HomeMy WebLinkAbout1985-066•
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RESOLUTION NO. 85-66
A RESOLUTION OF THE BOARD OF COUNTY COM-
MISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, APPROVING THE OPERAT-ON OF THE
HOUSING FINANCE AUTHORITY OF POLK COUNTY,
FLORIDA, WITHIN THE TERRITORIAL BOUN-
DARIES OF INDIAN RIVER COUNTY FOR THE
PURPOSE OF PURCHASING FROM LENDING INSTI-
TUTIONS LOW-INTEREST RATE MORTGAGE LOANS
TO MODERATE, MIDDLE AND LESSER INCOME
FAMILIES WITHIN INDIAN RIVER COUNTY WITH
THE PROCEEDS FROM THE SALE OF HOUSING
FINANCE AUTHORITY OF POLK COUNTY,
FLORIDA, SINGLE FAMILY MORTGAGE REVENUE
BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of
Indian River County, Florida (the "Governing Body"), by
Ordinance No. 79-17, enacted on June 6th , 19 79, created the
Housing Finance Authority of Indian River County, Florida
(the "Indian River Authority"), to alleviate a shortage of
housing and capital for investment in housing in Indian
River County, Florida (the "County"); and
WHEREAS, the Governing Body by a Resolution,
adopted on May 9th_, 1979, found and declared that a need
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existed for the ndian River Authority to function to al-
leviate a shortage of housing and capital for investment in
housing within the County; and
WHEREAS, pursuant to Section 103A of the Internal
Revenue Code of 1954, as amended, the amount of mortgage
subsidy bonds which may be issued by any county in any year
is limited to an allocation amount which has been esta-
blished by the State of Florida (the "Allocation Amount");
and
WHEREAS, Sections 159.603 and 159.604Florida
Statutes, authorize the Governing Body as the governing
body of the County to approve the operation of the Housing
Finance Authority of Polk County, Florida (the "Polk
Authority") within its territorial boundaries; and
WHEREAS, the Polk Authority has authorized and
validated a sufficient amount of its single family mortgage
revenue bonds to fund the 1985 Allocation Amounts of both
Polk County, Florida, and the County, as well as certain
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other counties which may also participate in a joint single
family mortgage revenue bond program; and
WHEREAS, the Indian River Authority has requested
that the Governing Body approve the operation of the Polk
Authority within the territorial boundaries of the County
with respect to a joint single family mortrage revenue bond
program with the Indian River Authority; and
WHEREAS, by combining the Allocation Amounts of the
Polk Authority, the Indian River Authority and other issuers
desiring to participate in the issue, the Polk Authority
will be able to make available mortgage loans at rates below
the rates otherwise possible if the Indian River Authority
attempted a separate issue;
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 de-
clared that:
(a) Within the County, there is a shortage of
housing available at prices or rentals which many
persons and families can afford and a shortage of
capital for investment in such housing. This shor-
tage constitutes a threat to the health, safety,
morals and welfare of the residents of the County,
deprives the County of an adequate tax base, and
causes the County to make excessive expenditures
for crime prevention and control, public health,
welfare and safety, fire and accident protection
and other public services and facilities;
(b) Such shortage of capital and housing can-
not be relieved except through the encourgagement
of investment by private enterprise and the stimu-
lation of construction and rehabilitation of
housing through the use of public financing;
(c) Because of economies of scale, time con-
siderations and other factors, it is advantageous
economically and otherwise and thus, there is a
need for the Polk Authority to operate within the
territorial boundaries of the County with respect
to the issuance of its 1985 Single Family Mortgage
Revenue Bonds, and the use of a portion of the
proceeds thereof to acquire mortgage loans from
persons and families of moderate, middle or lesser