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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 of 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 views , 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 ; 2