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WHEREAS, the Authority by a resolution duly adopted on March 8, 2011 (the "Enabling Resolution"), as amended and supplemented, authorized a plan of finance, as permitted by Section 5f.103 -2(f)(3) of the Regulations under the Internal Revenue Code of 1986, as amended, (the "Plan") for the issuance of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds (Multi -County Program) (the "Bonds" or the "Escambia Bonds") in multiple series (the "Program"); and WHEREAS, because the restrictions attendant to qualified mortgage revenue bonds under the Code limits the availability of mortgage funds for many eligible persons (within the meaning of the Act), the Authority may also issue taxable mortgage revenue bonds to increase the amount available for Mortgage Loans and to reduce or ameliorate such restrictions upon eligible persons; and WHEREAS, the Authority has indicated that, pursuant to the Plan, it expects to issue the Bonds from time to time with such particular Series designations as shall be appropriate in an aggregate 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 Plan and the Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement, dated as of September 1, 2011 (the "Interlocal Agreement'); and WHEREAS, Section 147(f) 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(f) of the Code a public hearing was scheduled before the Indian River Board on behalf %J the Indian River Board, the Escambia Board and the Authority for Tuesday, September 13, 2011, at 9:00 a.m. or as soon thereafter as practicable, 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 September 13, 2011, held the public hearing and provided at such hearing reasonable opportunity for all interested individuals to express their vI ews, 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(f) of the Code;