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2011-073
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Last modified
3/16/2016 2:23:16 PM
Creation date
9/30/2015 5:54:54 PM
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Resolutions
Resolution Number
2011-073
Approved Date
09/13/2011
Agenda Item Number
10.A.4.
Resolution Type
Authorization & Approval
Entity Name
Escambia County Housing Finance Authority
Subject
Tax Equity Fiscal Responsibility Act (TEFRA)
Area
Operate within Boundaries of Indian River County
Supplemental fields
SmeadsoftID
10191
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NOW THEREFORE , BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY , FLORIDA : <br /> Section 1 . Because of the continuing shortage of affordable single family housing <br /> and capital for investment therein in Indian River County and the continuing impediments to a <br /> bond issue to alleviate such shortages as to single family housing , it is hereby determined that the <br /> Indian River Board consents to the Authority exercising its powers to issue the Bonds and to <br /> implement the Plan to provide capital from sources of funds available to the Authority , including <br /> but not limited to a portion of the proceeds of the Bonds , and proceeds of obligations refunded <br /> by the Bonds , to establish the Program to finance Mortgage Loans for single family housing <br /> within the statutory boundaries of Indian River County ( " Mortgage Loans " ) ; provided, that the <br /> Authority and Indian River County first enter into a written agreement setting forth the powers , <br /> duties and limitations of the Authority as they pertain to the use of said Bond proceeds within <br /> Indian River County and payment of the issuance costs for such Bonds . <br /> Section 2 . In furtherance of the purposes set forth in Section 1 hereof the Chairman <br /> or Vice - Chairman and Clerk or Deputy Clerk of the Indian River Board are hereby authorized to <br /> execute such consents , intergovernmental agreements , applications , instruments or other <br /> documents as shall be required to implement participation by the Indian River Board of such <br /> Program and to provide for payment of Indian River County ' s proportionate share of the costs <br /> thereof, including but not limited to the costs of issuance of such Bonds , all as shall be approved <br /> by counsel to Indian River County . <br /> Section 3. The Interlocal Agreement , in substantially the form attached hereto as <br /> Exhibit A , and made a part hereof, between Indian River County and the Authority is hereby <br /> approved . The officers of Indian River County are hereby authorized to enter into such <br /> Interlocal Agreement on behalf of Indian River County with such changes not inconsistent <br /> herewith as the officers executing same may approve , such execution and delivery to be <br /> conclusive evidence of such approval . The appropriate officers of Indian River County are <br /> hereby further authorized to execute and deliver such other documents and instruments as may <br /> be necessary to implement such Interlocal Agreement , including , without limitation , application <br /> for up to the maximum available private activity bond volume allocations pursuant to the Act , for <br /> the purposes set forth in the Interlocal Agreement. <br /> Section 4 . The Indian River Board hereby approves , within the meaning of Section <br /> 147 ( 1) of the Code , the Authority ' s Plan and the issuance by the Authority in multiple <br /> series <br /> from time to time of not exceeding $ 150 , 000 ,000 Single Family Mortgage Revenue Bonds , <br /> initially designated as " ( Multi -County Program) , " with such particular Series designation as shall <br /> be appropriate , for funding the Authority ' s Program for Mortgage Loans , and such other action <br /> to be taken pursuant to the Enabling Resolution or the Act . <br /> Section 5 . The principal of and premium, if any , and interest on the Bonds and all <br /> payments required under the proposed financing agreements , including the Interlocal Agreement, <br /> shall be payable solely by the Authority from the proceeds derived by the Authority under the <br /> proposed financing agreements , and Indian River County shall never be required to ( i ) levy ad <br /> valorem taxes on any property within its territorial limits to pay the principal of and premium , if <br /> 3 <br />
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