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12/11/91(legal)RESO/Vk <br />RESOLUTION NO. 91- 187 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE <br />ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPER- <br />ATE WITHIN THE BOUNDARIES OF INDIAN RIVER COUNTY; <br />AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, TO ENTER INTO AGREE- <br />MENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE <br />AUTHORITY; APPROVING A FORM OF INTERLOCAL AGREEMENT <br />APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $80,000,000 <br />SINGLE-FAMILY MORTGAGE REVENUE BONDS, PURSUANT TO <br />SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1988, <br />AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") <br />authorized counties to create housing finance authorities to exercise powers <br />of the Act within their boundaries or outside their boundaries with the <br />consent of the governing body of _the territory outside their area of <br />operations; and <br />WHEREAS, the Board of County Commissioners of Escambia County, <br />Florida, on May 1, 1980, adopted Ordinance No. 80-11, by which it created <br />the Escambia County Housing Finance Authority and authorized the Authority <br />to exercise all powers under the Act; and <br />WHEREAS, pursuant to the Act, the Board of County Commissioners of <br />Indian River County, Florida, has found a shortage of affordable housing <br />and capital for investment therein and a need for a housing finance authority <br />to function in 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 to issue its bonds for <br />the purpose of implementing a single-family housing program, although the <br />shortage of such single-family housing and capital for investment therein is <br />continuing in Indian River County; and <br />WHEREAS, the Escambia County Housing Finance Authority has by <br />resolution duly adopted on Decamher_ZQ., 1991, (the "Escambia Resolution") <br />authorized the issuance of not exceeding $60,000,000 Single -Family Mortgage <br />Revenue Bonds (the "Bonds") , and has indicated to the Board of County <br />Commissioners of Indian River County its willingness to exercise its powers <br />in Indian River County to finance single-family housing therein as permitted <br />by the Act upon approval of the Board of County Commissioners of Indian <br />River County; and <br />WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as <br />amended, (hereinafter referred to as the "Code") requires public approval of <br />certain private activity bonds by an applicable elected representative or <br />government unit following a public hearing and the Board of County <br />Commissioners of Indian River County, Florida (the "Board") constitutes an <br />applicable elected representative or governmental unit; and <br />WHEREAS, pursuant to Section 147(f) of the Code a public hearing was <br />scheduled before the Board for December 20, 1991, and notice of such <br />hearing was given in the form required by the Code; and <br />WHEREAS, the Board has on December 20, 1991, held the public <br />hearing and provided at such hearing reasonable opportunity for all <br />interested individuals to express their views, both orally and in writing, on <br />the issuance of the Bonds; and <br />