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2011-203
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2011-203
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Last modified
2/16/2016 2:25:29 PM
Creation date
10/1/2015 4:31:47 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Interlocal Agreement
Approved Date
09/13/2011
Control Number
2011-203
Agenda Item Number
10.A.4
Entity Name
Escambia County Housing Finance Authority
Subject
Tax Equity Fiscal Responsibility Act Single Family Mortgage Revenue Bon
Alternate Name
TEFRA
Supplemental fields
SmeadsoftID
11283
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WHEREAS , the aggregation of mortgage loan demand and the securing of the related <br /> amount of the cumulative State private activity volume cap (the "Allocation Amounts") granted <br /> by the State through 2014 (the " Authorization Period") for the purpose of issuing qualified <br /> mortgage revenue bonds to finance qualifying single family residences to be occupied primarily <br /> by first-time home buyers will result in a wider allocation of fixed expenses and certain other <br /> economies of scale ; and <br /> WHEREAS , unless such economies are realized, the issuance of mortgage revenue <br /> bonds for such purpose would be less economical , resulting in higher mortgage costs to <br /> mortgagors ; and <br /> WHEREAS , because the restrictions attendant to qualified mortgage revenue bonds <br /> under the Code limits the availability of mortgage funds for many eligible persons ( within the <br /> meaning of the Act) , the Escambia Authority may also issue taxable mortgage revenue bonds to <br /> increase the amount available for Mortgage Loans and to reduce or ameliorate such restrictions <br /> upon eligible persons ; and <br /> WHEREAS, Sections 159 . 603 and 159 . 604, Florida Statutes , authorize the Participating <br /> County to approve the issuance of mortgage revenue bonds through the Escambia Authority to <br /> alleviate the shortage of affordable housing within the Participating County, which approval has <br /> been granted by a resolution of the Board of County Commissioners of the Participating County <br /> adopted on September 13 , 2011 (the "County Resolution" ) ; and <br /> WHEREAS, Sections 163 . 01 , 159 . 608 and 125 .01 , Florida Statutes , and the County <br /> Resolution authorize this Agreement by conferring the authority to exercise or contract by <br /> agreement upon the Escambia Authority to exercise those powers which are common to it and <br /> the other parties hereto and to include the Participating County within the Escambia Authority' s <br /> area of operation pursuant to Florida Statutes , Section 159 . 603 ( 1 ) for the purpose of issuing <br /> mortgage revenue bonds in one or more series from time to time , as qualified mortgage revenue <br /> bonds based on the Allocation Amounts or as taxable mortgage revenue bonds which require no <br /> bond volume allocation , to (i) make available funds to finance single family housing <br /> 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 Amounts ; Substitution of Bonds. <br /> The Participating County hereby authorizes the Escambia Authority to issue, reissue , <br /> remarket or refund Single Family Mortgage Revenue Bonds in multiple series from time to time <br /> based on the available Allocation Amounts through the Authorization Period , or based upon the <br /> need for Mortgage Loans funded in whole or in part from taxable Bonds which require no bond <br /> volume allocation, for the purpose of financing the Program and making funds available for <br /> single family housing developments in the Participating County to the full extent permitted by <br /> the Act . Any Escambia Bonds issued, reissued , remarketed or refunded for such purposes in the <br /> Participating County are hereby deemed to be in full substitution for an equivalent principal <br /> 2 <br />
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