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WHEREAS, the Authority by Resolution No. 2013-02 duly adopted on May 14, 2013, as amended and supplemented (the "Enabling Resolution"), authorized a plan of finance (the "Plan"), as permitted by Section Sf.103-2(f)(3) of the Regulations under the Internal Revenue Code of 1986, as amended (the "Code"), for the operation of a TBA Program (herein defined) and by the issuance from time to time 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 Program heretofore approved by the Authority includes a program pursuant to which mortgage loans are originated pursuant to a Program Invitation and Parameters dated as of July 1, 2012, as amended and supplemented, and a Master Mortgage Origination Agreement dated as of July 1, 2012, as amended and supplemented (the "TBA Program"), and in order to enhance the efficiency of the TBA Program, the Authority authorized the interim purchase by the Authority (directly by the Authority or pursuant to a warehousing arrangement) of mortgage-backed securities backed by mortgage loans originated under the TBA Program, and further authorized the subsequent sale thereof by the Authority into the TBA market, and, following the issuance of a series of Bonds, the purchase by the trustee under the trust indenture securing such series of Bonds of any then available mortgage-backed securities; 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 an and the Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement dated as of October 15, 2013 (the "Interlocal Agreement"); and WHEREAS, Section 1AWA of 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 heari ng was scheduled before the Indian River Board on behalf of the Indian River Board, the Escambia Board and the Authority for October 15, 2013, 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 2