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volume allocation, for the purpose of financing the Program and making funds available for <br /> qualifying single family housing developments in the Participating County to the full extent <br /> permitted by the Act. Any Escambia Bonds issued, reissued, remarketed or refunded for such <br /> purposes in the Participating County are hereby deemed to be in full substitution for an <br /> equivalent principal amount of the Participating County's bonds that could have been issued <br /> for such purpose. The Participating County hereby authorizes the Escambia Authority to utilize <br /> the Participating County's Allocation Amount on behalf of the Participating County as part of <br /> its Plan for the purpose of financing the Program, including, among other things, financing of <br /> qualifying single family mortgages in the Participating County, and the Escambia Authority is <br /> hereby designated as the bond issuing authority for the Participating County during the <br /> Authorization Period with respect to all Allocation Amounts. The proceeds of the Escambia <br /> Bonds shall be allocated and applied to the funding or refinancing of obligations, the proceeds <br /> of which will be used for the funding of Mortgage Loans within the various Participating <br /> Counties and for reserves and the payment of costs of issuing the Escambia Bonds, all in <br /> accordance with final Program documents approved by the Escambia Authority. All revenues <br /> generated by bonds issued pursuant to this Agreement and by the use of the proceeds thereof, <br /> will be administered by the Escambia Authority, or its agents, and all payments due from such <br /> revenues shall be paid by the Escambia Authority, or its agents, without further action by the <br /> 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-105/23/06-6602-County Docs-Indian River ILA-v1 3 <br />