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BOOK FAGE •�P� <br />RESOLUTION NO. 99-121 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />AUTHORIZING THE ESCAM 31A COUNTY HOUSING FINANCE <br />AUTHORITY TO OPERATE WITHIN THE BOUNDARIES OF <br />INDIAN RIVER COUNTY, TO FINANCE QUALIFYING SINGLE <br />FAMILY MORTGAGE LOANS ON BEHALF OF INDIAN RIVER <br />COUNTY; AUTHORIZING THE BOARD TO ENTER INTO <br />AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING <br />FINANCE AUTHORITY AND TO EXECUTE AND DELIVER <br />CERTAIN DOCUMENTS AND INSTRUMENTS IN CONNECTION <br />THEREWITH; APPROVING A FORM OF INTERLOCAL <br />AGREEMENT; APPROVING THE ISSUANCE BY THE <br />ESCAM 3IA COUNTY HOUSING FINANCE AUTHORITY OF NOT <br />EXCEEDING $100,000.000 SINGLE FAMILY MORTGAGE <br />REVENUE BONDS, SERIES 2000 (MULTI -COUNTY <br />PROGRAM), PURSUANT TO SECTION 147(1) OF THE <br />INTERNAL REVENUE CODE OF 1986, AS AMENDED; <br />PROVIDING THAT SUCH BONDS CONSTITUTE LIMITED, <br />SPECIAL OBLIGATIONS; AND PROVIDING AN EFFECTIVE <br />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 />(the "Escambia Board") on May 29, 1980, adopted Ordinance No. 80-12, by which it <br />created the Escambia County Housing Finance Authority (the "Authority") and <br />authorized the Authority to 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, (the "Indian River Board") has found a shortage of affordable <br />housing and capital for investment 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 by resolution duly adopted on March 10, 1998 (the <br />"Enabling Resolution"), as amended and supplemented, particularly as supplemented <br />by a resolution authorizing the issuance of -it's Single Family Mortgage Revenue <br />NOVEMBER 16, 1999 <br />0 -48 0 <br />- <br />