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2009-088
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Last modified
6/28/2024 11:25:11 AM
Creation date
10/5/2015 8:48:19 AM
Metadata
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Template:
Resolutions
Resolution Number
2009-088
Approved Date
06/16/2009
Agenda Item Number
10.A.1.
Resolution Type
Authorization
Entity Name
Escambia County Housing Finance Authority
Subject
Finance single family mortgage loans
Area
Boundaries of Indian River County
Supplemental fields
SmeadsoftID
6473
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Participating County, as well as certain other counties which may also participate in joint bond <br />programs; and <br />WHEREAS, the aggregation of mortgage loan demand and the securing of the related <br />amount of the cumulative State private activity volume cap (the "Allocation Amounts') granted <br />by the State through 2012 (the "Authorization Period") for the purpose of issuing mortgage <br />revenue bonds to finance qualifying single family residences to be occupied primarily by first- <br />time home buyers will result in a wider allocation of fixed expenses and certain other <br />economies of scale; and <br />WHEREAS, unless such economies are realized, the issuance of mortgage revenue <br />bonds for such purposes would be less economical, resulting in higher mortgage costs to <br />qualified mortgagors; and <br />WHEREAS, because the restrictions attendant to mortgage revenue bonds under the <br />Code limits the availability of mortgage funds for many eligible persons (within the meaning of <br />the Act), the Escambia Authority may also issue taxable mortgage revenue bonds to increase the <br />amount available for Mortgage Loans and to reduce or ameliorate such restrictions upon <br />eligible persons; and <br />WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the Participating <br />County to approve the issuance of mortgage revenue bonds through the Escambia Authority to <br />alleviate the shortage of affordable housing within the Participating County, which approval <br />has been granted by a resolution of the Board of County Commissioners of the Participating <br />County adopted on June 16, 2009 (the "County Resolution"); and <br />WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the County <br />Resolution authorize this Agreement by conferring the authority to exercise or contract by <br />agreement upon the Escambia Authority to exercise those powers which are common to it and <br />the other parties hereto and to include the Participating County within the Escambia <br />Authority's area of operation pursuant to Florida Statutes, Section 159.603(1) for the purpose of <br />issuing mortgage revenue bonds in one or more series from time to time, as mortgage revenue <br />bonds based on the Allocation Amounts or as taxable mortgage revenue bonds which require <br />no bond volume allocation, to (i) make available funds to finance qualifying single family <br />housing development located within the Participating County in accordance herewith, (ii) <br />establish the reserves therefor, and (iii) pay the costs of issuance thereof. <br />NOW THEREFORE, the parties agree as follows: <br />Section 1. Allocation Amount, Substitution of Bonds. <br />The Participating County hereby authorizes the Escambia Authority to issue, reissue, <br />remarket or refund Single Family Mortgage Revenue Bonds in multiple series from time to time <br />RIL-04/30/09-8073-County Docslndian River ILA-vl `Z <br />
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