2003-335 - Laserfiche WebLink

Home Browse Search

v INTERLOCAL AGREEMENT - THIS AGREEMENT made and entered into this 9th day of December, 2003 , by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida (hereinafter referred to as the "Escambia Authority") , and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County") ; WITNESSETH : WHEREAS, Chapter 159, Part IV, Florida Statutes , (the "Act") authorizes the creation of housing finance authorities within the State of Florida (the " State") for the purpose of issuing revenue bonds to assist in relieving the shortage of housing available at prices or rentals which many persons and families can afford ; and WHEREAS, the Escambia Authority by resolutions duly adopted on June 13 , 2000 and May 14 , 2002 (collectively, the "Enabling Resolutions") , as amended and supplemented, particularly as supplemented by a resolution dated as of May 13 , 2003 (the " Authorizing Resolution" ), authorized a plan of finance (the "Plan") for the issuance from time to time of not exceeding $400, 000, 000 Single Family Mortgage Revenue Bonds (Multi -County Program) (the " Program " ) ; and WHEREAS , the Escambia Authority has indicated that it expects to issue its Single Family Mortgage Revenue Bonds, Series 2004A (Multi -County Program) (the "Escambia Bonds") in a principal amount not exceeding $ 150,000, 000, exclusive of any amounts required for refunding purposes ; and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of qualified mortgage bonds which may be issued in each year is limited by a private activity volume cap which has been established for such purpose within the State ; and WHEREAS, the limitations upon available portions of the private activity volume cap prevents the separate issuance of qualified mortgage bonds for each county from being feasibly and economically accomplished; and WHEREAS , the Escambia Authority has authorized a sufficient amount of Escambia Bonds to fund, refund or refinance outstanding obligations, the proceeds of which will be used to finance a portion of the anticipated demand during the proposed Origination Period for qualifying single family mortgages ("Mortgage Loans") of both Escambia County and the Participating County, as well as certain other counties which may also participate in joint bond programs ; and 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 2004 (the "Authorization Period") for the purpose of issuing qualified mortgage 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 qualified mortgage bonds would be less economical , resulting in higher mortgage costs to qualified mortgagors ; and MCL-08/ 12/03 1 Rev : 11 / 11 /03 -6519-Indian River ILA