My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2000-292
CBCC
>
Official Documents
>
2000's
>
2000
>
2000-292
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/23/2024 11:50:04 AM
Creation date
7/23/2024 11:49:49 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Interlocal Agreement
Approved Date
10/03/2000
Control Number
2000-292
Agenda Item Number
9.A.3.
Entity Name
Escambia Housing Finance Authority
Subject
Interlocal Agreement for Single Family Mortgage Revenue Bonds
to Asist in relieing the shortage of housing and or rentals for families
that can afford
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
5
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
iii <br />40 <br />M <br />WHEREAS, unless such economies are realized, the issuance of qualified <br />mortgage bonds would be less economical, resulting in higher mortgage costs to <br />qualified mortgagors; and <br />WHEREAS, because the restrictions attendant to qualified mortgage bonds <br />under the Internal Revenue Code limit the availability of mortgage funds for many <br />eligible persons (within the meaning of the Act), the Escambia Authority may also <br />Issue taxable mortgage revenue Bonds to increase the amount available for Mortgage <br />Loans and to reduce or ameliorate such restrictions upon eligible persons; and <br />WHEREAS, Sections 159.603 and 159.604. Florida Statutes, authorize Indian <br />River County to approve the issuance of revenue bonds through the Escambia <br />Authority to alleviate the shortage of affordable housing within the Participating <br />County, which approval has been granted by a resolution of the Board of County <br />Commissioners of the Participating County adopted on October 3, 2000 (the "County <br />Resolution"): and <br />VMEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes. and the <br />County Resolution authorize this Agreement by conferring the authority to exercise or <br />contract by agreement upon the Escambia Authority to exercise those powers which <br />are common to it and the other parties hereto and to include the Participating County <br />within the Escambia Authority's area of operation pursuant to Florida 'Statutes, <br />Section 159.603(1) for the purpose of issuing bonds in one or more series from time to <br />time, as qualified mortgage bonds based on the Allocation Amount or as taxable Bonds <br />which require no bond volume allocation, to (1) mare available funds to finance <br />qualifying single family housing development located within the Participating County <br />in accordance herewith, (ii) establish the reserves therefor, and (iii) pay the costs of <br />issuance thereof (collectively, the "Program"). <br />NOW THEREFORE, the parties agree as follows: <br />Section 1 Allocation Amount,, Substitution of Bonds The Participating <br />County hereby authorizes the Escambia Authority to Issue, reissue, remarket or <br />refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based <br />on the available Allocation Amount through the Authorization Period, or based upon <br />the need for Mortgage Loans funded in whole or in part from taxable Bonds which <br />require no bond volume allocation, for the purpose of financing the Program and <br />making funds available for qualifying single family housing developments in the <br />Participating County to the full extent permitted by the Act. Any Escambia Bonds <br />issued, reissued, remarketed or refunded for such purposes in the Participating <br />County are hereby deemed to be In full substitution for an equivalent principal <br />amount of the Participating County's bonds that could have been issued for such <br />purpose. The Participating County hereby authorizes the Escambia Authority to <br />utilize the Participating County's Allocation Amount on behalf of the Participating <br />County as part of its plan of finance for the purpose of financing the Program. <br />including, among other things, financing of qualilying single family mortgages in the <br />Participating County, and the Escambla Authority is hereby designated as the bond <br />issuing authority for the Participating County during the Authorization Period with <br />respect to all Allocation Amounts. The proceeds of the Escambia Bands shall be <br />allocated and applied to the funding or refinancing of obligations, the proceeds of <br />KICL-08/01100 <br />Rvv-00 /08 /00.6440 • h id t Yr li i <br />
The URL can be used to link to this page
Your browser does not support the video tag.