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BOOK 96 PEE 730 <br />RESOLUTION NO. .5-1 5 2 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COSSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AUTHORIZING THE ESCAMBIA COUNTY <br />HOUSING FINANCE AUTHORITY TO OPERATE WITHIN <br />THE BOUNDARIES OF INDIAN RIVER COUNTY: <br />AUTHORIZING THE BOARD TO ENTER INTO <br />AGREEMENTS WITH THE ESCAM 31A COUNTY HOUSING <br />FIIITANCE AUTHORITY AND TO EXECUTE AND DELIVER <br />CERTAIN DOCUMENTS AND INSTRUMENTS IN <br />CONNECTION THEREWITH: APPROVING A FORM OF <br />INTERLOCAL AGREEMENT; APPROVING THE ISSUANCE <br />BY . THE ESCAMBIA COUNTY HOUSING FINANCE <br />AUTHORITY OF NOT EXCEEDING $80.000,000 SINGLE <br />FAMMY MORTGAGE REVENUE BONDS, SERIES 1996 <br />(MULTI -COUNTY PROGRAM). PURSUANT TO SECTION <br />147(it) OF THE INTERNAL, REVENUE CODE OF 1986, AS <br />AMENDED; 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 Board 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 July 6, 1995 (the <br />"Escambia Resolution") authorized the issuance of not exceeding $80.000,000 Single <br />Family Mortgage Revenue Bonds. Series 1996 (Multi -County Program) (the "Bonds"). <br />and has indicated to the Board of County Commissioners of Indian River County its <br />willingness to exercise its powers in Indian River County to finance single family <br />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(f) of the Code a public hearing was <br />scheduled before the Board for D e c e m b e r 5 , 1995, and notice of such hearing was <br />given in the form required by the Code by publication more than 14 days prior to such <br />hearing: and <br />DECEMBER 5, 1995 34 <br />