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County, and the Escambia Authority is hereby designated as the bond issuing authority for the Participating County during the Authorization Period with respect to all Allocation Amounts. The proceeds of the Escambia Bonds shall be allocated and applied to the funding or refinancing of obligations, the proceeds of which will be used for the funding of Mortgage Loans within the various Participating Counties and for reserves and the payment of costs of issuing the Escambia Bonds, all in accordance with final program documents approved by the Escambia Authority. All revenues generated by Bonds issued pursuant to this Agreement and by the use of the proceeds thereof, will be administered .by the Escambia Authority, or its agents, and all payments due from such revenues shall be paid by the Escambia Authority, or its agents, without further action by the Participating County. Section 2. Administration. The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees, agents and officers; provided, however, that the Participating County retains and reserves its right and obligation to require reasonable reporting on programs designed for and operated within the Participating County, including, but not limited to, reasonably available mortgagor or profile data. The Escambia Authority and its agents shall provide the Participating County with such reports as may be necessary to account for funds generated by this Agreement. The Escambia Authority shall have full authority and responsibility to negotiate, define, validate, market, sell, issue, reissue deliver, refund or remarket its Escambia Bonds in amounts based upon mortgage loan demand and maximum available Allocation Amounts, to the extent permitted by law to finance the Program for qualifying single family housing developments in the Participating County; and to take such other action as may be necessary or convenient to accomplish such purpose. Each Participating County may apply for the full Allocation Amount available for such Participating County. It is agreed that the initial regional Allocation Amount for the Escambia Bonds in Indian River County and other Participating Counties located within the same bond volume allocation region under Section 159.804, Florida Statutes, shall be allocated ratably between Indian River County and such other Participating Counties within such region based upon lender demand. All lendable proceeds of the Escambia Bonds attributable to the mortgage loan demand in Indian River County shall be reserved for use in originating Mortgage Loans in Indian River County for an initial period of one hundred and twenty (120) days or until July 1, 2003 whichever is later. The issuance and administration costs and expenses related to the Escambia Bonds issued to finance the Program and administration of such Program shall be paid from proceeds of the Escambia Bonds and revenues generated from the Program or other sources available to the Escambia Authority. Section 3. Program Parameters. cn i11*3 (A) Upon request of the Escambia Authority, the Participating County shall, to the extent permitted by law, (i) approve, establish, and update, from time to time as necessary, upon the request of the Escambia Authority, such Program parameters _ including, but not limited to, maximum housing price and maximum adjusted family CD MCL-06/28/02-6519-indrivia 3