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I RESOLUTION NO. 87- 2S
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN
RIVER COIINTY, FLORIDA APPROVING A RESOLUTION OF THE HOUSING
FINANCE AUTHORITY OF INDIAN RIVER COUNTY (FLORIDA) ENTITLED:
"A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF INDIAN
RIVER COUNTY (FLORIDA) APPROVING THE REALLOCATION OF UNUSED
FUNDS FROM THE HOUSING FINANCE AUTHORITIES OF LEON AND POLK
COUNTIES (FLORIDA) SINGLE FAMILY MORTGAGE REVENUE BONDS,
1985 SERIFS A BONDS ORIGINALLY DESIGNATED FOR INDIAN RIVER
COUNTY, FLORIDA FOR USE IN POLY. COUNTY, FLORIDA AND
PROVIDING AN EFFECTIVE DATE".
WHEREAS, the Board of County Commissioners of Indian River County, Florida,
have by ordinance and resolutions created the Housing Finance Authority of
Indian River County, Florida, to alleviate a shortage of housing capital for
investment in housing in Indian River County, Florida (the "Indian River
Authority"); and
WHEREAS, the Housing Finance Authority of Polk County and the Housing
Finance Authority of Leon County entered into an Interlocal Agreement and did
jointly issue their Single Family Mortgage Revenue Bonds, 1985 Series A, in the
aggregate principal amount of $31,340,000 (the "1985 Series A Bonds"), the
proceeds of said bonds to be utilized for the origination of low interest rare
mortgage loans within the respective Issuer's area of operation, including
Indian River C.;unty; and
WHEREAS, the Indian River Authority has adopted a resolution approving
reallocation of unused funds from the proceeds of the 1985 Series A Bonds
originally designated for use in Indian River County, Florida for use in Polk
County, Florida.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Indian River County, Florida; that:
Section 1, it is hereby found, determined and declared that:
It is advantageous, economically and otherwise, to authorize the
reallocation of unused funds from the 1985 Series A Bonds to the
Housing Finance Authority of Polk County, Florida to provide funds for
the acquisition of mortgages from lending institutions to make loans
to persons or families of moderate, middle or lesser income within
Polk County, Florida.
Section 2. The Board of County Commissioners of Indian River County,
Florida does hereby ratify the resolution approving the reallocation
of unused funds from the proceeds of the 1985 Series A Gonds initially
available for use in Indian River County to the Housing Finance
Authority of Polk County, Florida for use in Polk County.
Section 3. This Resolution shall become affective immediately upon
its adoption.
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s
A
APPROVED AND ADOPTED with a quorum presenting and voting this 10th
of March , 1987.
(SEAL)
ATTEST:
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Clerk o the rcultProurt
l
By : a �
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA
By:
Thai rman
Approvrrl as b form
and legal sufficiency
'p �U.
Charles P- Vitunac
County Af6prneY
day