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• <br />INTERLOCAL AGREEMENT <br />THIS AGREEMENT made and entered into this 9th day of December, 2003 by and between <br />the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic <br />organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia <br />Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida <br />(hereinafter referred to as the "Participating County"); <br />WITNESSETH: <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act") authorizes the creation of <br />housing finance authorities within the State of Florida (the "State") for the purpose of issuing revenue <br />bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and <br />families can afford; and <br />WHEREAS, the Escambia Authority by resolutions duly adopted on June 13, 2000 and May 14, <br />2002 (collectively, the "Enabling Resolutions"), as amended and supplemented, particularly as <br />supplemented by a resolution dated as of May 13, 2003 (the 'Authorizing Resolution") authorized a plan <br />of finance (the "Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family <br />Mortgage Revenue Bonds (Multi -County Program) (the "Program"), and <br />WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family <br />Mortgage Revenue Bonds, Series 2004A (Multi -County Program) (the Escambia Bonds") in a principal <br />amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and <br />WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as <br />amended (the "Code"), the amount of qualified mortgage bonds which may be issued in each year is <br />limited by a private activity volume cap which has been established for such purpose within the State; and <br />WHEREAS, the limitations upon available portions of the private activity volume cap prevents <br />the separate issuance of qualified mortgage bonds for each county from being feasibly and economically <br />accomplished; and <br />WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia Bonds to <br />fund, refund or refinance outstanding obligations, the proceeds of which will be used to finance a portion <br />of the anticipated demand during the proposed Origination Period for qualifying single family mortgages <br />(` Mortgage Loans ') of both Escambia County and the Participating County as well as certain other <br />counties which may also participate in point bond programs, and <br />WHEREAS the aggregation of mortgage loan demand and the securing of the related amount of <br />the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through <br />2004 (the "Authorization Period") for the purpose of issuing qualified mortgage bonds to finance <br />qualifying single family residences to be occupied primarily by first-time home buyers will result in a <br />wider allocation of fixed expenses and certain other economies of scale, and <br />WHEREAS, unless such economies are realized, the issuance of qualified mortgage bonds would <br />be less economical, resulting in higher mortgage costs to qualified mortgagors, and <br />MCL -08/12/ 03 <br />Rev: 11/1 I/03 -6519 -Indian River ILA <br />1 <br />