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boor 10.7 PgE 392 Section 1. Allocation Amount; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue, reissue, remarket or refund Single Family Mortgage Revenue Bonds (the "Bonds") from time to time based on the • Allocation Amount through the Authorization Period for the purpose of financing the Program and making funds available for qualifying single family housing developments in the Participating County to the full extent permitted by the Act. Any 1999 Escambia Bonds issued, reissued, remarketed or refunded 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 that 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 as part of its � plan of finance for the purpose of financing the Program, including, among other things, financing 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 through the end of the Authorization Period with respect to all Allocation Amounts. The proceeds of the 1999 Escambia Bonds shall be allocated and applied to the funding or refinancing or refunding of obligations, the proceeds of which will be used for the funding, of Mortgage Loans within the various Participating Counties and for reserves and the payment of costs of issuing the 1999 Escambia 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 responsibility or to negotiate, define, validate, market. sell, issue, reissue deliver, ls remarket its Bonds in the maximum Allocation Amount, based upon mortgage loan demand and available Allocation Amounts permitted by lawfinance qualifying single family housing developments in the Participating County and to take such other action as may be necessary or convenient full accomplish cmpsh such purpose. Each Participating County may applyAllocation Amount available for such County. It is agreed that the initial regional Allocation Amount for the 1999 Escambia 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 1999 Escambia 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 one hundred and twenty (120) days or until July 1, 1999 whichever is later. The issuance and administration costs and expenses related to the 1999 Escambia Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the 1999 Escambia 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 (2) approve the allocation of Mortgage Loan moneys for each lending institution 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 15, 1998