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Last modified
7/17/2017 4:17:09 PM
Creation date
10/5/2015 1:19:48 PM
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Resolutions
Resolution Number
2000-120
Approved Date
10/03/2000
Resolution Type
Bonds
Entity Name
Escambia County Housing Finance Authority
Subject
Single family mortgage revenue bonds
Supplemental fields
SmeadsoftID
14094
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which will be used for the funding of Mortgage Loans within the various Participating <br />Counties and for reserves and the payment of costs of issuing the Escambia Bonds, all <br />in accordance with final program documents approved by the Escambia Authority. All <br />revenues generated by bonds issued pursuant to this Agreement and by the use of the <br />proceeds thereof, will be administered by the Escambia Authority, or its agents, and <br />all payments due from such revenues shall be paid by the Escambia Authority, or its <br />agents, without further action by the Participating County. <br />Section 2 Administration The Escambia Authority hereby assumes <br />responsibility for administering this Agreement by and through its employees, agents <br />and officers; provided, however, that the Participating County retains and reserves its <br />right and obligation to require reasonable reporting on programs designed for and <br />operated within the Participating County, including, but not limited to, reasonably <br />available mortgagor or profile data. The Escambia Authority and its agents shall <br />provide the Participating County with such reports as may be necessary to account for <br />funds generated by this Agreement. <br />The Escambia Authority shall have full authority and responsibility to <br />negotiate, define, validate, market, sell, issue, reissue deliver, refund or remarket its <br />Bonds in amounts based upon mortgage loan demand and maximum available <br />Allocation Amounts, to the extent permitted by law to finance the Program for <br />qualifying single family housing developments in the Participating County; and to take <br />such other action as may be necessary or convenient to accomplish such purpose. <br />Each Participating County may apply for the full Allocation Amount available for such <br />County. It is agreed that the initial regional Allocation Amount for the Escambia <br />Bonds in Indian River County and other Participating Counties located within the <br />same bond volume allocation region under Section 159.804, Florida Statutes, shall be <br />allocated ratably between Indian River County and such other Participating Counties <br />within such region based upon lender demand. All lendable proceeds of the Escambia <br />Bonds attributable to the mortgage loan demand in Indian River County shall be <br />reserved for use in originating Mortgage Loans in Indian River County for an initial <br />period of one hundred and twenty (120) days or until July 1, 2001 whichever is later. <br />The issuance and administration costs and expenses related to the Escambia <br />Bonds issued to finance the housing program and administration of such program <br />shall be paid from proceeds of the Escambia Bonds and revenues generated from the <br />housing program or other sources available to the Escambia Authority. <br />Section 3 Program Parameters <br />(A) Upon request of the Escambia Authority, the Participating County shall, <br />to the extent permitted by law, (i) approve, establish, and update, from time to time as <br />necessary, upon the request of the Escambia Authority, such program parameters <br />including, but not limited to, maximum housing price and maximum adjusted family <br />income for eligible borrowers, as may be required for any bonds issued by the <br />Escambia Authority pursuant to this Agreement and (11) approve the allocation of <br />Mortgage Loan moneys for each lending institution offering to originate Mortgage <br />Loans within the Participating County. Unless otherwise notified in writing by the <br />Participating County, the Escambia Authority may from time to time approve and <br />establish such maximum price and family income amounts at the maximum levels <br />MCt.-o8/oi /0o <br />Rev-09/08/00-0440-intisMa <br />3 <br />CA) <br />U1 <br />CO <br />GIro <br />01 <br />Ul <br />
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