1994-153 - Laserfiche WebLink

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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 based on the Allocation Amount to (1) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (2) establish the reserves therefor, and (3) pay the costs of issuance thereof (the "Program"). NOW THEREFORE, the parties agree as follows: Section i. Allocation Amount; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time based on the Allocation Amount for the purpose of financing the program and making funds available for qualifying single family housing developments in the Participating County. Any Escambia Bonds issued for such purposes in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the Participating County's bonds which could have been issued for such purpose. The Participating County hereby authorizes the Escambia Authority to utilize the Participating County's Allocation Amount on behalf of the Participating County for the purpose of financing the Program, including funding of qualifying single family mortgages in the Participating County, and the Escambia •Authority is hereby designated as the bond issuing authority for the Participating County 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 and for reserves and the payment of costs of issuing the Bonds, all 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 Participating County. Section 2. Administration. The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees, agents and officers; provided, however, that the Participating County 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 Escambia Authority and its agents shall provide the Participating County 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, define, 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. It is agreed that the Allocation Amount for the Bonds in Indian River County and St. Lucie County shall be allocated ratably between Indian River County and St. Lucie County based upon lender demand. All lendable proceeds of the Bonds attributable to the mortgage loan demand in Indian River County shall be reserved for use in originating mortgage loans in Indian River County for an initial period of 120 days. MCL -09/ l4/94-6102•INDI-IA -2-