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qualified mortgage revenue bonds or for the purpose of using other funds to finance qualifying single <br /> family residences to be occupied primarily by first-time home buyers will result in a wider allocation of <br /> fixed expenses and certain other economies of scale; and <br /> WHEREAS, unless such economies are realized, the issuance of mortgage revenue bonds for <br /> such purpose would be less economical, resulting in higher mortgage costs to mortgagors ; and <br /> WHEREAS , Sections 159 . 603 and 159 . 604, Florida Statutes, authorizes the Participating <br /> County to approve the issuance of mortgage revenue bonds through the Escambia Authority to alleviate <br /> the shortage of affordable housing within the Participating County, which approval has been granted by <br /> a resolution of the Board of County Commissioners of the Participating County adopted on October 15 , <br /> 2013 (the "County Resolution") ; and <br /> WHEREAS, because the restrictions attendant to qualified mortgage revenue bonds under the <br /> Code limit the availability of mortgage funds for many eligible persons (within the meaning of the Act), <br /> the Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available <br /> for Mortgage Loans and to reduce or ameliorate such restrictions upon eligible persons ; and <br /> WHEREAS, the Escambia Authority has heretofore approved a Single Family Mortgage Loan <br /> Program (the "TBA Program") pursuant to which Mortgage Loans are originated pursuant to a Program <br /> Invitation and Parameters dated as of July 1 , 2012 , as amended and supplemented, and a Master <br /> Mortgage Origination Agreement dated as of July 1 , 2012 , as amended and supplemented, and in order <br /> to enhance the efficiency of the TBA Program, the Authority authorized the interim purchase by the <br /> Authority (directly by the Authority or pursuant to a warehousing arrangement) of Mortgage-Backed <br /> Securities backed by Mortgage Loans originated under the TBA Program, and further authorized the <br /> subsequent sale thereof by the Authority into the TBA market, and, following the issuance of a series of <br /> Bonds, the purchase by the trustee under the trust indenture securing such series of Bonds of any then <br /> available Mortgage-Backed Securities ; and <br /> WHEREAS, Sections 163 . 01 , 159 . 608 and 125 . 01 , Florida Statutes, and the County Resolution <br /> authorize this Agreement by conferring upon the Escambia Authority the power to exercise or contract <br /> by agreement with the Escambia Authority those powers which are common to it and the other parties <br /> hereto and to include the Participating County within the Escambia Authority' s area of operation <br /> pursuant to Florida Statutes, Section 159 . 603 ( 1 ) for the purpose of the continual operation of the TBA <br /> Program and for the purpose of issuing mortgage revenue bonds in one or more series from time to time, <br /> as qualified mortgage revenue bonds based on the Allocation Amounts or as taxable mortgage revenue <br /> bonds or from other available monies which require no bond volume allocation, to (i) make available <br /> funds to finance (or, to the extent permitted by law and the Code, refinance) qualifying single family <br /> housing developments located within the Participating County in accordance herewith, (ii) establish the <br /> reserves therefor, and (iii) pay the costs of issuance thereof. <br /> NOW THEREFORE, the parties agree as follows : <br /> Section 1 . Allocation Amount, Substitution of Bonds The Participating County hereby <br /> authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage <br /> Revenue Bonds in multiple series from time to time based on the available Allocation Amounts through <br /> 2 <br />