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f I INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this 20th day of June, 2006, by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County"); WITNESSETH: WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act") authorizes the creation of housing finance authorities within the State of Florida (the "State") for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford; and WHEREAS, the Escambia Authority by a resolution duly adopted on April 11, 2006 (the "Enabling Resolution"), as amended and supplemented, authorized a plan of finance (the "Plan") for the issuance from time to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds (Multi-County Program) (the 'Program"); and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, initially designated as "(Multi-County Program), Series 2006" (the "Escambia Bonds") in a principal amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of mortgage revenue bonds which may be issued in each year is limited by a private activity volume cap which has been established for such purpose within the State; and WHEREAS, the limitations upon available portions of the private activity volume cap prevents the separate issuance of mortgage revenue bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia Bonds to fund, refund or refinance outstanding obligations, the proceeds of which will be used to finance a portion of the anticipated demand during the proposed Origination Period for qualifying single family mortgages ("Mortgage Loans") of both Escambia County and the Participating County, as well as certain other counties which may also participate in joint bond programs; and MCPS-105/23/06-6602-County Docs-Indian River ILA-v1 1