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• RESOLUTION NO. 2002- 065 WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the "Escambia Board") on May 29, 1980, adopted Ordinance No. 80-12 by which it created the Escambia County Housing Finance Authority (the "Authority") and authonzed the Authority to exercise all powers under the Act; and WHEREAS, there is no housing finance authority currently operating in Indian River County, Florida ("Indian River County"); and WHEREAS, pursuant to the Act, the Board of County Commissioners of Indian River County, Florida, (the "Indian River Board") 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 by resolution duly adopted on June 13, 2000 (the "Enabling Resolution"), authorized a plan of finance (the `Plan") for the issuance from tame to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds (Multi -County Program) (the "Program"), and WHEREAS, the Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2003A (Multi -County Program) (the "Escambia Bonds" or the "Bonds") in a principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, the Indian River Board desires to authorize certain actions as necessary in connection with participation in the Program and the issuance, sale, authentication and delivery of the Bonds by entering into an Interlocal Agreement, dated as of September 10, 2002 (the "Interlocal Agreement"), and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code") requires public approval of certam private activity bonds and the Plan therefor by an applicable elected representative or governmental unit following a public hearing and the Indian River Board constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(f) of the Code a public heanng was scheduled before the Indian River Board on behalf of the Indian River Board, the Escambia Board and the Authority for September 10, 2002, at 9:00 a m and notice of such hearing was given in the form required by the Code by publication more than fourteen (14) days prior to such hearing; and WHEREAS, the Indian River Board, has on September 10, 2002, 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 Indian River Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Indian River Board desires to express its approval of the action to be taken pursuant to the Enabling Resolution and the Act, and as required by Section 147(f) of the Code; SEPTEMBER 10, 2002 35 j •