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The Chairman opened the public hearing and asked if anyone <br />wished to be heard in this matter. There being none, she closed <br />the public hearing. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously adopted <br />Resolution 96-160 authorizing the Escambia County <br />Housing Finance Authority to operate within the <br />boundaries of Indian River County; authorizing the <br />Board to enter into Agreements with the Escambia <br />County Housing Finance Authority and to execute and <br />deliver certain documents and instruments in <br />connection therewith; approving a form of Interlocal <br />Agreement; approving the issuance by the Escambia <br />County Housing Finance Authority of not exceeding <br />$60,000,000 single family mortgage revenue bonds, <br />Series 1997 (Multi -County Program), pursuant to <br />Section 147)f) of the Internal Revenue Code of 1986, <br />as amended; and providing_an effective date. <br />RESOLUTION NO. 96-160 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COM MSSIONERS 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 />FINANCE 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 ESCAM 31A COUNTY HOUSING FINANCE <br />AUTHORITY OF NOT EXCEEDING $60,000,000 SINGLE <br />FAPMY MORTGAGE REVENUE BONDS, SERIES 1997 <br />(MULTI -COUNTY PROGRAM), PURSUANT TO SECTION <br />1470 OF THE INTERNAL REVENUE CODE OF 1956, 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 />DECEMBER 17, 1996 43 <br />