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0 <br />";n <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, (the "Indian River Board'j has found a shortage of affordable <br />housing and capital fofinvestment therein and a need for a housing finance authority <br />to function in Indian 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 />WHEREAS. the Authority has by resolution duly adopted on March 10. 1998 <br />(the "Escambia Resolution") authorized a plan of finance for the issuance from time to <br />time of not exceeding $100,000,000 Single Family Mortgage Revenue Bonds, Multi - <br />County Program, and initially designated as Series 1999 (the "Bonds'), in connection <br />with its Multi -County Single Family housing program (the `"Escambia Multi -County <br />Single Family Housing Program") and has indicated to the Indian River Board 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 Indian River Board: and <br />WHEREAS. the Indian River Board desires to authorize certain actions as <br />necessary in connection with participation in the Escambia Multi -County Single <br />Family Housing Program and the issuance, sale. authentication and delivery of the <br />Bonds by entering into an Interlocal Agreement (the "Interlocal Agreement"); and <br />WHEREAS. Section 147(f) 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 and the plan of finance therefor by an applicable elected representative <br />or governmental unit following a public hearing and the Indian River Board <br />constitutes an applicable elected representative or governmental unit: and <br />).).Q— <br />WHEREAS. pursuant to Section 147(1) of the Code a public hearing <br />scheduled before the Indian River Board on behalf of the Indian River Board, the <br />Escambia Board and the Authority for &A*-, %0 , 1998, att'_40 e. -.m. and notice of <br />such hearing was given in the form required by the Code by publication more than <br />fourteen (14) days prior to such hearing: and <br />t� <br />� <br />. <br />WHEREAS, the Indian River Board:l�s on , 30 , 1998, hold the public <br />hearing and provided at such hearing reasonable opportunity for all interested <br />individuals to express their views, both orally and in writing, on the issuance of the <br />Bonds: and <br />Wii ,REAS, the Indian River Board diligently and conscientiously considered all' <br />comments and concerns expressed by such individuals; and <br />WID::REAS, the Indian River Board desires to express its approval of the action <br />to be taken pursuant to the Escambia Resolution and Chapter 159, Part IV, Florida <br />Statutes, and as required by Section 1470 of the Code; <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMOSSIONERS OF INDMX RIVER COUNTY, FLORIDA: <br />Section 1. Beeause 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 Indian River Board consents to the Authority exercising <br />its powers to issue the Bonds and to implement a plan of finance to provide capital <br />from sources of funds available to the Authority, including but not limited to a portion <br />of the proceeds of the Bonds, and proceeds of obligations refunded by the Bonds, to <br />establish a program to finance Mortgage Loans for single family housing within the <br />statutory boundaries of Indian River County ("Mortgage Loans'); provided, that the <br />Authority and Indian River County first enter into a written agreement setting forth <br />the powers, duties and limitations of the Authority as they pertain to the use of said <br />Bond proceeds within Indian River County and payment of the issuance costs for such <br />Bonds. <br />DECEMBER 15, 1998 <br />• <br />-47- BOOK F:GE' <br />