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q � , <br /> F REY K.BAP <br /> Exhibit,w, -'•K CIRCUIT G- - <br /> ­:N RIVER Co .' <br /> FORM OF <br /> INTERLOCAL AGREEMENT <br /> t.0 <br /> THIS AGREEMENT made and entered into this 42 day of Ac�. , 199L, by v <br /> and between the ESCUMIA COUNTY HOUSING FINANCE AUTHORITY, a public X" <br /> body corporate and politic organized and existing under the laws of the State of Florida N <br /> (hereinafter referred to as the "Escambia Authority"), and INDIAN RIVER COUNTY, 0 <br /> FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the <br /> "Participating County"): <br /> WITNESSETH: <br /> WHEREAS, Part IV of Chapter 159 of the Florida Statutes authorizes the <br /> creation of housing finance authorities within the State of Florida (the "State") for the <br /> purpose of issuing revenue bonds to assist in relieving the shortage of housing <br /> available at prices or rentals which many persons and families can afford; and <br /> WHEREAS, the Escambia Authority has resolved to issue not exceeding r" <br /> ($60,000,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County <br /> Program)(the"1997 Escambia Bonds"); and <br /> WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of <br /> 1986, as amended(the"Code"), the amount of Mortgage Subsidy Bonds which may be N <br /> issued in each year is limited by a private activity volume cap which has been w <br /> established for such purpose within the State;and v► <br /> WHEREAS, the limitations upon available portions of the volume cap prevent <br /> the separate issuance of bonds for each county from being feasibly and economically <br /> accomplished; and <br /> WHEREAS,the Escambia Authority has authorized a sufficient amount of 1997 <br /> Escambia Bonds to fund the anticipated demand during the proposed Origination <br /> Period for qualifying single family mortgages of both Escambia County and Indian <br /> River County, as well as certain other counties which may also participate in a joint <br /> bond program; and <br /> WHEREAS, the aggregation of mortgage loan demand and the securing of the <br /> related amount of the State volume cap (the "Allocation Amount") granted by the State <br /> through 1997 (the "Authorization Period") for the purpose of issuing bonds to finance <br /> qualifying single family development (the "Bonds") will result in a wider allocation of <br /> fixed expenses and certain other economies of scale;and <br /> WHEREAS, unless such economies are realized, the issuance of Mortgage W <br /> Subsidy Bonds would be less economical resulting in higher mortgage costs to fV <br /> qualified mortgagors: and <br /> WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian IV <br /> River County to approve the issuance of revenue bonds through the Escambia CM <br /> Authority to alleviate the shortage of affordable housing within the Participating N <br /> County, which approval has been granted by a resolution of the Board of County <br /> ' MCL l0/02/96.6213-ind-hyr-ia count <br /> , 1 <br />