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implementing a single family housing program, although the shortage of such single family <br />housing and capital for investment therein is continuing in Indian River County; and <br />WHEREAS, the Authority by a resolution duly adopted on January 13, 2009 (the <br />"Enabling Resolution"), as amended and supplemented, authorized a plan of finance, as <br />permitted by Section 5f.103 -2(f)(3) of the Regulations under the Internal Revenue Code of 1986, <br />as amended, (the "Plan") for the issuance of not exceeding $300,000,000 Single Family Mortgage <br />Revenue Bonds (Multi -County Program) (the 'Bonds" or the "Escambia Bonds") in multiple <br />series (the "Program"); and <br />WHEREAS, the Authority has indicated that, pursuant to the Plan, it expects to issue the <br />Bonds from time to time with such particular Series designations as shall be appropriate in an <br />aggregate principal amount not exceeding $300,000,000, exclusive of any amounts required for <br />refunding purposes; and <br />WHEREAS, the Indian River Board desires to authorize certain actions as necessary in <br />connection with participation in the Plan and the Program and the issuance, sale, authentication <br />and delivery of the Bonds by entering into an Interlocal Agreement, dated as of July 1, 2009 (the <br />"Interlocal Agreement'); and <br />WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended <br />(hereinafter referred to as the "Code") requires public approval of certain private activity bonds <br />and the Plan therefor by an applicable elected representative or governmental unit following a <br />public hearing and the Indian River Board constitutes an applicable elected representative or <br />governmental unit; and <br />WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled <br />before the Indian River Board on behalf of the Indian River Board, the Escambia Board and the <br />Authority for June 16, 2009, at 9:00 a.m. or as soon thereafter as practicable, and notice of such <br />hearing was given in the form required by the Code by publication more than fourteen (14) <br />days prior to such hearing; and <br />WHEREAS, the Indian River Board, has on June 16, 2009, held the public hearing and <br />provided at such hearing reasonable opportunity for all interested individuals to express their <br />views, both orally and in writing, on the issuance of the Bonds; and <br />WHEREAS, the Indian River Board diligently and conscientiously considered all <br />comments and concerns expressed by such individuals; and <br />WHEREAS, the Indian River Board desires to express its approval of the action to be <br />taken pursuant to the Enabling Resolution and the Act, and as required by Section 147(f) of the <br />Code; <br />RIL-04/30/09-8073-County Docs -Indian River BCC Reso-v I <br />