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• <br />RESOLUTION NO. 2000-120 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA. <br />AUTHORIZING THE ESCAMBIA COUNTY HOUSING <br />FINANCE AUTHORITY TO OPERATE WITHIN THE <br />BOUNDARIES OF INDIAN RIVER COUNTY, TO FINANCE <br />QUALIFYING SINGLE FAMILY MORTGAGE LOANS bN <br />BEHALF OF INDIAN RIVER COUNTY; AUTHORIZING THE <br />BOARD TO ENTER INTO AGREEME=NTS WITH THE <br />ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND <br />TO EXECUTE AND DELIVER CERTAIN DOCUMENTS AND <br />INSTRUMENTS IN CONNECTION THEREWITH; APPROVING <br />A FORM OF INTERLOCAL AGREEMENT; APPROVING THE <br />ISSUANCE BY THE ESCAM 31A COUNTY HOUSING FINANCE <br />AUTHORITY OF NOT EXCEEDING $100.000,000 SINGLE <br />FAMILY MORTGAGE REVENUE BONDS, SERIES 2001 <br />(MULTI -COUNTY PROGRAM), PURSUANT TO SECTION <br />1470 OF THE INTERNAL REVENUE CODE OF 1986, AS <br />AMENDED; PROVIDING THAT SUCH BONDS CONSTITUTE <br />LIMITED, SPECIAL OBLIGATIONS; AND PROVIDING' AN <br />EFFECTIVE 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 June 13, 2000 (the <br />"Enabling Resolution"). authorized a plan of finance (the "Plan") for the issuance from <br />time to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds <br />(Multi -County Program); and <br />WHEREAS, the Authority has indicated that it expects to issue its Single Family <br />Mortgage Revenue Bonds, Series 2001 (Multi -County Program) (the "Escambia Bonds" <br />or the "Bonds") in a principal amount not exceeding $100,000,000, exclusive of any <br />amounts required for refunding purposes; and <br />October 3, 2000 <br />81 <br />• <br />