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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 June 1, 2007 (the "Authorization Period" ) for the purpose of issuing mortgage revenue 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 WHEREAS, unless such economies are realized, the issuance of mortgage revenue bonds would be less economical, resulting in higher mortgage costs to qualified mortgagors; and WHEREAS, because the restrictions attendant to mortgage revenue bonds under the Code limits the availability of mortgage funds for many eligible persons (within the meaning of the Act), the Escambia Authority may also issue taxable mortgage revenue bonds to increase the amount available for Mortgage Loans and to reduce or ameliorate such restrictions upon eligible persons; and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize the Participating County to approve the issuance of mortgage revenue bonds through the Escambia Authority to alleviate the shortage of affordable housing within the Participating County, which approval has been granted by a resolution of the Board of County Commissioners of the Participating County adopted on June 20, 2006 (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 mortgage revenue bonds in one or more series from time to time, as mortgage revenue bonds based on the Allocation Amount or as taxable mortgage revenue bonds which require no bond volume allocation, to (i) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (ii) establish the reserves therefor, and ( iii) pay the costs of issuance thereof. NOW THEREFORE, the parties agree as follows: 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 available Allocation Amount through the Authorization Period, or based upon the need for Mortgage Loans funded in whole or in part from taxable Bonds which require no bond MCPS-105/23/06-6602-County Docs-Indian River FLA-vi 2