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f: <br />RESOLUTION NO. 2007-137 <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 <br />EXECUTE AND DELIVER CERTAIN DOCUMENTS AND INSTRUMENTS <br />IN CONNECTION THEREWITH; APPROVING A FORM OF INTERLOCAL <br />AGREEMENT; APPROVING THE ISSUANCE BY THE ESCAMBIA <br />COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING <br />$150,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, PURSUANT <br />TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS <br />AMENDED; PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, <br />SPECIAL OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act") authorized counties to <br />create housing finance authorities to exercise powers of the Act within their boundaries or <br />outside their boundaries with the consent of the governing body of the territory outside their <br />area of operation; and <br />WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the <br />"Escambia Board") on May 29, 1980, enacted Ordinance No. 80-12 and on March 20, 2003, the <br />Escambia Board enacted Ordinance 2003-8 (collectively, the "Ordinance"), creating the Escambia <br />County Housing Finance Authority (the "Authority") and authorized the Authority to exercise <br />all powers under the Act subject to approval by the Escambia Board as a condition precedent to <br />the effectiveness of the certain actions of the Authority; and <br />WHEREAS, there is no housing finance authority currently operating in Indian River <br />County, Florida ("Indian River County"); and <br />WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River <br />County, Florida, (the "Indian River Board") has found a shortage of affordable housing and <br />capital for investment therein and a need for a housing finance authority to function in Indian <br />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 mortgage revenue bonds for the purpose of <br />implementing a single family housing program, although the shortage of such single family <br />housing and capital for investment therein is continuing in Indian River County; and <br />MCPS -09/07/07 -6682 -County Docs -Indian River BCC Reso-vi <br />1 <br />