1996-160 - Laserfiche WebLink

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Ezhibit"A" FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this L2 day of Ate_ , 199k_, by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia Authority"), and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County"); WITNESSETH: WHEREAS, Part IV of Chapter 159 of the Florida Statutes authorizes the creation of housing finance authorities within the State of Florida (the "State") for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford,and WHEREAS, the Escambia Authority has resolved to issue not exceeding $60,000,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County Program) (the"1997 Escambia Bonds"), and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of Mortgage Subsidy Bonds which may be issued in each year is limited by a private activity volume cap which has been established for such purpose within the State;and WHEREAS, the limitations upon available portions of the volume cap prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of 1997 Escambia Bonds to fund the anticipated demand during the proposed Origination Period for qualifying single family mortgages of both Escambia County and Indian River County, as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap(the "Allocation Amount") granted by the State through 1997 (the "Authorization Period") for the purpose of issuing bonds to finance qualifying single family development (the "Bonds") will result in a wider allocation of fixed expenses and certain other economies of scale;and WHEREAS, unless such economies are realized, the issuance of Mortgage Subsidy Bonds would be less economical resulting in higher mortgage costs to qualified mortgagors;and WHEREAS. Sections 159.603 and 159.604, Florida Statutes, authorize Indian River County to approve the issuance of revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County MCL-!0/02/96-6213-ind-mr-iacoum -I-