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• • RESOLUTION NO. 85-66 A RESOLUTION OF THE BOARD OF COUNTY COM- MISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE OPERAT-ON OF THE HOUSING FINANCE AUTHORITY OF POLK COUNTY, FLORIDA, WITHIN THE TERRITORIAL BOUN- DARIES OF INDIAN RIVER COUNTY FOR THE PURPOSE OF PURCHASING FROM LENDING INSTI- TUTIONS LOW-INTEREST RATE MORTGAGE LOANS TO MODERATE, MIDDLE AND LESSER INCOME FAMILIES WITHIN INDIAN RIVER COUNTY WITH THE PROCEEDS FROM THE SALE OF HOUSING FINANCE AUTHORITY OF POLK COUNTY, FLORIDA, SINGLE FAMILY MORTGAGE REVENUE BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Indian River County, Florida (the "Governing Body"), by Ordinance No. 79-17, enacted on June 6th , 19 79, created the Housing Finance Authority of Indian River County, Florida (the "Indian River Authority"), to alleviate a shortage of housing and capital for investment in housing in Indian River County, Florida (the "County"); and WHEREAS, the Governing Body by a Resolution, adopted on May 9th_, 1979, found and declared that a need I existed for the ndian River Authority to function to al- leviate a shortage of housing and capital for investment in housing within the County; and WHEREAS, pursuant to Section 103A of the Internal Revenue Code of 1954, as amended, the amount of mortgage subsidy bonds which may be issued by any county in any year is limited to an allocation amount which has been esta- blished by the State of Florida (the "Allocation Amount"); and WHEREAS, Sections 159.603 and 159.604Florida Statutes, authorize the Governing Body as the governing body of the County to approve the operation of the Housing Finance Authority of Polk County, Florida (the "Polk Authority") within its territorial boundaries; and WHEREAS, the Polk Authority has authorized and validated a sufficient amount of its single family mortgage revenue bonds to fund the 1985 Allocation Amounts of both Polk County, Florida, and the County, as well as certain