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1995-152
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1995-152
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Last modified
3/11/2019 3:08:10 PM
Creation date
3/11/2019 3:00:22 PM
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Resolutions
Resolution Number
1995-152
Approved Date
12/05/1995
Resolution Type
Housing
Entity Name
Escambia County Housing Finance Authority
Interlocal Agreement
Subject
TEFRA single Family Mortgage Revenue Bonds
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Date or, in the case of a proposed redemption, the date of <br />selection of Series B Bonds to be redeemed. Holders of an <br />aggregate principal amount of at: least $1,000,000 of Series H Bonds <br />may arrange for payment- of interest thereon by wire transfer as <br />provided in the indenture. <br />Pledged Revenues <br />The Series B Bonds which have not been remarketed shall be <br />secured by the Series B Pledged Revenues, as defined under the <br />heading "DEFINITIONS OF CERTAIN TERMS." <br />On and after the Mandatory Tender Dates, any Remarketed Series <br />B Bonds which remain outstanding will be secured on a parity with <br />the Series A Bonds by the Series B Pledged Revenues and the Series <br />A Pledged Revenues, as defined under the heading "DEFINITIONS OF <br />CERTAIN TERMS." <br />Maturity Schedule <br />The Series B Bonds will mature not later than October 1, 2029, <br />as provided in the Indenture. The principal of the Remarketed <br />Series B Bonds will be payable in accordance with a maturity <br />schedule that will be determined as of the respective Mandatory <br />Tender Dates in accordance with and based upon the following <br />assumptions: <br />(a) The Mortgage Loans to be originated and pooled into GNMA <br />Certificates and Fannie Mae Securities purchased with the proceeds <br />of the Series B Bonds (the "Series B Mortgage Loans") are assumed <br />to have a term of 360 months and will be pooled into GNMA <br />Certificates and Fannie Mae Securities. <br />(b) The Series B Mortgage Loans will be originated on the <br />date which is 42 months after the date of issuance and delivery of <br />the Remarketed Series B Bonds. <br />(c:) The maximum number of. Series B Mortgage Loans which bear <br />interest at the highest allowable rate that may be originated under <br />the Program will be assumed to l--- originated. <br />(d) The Seri"s B !e:ortgage Loans will be assumed to prepay at <br />a rate of 0% FHA Piepay-zu=nt. <br />(e) T);,. iz;o;-,n :schedule will provide eemi-annual debt <br />service pay +*_r,r.:; 04 pi ncipAl amounts which, on a ptoportionats <br />basis, appy<..rjmat,:.y )::,I the total principal and interest <br />receipts ler,,: ....lvi<-i .-; !,es awl r>:<ass Service Pres frac the <br />series S mortgage 1,4ris .n a eeai annual basis, rounded <br />Up or drib to the Dearest $5,000 integral. <br />(t) The asortisatioa schedule can M derived t.n oonsecutivo <br />aerial maturities sad one or more term maturities with mandatory <br />semi-samual siakimg fund redssption payments, as Set forth to the <br />ladent ure <br />12 <br />
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