12/20/1991 - Laserfiche WebLink

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W1 BOOK 8 f.Iri . I b 6 affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on December 20 19 91 (the "County Resolution_=): and WHEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and the County Resolution authorize this agreement by conferring the authority to exercise or contract by agreement upon the Escambia Authority to exercise those powers which are common to It and the other parties hereto and to include the Participating County within the Escambia Authority's area of operation pursuant to Florida Statutes. Section 159.603(1) for the purpose of issuing bonds to finance qualifying single family housing developments located within the Participating County. NOW THEREFORE, the parties agree as follows: Section 1.:• Allocation ..Amount;. Substitution of Bonds. The Local , Authority hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time for qualifying single family housing developments in the Participating County, and any Escambia Bonds issued for such qualifying housing developments in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the Local Authority's bonds which could have been issued for such purpose. The Local Authority hereby authorizes the Escambia Authority to apply for and utilize the Local Authority's Allocation Amounts on behalf of the Local Authority for the purpose of financing such qualifying development in the Participating County. and the Escambia Authority is hereby designated as the bond issuing authority for the Local Authority during the Authorization Period with respect to such Allocation Amounts. The proceeds of the Bonds shall be allocated and applied to the funding of mortgage • loans within the various Participating Counties in accordance with final program documents approved by the Escambia Authority. All revenues generated by bonds Issued pursuant to this Agreement and by the use of the proceeds thereof, will be administered by the Escambia Authority or its agents and all payments due from.such revenues shall be paid by the Escambia Authority or its agents without further action by the Local Authority. Section 2. Administration. The Escambia Authority hereby assumes responsibility for adniinistering this Agreement by and through its employees, agents and officers: provided. however that the Local Authority retains and reserves its right and obligation to require reasonable reporting on programs designed for and operated within the Participating County. including, but not limited to, reasonably available mortgagor or profile data. The Escambla Authority and its agents shall provide the Local Authority with such reports as may be necessary to account for funds generated by this Agreement. . The Escambia Authority shall have full authority and responsibility to negotiate. deline, validate. market, sell, issue and deliver its Bonds in .the maximum Allocation Amount. based upon mortgage loan demand, permitted by law to finance qualifying single family housing developments in the Participating County and to take such other action as may be necessary or convenient to accomplish such purpose. The issuance 'and administration costs and expenses related to the Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the Bonds and revenues generated from the housing program. Section 3. Program , Parameters. (a) Upon request of the Escambia Authority, the Local Authority shall, to the extent permitted by law, (a) approve. LKL-09/06/91-3136-blankint 10