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53 -0 PAG" Commissioners of the Participating County adopted on 199. (the "County Resolution"); and 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 (collectively, the "Program"). NOW THEREFORE, the parties agree as follows: Section 1. AUocation 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 1997 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, among other things, 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 responsibilityto negotiate, define, validate, market, sell, issue and deliver its Bonds in the maxium 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. Each Participating County may apply for the full allocation amount available for such County. It is agreed that the Allocation Amount for the Bonds in Indian River County and other Participating Counties located within the same bond volume allocation region under Section 159.804, Florida Statutes, shall be allocated ratably between Indian River County and such other Participating Counties within such region 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. The issuance and administration costs and expenses related to the Bonds Issued to finance the housing program and administration of such program shall be paid from proceeds of the Bonds and revenues generated from the housing program. Section 3. Program Parameters. (a) Upon request of the Escambia Authority, the Participating County shall, to the extent permitted by law, (1) approve, establish, and update, from time to time as necessary, upon the request of the Escambia Authority, such program parameters including, but not limited to, maximum housing price and maximum adjusted family income for eligible borrowers, as may be required for any bonds issued by the Escambia Authority pursuant to this Agreement and (ii) approve the allocation of mortgage loan moneys for each Participant offering to originate Mortgage Loans within the Participating County. Unless otherwise notified in writing by the Participating County, the Escambia Authority may from time to time approve and establish such maximum price and family income amounts at the maximum levels provided pursuant to the Code without further action of the Participating County. - DECEMBER 17, 1996 46