HomeMy WebLinkAbout2018-109 RESOLUTION 2018- 109
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, GRANTING CONTINUING "AREA
OF OPERATION" AUTHORITY TO THE ESCAMBIA COUNTY HOUSING
FINANCE AUTHORITY TO OPERATE ITS SINGLE FAMILY
MORTGAGE REVENUE BOND PROGRAM WITHIN INDIAN RIVER
COUNTY, FLORIDA; PROVIDING A TERM; PROVIDING FOR REPEAL
OF INCONSISTENT PROVISIONS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Part IV of Chapter 159, Florida Statutes (the "Act"), authorizes the creation of
housing finance authorities within the State of Florida (the "State") with the authority to issue
revenue bonds to assist in relieving the shortage of housing available at prices or rentals which
many persons and families can afford; and
WHEREAS, the Escambia County Housing Finance Authority (the "Authority") and the
Indian River County Board of County Commissioners (the "Board") have cooperated for many
years to operate programs to address such housing shortage in Escambia County, Florida, and
Indian River County, Florida, as well as certain other counties that may also participate in such
programs (collectively,the "Participating Counties"); and
WHEREAS, the Authority has from time to time issued certain Single-Family Mortgage
Revenue Bonds (Multi-County Program), in multiple series to fund single family mortgage loans to
first-time homebuyers (collectively, the "Mortgage Loan Bond Program'); and
WHEREAS, pursuant to the authority of Section 159.603, Florida Statutes and in order to
increase operational efficiencies, provide for a wider allocation of fixed expenses, and gain
economies of scale in order to decrease the cost of borrowing, the Authority has from time to time
been granted area of operation authority pursuant to official action of the governing bodies the
Participating Counties to extend the Mortgage Loan Bond Program to fund mortgages for the
purchase of homes located within such Participating Counties, and
WHEREAS, Indian River County wishes to secure the continued benefits of the Authority's
Mortgage Loan Bond Program for first time homebuyers residing within Indian River County to
benefit the citizens and residents of the Indian River County by renewing its grant of area of
operation authority to the Authority to operate its Mortgage Loan Bond Program,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows:
Section 1. Continued Operation of the Mortgage Loan Bond Program. Pursuant to the
authority of Sections 159.608 and 125.01, Florida Statutes, the Authority is hereby granted non-
exclusive "area of operation" authority to operate the Mortgage Loan Bond Program within Indian
River County for the benefit of the citizens and residents of Indian River County. The Authority
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RESOLUTION 2018- 109
shall have full authority and responsibility to carry out the Mortgage Loan Bond Program in
accordance with the parameters established by the Authority and the provisions of applicable law.
Section 2. Term. The "area of operation" authority granted to the Authority shall
continue until such time as it may be terminated by Resolution of the Board upon not less than ten
(10) days written notice to the Authority.
Section 3. Repealing Clause. All resolutions or parts thereof of the Board in conflict
with the provisions herein contained are, to the extent of such conflict, hereby superseded and
repealed.
The foregoing resolution was moved for adoption by Commissioner
Adams , and seconded by Commissioner Zorc , and, upon being put to a
vote,the vote was as follows:
Chairman Peter D. O'Bryan AYE
Vice Chairman Bob Solari NAY
Commissioner Susan Adams AYE
Commissioner Joseph E. Flescher ABSENT
Commissioner Tim Zorc AYE
The Chairman thereupon declared the resolution duly passed and adopted this 6th day of
November, 2018.
ATTEST: Jeffre ' Smith,l Cler• of Court BOARD OF COUNTY COMMISSIONERS OF
• •m trolINDIAN RIVER COUNTY,FLORIDA
P16tiiMls •.
BY By A �s
i
Der erk Peter •
D. O'Bryan, Cha a ..
= t : T
e .Approved as to form and legal sufficiency: .'•?,9.fr f�C0iNT.;"
By:
iprn Reingold,County Attorney
F:\Attorney\Linda\GENERAL\Resolutions&Ordinances\Resolutions\Indian River County BCC Escambia County Area of
Operation 2018.doc
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