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residential units to be occupied by persons of low, moderate and middle income, located on 26"' Street between 66' and 75" Avenues, particularly 6900 260' Street, Vero Beach, Florida (the "Project"), (ii) fund a debt service reserve fund for the Bonds and (iii) pay a portion of the costs of issuance of the Bonds; and WHEREAS, the Board conducted a public hearing on November 16, 1999, notice of which hearing was published on November 1, 1999, in the Press Jou nal (a copy of which notice is attached hereto as Exhibit "A" and incorporated herein), for the purpose of considering the issuance of the Bonds by Florida Housing on behalf of itself and the County, in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing disclosed no reason why the Bonds should not be issued; and WHEREAS, Section 147(f) of the Code requires approval of the issuance of the Bonds by the Board as the "applicable elected representative" under Section 147(f) after a public hearing following reasonable public notice; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: SECTION 1. The Board, pursuant to, and in accordance with, the requirements set forth in Section 147(f) of the Code, hereby approves the issuance of the Bonds by Florida Housing on behalf of the County and Florida Housing. In granting such approval, the Board understands that prior to Florida Housing's use of any bond volume allocation obtained to finance the Project for the Developer by the County, that Florida Housing will enter into an interlocal agreement with the County, the form and terms of which shall be subsequently approved by the Board, and executed and delivered by the Board and Florida Housing prior to the use by Florida Housing of the County's bond 2