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WHEREAS, there is no housing finance authority currently operating in Indian <br />River County; and <br />WHEREAS, pursuant to the Act the Board of County Commissioners of Indian <br />River County, Florida, has found a shortage of affordable housing and capital for <br />investment therein and a need for a housing finance authority to function in Indian <br />River County; and <br />WHEREAS, it is not practicable at this time under existing Florida and federal <br />laws and regulations for a single local agency to issue its bonds for the purpose of <br />Implementing a single family housing program, although the shortage of such single <br />family housing and capital for investment therein is continuing in Indian River <br />County; and <br />WHEREAS, the Authority has by resolution duly adopted on August 2. 1994 <br />(the "Escambia Resolution") authorized the issuance of not exceeding $60,000,000 <br />Single Family Mortgage Revenue Bonds, Series 1995 (Multi -county Program) (the <br />"Bonds"), and has indicated to the Board of County Cominissioners of Indian River <br />County its willingness to exercise its powers in Indian River County to finance single <br />family housing therein as permitted by the Act upon approval of the Board of County <br />Commissioners of Indian River County; and <br />WHEREAS, Section 147(1) of the Internal Revenue Code of 1986, as amended <br />(hereinafter referred to as the "Code") requires public approval of certain private <br />activity bonds by an applicable elected representative or governmental unit following a <br />public hearing and the Board of County Commissioners of Indian River County, <br />Florida (the "Board"), constitutes an applicable elected representative or governmental <br />unit; and <br />WHEREAS, pursuant to Section 147(1) of the Code a public hearing has been <br />scheduled before the Board for December 20, 1994, and notice of such hearing has <br />been given in the form required by the Code; and <br />WHEREAS, the Board will on December 20, 1994, hold the public hearing and <br />will provide at such hearing reasonable opportunity for all interested individuals to <br />express their views, both orally and in writing, on the issuance of the Bonds; and <br />WHEREAS, the Board diligently and conscientiously considered all comments <br />and concerns expressed by such individuals; and <br />WHEREAS, the Board desires to express its approval of the action to be taken <br />pursuant to the Escambia Resolution and as required by Section 147(0 of the Code; <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />Section 1. Because of the continuing shortage of affordable single family <br />housing and capital for investment therein in Indian River County and the continuing <br />impediments to a bond issue to alleviate such shortages as to single family housing. it <br />is hereby determined that the Board of County Commissioners of Indian River County <br />consents to the Authority exercising its powers to issue the Bonds and to implement a <br />program from a portion of the proceeds of the Bonds to finance single family housing <br />within the statutory boundaries of Indian River County; provided, that the Authority <br />and Indian River County first enter into a written agreement setting forth the powers, <br />duties and limitations of the Authority as they pertain to the use of said bond proceeds <br />within Indian River County and payment of the issuance costs for such Bonds. <br />29 <br />DECEMBER 6, 1994 F� <br />BOOK 83 PACE ' <br />