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RESOLUTION NO. 2017 - <br />WHEREAS, the MCC is a nonrefundable federal income tax credit which acts to reduce <br />an eligible borrower's federal income taxes, effectively creating additional income for the <br />borrower to use in making mortgage payments; and <br />WHEREAS, the Escambia Authority wishes to offer to homebuyers in the Participating <br />Counties the benefits of a MCC Program in connection with the Escambia Authority's continued <br />operation of the TBA Program within Escambia County and the Participating Counties; and <br />WHEREAS, the Indian River Board desires to secure the benefits of the MCC program <br />and the continued operation of the TBA .Program to benefit the citizens and residents of Indian <br />River County, NOW THEREFORE, <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />Section 1. Continued Operation of the TBA Program. Pursuant to the -authority of <br />Sections 163.01, 159.608 and 125.01, Florida Statutes, the Escambia Authority is hereby granted <br />"area of operation" authority to continue to operate the TBA Program within Indian River County <br />for the benefit of the citizens and residents of Indian River County. The Escambia Authority shall <br />have full authority and responsibility to carry out the TBA Program in accordance with the <br />parameters established by the Escambia Authority and the provisions of applicable law. <br />Section 2. MCC Program. Pursuant to the authority of Sections 163.01, 159.608 and <br />125.0 1, Florida Statutes, the Escambia Authority is hereby granted "area of operation" authority <br />to operate its MCC Program within Indian River County for the benefit of the citizens and residents <br />of .Indian River County. The Escambia Authority shall have full authority and responsibility to <br />carry out the MCC Program in accordance with the parameters established by the Escambia <br />Authority and the provisions of applicable law. <br />Section 3. Term. The "area of operation" authority granted to the Escambia Authority <br />shall continue until such time as it may be terminated by Resolution of the Indian River Board <br />upon not less than ten (10) days written notice to the Escambia Authority. <br />Section 4. Repealing Clause. All resolutions or parts thereof of the Board in conflict <br />with the provisions herein contained are, to the extent of such conflict, hereby superseded and <br />repealed. <br />Section 5. Effective Date. This resolution shall take effect immediately upon its <br />adoption this day of , 2017 <br />This Resolution was moved for adoption by Commissioner , and the <br />motion was seconded by Commissioner , and, upon being put to a vote, the vote <br />was as follows: <br />2 <br />P99 <br />