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Exhibit "A" <br />FORM OF <br />INTERLOCAL AGREEMENT <br />THIS AGREEMENT• made and entered into this 16. day of <br />OEcIE tABES, 1998, by and between the ESCAMBIA COUNTY HOUSING <br />FINANCE AUTHORITY, a public body corporate and politic organized and <br />existing under the laws of the State of Florida (hereinafter referred to as the <br />"Escambia Authority"), and INDIAN RIVER COUNTY, FLORIDA. a political <br />subdivision of the State of Florida (hereinafter referred to as the "Participating <br />County"): <br />WITNESSETH: <br />WHEREAS, Part IV of Chapter 159 of the Florida Statutes, (the "Act") <br />authorizes the creation of housing finance authorities within the State of <br />Florida (the "Statel for the purpose of issuing revenue bonds to assist in <br />relieving the shortage of housing available at prices or rentals which many <br />persons and families can afford; and <br />WHEREAS, the Escambia Authority has resolved to issue (at one time or <br />from time to time) not exceeding $100,000,000 Single Family Mortgage Revenue <br />Bonds, initially designated as Series 1999 (Multi -County Program) (the "1999 <br />Escambia Bonds'); and <br />WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue <br />Code of 1986, as amended (the "Code'), the amount of qualified mortgage bonds <br />which may be issued in each year is limited by a private activity volume cap <br />which has been established for such purpose within the State: and <br />WHEREAS, the limitations upon available portions of the private activity <br />volume cap prevent the separate issuance of bonds for each county from being <br />feasibly and economically accomplished; and <br />WHEREAS, the Escambia Authority has authorized a sufficient amount <br />of 1999 Escambia Bonds to fund, or to refund or refinance outstanding <br />obligations, the proceeds of which will be used to ' finance a portion of the <br />anticipated demand during the proposed Origination Period for qualifying single <br />family mortgages ("Mortgage Loans') of both Escambia County and Indian River <br />County, as well as certain other counties which may also participate in a joint <br />bond program; and <br />WHEREAS, the aggregation of mortgage loan demand and the securing of <br />the related amount of <br />"thtcumultive State P to tyvolumecaaPhe <br />Allocation Amount') grantedby the t <br />ion <br />Period') for the purpose of issuing bonds to finance qualifying single family <br />residences to be occupied primarily by first-time home buyers will result in a <br />wider allocation of fixed expenses and certain other economies of scale; and <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, Sections 159.603 and 159:604, Florida Statutes, authorize <br />Indian River County to approve the issuance of revenue bonds through the <br />Escambia Authority to alleviate the shortage of affordable housing within the <br />Participating County, which approval has been granted by a resolution of the <br />Board of County Commissioners of the Participating County adopted on <br />/2-15— , 1998 (the "County Resolution'): and <br />WBEREAS, Sections 163.01, 159.608 and 125.01, Florida Statutes, and <br />the County Resolution authorize this Agreement by conferring the authority to <br />exercise or contract by agreement upon the Escambia Authority to exercise <br />those powers which are common to it and the other parties hereto and to <br />include the Participating County within the Escambia. Authority's area of <br />operation pursuant to Florida Statutes, Section 159.603(1) for the purpose of <br />issuing bonds based on the Allocation Amount to (1) make available funds to <br />finance qualifying single family housing development located within the <br />Participating County in accordance herewith, (ii) establish the reserves therefor, <br />and (iii) pay the costs of issuance thereof (collectively, the "Program"). <br />NOW THEREFORE, the parties agree as follows: <br />DECEMBER 15, 1998 <br />a <br />-49- BOOK U ` Nv Oji <br />