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v WHEREAS, the Indian River County Housing Authority has determined that a loan for land acquisition and development cannot be obtained from private lenders on terms and conditions that the Indian River County Housing Authority can reasonably be expected to meet as evidenced by Exhibit "3" w:.ich was attached to County Resolution 79-44; and WHEREAS, this resolution is adopted for the purposes of allowing the Indian River County Housing Authority to make application to the Department for the purpose of obtaining such a loan; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: That the Indian River County Housing Authority has legal authority to execute a loan agreement with the Department as contemplated by this resolution. That the Indian River County Housing Authority will comply with Florida Statutes, Chapter 420, Part 3 (1979), and all rules and regulations of the Department of Community Affairs and such Federal, State or local agencies that are concerned with the development and sale of the proposed project, and this application, and will furnish all information required by the rules and regulations of the Department of Community Affairs. That the Indian River County Housing Authority will apply and use any funds borrowed from the Department of Community Affairs to acquire, plan, design and construct improvements on the land acquired. The following officers of the Indian River County Housing Authority will be authorized to represent the Indian River County Housing Authority with the Department of Community Affairs on behalf of the Indian River County Housing Authority; J. B. Egan, IIT; Chairman and Edward J. Regan, Executive Director of Indian River County Housing Authority, 800 - 20th Place, Suite 3, Vero Beach, Florida 32960. This resolution shall take effect immediately.