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WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through 2000 (the "Authorization Period") for the purpose of issuing bonds to finance qualifying single family residences to be occupied primarily by first-time home buyers will result in a wider allocation of fixed expenses and certain other economies of scale; and WHEREAS. unless such economies are realized, the issuance of qualified mortgage bonds would be less economical, resulting in higher mortgage costs to qualified mortgagors; and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian River County to approve the issuance of revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on NovPmhPr 1 Fi , 1999 (the "County Resolution"); and WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the County Resolution authorize this Agreement by conferring the authority to exercise or contract by agreement upon the Escambia Authority to exercise those powers which are common to it and the other parties hereto and to include the Participating County within the Escambia Authority's area of operation pursuant to Florida Statutes, Section 159.603(1) for the purpose of issuing bonds based on the Allocation Amount to (i) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of issuance thereof (collectively, the "Program"). NOW THEREFORE, the parties agree as follows: Section 1 Allocation Amount; Substitution of Bonds The Participating County hereby authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the Allocation Amount through the Authorization Period for the purpose of financing the Program and making funds available for qualifying single family housing developments in the Participating County to the full extent permitted by the Act. Any 2000 Escambia Bonds issued, reissued, remarketed or refunded for such purposes in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the Participating County's bonds that could have been issued for such purpose. The Participating County hereby authorizes the Escambia Authority to -- utilize the Participating County's Allocation Amount on behalf of the Participating Ca County as part of its plan of finance for the purpose of financing the Program, including, among other things, financing of qualifying single family mortgages in the O Participating County, and the Escambia Authority is hereby designated as the bond��i issuing authority for the Participating County through the end of the Authorization N Period with respect to all Allocation Amounts. The proceeds of the 2000 Escambia W Bonds shall be allocated and applied to the funding or refinancing or refunding of N obligations, the proceeds of which will be used for the funding, of Mortgage Loans C_n MCL -07/22/99 rev -08/30/99 rev -08/31 /99-6383-lndianriver-indrivia