2006-092 - Laserfiche WebLink

Home Browse Search

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 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 of such 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. Section 3. The Interlocal Agreement, in substantially the form attached hereto as Exhibit A, and made a part hereof, between Indian River County and the Authority is hereby approved. The officers of Indian River County are hereby authorized to enter into such Interlocal Agreement on behalf of Indian River County with such changes not inconsistent herewith as the officers executing same may approve, such execution and delivery to be conclusive evidence of such approval. The appropriate officers of Indian River County are hereby further authorized to execute and deliver such other documents and instruments as may be necessary to implement such Interlocal Agreement, including, without limitation, application for up to the maximum available private activity bond volume allocations pursuant to the Act, for the purposes set forth in the Interlocal Agreement. Section 4. The Indian River Board hereby approves, within the meaning of Section 147(f) of the Code, the Authority's Plan and the issuance by the Authority from time to time of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, initially designated as "(Multi-County Program), Series 2006, for funding the Authority's Program for Mortgage Loans, and such other action to be taken pursuant to the Enabling Resolution or the Act. Section 5. The principal of and premium, if any, and interest on the Bonds and all payments required under the proposed financing agreements, including the Interlocal Agreement, shall be payable solely by the Authority from the proceeds derived by the Authority under the proposed financing agreements, and Indian River County shall never be required to (i) levy ad valorem taxes on any property within its territorial limits to pay the MCPS-05/23/06-6602-County Docs-Indian River BCC Reso-v 1 3