1990-184 - Laserfiche WebLink

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WHEREAS, unless such economies are realized, the issuance of Mortgage Subsidy Bonds would be less economical; and WHEREAS, Section 159.603 and 159.604, Florida Statutes, authorize the Participating County to approve the issuance of revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on December 18, 1990 (the "County Resolution"); and WHEREAS, Section 163.01, 159.608 and 125.01, Florida Statutes, and the County ReEolution 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 to finance qualifying single family housing developments located within the Participating County. NOW, THEREFORE, the parties agree as follows: Section 1. Allocation Amount: Substitution of Bonds. The County hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time for qualified single family housing developments in the Participating County, and any Escambia Bonds issued for such qualifying housing developments in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the County's bonds which could have been issued for such purpose. The County hereby authorizes the Escambia Authority to apply for and utilize the County's Allocation Amounts on behalf of the County for the purpose of financing such qualifying development in the Participating County, and the Escambia Authority is hereby designated as the bond issuing authority for the Bonds 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 in accordance with the 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 County. a Section 2. Administration. The Escambia Authority hereby assumes responsibility for administering this Agreement by and through its employees, C3 agents and officers; provided, however, that the County retains and reserves its co right and obligation to require reasonable reporting on programs designed for and p operated within the Participating County including but not limited to reasonably ko available mortgagor or profile data. The Escambia Authority and its agents shall provide the County with such reports as may be necessary to account for funds N generated by this Agreement. X-