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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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peri.,d from the date of the cn it rent:. The Servicer is zejuirpci <br />to advance the application fee to (;NMA for such commmitments. <br />The amount of: commitments to guarantee GNMA Certificates that <br />GNYA can approve in any federal fiscal year (october 1 through <br />eptember 30) is limited by statute and administrative procedures. <br />The total annual amount of ,available commitments is established in <br />federal appropriation acts and related administrative procedures. <br />No assurance can be given that in the future the Servicer will be <br />authorized by GNMA's administrative procedures to submit a request <br />for a GNMA commitment with respect to some or all of the Mortgage <br />Loans, or that GNMA will have any authority remaining to approve <br />GNMA Commitments during the federal fiscal year in which the <br />Servicer submits a request for a GNMA Commitment. Bonds will be <br />redeemed at the times and in the manner described herein under "THE <br />SERIES A BONDS -- Redemption Provisions -- ial Mandatory <br />Rod-mpti-n, " and "THE SERIES B BONDS -- Redemption Provisions - <br />Special Mandatory Redemption" from amounts on deposit in the <br />Acquisition Fund to the extent that such proceeds have not been <br />used or reserved for the acquisition of GNMA Certificates or Fannie <br />Mae Securities. <br />The ability of the Servicer to obtain commitments from GNMA <br />may be hindered by the current status of budget negotiations in the <br />United States Congress. See "PROGRAM ASSUMPTIONS AND BONDHOLDERS' <br />RISKS -- Funding of FETA Insurance and GNMA Commitments," herein. <br />Series A GNMA Certificates <br />Series A Participants have agreed under the Series A <br />Origination Agreement to use their best efforts to originate, in <br />compliance with the Program, Series A Mortgage Loans insured by <br />FHA, guaranteed by VA or guaranteed by RECD and to deliver the <br />Series A Mortgage Loans to the Servicer for purchase from the <br />Servicer's own funds. Thereafter, the Servicer will package the <br />Series A Mortgage Loans into GNMA Pools for the purpose of issuing <br />Series A GNMA Certificate-s, and on Certificate Purchase Dates the <br />Trustee will purchase with mon,2yra from the Series A Acquisition <br />Fund, in accordance with the provisions of the Indenture, on be+h_alf <br />of the Authority, the Series A GNMA reitificates. Bach SeriF.-:c A <br />QNHA Certificate will bee hacked by a G.WA Pcxal consisting eatit,-ly <br />Of 1ew-1 Payment series A Mortgag" 7a:.,n•a with the same Paso Thrf•a rh <br />Rat*, in a total minimum principal amount of $250,000. The t.,*il <br />principal amount c f any i ,t u._ of Series A GNPA Cort it i.-.,t,.. ..1 11 <br />not OXCAMd the aggregat. unpaid principal balance of tht- b:=r I--a A <br />W, rt gaga Losxxs in the GNMA Pool backing such issue. <br />Each Series A cox Cert .f icate will be a 'tully sod. f : i <br />r4mm- thrOugh' security which will require the Servicer to pan <br />ILto the Trust" tbo tegulas monthly payamts on tth <br />isq "o"we" Loans floss contain servtctnq costs and GWV1 <br />+sarasty !ws seed., sn cw2244r, cases, iscuss servtes Fees', whattws <br />,1. , . ..a- .. n,frr!Vi -oI <br />
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