1999-121 - Laserfiche WebLink

Home Browse Search

Exhibit A FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this 16th day of November , 1999, 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, Part IV of Chapter 159 of the 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 resolution duly adopted on March 10, 1998 (the "Enabling Resolution"), as amended and supplemented, particularly as supplemented by a resolution authorizing the issuance of it's Single Family Mortgage Revenue Bonds, Series 2000 (the "Authorizing Resolution"), has heretofore authorized a plan of finance (the "Plan") for the issuance from time to time of not exceeding $300,000,000 Single Family Mortgage Revenue Bonds, Multi -County Program, of which $93,135,000 of Single Family Mortgage Revenue Bonds has been issued to date; and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2000 (Multi -County Program) (the "Escambia Bonds" or the "Bonds")s in a principal amount not exceeding $100,000,000, 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 qualified mortgage 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 prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of 2000 Escambia Bonds to fund, or to 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 Indian River County, as well as certain other counties which may also participate in a joint bond program; and MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-lndlanrlver-indrivia