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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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Investment Agreement Provider or the c^rvicer lc;cued are <br />authorized by law to close, or a day on which the N,!w York Stock <br />Exchange is closed. <br />"Cash Plow Certificate" means cash flow projections using the <br />)egiiiiements required Ly Mocdy's to maintain the current ratings on <br />the Bonds, prepared by independent certified public accountants or <br />financial consultants approved by the Authority indicating that <br />sufficient revenue will be generated for each Interest Payment Date <br />to meet expenses ani debt service requirements for the Outstanding <br />Bonds, and other available assets of the Program are sufficient to <br />cover outstanding liabilities for each Interest Payment Date <br />thereafter. <br />"Certificate Acquisition Period" means, (i) with respect to <br />the Series A Bonds, the period commencing June 1, 1996 and ending <br />on May 15, 1997 (June 15, 1997 with respect to Targeted Proceeds), <br />unless extended as provided in the Indenture; and (ii) with respect <br />to the Series B Bonds after the Mandatory Tender Date, the period <br />specified in the Series B Supplemental Indenture; provided, <br />however, that in each case the Certificate Acquisition Period shall <br />end no earlier than 45 days after the end of the Origination Period <br />(or such lesser number of days acceptable to the Servicer). <br />"Certificate Purchase Date" means the date (which shall be a <br />Business Day), established by the Servicer pursuant to the <br />Indenture, on which the Trustee purchases one or more GNMA <br />Certificates or Fannie Mae Securities pursuant to Section 1.11 of <br />the Servicing Agree--ent, which date shall occur at least once each <br />month (assuming the Servicer: tenders a GIM Certificate or a Fannie <br />Mae Security for purchase!) during the applicable Certiticate <br />Acquisition Perjod. <br />"Certificate Purchase Price" freans, when used with respect. to <br />a purrha€se from the Servicer, (i) with respect to the Series A <br />Mortgage gage Loans, the purchjr ;,.- price of each Series A GNKA <br />Certificate and Fannie Mae Security in an amount equal to 99.15! of <br />the aggregate unpaid balance )t the Series A Kartgags Loans <br />comprising tfm Pool backing a Sriies A GNMA Cert it mate or Fannie <br />Mae Security as of the first day of the month in which such Series <br />A GNMA rest 11icate or Fannie Nae Security is purchased (atter <br />taking int r, account any scheduled principal reduction required on <br />the Series A Mortgege Loans on ttw first day of such month) or, as <br />described to the Indenture as of the first day of the precolinq <br />month, as certified to t.tw Trust—bythe Servicer with respect to <br />muck series A OMN Oertifieatee aParente Ilse securities, lW <br />arrRwedLmtlr+est to, but not includtoq, the Certificate <br />.t gad til$ with "wWwct to Ow Series b Nortops hoaem. the <br />7), t;ase g t -1r-e met forth to the Series d ou"1 t• 111dmmture <br />'C0400 +seams %6W Interval •ey100100 lade st 10". " 0000dsd. <br />. a . 1 •t tear V443014190te4 clwislmde '. ass all <br />ieiP""t &am 4sIV swatted by tin OsmV of tits W64Mtet <br />•9 <br />
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