifications to this Investment

Policy for the Authority Board’s consideration.

14. CONTINUING EDUCATION. All members of the Investment Portfolio Committee

established pursuant to Article 13 hereof shall annually complete at least eight hours of continuing

education in subjects or courses of study related to investment practices and products.

15. AMENDMENTS; WAIVERS. The Authority, by action specifically taken with a quorum

present and voting at a public meeting thereof, may amend or waive provisions of this Investment

Policy to the extent authorized by law.

16. ADOPTION. This Investment Policy shall become effective upon its adoption by resolution

of the Authority Board.

ATTACHMENT 2

ATTACHMENT 3

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bnymellon.comFixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.

Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to maturity, prices will rise and fall on interest rate movements in response to economic conditions.

Corporate Debt. Corporate debt securities are subject to risks including, but not limited to: early call or redemption risk, reinvestment risk, interest rate risk, credit risk, event risk, sector risk or market risk.

Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject to default by the issuer.

Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. Early withdrawal of any CD may not be available and may be subject to applicable penalties.

CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the same insured institution that issues the CDs, the total value of your deposit accounts could exceed the amount of FDIC insurance to which your deposits (including CDs) are entitled.

Yankee CDs/No FDIC Insurance. Yankee CDs are not FDIC insured in whole or in part.

Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds generally only invest in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local governments and are subject to strict diversification and maturity standards. Ultra-short bond funds are not subject to these requirements. The net asset value (NAV) of an ultra-short bond fund will fluctuate, while money market funds seek to maintain a stable NAV of $1 per share, although there is no guarantee that they will achieve this goal.

Mortgage Backed Securities (MBS). Potential issuers of securities should discuss any financial instrument offering, engagement, or relationship with their own counsel and financial advisors. Beginning in the second half of 2007, difficulties in the mortgage and broader credit markets led to a substantial decrease in the availability of credit. As a result, U.S., European and global credit and financial markets in general have been, and are, experiencing difficulties. The extent and duration of any future continued weakening of these markets, higher costs of borrowing, and disruptions in debt and equity markets may potentially make it more difficult to issue a financial instrument, exit an investment or define the impact, if any, on the performance and prospects of particular issuers or securities. There can be no assurance that any of the governmental or private sector initiatives designed to strengthen the condition of the credit markets will be successful, and there is no way to know the effect that these initiatives will have on the performance of any particular securities or issuers. Only GNMA is backed by the full faith and credit of the U.S. Government. Securities issued by Fannie Mae, Freddie Mac and MBS in general have recently experienced volatility and other increased risks due to homeowner defaults and severe problems in the housing market.

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Past Performance is not Indicative of nor a Guarantee of Future Performance and a Loss of Original Capital may Occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA’s Web site at http://www.finra.org/Investors/ProtectYourself/index.htm.

Structured Products are not Suitable for All Investors. Structured Products are subject to special risks and considerations. All relevant offering documents including, but not limited to, term sheets and prospectuses should be consulted and understood prior to investing. Investors should understand characteristics, risks, and potential rewards. Investors should contact their own accounting, tax or legal advisors to review the suitability of any investment.

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02/2017

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BROWARD COUNTY ATTORNEY’S OFFICEETHICS WORKSHOP

HOUSING FINANCE AUTHORITY REVIEW

OVERVIEW

Main Potential Issues for Board Members:

1. Gifts2. Conflicting Employment or Contractual Relationships 3. Voting Conflicts

2

GIFTS

Florida gift provisions only applicable to reporting individuals.

If Board member NOT a reporting individual = not subject toFla. Law.

County gift provisions applicable to all board members. So,regardless of whether you have to file a financial disclosure, theCounty provisions will apply to you as a board member.

3

GIFTS

GIFT:1) Something received2) Directly or indirectly3) Value4) Donee does not give equal or greater consideration w/in 90 days.

Source: 112.312 (12)(a).

SAME DEFINITION UNDER COUNTY’S CODE.

4

GIFTS

NOTABLE EXCEPTIONS:

State Law

1. Honorarium or an expense related to an honorarium

2. Awards, certificates, plaques, etc. given in recognition of donee’spublic, civic, charitable, or professional services

3. Use of a public facility or public property for a public purpose

4. Transportation in connection with officially approved governmentalbusiness

Source: § 112.312(12)(b).

5

GIFTS

WHO THE DONOR IS MATTERS! Florida Law Cannot accept gift (directly or indirectly) from vendor, contractor,

lobbyist, or principal of a lobbyist if public officer knows gift has value$100+. No limitation on gifts from other sources.

County’s Code Cannot accept gift (directly or indirectly) from vendor, contractor,

lobbyist, or principal of a lobbyist, regardless of value. Cannot accept gift from other sources in their official capacity if $50+. No limitation for gifts in personal capacity.

6

GIFTS

7

Florida Law

Lobbyists/ Vendors/ Contractors/ Principals of

Lobbyists

$100

All Others

NO LIMIT, but disclosure required

under certain circumstances!

GIFTS

8

County

Lobbyist/ Vendor/ Contractor/ Principal of

Lobbyist

$0

All Others

Official Capacity

$50

Personal Capacity

NO LIMIT, but disclosure required if it falls within disclosable

gift under Fla. law!

GIFTS

If Board member accepts gift in excess of $100 (where allowed), Board membermight need to File a Form 9 disclosure or Form 10 disclosure (if gift came fromCounty or direct support organization). See Forms 9 and 10 to determine whethergift falls within class that must be disclosed.

9

CONFLICTING EMPLOYMENT OR CONTRACTUAL RELATIONSHIP

General Rule

Public Officers (including board members) and Employees cannot haveemployment/contractual relationship:

with a business or agency that is regulated by or is doing businesswith the agency in which officer or employee serves, or

that will create continuing or frequently recurring conflict betweenemployee/officer’s private interests and his/her public duties.

Source:Fla Stat. 112.313(7)BCC 26-73(c)

10


Agency? Advisory v. decision-making bodies.

Doing business with? Lawyers v. everyone else

11


Example:

County Board member serving in an advisory board will not be able to have acontract with Uber.

Why not?• The agency of an advisory board member is the County.• The County regulates Uber.• Advisory member cannot have a business or contractual relationship with an entity that is

regulated by Board member’s agency (here County).

12


Example 2:

Member of the Housing Finance Authority can have a contractual relationshipwith Uber.

Why?• The agency of a member of a board that has decision-making power is the board itself, so the

agency of Housing Finance Authority member is the Housing Finance Authority.• Uber is regulated by County, but not by the Housing Finance Authority.• There is no indication that there would be a frequently recurring conflict of interest.

13

VOTING CONFLICTS

Public officer (including board members) cannot vote on matter which benefits:

1. Public officer;2. Public officer’s principal;3. Parent company or subsidiary of officer’s principal;4. Public officer’s relatives; or 5. Public officer’s business associate.

Source: § 112.3143(3)(a), Fla. Stat.

14

VOTING CONFLICTS

Family Member?* 1. Father/mother2. Son /daughter 3. Brother/sister 4. Father in law/mother in law 5. Husband/wife 6. Son in law/daughter in law

*Do not look at the definition of “relative” in 112.312!! Source: § 112.3143 (1)(c), Fla. Stat.

15

VOTING CONFLICTS

Business Associate?

1. Any person or entity

2. Carrying out business w/ public officer, employee or candidate

3. As partner, joint venturer, co-owner of property, or shareholder where shares not listed on any national or regional stock exchange.

Source: § 112.312(4), Fla. Stat.

16

VOTING CONFLICTS

Principal by Whom Retained?

1. Employer

2. Client

3. Parent /subsidiary/sibling organization of one’s client or employer

Source: § 112.3143(1)(a), Fla. Stat.

17

VOTING CONFLICTS

Benefit?

1. Remote and speculative benefits do not count.

2. The benefit and cost must be special and private.

3. Typically a financial interest.

18

VOTING CONFLICTS

Example:

Member of BC’s Health Facilities Authority is a lobbyist for MemorialHospital

Memorial is coming before the Health Facilities Authority to seek theissuance of bonds to fund its new state-of-the-art maternity wing.

May member vote on the issuance of the bonds?

19

VOTING CONFLICTS

The Analysis:

1. Is member a public officer?

2. Is Memorial an employer, client…?

3. Would a private special gain inure to member, member’s employer, or member’s client?

20

VOTING CONFLICTS

We have an actual conflict… Now what?

YOU MUST:

1. announce nature of conflict

2. abstain from voting

3. File disclosure within 15 days

21

VOTING CONFLICTS

We have an apparent conflict… Now what?

Florida Law:

YOU MAY:

1. abstain from voting

IF YOU CHOOSE TO ABSTAIN, THEN YOU MUST:

1. Disclose nature of the conflict prior to abstention

2. File disclosure within 15 days.

22

VOTING CONFLICTS

County Law:

If the conflict falls within Section 1-234 of the County’s Code (member of a county-created board also serves as employee of public entity or as officer or member ofboard of directors of a private entity which stands to specifically gain or lose fromaction taken by the board) special rules apply:

YOU MUST:

1. Abstain from voting and participating on item

2. Announce nature of conflict (per Fla. law)

3. File disclosure within 15 days (per Fla. law)

23

VOTING CONFLICTS

Example

Member of the Health Facilities Authority is a big pro-life advocate.

Memorial Hospital is coming before the Health Facilities Authority to seek theissuance of bonds to fund its new state-of-the art maternity wing.

Memorial Hospital has the highest rate of abortion procedures of any hospital inthe County. As such, Member refuses to vote on any matter involving Memorial.

May he abstain from voting?

24

VOTING CONFLICTS

CANNOT ABSTAIN from voting unless there is a conflict or appearance of aconflict under:

1. 112.311: conflict arising from financial interest, business transaction,professional activity, or other obligation.

2. 112.313: conflicting employment or contractual relationship

3. 112.3143: voting conflict

25

QUESTIONS?

Office of the County Attorney

Annika Ashton, Senior Assistant County [email protected] or 954-357-7600

Florida Commission on Ethics

http://www.ethics.state.fl.us/

Broward County Office of the Inspector General

http://www.broward.org/InspectorGeneral/Programs/Ethics/Pages/default.aspx

26

mailto:[email protected]

http://www.ethics.state.fl.us/

http://www.broward.org/InspectorGeneral/Programs/Ethics/Pages/default.aspx

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