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• <br />U-3 <br />I RESOLUTION NO. 87- 2S <br />RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COIINTY, FLORIDA APPROVING A RESOLUTION OF THE HOUSING <br />FINANCE AUTHORITY OF INDIAN RIVER COUNTY (FLORIDA) ENTITLED: <br />"A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF INDIAN <br />RIVER COUNTY (FLORIDA) APPROVING THE REALLOCATION OF UNUSED <br />FUNDS FROM THE HOUSING FINANCE AUTHORITIES OF LEON AND POLK <br />COUNTIES (FLORIDA) SINGLE FAMILY MORTGAGE REVENUE BONDS, <br />1985 SERIFS A BONDS ORIGINALLY DESIGNATED FOR INDIAN RIVER <br />COUNTY, FLORIDA FOR USE IN POLY. COUNTY, FLORIDA AND <br />PROVIDING AN EFFECTIVE DATE". <br />WHEREAS, the Board of County Commissioners of Indian River County, Florida, <br />have by ordinance and resolutions created the Housing Finance Authority of <br />Indian River County, Florida, to alleviate a shortage of housing capital for <br />investment in housing in Indian River County, Florida (the "Indian River <br />Authority"); and <br />WHEREAS, the Housing Finance Authority of Polk County and the Housing <br />Finance Authority of Leon County entered into an Interlocal Agreement and did <br />jointly issue their Single Family Mortgage Revenue Bonds, 1985 Series A, in the <br />aggregate principal amount of $31,340,000 (the "1985 Series A Bonds"), the <br />proceeds of said bonds to be utilized for the origination of low interest rare <br />mortgage loans within the respective Issuer's area of operation, including <br />Indian River C.;unty; and <br />WHEREAS, the Indian River Authority has adopted a resolution approving <br />reallocation of unused funds from the proceeds of the 1985 Series A Bonds <br />originally designated for use in Indian River County, Florida for use in Polk <br />County, Florida. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of <br />Indian River County, Florida; that: <br />Section 1, it is hereby found, determined and declared that: <br />It is advantageous, economically and otherwise, to authorize the <br />reallocation of unused funds from the 1985 Series A Bonds to the <br />Housing Finance Authority of Polk County, Florida to provide funds for <br />the acquisition of mortgages from lending institutions to make loans <br />to persons or families of moderate, middle or lesser income within <br />Polk County, Florida. <br />Section 2. The Board of County Commissioners of Indian River County, <br />Florida does hereby ratify the resolution approving the reallocation <br />of unused funds from the proceeds of the 1985 Series A Gonds initially <br />available for use in Indian River County to the Housing Finance <br />Authority of Polk County, Florida for use in Polk County. <br />Section 3. This Resolution shall become affective immediately upon <br />its adoption. <br />