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RESOLUTION NO. 2009-08B <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA <br />COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE <br />BOUNDARIES OF INDIAN RIVER COUNTY, FLORIDA, AND APPROVING <br />A PLAN TO FINANCE QUALIFYING SINGLE FAMILY MORTGAGE <br />LOANS ON BEHALF OF INDIAN RIVER COUNTY, FLORIDA; <br />AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS TO ENTER <br />INTO AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING <br />FINANCE AUTHORITY AND TO EXECUTE AND DELIVER CERTAIN <br />DOCUMENTS AND INSTRUMENTS IN CONNECTION THEREWITH; <br />APPROVING A FORM OF INTERLOCAL AGREEMENT; APPROVING THE <br />ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE <br />AUTHORITY OF NOT EXCEEDING $300,000,000 SINGLE FAMILY <br />MORTGAGE REVENUE BONDS, PURSUANT TO SECTION 147(f) OF THE <br />INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING THAT <br />SUCH BONDS CONSTITUTE LIMITED, SPECIAL OBLIGATIONS; AND <br />PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act") authorized counties to <br />create housing finance authorities to exercise powers of the Act within their boundaries or <br />outside their boundaries with the consent of the governing body of the territory outside their <br />area of operation; and <br />WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the <br />"Escambia Board") on May 29, 1980, enacted Ordinance No. 80-12 and on March 20, 2003, the <br />Escambia Board enacted Ordinance 2003-8 (collectively, the "Ordinance"), creating the Escambia <br />County Housing Finance Authority (the "Authority") and authorized the Authority to exercise <br />all powers under the Act subject to approval by the Escambia Board as a condition precedent to <br />the effectiveness of the certain actions of the Authority; and <br />WHEREAS, there is no housing finance authority currently operating in Indian River <br />County, Florida ('Indian River County'); and <br />WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River <br />County, Florida, (the "Indian River Board") has found a shortage of affordable housing and <br />capital for investment therein and a need for a housing finance authority to function in Indian <br />River County; and <br />WHEREAS, it is not practicable at this time under existing Florida and Federal laws and <br />regulations for a single local agency to issue its mortgage revenue bonds for the purpose of <br />RIL-04/30/09-8073-Comty Docs -Indian River BCC Reso-v I I <br />