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� � s <br />Section 7. This Resolution shall take effect immediately upon its adoption. <br />Duly adopted in the 'session this .1Z day of A -et. , 199,. <br />INDIAN RIVER COUNTY, FLORIDA <br />(SEAL..) <br />ATTEST: By: HiQ.►- VJ <br />Chairman, Board of County <br />o �~e.. Commissioners <br />ti `_ <br />Cl and of Co ty Commissioners <br />U <br />Exhibit "A" <br />FORM OF <br />INTERLOCAL AGREEMENT <br />THIS AGREEMENT made and entered into this L7— day of_, 1996 , by <br />and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public <br />body corporate and politic organized and existing under the laws of the State of Florida <br />(hereinafter referred to as the "Escambia Authority"), and INDIAN RIVER COUNTY, <br />FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the <br />'Participating County"); <br />WITNESSETH: <br />WHEREAS, Part IV of Chapter 159 of the Florida Statutes authorizes the <br />creation of housing finance authorities within the State of Florida (the "State") for the <br />purpose of issuing revenue bonds to assist in relieving the shortage of housing <br />available at prices or rentals which many persons and families can afford; and <br />WHEREAS, the Escambia Authority has resolved to issue not exceeding <br />$60,000,000 Single Family Mortgage Revenue Bonds. Series 1997 (Multi -County <br />Program) (the "1997 Escambia Bonds"); and <br />WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of <br />1986. as amended (the "Code"), the amount of Mortgage Subsidy Bonds which may be <br />issued in each year is limited by a private activity volume cap which has been <br />established for such purpose within the State. and <br />WHEREAS. the limitations upon available portions of the volume cap prevent <br />the separate issuance of bonds for each county from being feasibly and economically <br />accomplished; and <br />WHEREAS, the Escambia Authority has authorized a sufficient amount of 1997 <br />Escambia Bonds to fund the anticipated demand during the proposed Origination <br />Period for qualifying single family mortgages of both Escambia County and Indian <br />River County, as well as certain other counties which may also participate in a joint <br />bond program; and <br />WHEREAS, the aggregation of mortgage loan demand and the securing of the <br />related amount of the State volume cap (the "Allocation Amount") granted by the State <br />through 1997 (the "Authorization Period") for the purpose of issuing bonds to finance <br />qualifying single family development (the 'Bonds") will result in a wider allocation of <br />fixed expenses and certain rather economies of scale; and <br />WHEREAS, unless such economies are realized, the issuance of Mortgage <br />Subsidy Bonds would be less economical resulting in higher mortgage costs to <br />qualified mortgagors; and <br />WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian <br />River County to approve the issuance of revenue bonds through the Escambia <br />Authority to alleviate the shortage of affordable housing within the Participating <br />County, which approval has been granted by a resolution of the Board of County <br />DECEMBER 17, 1996 <br />45 <br />!' 00 qtr; <br />J <br />