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V D D iTERLOCAL AGREEMENT / Q a/,9 e) Vo Y/lnrn I' ,1 v 1! THIS AGREEMENT made and entered into this 3"' day of October, 2000, 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 INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County"); WITNESSETH: WHEREAS, Part W of Chapter 159 of the Florida Statutes, (the "Act") authorizes the creation of housing finance authorities within the State of Florida (the "State") 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 WHERIC,AS, the Escambia Authority by resolution duly adopted on June 13, 2000 (the "Enabling Resolution"). authorized a plan of finance (the "Pian"] for the issuance from time to time of not exceeding $400,000,000 Single Family Mortgage Revenue Bonds (Multi -County Program): and WHEREAS, the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2001 (Multi -County Program) (the "Escambia Bonds") in a principal amount not exceeding $100,000,000, exclusive of any amounts required for refunding purposes; and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of qualified mortgage 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; and WIIEREAS, the limitations upon available portions of the private activity volume cagy 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 Escambia Bonds to fund. refund or refinance outstanding obligations. the proceeds of which will be used to finance a portion of the anticipated demand during the proposed Origination Period for qualifying single family mortgages ("Mortgage Loans") of both Escambia County and Indian River County, as well as certain other counties which may also participate in joint bond programs; and WHEREAS. the aggregation of mortgage loan demand and the securing of the related amount of the cumulative State private activity volume cap (the "Allocation Amount") granted by the State through 2001 (the "Authorization Period") for the purp:rse of issuing qualified bonds to finance qualifying single family residences to be occupied primarily by first-time home buyers will result in a wider allocation of fixed expenses and certain other economies of scale; and hiCL-08/01/Ka 92ry 09/08/W-G440-Wt[rt%1W