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2009-088
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2009-088
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INTERLOCAL AGREEMENT <br />THIS AGREEMENT made and entered into this 1st day of July, 2009, by and between <br />the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and <br />politic organized and existing under the laws of the State of Florida (hereinafter referred to as <br />the "Escambia Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision <br />of the State of Florida (hereinafter referred to as the 'Participating County"); <br />WITNESSETH: <br />WHEREAS, Chapter 159, Part IV, Florida Statutes, (the "Act') authorizes the creation of <br />housing finance authorities within the State of Florida (the "State') for the purpose of issuing <br />revenue bonds to assist in relieving the shortage of housing available at prices or rentals which <br />many persons and families can afford; and <br />WHEREAS, the Escambia Authority by a resolution duly adopted on January 13, 2009 <br />(the "Enabling Resolution"), as amended and supplemented, authorized a plan of finance, as <br />permitted by Section 5f.103 -2(f)(3) of the Regulations under the Internal Revenue Code of 1986, <br />as amended, (the 'Plan') for the issuance of not exceeding $300,000,000 Single Family Mortgage <br />Revenue Bonds (Multi -County Program) (the 'Bonds" or the 'Escambia Bonds") in multiple <br />series (the 'Program"); and <br />WHEREAS, the Escambia Authority has indicated that, pursuant to the Plan, it expects <br />to issue the Bonds from time to time with such particular Series designations as shall be <br />appropriate in an aggregate principal amount not exceeding $300,000,000, exclusive of any <br />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 <br />year is limited by a private activity volume cap which has been established for such purpose <br />within the State; and <br />WHEREAS, the limitations upon available portions of the private activity volume cap <br />prevents the separate issuance of mortgage revenue bonds for each county from being feasibly <br />and economically accomplished; and <br />WHEREAS, the Escambia Authority has authorized a sufficient amount of Escambia <br />Bonds to fund, refund or refinance outstanding obligations, the proceeds of which will be used <br />to finance a portion of the anticipated demand during the proposed Origination Period for <br />qualifying single family mortgages ("Mortgage Loans") of both Escambia County and the <br />RIL-04/30(09$073-County Docs -Indian River ILA-vl <br />
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