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rJUN 19 1985 <br />BOOK 61 270 <br />NOW THEREFORE BE IT RESOLVED by the Board of County <br />Commissioners of Indian River County, Florida, that: <br />SECTION 1. It is hereby found, determined and de- <br />clared that: <br />(a) Within the County, there is a shortage of <br />housing available at prices or rentals which many <br />persons and families can afford and a shortage of <br />capital for investment in such housing. Thi -s shor- <br />tagie constitutes a threat to the health, safety, <br />morals and welfare of the residents of the County, <br />deprives the County of - an adequate tax base, and <br />causes the County to make excessive expenditures <br />for crime prevention and control, public health, <br />welfare and safety, fire and accident protection <br />and other public services and facilities; <br />(b) Such shortage of capital and housing can- <br />not be relieved except through the encourgagement <br />of investment by private enterprise and the stimu- <br />lation of construction and rehabilitation of <br />housing through the use of public financing; <br />(c) Because of economies of scale,: -:time con- <br />siderations and other factors, it is advantageous <br />economically and otherwise and thus, there is a <br />need for the Polk Authority to operate within the <br />territorial boundaries of the County with respect <br />to the issuance of its 1985 Single Family: Mortgage <br />Revenue Bonds, and the use of a portion of the <br />proceeds thereof to acquire mortgage loans from <br />persons and families of moderate, middle or lesser <br />income within the County (the "Single Family <br />Mortgage Loan Program"). <br />SECTION 2. The operation of the Polk Authority <br />within the territorial boundaries of the County in regard to <br />the Single Family Mortgage Loan Program is hereby authorized <br />and approved. <br />SECTION 3. The Governing Body, on behalf of the <br />County, hereby covenants and agrees not to authorize the is- <br />suance of any single family mortgage revenue bonds prior to <br />the issuance of the Housing Finance Authority of Polk <br />County, Florida, Single Family Mortgage Revenue Bonds as <br />contemplated herein. <br />#85-66 <br />SECTION 4. This Resolution/shall become effective <br />immediately upon its adoption. <br />APPROVED AND ADOPTED by the Board of County <br />Commissioners of Indian River County, Florida this 19th day <br />of June , 1985. <br />BOARD <br />Of Iry <br />(SEAL) / <br />ATTESTED: <br />40", <br />22 <br />Clerk of the rcuit Court <br />M Wright - <br />NTY COMMISSIONERS, <br />ver.County, Florida <br />rman -K Patrfckj B. Lyons <br />