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RESOLUTION NO. 96-160 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, AUTHORIMG THE ESCAMBIA COUNTY <br /> HOUSING FINANCE AUTHORITY TO OPERATE WITHIN <br /> THE BOUNDARIES OF INDIAN RIVER COUNTY; <br /> AUTHORIZING THE BOARD TO ENTER INTO <br /> AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING <br /> FINANCE AUTHORITY AND TO EXECUTE AND DELIVER <br /> CERTAIN DOCUMENTS AND IN9TRUMENTS IN <br /> CONNECTION THEREWITH; APPROVING A FORM OF <br /> INTERLOCAL AGREEMENT:APPROVING THE ISSUANCE <br /> BY THE ESCAMBIA COUNTY HOUSING FINANCE <br /> AUTHORITY OF NOT EXCEEDING $60,000,000 SINGLE <br /> FAMILY MORTGAGE REVENUE BONDS, SERIES 1997 <br /> (MULTI-COUNTY PROGRAM), PURSUANT TO SECTION <br /> 1470 OF THE INTERNAL REVENUE CODE OF 1986, AS <br /> AMENDED; AND PROVIDING AN EFFECTIVE DATE. <br /> WHEREAS, Chapter 159, Part M Florida Statutes (the "Act') authorized <br /> counties to create housing finance authorities to exercise powers of the Act within <br /> their boundaries or outside their boundaries with the consent of the governing body of <br /> the territory outside their area of operation; and <br /> WHEREAS, the Board of County Commissioners of Escambia County, Florida, <br /> on May 29, 1980, adopted Ordinance No. 80-12, by which it created the Escambia <br /> County Housing Finance Authority (the "Authority") and authorized the Authority to <br /> exercise all powers under the Act; and <br /> WHEREAS, there is no housing finance authority currently operating in Indian <br /> River County; and <br /> WHEREAS, pursuant to the Act the Board of County Commissioners of Indian <br /> River County, Florida, has found a shortage of affordable housing and capital for <br /> 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 <br /> laws and regulations for a single local agency to issue its bonds for the purpose of <br /> implementing a single family housing program, although the shortage of such single <br /> family housing and capital for investment therein is continuing in Indian River <br /> County; and <br /> WHEREAS, the Authority has by resolution duly adopted on July 2, 1996 (the <br /> "Escambia Resolution") authorized the issuance of not exceeding $60,000,000 Single <br /> Family Mortgage Revenue Bonds. Series 1997 (Multi-County Program) (the "Bonds"), <br /> and has indicated to the Board of County Commissioners of Indian River County its <br /> Willingness to exercise its powers in Indian River County to Mance single family <br /> housing therein as pennitted by the Act upon approval of the Board of County <br /> Commissioners of Indian River County; 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 <br /> MCL10/02/96.6213-ind•Mvr-RESO-BCC I- <br />