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lb <br />WHEREAS. unless such economies are realized, the issuance of qualified <br />mortgage bonds would be less economical, resulting in higher mortgage costs to <br />qualified mortgagors; and <br />WHEREAS, because the restrictions attendant to qualified mortgage bonds <br />under the Internal Revenue Code limit the availability of mortgage funds for many <br />eligible persons (within the meaning of the Act), the Escambia Authority may also <br />issue taxable mortgage revenue Bonds to increase the amount available for Mortgage <br />Loans and to reduce or ameliorate such restrictions upon eligible persons; and <br />WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian <br />River County to approve the issuance of revenue bonds through the Escambia <br />Authority to alleviate the shortage of affordable housing within the Participating <br />County, which approval has been granted by a resolution of the Board of County <br />Commissioners of the Participating County adopted on October 3, 2000 (the "County <br />Resolution"); and <br />WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the <br />County Resolution authorize this Agreement by conferring the authority to exercise or <br />contract by agreement upon the Escambia Authority to exercise those powers which <br />are common to it and the other parties hereto and to include the Participating County <br />within the Escambia Authority's area of operation pursuant to Florida Statutes, <br />Section 159.603(1) for the purpose of issuing bonds in one or more series from time to <br />time, as qualified mortgage bonds based on the Allocation Amount or as taxable Bonds <br />which require no bond volume allocation, to (i) make available funds to finance <br />qualifying single family housing development located within the Participating County <br />in accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of <br />issuance thereof (collectively, the "Program"). <br />NOW THEREFORE, the parties agree as follows: <br />Section 1 Allocation Amount; Substitution of Bonds The Participating <br />County hereby authorizes the Escambia Authority to issue, reissue, remarket or <br />refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based <br />on the available Allocation Amount through the Authorization Period, or based upon <br />the need for Mortgage Loans funded in whole or in part from taxable Bonds which <br />require no bond volume allocation, for the purpose of financing the Program and <br />making funds available for qualifying single family housing developments in the <br />Participating County to the full extent permitted by the Act. Any Escambia Bonds <br />issued, reissued, remarketed or refunded for such purposes in the Participating <br />County are hereby deemed to be in full substitution for an equivalent principal <br />amount of the Participating County's bonds that could have been issued for such <br />purpose. The Participating County hereby authorizes the Escambia Authority to <br />utilize the Participating County's Allocation Amount on behalf of the Participating <br />County as part of its plan of finance for the purpose of financing the Program. <br />including, among other things. financing of qualifying single family mortgages in the <br />Participating County, and the Escambia Authority Is hereby designated as the bond <br />Issuing authority for the Participating County during the Authorization Period with <br />respect to all Allocation Amounts. The proceeds of the Escambia Bonds shall be <br />allocated and applied to the funding or refinancing of obligations, the proceeds of <br />MCL-013/0I/o0 2 <br />Rev-09/08/00-6440-indnivia <br />