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1 • 1 principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, the Indian River Board desires to authorize certain actions as necessary in connection with participation in the Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement dated as of December 9, 2003 (the "Interlocal Agreement"); and WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code") requires public approval of certain private activity bonds and the Plan therefor by an applicable elected representative or governmental unit following a public hearing and the Indian River Board constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(0 of the Code a public hearing was scheduled before the Indian River Board on behalf of the Indian River Board, the Escambia Board and the Authority for December 9 2003, at 9 00 a.m. or soon thereafter and notice of such hearing was given in the form required by the Code by publication more than fourteen (14) days prior to such hearing; and WHEREAS, the Indian River Board, has on December 9, 2003, held the public hearing and provided at such hearing reasonable opportunity for all interested individuals to express their views, both orally and in writing, on the issuance of the Bonds; and WHEREAS, the Indian River Board diligently and conscientiously considered all comments and concerns expressed by such individuals and WHEREAS, the Indian River Board desires to express its approval of the action to be taken pursuant to the Enabling Resolution and the Act, and as required by Section 147(0 of the Code; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: Section 1. Because of the continuing shortage of affordable single family housing and capital for investment therein in Indian River County and the continuing impediments to a bond issue to alleviate such shortages as to single family housing, it is hereby determined that the Indian River Board consents to the Authority exercising its powers to issue the Bonds and to implement a plan of finance to provide capital from sources of funds available to the Authority, including but not limited to a portion of the proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to establish a program to finance Mortgage Loans for single family housing within the statutory boundaries of Indian River County ("Mortgage Loans"); provided, that the Authority and Indian River County first enter into a written agreement setting forth the powers, duties and limitations of the Authority as they pertain to the use of said Bond proceeds within Indian River County and payment of the issuance costs for such Bonds. Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice - Chairman and Clerk or Deputy Clerk of the Indian River Board are hereby authorized to execute such consents, intergovernmental agreements, applications, instruments or other documents as shall be required to implement participation by the Indian River Board in the Program and to provide for payment of Indian River County s proportionate share of the costs thereof, including but not limited to the costs of issuance of such Bonds, all as shall be approved by counsel to Indian River County. MCL -11/11/03 -6519 -Indian River BCC Reso 2