Laserfiche WebLink
4 , <br />Section 4. The Indian River Board hereby approves, within the meaning of Section <br />147(f) of the Code, the Authority's Plan and the issuance by the Authority in multiple 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 and such other action to be taken pursuant to <br />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 />any, and interest on the Bonds or to make any other payments provided for under the proposed <br />Financing agreements, or (ii) pay the same from any funds of Indian River County whatsoever. <br />Adoption of this Resolution does not authorize or commit the expenditure of any funds of Indian <br />River County to pay the costs of issuance of such Bonds. The Bonds are limited, special <br />obligations and will not constitute a debt of the State of Florida, Indian River County, Escambia <br />County, or other participating Counties or the Authority or other participating Housing Finance <br />Authorities, but will be payable solely from payments made from the revenues generated from <br />the Program. <br />Section 6. All resolutions or parts thereof of the Indian River Board in conflict with <br />the provisions herein contained are, to the extent of such conflict, hereby superseded and <br />repealed. <br />[REST OF PAGE INTENTIONALLY LEFT BLANK] <br />D <br />