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RESOLUTION NO. 2017- 067 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, GRANTING CONTINUING "AREA OF OPERATION" AUTHORITY TO THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPERATE ITS SINGLE FAMILY MORTGAGE LOAN PROGRAM AND MORTGAGE CREDIT CERTIFICATE PROGRAMS WITHIN INDIAN RIVER COUNTY, FLORIDA; PROVIDING A TERM; PROVIDING FOR REPEAL OF INCONSISTENT PROVISIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Part IV of Chapter 159, Florida Statutes (the "Act"), authorizes the creation of housing finance authorities within the State of Florida (the "State") for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford; and WHEREAS, pursuant to the authority of a resolution adopted by the Indian River County Board of County Commissioners (the "Indian River Board") on the 15th day of October, 2013 (the "2013 Indian River Resolution"), the Escambia Authority and the Indian River Board have cooperated to operate programs to address such housing shortage in Escambia County, Florida, and Indian River County, Florida, as well as certain other counties that may also participate in such programs (collectively, the "Participating Counties"); and WHEREAS, the Escambia Authority has heretofore approved a Single Family Mortgage Loan Program (the "TBA Program") pursuant to which Mortgage Loans are originated pursuant to a Program Invitation and Parameters dated as of July 1, 2012, as amended and supplemented, and a Master Mortgage Origination Agreement dated as July 1, 2012 as amended and supplemented, and in order to enhance the efficiency of the TBA Program, the Escambia Authority authorized the interim purchase by the Escambia Authority (directly by the Escambia Authority or pursuant to a warehousing arrangement) Mortgage -Backed Securities backed by Mortgage Loans originated under the TBA Program, and further authorized the subsequent sale thereof by the Escambia Authority into the TBA market, and, following the issuance of a series of Bonds, the purchase by the trustee under the trust indenture securing such series of Bonds of any then available Mortgage - Backed Securities; and WHEREAS, the Escambia Authority has continuously operated the TBA Program within Indian River County and the other Participating Counties; and WHEREAS, Mortgage Credit Certificates ("MCC") are authorized by Congress pursuant to Section 25 of the Internal Revenue Code of 1986, which authorizes housing finance authorities to issue MCC as an alternative to issuing single family revenue bonds; and F:\Attorney\Nancy\DOCS\RES\Escambia County Housing Finance Authority.2017.docx