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Fr- -7 <br />D E 1990 noK. Face24 <br />RESOLUTION NO. -20--J84 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA <br />COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE <br />BOUNDARIES OF INDIAN RIVER COUNTY; AUTHORIZING THE BOARD <br />OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY TO ENTER <br />INTO AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE <br />AUTHORITY; APPROVING THE FORM OF THE INTERLOCAL <br />AGREEMENT APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $60,000,000 <br />SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 1991, <br />PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE <br />OF 1986, AS AMENDED; APPROVING THE APPLICATION OF A <br />PORTION OF THE STATE OF FLORIDA PRIVATE ACTIVITY BOND <br />VOLUME ALLOCATION FOR SUCH PURPOSE; AND PROVIDING AN <br />EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") authorized <br />counties to create housing finance authorities to exercise powers of the Act <br />within their boundaries or outside their boundaries with the consent of the <br />governing body of the territory outside their area of operations; and <br />WHEREAS, the Board of County Commissioners of Escambia County, Florida, on <br />May 1, 1980, adopted Ordinance No. 80-11, by which it created the Escambia County <br />Housing Finance Authority (the "Issuing Authority") and authorized the Issuing <br />Authority to exercise all powers under the Act; and <br />WHEREAS, pursuant to the Act the Board of County Commissioners of Indian <br />River County, Florida hereby finds a shortage of affordable housing and capital <br />for investment therein and a need for a housing finance authority to function in <br />Indian River County; and <br />WHEREAS, it is not practicable at this time under existing Florida and <br />federal laws and regulations for a single local agency or county to issue its <br />bonds for the purpose of implementing a single family housing program, although <br />the shortage of such single family housing and capital for investment therein is <br />continuing in Indian River County; and <br />WHEREAS, the Issuing Authority has by resolution duly adopted on August 7, <br />1990 (the "Authorizing Resolution") authorized the issuance of not exceeding <br />$60,000,000 Single Family Mortgage Revenue Bonds, Series 1991 (the "Bonds"), and <br />has indicated to the Board of County Commissioners of Indian River County its <br />willingness to exercise its powers in Indian River County to finance single <br />family housing therein as permitted by the Act upon approval of the Board of <br />County 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 <br />SAID RESOLUTION 90-184 W / ATTACHED FULLY SIGNED AGREEMENT IS <br />ON FILE IN THE OFFICE OF CLERK TO THE BOARD. <br />64 <br />w <br />