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k'.51.
<br />WHEREAS, the Authority has by resolution duly adopted on July 2, 1996 (the
<br />"Escambia Resolution") authorized the issuance of not exceeding $60,000,000 Single
<br />Family Mortgage Revenue Bonds, Series 1997 (Multi -County program) (the "Bonds"),
<br />and has indicated to the Board of County Commissioners of Indian River County its
<br />willingness to exercise its powers in Indian River County to finance single family
<br />housing therein as permitted by the Act upon approval of the Board of County
<br />Commissioners of Indian River County; and
<br />WHEREAS. Section 147(0 of the Internal Revenue Code of 1986, as amended
<br />(hereinafter referred to as the "Code") requires public approval of certain private
<br />activity bonds by an applicable elected representative or governmental unit following a
<br />public hearing and the Board of County Commissioners of Indian River County,
<br />Florida (the "Board"), constitutes an applicable elected representative or governmental
<br />unit; and
<br />WHEREAS. pursuant to Section 147(1) of the Code a public hearing was
<br />scheduled before the Board for ,+J / 7 , 199-C, and notice of such hearing was
<br />given in the form required by the Code by publication more than 14 days prior to such
<br />hearing; and
<br />WHEREAS. the Board has on .&ee r�'_iZV i 7 , 1994, held the public hearing
<br />and provided at such hearing reasonable opportunity for all interested individuals to
<br />express their views, both orally and in writing, on the issuance of the Bonds; and
<br />WHEREAS, the Board diligently and conscientiously considered all comments
<br />and concerns expressed by such individuals; and
<br />WHEREAS, the Board desires to express its approval of the action to be taken
<br />Pursuant to the Escambia Resolution and as required by Section 147(fl of the Code;
<br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
<br />CONOWSSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
<br />Section 1. Because of the continuing shortage of affordable single family
<br />housing and capital for investment therein in Indian River County and the continuing
<br />impediments to a bond issue to alleviate such shortages as to single family housing, it
<br />is hereby determined that the Board of County Commissioners of Indian River County
<br />consents to the Authority exercising its powers to issue the Bonds and to implement a
<br />program from a portion of the proceeds of the Bonds to finance single family housing
<br />within the statutory boundaries of Indin River County; provided, that the Authority
<br />and Indian River County first enter into a written agreement setting forth the powers,
<br />duties and limitations of the Authority as they pertain to the use of said bond proceeds
<br />within Indian River County and payment of the issuance costs for such Bonds.
<br />Section 2. In furtherance of the purposes set forth in Section 1 hereof the
<br />Chairman or Vice -Chairman and Clerk or Deputy Clerk of the Board of County
<br />Commissioners of Indian River County are hereby authorized to execute such
<br />consents, intergovernmental agreements, applications or other documents as shall be
<br />required to implement such single family housing program and to provide for payment
<br />of Indian River County's proportionate share of costs of issuance of such Bonds, all as
<br />shall be approved by counsel to Indian River County.
<br />Section 3. The Interlocal Agreement, in substantially the form attached
<br />hereto as Exhibit 'W', and made a part hereof, between Indian River County and the
<br />Authority is hereby approved. The officers of Indian River County are, hereby
<br />authorized to enter into the Interlocal Agreement on behalf of Indian River County,
<br />with such changes not inconsistent herewith as the officers executing same may
<br />approve, such execution and delivery to be conclusive evidence of such approval. The
<br />appropriate officers of Indian River County are hereby further authorized to execute
<br />and deliver such other documents and instruments as may be necessary to implement
<br />the Interlocal Agreement, including, without limitation, application for up to the
<br />maximum available private activity bond volume allocations pursuant to Chapter 159,
<br />Part VI, Florida Statutes, for the purposes set forth in the Interlocal Agreement.
<br />Section 4. The Board hereby approves, within the meaning of Section 147(fl
<br />of the Code, the issuance by the Authority of not exceeding $60,000,000 Single Family
<br />Mortgage Revenue Bonds, Series 1997 (Multi -County Program), and such other action
<br />to be taken pursuant to the Escambia Resolution.
<br />Section 5. All o
<br />resolutions
<br />ct with the
<br />provisions he ein c ntainedare, o the extent f such conflict, her by perseded and
<br />repealed.
<br />tion of this
<br />expenditure of any funds of Indian River County toolution es not paythe costs of issuance orize or the
<br />such
<br />Bonds.
<br />DECEMBER 17, 1996 44
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