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RESOLUTION NO* 2011 = 073 <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 <br /> THE BOUNDARIES OF INDIAN RIVER COUNTY, FLORIDA, AND <br /> APPROVING A PLAN TO FINANCE QUALIFYING SINGLE FAMILY <br /> MORTGAGE LOANS ON BEHALF OF INDIAN RIVER COUNTY , <br /> FLORIDA ; AUTHORIZING THE BOARD OF COUNTY <br /> COMMISSIONERS TO ENTER INTO AGREEMENTS WITH THE <br /> ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO <br /> EXECUTE AND DELIVER CERTAIN DOCUMENTS AND <br /> INSTRUMENTS IN CONNECTION THEREWITH ; APPROVING A <br /> FORM OF INTERLOCAL AGREEMENT ; APPROVING THE <br /> ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE <br /> AUTHORITY OF NOT EXCEEDING $ 1501000,000 SINGLE FAMILY <br /> MORTGAGE REVENUE BONDS PURSUANT TO SECTION 147(1) OF <br /> THE INTERNAL REVENUE CODE OF 1986, AS AMENDED ; <br /> PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, SPECIAL <br /> 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 area <br /> 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 <br /> Escambia County Housing Finance Authority (the " Authority") and authorized the Authority to <br /> exercise all powers under the Act subject to approval by the Escambia Board as a condition <br /> precedent to 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 <br /> of <br /> I <br /> mplementing 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 /> I <br />