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EXHIBIT BIT AII FORM OF INTERLOCAL AGREEMENT /d - 11) ; Ci THIS AGREEMENT made and entered into this 18 day of December , 19 90 , by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia Authority"), and the BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "County"); WITNESSETH: WHEREAS, Part IV of Chapter 159 of the Florida Statutes authorizes the creation of Housing Finance Authorities within the State of Florida for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford; and WHEREAS, the Escambia Authority has resolved to issue not exceeding $60,000,000 Single Family Mortgage Revenue Bonds, Series 1991 (the "1991 Escambia Bonds"); and WHEREAS, the Board of County Commissioners of Escambia County, Florida on May 1, 1980, adopted Ordinance No. 80-11, by which it created the Escambia County Housing Finance Authority and authorized the Issuing Authority to exercise all powers under the Act; and WHEREAS, pursuant to Section 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of Mortgage Subsidy Bonds which may be issued in each year is limited by a private activity volume cap which has been established for such purpose within the State of Florida; and WHEREAS, the limitations upon available portions of the volume cap prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of 1991 Escambia Bonds to fund the anticipated demand during 1991 for qualifying single family mortgages of both Escambia County and Indian River County (the "Participating County"), as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap (the "Allocation Amount") during the three year period commencing January 1, 1991 (the "Authorization Period") for the purpose of issuing. bonds (the "Bonds") will result in a wider allocation of fixed r, expenses and certain other economies of scale; and 0 0 C3 00 -o G" N Lo .91 CA)