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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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the request of the Escambia Authority, such Program parameters including , but not limited to , <br /> maximum housing price and maximum adjusted family income for eligible borrowers , as may be <br /> required for any bonds issued by the Escambia Authority pursuant to this Agreement and (ii ) <br /> approve the allocation of Mortgage Loan moneys for each lending institution offering to <br /> originate Mortgage Loans within the Participating County . Unless otherwise notified in writing <br /> by the Participating County, the Escambia Authority may from time to time approve and <br /> establish such maximum price and family income amounts at the maximum levels provided <br /> pursuant to the Code or the Act without further action of the Participating County . <br /> ( B ) The fees and expenses of the Participating County shall be paid from the proceeds <br /> of the Program in the manner and to the extent mutually agreed upon by the officials of the <br /> Participating County and the Escambia Authority at or prior to issuance of the Escambia Bonds . <br /> Section 4. Term. <br /> This Agreement will remain in full force and effect from the date of its execution until <br /> such time as it is terminated by any party upon ten ( 10) days written notice to the other party <br /> hereto . Notwithstanding the foregoing , it is agreed that this Agreement may not be terminated <br /> by the Participating County during the Authorization Period , or by any party during any period <br /> that the Escambia Bonds issued pursuant to the terms hereof remain outstanding, or during any <br /> period in which the proceeds of such Escambia Bonds (or investments acquired through such <br /> proceeds ) are still in the possession of the Escambia Authority , or its agents , pending <br /> distribution, unless either ( i ) the parties to this Agreement mutually agree in writing to the terms <br /> of such termination or ( ii ) such termination, by its terms , only applies prospectively to the <br /> authorization to issue Escambia Bonds for which no Allocation Amounts have been obtained or <br /> used by the Escambia Authority and for which no purchase contract has been entered into . It is <br /> further agreed that in the event of termination the parties to this Agreement will provide <br /> continuing cooperation to each other in fulfilling the obligations associated with the issuance of <br /> Bonds pursuant to this Agreement . <br /> Section 5. Indemnity. <br /> To the full extent permitted by law , the Escambia Authority agrees to hold the <br /> Participating County harmless from any and all liability for repayment of principal of and <br /> interest or penalty on the Escambia Bonds issued pursuant to this Agreement , and the members , <br /> officials , employees and agents of the Participating County harmless from any and all liability in <br /> connection with the approval rendered pursuant to Sections 159 . 603 and 159 . 604 , Florida <br /> Statutes . The Escambia Authority agrees that any offering , circular or official statement <br /> approved by and used in marketing the Escambia Bonds will include a statement to the effect <br /> that Bond owners may not look to the Participating County or its respective members , officials , <br /> employees and agents for payment of the Escambia Bonds and interest or premium thereon . <br /> 4 <br />
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