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residences to be occupied primarily by first-time home buyers will result in a wider allocation of fixed expenses and certain other economies of scale; and WHEREAS, unless such economies are realized, the issuance of qualified mortgage bonds would be less economical, resulting in higher mortgage costs to qualified mortgagors; and WHEREAS, because the restrictions attendant to qualified mortgage bonds under the Code limits the availability of mortgage funds for many eligible persons (within the meaning of the Act), the Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available for Mortgage Loans and to reduce or ameliorate such restrictions upon eligible persons; and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the Participating County to approve the issuance of qualified mortgage revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on October 2, 2001 (the "County Resolution"); and WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the County Resolution authorize this Agreement by conferring the authority to exercise or contract by agreement upon the Escambia Authority to exercise those powers which are common to it and the other parties hereto and to include the Participating County within the Escambia Authority's area of operation pursuant to Florida Statutes, Section 159.603(1) for the purpose of issuing mortgage revenue bonds in one or more series from time to time, as qualified mortgage bonds based on the Allocation Amount or as taxable mortgage revenue bonds which require no bond volume allocation, to (i) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of issuance thereof(collectively, the "Program"). NOW THEREFORE, the parties agree as follows: Section 1. Allocation Amount; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the available Allocation Amount through the Authorization Period, or based upon the need for Mortgage Loans funded in whole or in part from taxable Bonds which require no bond volume allocation, for the purpose of financing the Program and making funds available for qualifying single family housing developments in the Participating County to the full extent permitted by the Act. Any Escambia Bonds issued, reissued, remarketed or refunded for such purposes in the Participating County are hereby deemed to be in full substitution for an equivalent principal �- amount of the Participating County's bonds that could have been issued for such purpose. The Participating County hereby authorizes the Escambia Authority to Cn utilize the Participating County's Allocation Amount on behalf of the Participating County as part of its Plan for the purpose of financing the Program, including, among ...... other things, financing of qualifying single family mortgages in the Participating cn County, and the Escambia Authority is hereby designated as the bond issuing X" t.+J MCL-09/04/01-6472-indrivia 2