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1991-187
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1991-187
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Last modified
5/19/2017 1:44:12 PM
Creation date
5/19/2017 1:42:34 PM
Metadata
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Template:
Resolutions
Resolution Number
1991-187
Approved Date
12/20/1991
Resolution Type
Housing Finance Authorities
Entity Name
Escambia County Housing Finance Authority
Single Family Mortgage Revnue Bonds
Subject
Authorizing Operation Within Indian River County
Interlocal Agreement
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4 <br />Exhibit "A" <br />FORM OF <br />INTERLOCAL AGREEMENT <br />THIS AGREEMENT made and entered Into this 20 day of December . <br />/90 . by and between the ESCAMBIA COUNTY IIOUSING FINANCE AUTHORITY, a <br />public body corporate and politic organized and existing under the laws of the State of <br />Florida (hereinafter referred to as "the Escambia Authority"). and <br />INDIAN RIVER COUNTY. a political subdivision of the State of Florida <br />(hereinafter referred to as the "Local Authority"): <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 for the purpose of <br />issuing revenue bonds to assist in relieving the shortage of housing available at prices <br />or rentals which many persons and families can afford: and <br />WHEREAS. the Escambia Authority has resolved to issue not exceeding <br />$60.000.000 Single Family Mortgage Revenue Bonds. Series 1992 (the "1992 <br />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 <br />issued in each year is limited by a private activity bond volume cap which has been <br />established for such purpose within the State of Florida: and <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 1992 <br />Escambia Bonds to fund the anticipated demand during1992 for qualifying single <br />family mortgages of both Escambia County and Indan River County. as <br />well as certain other counties which may also participate in a Joint bond program; and <br />WHEREAS. the Escambia Authority anticipates implementing a similar bond <br />program for the 1993 calendar year; 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") during the three <br />year period commencing January 1. 1992 (the "Authorization Period") for the purpose <br />of issuing bonds (the "Bonds") will result in a wider allocation of fixed expenses and <br />certain other economics of scale: and <br />WHEREAS. unless such economies are realized. the issuance of Mortgage <br />Subsidy Bonds would be less economical; and <br />WHEREAS. Sections 159.603 and 159.604. Florida Statutes. authorize <br />Indian Rivpr • County (the "Participating County") to approve the issuance <br />of revenue bonds through he Escambla Authority to alleviate the shortage of <br />I.KI:09/00/91.3130 hlankled <br />-I- <br />
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