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RESOLUTION NO. 85-66 A RESOLUTION OF THE BOARD OF COUNTY COM- MISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE OPERATION OF THE HOUSING FINANCE AUTHORITY OF POLK COUNTY, FLORIDA, WITHIN THE TERRITORIAL BOUN- DARIES OF INDIAN RIVER COUNTY FOR THE PURPOSE OF PURCHASING FROM LENDING INSTI- TUTIONS LOW-INTEREST RATE MORTGAGE LOANS TO MODERATE, MIDDLE AND LESSER INCOME FAMILIES WITHIN INDIAN RIVER COUNTY WITH THE PROCEEDS FROM THE SALE OF HOUSING FINANCE AUTHORITY OF POLK COUNTY, FLORIDA, SINGLE FAMILY MORTGAGE REVENUE BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Indian River County, Florida (the "Governing Body"), by Ordinance No. 79-17, enacted on June 6th , 19 � 79, created the Housing Finance Authority of Indian River County, Florida (the "Indian River Authority"), to alleviate a shortage of housing and capital for investment in housing in Indian River County, Florida (the "County"); and WHEREAS, the Governing Body by a Resolution, adopted on May 9th, 1919, found and declared that a need existed for the Indian River Authority to function to al- leviate a shortage of housing and capital for investment in housing within the County; and WHEREAS, pursuant to Section 103A of the Internal Revenue Code of 1954, as amended, the amount of mortgage subsidy bonds which may be issued by any county in any year is limited to an allocation amount which has been esta- blished by the State of Florida (the "Allocation Amount"); and WHEREAS, Sections 159.603; and 159.604, Florida Statutes, authorize the Governing Body as the governing ,body of the County to approve the operation of the Housing Finance Authority of Polk County, Florida (the "Polk Authority") within its territorial boundaries; and WHEREAS, the Polk Authority has .'authorized and validated a sufficient amount of its single family mortgage revenue bonds to fund the 1985 Allocation Amounts of both Polk County, Florida, and the County, as well as certain other counties which may also participate in a joint single ,family mortgage revenue bond program; and WHEREAS, the Indian River Authority has requested that the Governing Body approve the operation of the Polk Authority within the territorial boundaries of the County with respect to a joint single family mortgage revenue bond program with the Indian River Authority; and WHEREAS, by combining the Allocation Amounts of the Polk Authority, the Indian River Authority and other issuers desiring to participate in the issue, the Polk Authority will be able to make available mortgage loans at rates below the rates otherwise possible if the Indian River Authority attempted a separate issue; 21 JUN 19 1985 BOOK 61 PnUF269