Laserfiche WebLink
• <br />• <br />1 <br />RESOLUTION NO. 2003-161 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA <br />COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE <br />BOUNDARIES OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE <br />QUALIFYING SINGLE FAMILY MORTGAGE LOANS ON BEHALF OF <br />INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE BOARD OF <br />COUNTY COMMISSIONERS TO ENTER INTO AGREEMENTS WITH THE <br />ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO EXECUTE <br />AND DELIVER CERTAIN DOCUMENTS AND INSTRUMENTS IN <br />CONNECTION THEREWITH; APPROVING A FORM OF INTERLOCAL <br />AGREEMENT; APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $150,000,000 <br />SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 2004A (MULTI - <br />COUNTY PROGRAM), PURSUANT TO SECTION 147(0 OF THE INTERNAL <br />REVENUE CODE OF 1986, AS AMENDED; PROVIDING THAT SUCH BONDS <br />CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; AND PROVIDING AN <br />EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, .(the "Act") authorized counties to create <br />housing finance authorities to exercise powers of the Act within their boundaries or outside their <br />boundaries with the consent of the governing body of the territory outside their area of operation; and <br />WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the Escambia <br />Board") on May 29, 1980, adopted Ordinance No. 80-12 and on March 20, 2003, the Escambia Board <br />enacted Ordinance 2003-8 (collectively, the 'Ordinance") creating the Escambia County Housing <br />Finance Authority (the "Authority") and authorized the Authority to exercise all powers under the Act <br />subject to approval by the Escambia Board as a condition precedent to the effectiveness of the certain <br />actions of the Authority, and <br />WHEREAS, there is no housing finance authority currently operating in Indian River County, <br />Florida ("Indian River County"); and <br />WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River County, <br />Florida, (the "Indian River Board") has found a shortage of affordable housing and capital for investment <br />therein and a need for a housing finance authority to function in Indian River County; and <br />WHEREAS, it is not practicable at this time under existing Florida and Federal laws and <br />regulations for a single local agency to issue its bonds for the purpose of implementing a single family <br />housing program, although the shortage of such single family housing and capital for investment therein <br />is continuing in Indian River County, and <br />WHEREAS, the Authority by resolutions duly adopted on June 13, 2000 and May 14, 2002 <br />(collectively, the `Enabling Resolutions"), as amended and supplemented, particularly as supplemented <br />by a resolution dated as of May 13, 2003 (the "Authorizing Resolution"), authorized a plan of finance (the <br />`Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family Mortgage <br />Revenue Bonds (Multi -County Program) (the "Program"), and <br />WHEREAS, the Authority has indicated that it expects to issue its Single Family Mortgage <br />Revenue Bonds, Series 2004A (Multi -County Program) (the "Escambia Bonds" or the "Bonds") in a <br />MCL -11/11/03 -6519 -Indian River BCC Reso <br />1 <br />