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- t <br /> Exhibit A <br /> INTERLOCAL AGREEMENT <br /> THIS AGREEMENT made and entered into this 7th day of December, 2004, by and between <br /> the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic <br /> organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia <br /> Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida <br /> (hereinafter referred to as the"Participating County"); <br /> WITNESSETH: <br /> WHEREAS, Chapter 159, Part 1V, Florida Statutes, (the "Act") authorizes the creation of <br /> housing finance authorities within the State of Florida (the "State") for the purpose of issuing revenue <br /> bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and <br /> families can afford; and <br /> WHEREAS, the Escambia Authority by a resolution duly adopted on May 14, 2002 (the <br /> "Enabling Resolution"), as amended and supplemented, authorized a plan of finance (the "Plan") for the <br /> issuance from time to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds <br /> (Multi-County Program) (the "Program"); and <br /> WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family <br /> Mortgage Revenue Bonds, Series 2005 (Multi-County Program) (the "Escambia Bonds") in a principal <br /> amount not exceeding $150,000,000, exclusive of any amounts required for refunding purposes; and <br /> WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as <br /> amended (the "Code"), the amount of mortgage revenue bonds which may be issued in each year is <br /> limited by a private activity volume cap which has been established for such purpose within the State; and <br /> WHEREAS, the limitations upon available portions of the private activity volume cap prevents <br /> the separate issuance of mortgage revenue bonds for each county from being feasibly and economically <br /> accomplished; and <br /> WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia Bonds to <br /> fund, refund or refinance outstanding obligations, the proceeds of which will be used to finance a portion <br /> of the anticipated demand during the proposed Origination Period for qualifying single family mortgages <br /> ("Mortgage Loans") of both Escambia County and the Participating County, as well as certain other <br /> counties which may also participate in joint bond programs; and <br /> WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of <br /> the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through <br /> 2005 (the "Authorization Period") for the purpose of issuing mortgage revenue bonds to finance <br /> qualifying single family residences to be occupied primarily by first-time home buyers will result in a <br /> wider allocation of fixed expenses and certain other economies of scale; and <br /> WHEREAS,unless such economies are realized, the issuance of mortgage revenue bonds would <br /> be less economical,resulting in higher mortgage costs to qualified mortgagors; and <br /> M C L-10/04/04 5 <br /> Rev: 11/03/04-6602-Indian River BCC Reso <br />