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2007-137
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2007-137
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5/24/2017 1:59:20 PM
Creation date
9/30/2015 5:27:55 PM
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Resolutions
Resolution Number
2007-137
Approved Date
10/09/2007
Agenda Item Number
9.A.3
Resolution Type
Housing
Entity Name
Escambia County Housing
Subject
Single Family Mortgage Loans
Execute and deliver Documents
Archived Roll/Disk#
3129
Supplemental fields
SmeadsoftID
2877
Document Relationships
2007-344
(Message)
Path:
\Official Documents\2000's\2007
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available Allocation Amount through the Authorization Period, or based upon the need for <br />Mortgage Loans funded in whole or in part from taxable Bonds which require no bond volume <br />allocation, for the purpose of financing the Program and making funds available for qualifying <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 <br />the Participating County are hereby deemed to be in full substitution for an equivalent principal <br />amount of the Participating County's bonds that could have been issued for such purpose. The <br />Participating County hereby authorizes the Escambia Authority to utilize the Participating <br />County's Allocation Amount on behalf of the Participating County as part of its Plan for the <br />purpose of financing the Program, including, among other things, financing of qualifying single <br />family mortgages in the Participating County, and the Escambia Authority is hereby designated <br />as the bond issuing authority for the Participating County during the Authorization Period with <br />respect to all Allocation Amounts. The proceeds of the Escambia Bonds shall be allocated and <br />applied to the funding or refinancing of obligations, the proceeds of which will be used for the <br />funding of Mortgage Loans within the various Participating Counties and for reserves and the <br />payment of costs of issuing the Escambia Bonds, all in accordance with final Program <br />documents approved by the Escambia Authority. All revenues generated by bonds issued <br />pursuant to this Agreement and by the use of the proceeds thereof, will be administered by the <br />Escambia Authority, or its agents, and all payments due from such revenues shall be paid by <br />the Escambia Authority, or its agents, without further action by the Participating County. <br />Section 2. Administration. <br />The Escambia Authority hereby assumes responsibility for administering this <br />Agreement by and through its employees, agents and officers; provided, however, that the <br />Participating County retains and reserves its right and obligation to require reasonable <br />reporting on programs designed for and operated within the Participating County, including, <br />but not limited to, reasonably available mortgagor or profile data. The Escambia Authority and <br />its agents shall provide the Participating County with such reports as may be necessary to <br />account for funds generated by this Agreement. <br />The Escambia Authority shall have full authority and responsibility to negotiate, define, <br />validate, market, sell, issue, reissue deliver, refund or remarket its Escambia Bonds in amounts <br />based upon mortgage loan demand and maximum available Allocation Amounts, to the extent <br />permitted by law to finance the Program for qualifying single family housing developments in <br />the Participating County; and to take such other action as may be necessary or convenient to <br />accomplish such purpose. Each Participating County may apply for the full Allocation Amount <br />available for such Participating County. It is agreed that the initial regional Allocation Amount <br />for the Escambia Bonds in Indian River County and other Participating Counties located within <br />the same bond volume allocation region under Section 159.804, Florida Statutes, shall be <br />allocated ratably between Indian River County and such other Participating Counties within <br />such region based upon lender demand. <br />MCPS -09/07/07 -6682 -County Docs -Indian River ILA-vl <br />3 <br />
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