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40 <br />40 <br />2M <br />other counties which may also participate in a joint single <br />family mortgage revenue bond program; and <br />WHEREAS, the Indian River Authority has requested <br />that the Governing Body approve the operation of the Polk <br />Authority within the territorial boundaries of the County <br />with respect to a joint single family mortrage revenue bond <br />program with the Indian River Authority; and <br />WHEREAS, by combining the Allocation Amounts of the <br />Polk Authority, the Indian River Authority and other issuers <br />desiring to participate in the issue, the Polk Authority <br />will be able to make available mortgage loans at rates below <br />the rates otherwise possible if the Indian River Authority <br />attempted a separate issue; <br />NOW THEREFORE BE IT RESOLVED by the Board of County <br />Commissioners of Indian River County, Florida, that: <br />SECTION 1. It is hereby found, determined and de- <br />clared that: <br />(a) Within the County, there is a shortage of <br />housing available at prices or rentals which many <br />persons and families can afford and a shortage of <br />capital for investment in such housing. This shor- <br />tage constitutes a threat to the health, safety, <br />morals and welfare of the residents of the County, <br />deprives the County of an adequate tax base, and <br />causes the County to make excessive expenditures <br />for crime prevention and control, public health, <br />welfare and safety, fire and accident protection <br />and other public services and facilities; <br />(b) Such shortage of capital and housing can- <br />not be relieved except through the encourgagement <br />of investment by private enterprise and the stimu- <br />lation of construction and rehabilitation of <br />housing through the use of public financing; <br />(c) Because of economies of scale, time con- <br />siderations and other factors, it is advantageous <br />economically and otherwise and thus, there is a <br />need for the Polk Authority to operate within the <br />territorial boundaries of the County with respect <br />to the issuance of its 1985 Single Family Mortgage <br />Revenue Bonds, and the use of a portion of the <br />proceeds thereof to acquire mortgage loans from <br />persons and families of moderate, middle or lesser <br />