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�.. 1033659 97 DEC 18 PM 3:22 <br /> �N�T►tERrEK SADRTOK <br /> RESOLUTION NO.9L-145 IChICI WRt�t1RT <br /> 00.,RtJ►. <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br /> n11� AUTHORIZING THE ESCAMBIA COUNTY HOUSING <br /> I FINANCE AUTHORITY TO OPERATE WITHIN THE <br /> BOUNDARIES OF INDIAN RIVER COUNTY; AUTHORIZING <br /> THE BOARD TO ENTER INTO AGREEMENTS WITH THE <br /> ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND <br /> TO EXECUTE AND DELIVER CERTAIN DOCUMENTS AND <br /> INSTRUMENTS IN CONNECTION THEREWITH; APPROVING <br /> A FORM OF INTERLOCAL AGREEMENT; APPROVING THE <br /> ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE <br /> AUTHORITY OF NOT EXCEEDING $70,000,000 SINGLE <br /> FAMILY MORTGAGE REVENUE BONDS, SERIES 1998 <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 IV, Florida Statutes(the "Act") authorized counties to create <br /> .qk housing finance authorities to exercise powers of the Act within their boundaries or outside their <br /> �) boundaries with the consent of the governing body of the territory outside their area of operation;and <br /> WHEREAS, the Board of County Commissioners of Escambia County, Florida, on May 29, <br /> 1980, adopted Ordinance No. 80-12, by which it created the Escambia County Housing Finance <br /> Authority(the"Authority")and authorized the Authority to exercise all powers under the Act; and <br /> and WHEREAS,there is no housing finance authority currently operating in Indian River County; <br /> WHEREAS, pursuant to the Act the Board of County Commissioners of Indian River County, <br /> Florida, has found a shortage of affordable housing and capital for investment therein and a need for a <br /> housing finance authority to function in Indian 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 bonds for the purpose of implementing a single family <br /> housing program, although the shortage of such single family housing and capital for investment <br /> therein is continuing in Indian River County; and <br /> WHEREAS, the Authority has by resolution duly adopted on July 1, 1997 (the "Escambia <br /> Resolution") authorized a plan of finance for the issuance from time to time of not exceeding <br /> $70,000,000 Single Family Mortgage Revenue Bonds, initially designated as (Multi-County Program) <br /> Series 1998 (the "Bonds"), and has indicated to the Board of County Commissioners of Indian River <br /> County its willingness to exercise its powers in Indian River County to finance single family housing <br /> therein as permitted by the Act upon approval of the Board of County Commissioners of Indian River <br /> County;and <br /> ;1 WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (hereinafter <br /> referred to as the "Code") requires public approval of certain private activity bonds and the plan of <br /> V finance therefor by an applicable elected representative or governmental unit following a public hearing <br /> and the Board of County Commissioners of Indian River County, Florida(the"Board")constitutes an <br /> applicable elected representative or governmental unit; and CD <br /> 1V <br /> WHEREAS,pursuant to Section 147(f)of the Code a public hearing was scheduled before the m <br /> Board fore hnn 0 , 1997, at q..W _L.m. and notice of such hearing was given in the form <br /> required by the Code by publication more than 14 days prior to such hearing; and <br /> MC409/17/97.6Mfombere -I <br />