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RESOLUTION 2018- 109 <br /> A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br /> INDIAN RIVER COUNTY, FLORIDA, GRANTING CONTINUING "AREA <br /> OF OPERATION" AUTHORITY TO THE ESCAMBIA COUNTY HOUSING <br /> FINANCE AUTHORITY TO OPERATE ITS SINGLE FAMILY <br /> MORTGAGE REVENUE BOND PROGRAM WITHIN INDIAN RIVER <br /> COUNTY, FLORIDA; PROVIDING A TERM; PROVIDING FOR REPEAL <br /> OF INCONSISTENT PROVISIONS; AND PROVIDING AN EFFECTIVE <br /> DATE. <br /> WHEREAS, Part IV of Chapter 159, Florida Statutes (the "Act"), authorizes the creation of <br /> housing finance authorities within the State of Florida (the "State") with the authority to issue <br /> revenue bonds to assist in relieving the shortage of housing available at prices or rentals which <br /> many persons and families can afford; and <br /> WHEREAS, the Escambia County Housing Finance Authority (the "Authority") and the <br /> Indian River County Board of County Commissioners (the "Board") have cooperated for many <br /> years to operate programs to address such housing shortage in Escambia County, Florida, and <br /> Indian River County, Florida, as well as certain other counties that may also participate in such <br /> programs (collectively,the "Participating Counties"); and <br /> WHEREAS, the Authority has from time to time issued certain Single-Family Mortgage <br /> Revenue Bonds (Multi-County Program), in multiple series to fund single family mortgage loans to <br /> first-time homebuyers (collectively, the "Mortgage Loan Bond Program'); and <br /> WHEREAS, pursuant to the authority of Section 159.603, Florida Statutes and in order to <br /> increase operational efficiencies, provide for a wider allocation of fixed expenses, and gain <br /> economies of scale in order to decrease the cost of borrowing, the Authority has from time to time <br /> been granted area of operation authority pursuant to official action of the governing bodies the <br /> Participating Counties to extend the Mortgage Loan Bond Program to fund mortgages for the <br /> purchase of homes located within such Participating Counties, and <br /> WHEREAS, Indian River County wishes to secure the continued benefits of the Authority's <br /> Mortgage Loan Bond Program for first time homebuyers residing within Indian River County to <br /> benefit the citizens and residents of the Indian River County by renewing its grant of area of <br /> operation authority to the Authority to operate its Mortgage Loan Bond Program, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br /> Section 1. Continued Operation of the Mortgage Loan Bond Program. Pursuant to the <br /> authority of Sections 159.608 and 125.01, Florida Statutes, the Authority is hereby granted non- <br /> exclusive "area of operation" authority to operate the Mortgage Loan Bond Program within Indian <br /> River County for the benefit of the citizens and residents of Indian River County. The Authority <br /> 1 <br />