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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 agreement <br /> upon the Escambia Authority to exercise those powers which are common to it and the other parties <br /> hereto and to include the Participating County within the Escambia Authority's area of operation <br /> pursuant to Florida Statutes, Section 159.603(1) for the purpose of issuing bonds based on the <br /> Allocation Amount to(1)make available funds to finance qualifying single family housing development <br /> located within the Participating County in accordance herewith, (2)establish the reserves therefor,and <br /> (3)pay the costs of issuance thereof(collectively, the"Program"). <br /> NOW THEREFORE,the parties agree as follows: <br /> Section 1. Allocation Amount;Subetitutioa of Bonds. The Participating County hereby <br /> authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage <br /> Revenue Bonds from time to time based on the Allocation Amount through the Authorization Period <br /> for the purpose of financing the program and making funds available for qualifying single family <br /> housing developments in the Participating County to the full extent permitted by the Act. Any <br /> Escambia Bonds 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 amount of the <br /> Participating County's bonds which could have been issued for such purpose. The Participating <br /> County hereby authorizes the Escambia Authority to utilize the Participating County's Allocation <br /> Amount on behalf of the Participating County as part of its plan of finance for the purpose of financing <br /> the Program, including, among other things, funding of qualifying single family mortgages in the <br /> Participating County, and the Escambia Authority is hereby designated as the bond issuing authority <br /> for the Participating County through the end of the Authorization Period with respect to all Allocation <br /> Amounts. The proceeds of the Bonds shall be allocated and applied to the funding or refinancing or <br /> refunding of obligations, the proceeds of which will be used for the funding, of mortgage loans within <br /> the various Participating Counties and for reserves and the payment of costs of issuing the Bonds, all <br /> in accordance with final program documents approved by the Escambia Authority. All revenues <br /> generated by bonds issued pursuant to this Agreement and by the use of the proceeds thereof, will be <br /> administered by the Escambia Authority or its agents and all payments due from such revenues shall be <br /> paid by the Escambia Authority or its agents without further action by the Participating County. <br /> Section 2. Administration. The Escambia Authority hereby assumes responsibility for <br /> administering this Agreement by and through its employees, agents and officers; provided, however, <br /> that the Participating County retains and reserves its right and obligation to require reasonable <br /> reporting on programs designed for and operated within the Participating County, including, but not <br /> limited, to, reasonably available mortgagor or profile data. The Escambia Authority and its agents <br /> shall provide the Participating County with such reports as may be necessary to account for funds <br /> generated by this Agreement. <br /> The Escambia Authority shall have full authority and responsibility to negotiate, define, <br /> validate, market, sell, issue, reissue deliver, refund or remarket its Bonds in the maximum Allocation <br /> Amount, based upon mortgage loan demand and available Allocation Amounts, permitted by law to <br /> finance qualifying single family housing developments in the Participating County and to take such <br /> other action as may be necessary or convenient to accomplish such purpose. Each Participating m <br /> County may apply for the full allocation amount available for such County. It is agreed that the initial <br /> regional Allocation Amount for 1998 for the Bonds in Indian River County and other Participating <br /> Counties located within the same bond volume allocation region under Section 159.804, Florida <br /> Statutes, shall be allocated ratably between Indian River County and such other Participating Counties tD <br /> within such region based upon lender demand. All lendable proceeds of the Bonds attributable to the 1V <br /> mortgage loan demand in Indian River County shall be reserved for use in originating mortgage loans <br /> in Indian River County for an initial period of 120 days. <br /> MC410/07/97-62704ndimri•interbc -2- <br />