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RESOLUTION NO . 2003 - 161 <br /> A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br /> INDIAN RIVER COUNTY , FLORIDA, AUTHORIZING THE ESCAMBIA <br /> COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE <br /> BOUNDARIES OF INDIAN RIVER COUNTY , FLORIDA, TO FINANCE <br /> QUALIFYING SINGLE FAMILY MORTGAGE LOANS ON BEHALF OF <br /> INDIAN RIVER COUNTY, FLORIDA ; AUTHORIZING THE BOARD OF <br /> COUNTY COMMISSIONERS TO ENTER INTO AGREEMENTS WITH THE <br /> ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO EXECUTE <br /> AND DELIVER CERTAIN DOCUMENTS AND INSTRUMENTS IN <br /> CONNECTION THEREWITH ; APPROVING A FORM OF INTERLOCAL <br /> AGREEMENT ; APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY <br /> HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $ 150,000,000 <br /> SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 2004A (MULTI- <br /> COUNTY PROGRAM), PURSUANT TO SECTION 147(1) OF THE INTERNAL <br /> REVENUE CODE OF 1986, AS AMENDED ; PROVIDING THAT SUCH BONDS <br /> CONSTITUTE LIMITED, SPECIAL OBLIGATIONS ; AND PROVIDING AN <br /> EFFECTIVE DATE . <br /> WHEREAS, Chapter 159 , Part IV , Florida Statutes , (the "Act") authorized counties to create <br /> housing finance authorities to exercise powers of the Act within their boundaries or outside their <br /> boundaries with the consent of the governing body of the territory outside their area of operation ; and <br /> WHEREAS, the Board of County Commissioners of Escambia County, Florida, (the "Escambia <br /> Board") on May 29 , 1980 , adopted Ordinance No . 80- 12 and on March 20 , 2003 , the Escambia Board <br /> enacted Ordinance 2003 - 8 (collectively, the " Ordinance " ) , creating the Escambia County Housing <br /> Finance Authority ( the "Authority") and authorized the Authority to exercise all powers under the Act <br /> subject to approval by the Escambia Board as a condition precedent to the effectiveness of the certain <br /> actions of the Authority ; and <br /> WHEREAS, there is no housing finance authority currently operating in Indian River County, <br /> Florida ( " Indian River County " ) ; and <br /> WHEREAS , pursuant to the Act , the Board of County Commissioners of Indian River County, <br /> Florida, (the "Indian River Board") has found a shortage of affordable housing and capital for investment <br /> therein and a need for a housing finance authority to function in Indian River County ; and <br /> WHEREAS , it is not practicable at this time under existing Florida and Federal laws and <br /> regulations for a single local agency to issue its bonds for the purpose of implementing a single family <br /> housing program, although the shortage of such single family housing and capital for investment therein <br /> is continuing in Indian River County ; and <br /> WHEREAS , the Authority by resolutions duly adopted on June 13 , 2000 and May 14 , 2002 <br /> ( collectively, the "Enabling Resolutions ") , as amended and supplemented , particularly as supplemented <br /> by a resolution dated as of May 13 , 2003 (the " Authorizing Resolution " ) , authorized a plan of finance (the <br /> " Plan") for the issuance from time to time of not exceeding $ 400 . 000 . 000 Single Family Mortgage <br /> Revenue Bonds (Multi -County Program) (the " Program " ) ; and <br /> WHEREAS , the Authority has indicated that it expects to issue its Single Family Mortgage <br /> Revenue Bonds. Series 2004A (Multi -County Program ) ( the "Escambia Bonds" or the "Bonds ") in a <br /> MCL- I 1 / 11 /03 -619- Indian River 13CC Reso <br />