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RESOLUTION NO. 2004-145 <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 2005 (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, enacted 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 mortgage revenue bonds for the purpose of implementing <br />a single family housing program, although the shortage of such single family housing and capital for <br />investment therein is continuing in Indian River County; and <br />WHEREAS, the Authority by a resolution duly adopted on May 14, 2002 (the "Enabling <br />Resolution"), as amended and supplemented, authorized a plan of finance (the "Plan") for the issuance <br />from time to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds (Multi -County <br />Program) (the "Program"); and <br />WHEREAS, the Authority has indicated that it expects to issue its Single Family Mortgage <br />Revenue Bonds, Series 2005 (Multi -County Program) (the "Escambia Bonds" or the "Bonds") in a <br />MCL -10/04/04 1 <br />Rev: 11/03/04 -6602 -Indian River BCC Reso <br />