12/9/1997 - Laserfiche WebLink

Home Browse Search

WHEREAS, pursuant to the Act the Board of County Commissioners of Indian River County, Florida, has found a shortage of affordable housing and capital for investment therein and a need for a housing finance authority to function in Indian River County; and WHEREAS, it is not practicable at this time under existing Florida and federal laws and regulations for a single local agency to issue its bonds for the purpose of implementing a single family housing program, although the shortage of such single family housing and capital for investment therein is continuing in Indian River County; and WHEREAS, the Authority has by resolution duly adopted on July 1, 1997 (the "Escambia Resolution") authorized a plan of finance for the issuance from time to time of not exceeding $70,000,000 Single Family Mortgage Revenue Bonds, initially designated as (Multi -County Program) Series 1998 (the "Bonds"), and has indicated to the Board of County Commissioners of Indian River County its willingness to exercise its powers in Indian River County to finance single family housing therein as permitted by the Act upon approval of the Board of County Commissioners of Indian River County; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code") requires public approval of certain private activity bonds and the plan of finance therefor by an applicable elected representative or governmental unit following a public hearing and the Board of County Commissioners of Indian River County, Florida (the "Board") constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(f) of the Code a public hearing was scheduled before the Board for December 9, 1997, at 9:00 a. m. and notice of such hearing was given in the form required by the Code by publication more than 14 days prior to such hearing; and WHEREAS, the Board has on December 9, 1997, held the public hearing and provided at such hearing reasonable opportunity for all interested individuals to express their views, both orally and in writing, on the issuance of the Bonds; and WHEREAS, the Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Board desires to express its approval of the action to be taken pursuant to the Escambia Resolution and Chapter 159, Part IV, Florida Statutes, and as required by Section 147(f) of the Code; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CONEWSSIONERS OF INDIAN RIVER COUNTY, FLORIDA: Section 1. Because of the continuing shortage of affordable single family housing and capital for investment therein in Indian River County and the continuing impediments to a bond issue to alleviate such shortages as to single family housing, it is hereby determined that the Board of County Commissioners of Indian River County consents to the Authority exercising its powers to issue the Bonds and to implement a plan of finance to provide capital from sources of funds available to the Authority, including but not limited to a portion of the proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to establish a program to finance Mortgage Loans for single family housing within the statutory boundaries of Indian River County ("Mortgage Loans"); provided, that the Authority and Indian River County first enter into a written agreement setting forth the powers, duties and limitations of the Authority as they pertain to the use of said bond proceeds within Indian River County and payment of the issuance costs for such Bonds. Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice -Chairman and Clerk or Deputy Clerk of the Board of County Commissioners of Indian River County are hereby authorized to execute such consents, intergovernmental agreements, applications or other documents as shall be required to implement such single family housing program and to provide for payment of Indian River County's proportionate share of costs of the costs thereof, including but not limited to the costs of issuance of such Bonds, all as shall be approved by counsel to Indian River County. 39 December 9, 1997 GH 'IK M] FAGS U� 7