10/15/2013AP - Laserfiche WebLink

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Section 4. The Indian River Board hereby approves, within the meaning of Section 147(f) of the Code, the Authority's Plan and the issuance by the Authority in multiple series from time to time of not exceeding $150,000,000 Single Family Mortgage Revenue Bonds, initially designated as "(Multi-County Program)," with such particular Series designation as shall be appropriate, for funding the Authority's Program and such other action to be taken pursuant to the Enabling Resolution or the Act. Section 5. The principal of and premium, if any, and interest on the Bonds and all payments required under the proposed financing agreements, including the Interlocal Agreement, shall be payable solely by the Authority from the proceeds derived by the Authority under the proposed financing agreements, and Indian River County shall never be required to (i) levy ad valorem taxes on any property within its territorial limits to pay the principal of and premium, if any, and interest on the Bonds or to make any other payments provided for under the proposed financing agreements, or (ii) pay the same from any funds of Indian River County whatsoever. Adoption of this Resolution does not authorize or commit the expenditure of any funds of Indian River County to pay the costs of issuance of such Bonds. The Bonds are limited, special obligations and will not constitute a debt of the State of Florida, Indian River County, Escambia County, or other participating Counties or the Authority or other participating Housing Finance Authorities, but will be payable solely from payments made from the revenues generated from the Program. Section 6. All resolutions or parts thereof of the Indian River Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. [REST OF PAGE INTENTIONALLY LEFT BLANK] 4 30