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12/05.,94 17:03 %2904 432 0677 ?ICP and s & L U002/010 <br />RESOLUTION NO. 9 4 -15 3 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AUTIIORIZING THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY TO OPERATE WITHIN <br />THE BOUNDARIES OF INDIAN RIVER COUNTY; <br />AUTHORIZING THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, TO ENTER INTO AGREEMENTS WITH THE <br />ESCAM 31A COUNTY HOUSING FINANCE AUTHORITY; <br />APPROVING A FORM OF INTERLOCAL AGREEMENT; <br />APPROVING TIE ISSUANCE BY THE ESCAMBIA <br />COUNTY' HOUSING FINANCE AUTHORITY OF NOT <br />EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE <br />REVENUE BONDS, SERIES 1995 (MULTI -COUNTY <br />PROGRAM). PURSUANT TO SECTION 147(f) OF THE <br />INTERNAL REVENUE CODE OF 1986, AS AMENDED; <br />AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, Chapter 159, Part IV, Florida Statutes (the "Act") authorized <br />counties to create housing finance authorities to exercise powers of the Act within <br />their boundaries or outside their boundaries with the consent of the governing body of <br />the territory outside their area of operation: and <br />WHEREAS, the Hoard of County Commissioners of Escambia County Florida. <br />on May 29, 1980, adopted Ordinance No. 80-12, by which it created the Escambia <br />County Housing Finance Authority (the "Authority') and authorized the Authority to <br />exercise all powers under the Act: and <br />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 "Escainbta 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 Commissioners 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 147O of the Internal Revenue Code of 1986, as amended <br />(hereinafter referred to as the "Code") requires public approval of certain private <br />hiCt-09/13/04 <br />Rce-12/05/94-6102•INDI-BCC l <br />