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2001-043
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2001-043
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L LJ <br /> INTERLOCAL AGREEMENT <br /> This INTERLOCAL AGREEMENT ("Agreement'), is made as of this 13th <br /> day o <br /> April , 2001, by and between the FLORIDA HOUSING FINANCE CORPORA ION, <br /> a public corporation,public instrumentality and public body corporate and politic organized and existing <br /> under the laws of the State of Florida (hereinafter referred to as "FHFC"), and INDIAN RIVER <br /> COUNTY, FLORIDA, a political subdivision of the State of Florida (the "County"). <br /> WITNESSETH: <br /> WHEREAS, FHFC is created pursuant to Chapter 420, Florida Statutes, for the purposes of <br /> providing and promoting the public welfare by administering the governmental function of financing and <br /> refinancing housing and related facilities in Florida and alleviating the shortage ofhousing available to <br /> persons and families of low,moderate and middle income; and <br /> WHEREAS, the Board of County Commissioners of the County has not created a Housing <br /> Finance Authority pursuant to Part IV of Chapter 159,Florida Statutes to operate in the County,but is <br /> exercising the powers of Chapter 125, Florida Statutes, in connection with programs for housing; and <br /> WHEREAS,pursuant to Section 146 of the Internal Revenue Code of 1986,as amended, the <br /> amount ofprivate activity bonds,including those issued to finance qualified residential rental projects, <br /> which may be issued by governmental units in any calendar year is limited,and is available for allocation <br /> by the Division of Bond Finance of the Florida State Board of Administration(the"Division")to issuers <br /> within the State in accordance with Part VI of Chapter 159, Florida Statutes; and <br /> WHEREAS, it is the purpose and intent of this Agreement,pursuant to the Florida Interlocal <br /> Cooperation Act of 1969(the"Cooperation Act')to permit the County and FHFC to make the most <br /> efficient use of their respective powers,resources and capabilities by enabling them to cooperate on the <br /> basis of mutual advantage and thereby to provide the facilities provided for herein in the manner that will <br /> best utilize existing resources available to each of them; and <br /> WHEREAS, it is the purpose of the Cooperation Act to provide for a means by which the <br /> County and FHFC may exercise their respective powers,privileges and authorities which they share in <br /> common and which each might exercise separately; and <br /> WHEREAS,FHFC proposes to issue revenue Bonds for the purpose of financing a qualified <br /> residential rental project known as The Palms at Vero Beach Apartments to be located within the <br /> geographic boundaries of the County; and <br /> Page 1 of 5 <br />
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