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2003-335
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principal amount not exceeding 5150 . 000 , 000 . exclusive of any amounts required for refunding purposes , <br /> and <br /> WHEREAS , the Indian River Board desires to authorize certain actions as necessary in <br /> connection with participation in the Program and the issuance , sale , authentication and delivery of the <br /> Bonds by entering into an Interlocal Agreement , dated as of December 9 . 2003 ( the " Interlocal <br /> Agreement ") ; and <br /> WHEREAS , Section 147 (f) of the Internal Revenue Code of 1986 , as amended (hereinafter <br /> referred to as the "Code ") requires public approval of certain private activity bonds and the Plan therefor <br /> by an applicable elected representative or governmental unit following a public hearing and the Indian <br /> River Board constitutes an applicable elected representative or governmental unit ; and <br /> WHEREAS, pursuant to Section 147 ( f) of the Code a public hearing was scheduled before the <br /> Indian River Board on behalf of the Indian River Board, the Escambia Board and the Authority for <br /> December 9, 2003 , at 9 : 00 a . m. or soon thereafter and notice of such hearing was given in <br />the form <br /> required by the Code by publication more than fourteen ( 14) days prior to such hearing ; and <br /> WHEREAS, the Indian River Board, has on December 9 , 2003 , held the public hearing and <br /> provided at such hearing reasonable opportunity for all interested individuals to express their views , both <br /> orally and in writing, on the issuance of the Bonds ; and <br /> WHEREAS, the Indian River Board diligently and conscientiously considered all comments and <br /> concerns expressed by such individuals ; and <br /> WHEREAS , the Indian River Board desires to express its approval of the action to be taken <br /> pursuant to the Enabling Resolution and the Act , and as required by Section 147 ( f) of the Code , <br /> NOW THEREFORE , BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA : <br /> Section 1 . Because of the continuing shortage of affordable single family housing and <br /> capital for investment therein in Indian River County and the continuing impediments to a bond issue to <br /> alleviate such shortages as to single family housing, it is hereby determined that the Indian River Board <br /> consents to the Authority exercising its powers to issue the Bonds and to implement a plan of finance to <br /> provide capital from sources of funds available to the Authority, including but not limited to a portion of <br /> the proceeds of the Bonds , and proceeds of obligations refunded by the Bonds , to establish a program to <br /> finance Mortgage Loans for single family housing within the statutory boundaries of Indian River County <br /> ("Mortgage Loans ") ; provided, that the Authority and Indian River County first enter into a written <br /> agreement setting forth the powers , duties and limitations of the Authority as they pertain to the use of <br /> said Bond proceeds within Indian River County and payment of the issuance costs for such Bonds . <br /> Section 2 . In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice - <br /> Chairman and Clerk or Deputy Clerk of the Indian River Board are hereby authorized to execute such <br /> consents, intergovernmental agreements , applications , instruments or other documents as shall be required <br /> to implement participation by the Indian River Board in the Program and to provide for payment of Indian <br /> River County ' s proportionate share of the costs thereof, including but not limited to the costs of issuance <br /> of such Bonds , all as shall be approved by counsel to Indian River County . <br /> MCL- 11 / 11 /03 -6519- Indian River BCC Reso 1) <br />
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