2003-335 - Laserfiche WebLink

Home Browse Search

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 to negotiate, define, validate , market, sell , issue, reissue deliver, refund or remarket its Escambia Bonds in amounts based upon mortgage loan demand and maximum available Allocation Amounts, to the extent permitted by law to finance the Program for 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 Participating County. It is agreed that the initial regional Allocation Amount for the 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 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 , 2004 whichever is later. The issuance and administration costs and expenses related to the Escambia Bonds issued to finance the Program and administration of such Program shall be paid from proceeds of the Escambia Bonds and revenues generated from the Program or other sources available to the Escambia Authority. Section 3 . Program Parameters. (A) Upon request of the Escambia Authority, the Participating County shall , to the extent permitted by law, (i) 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 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 or the Act without further action of the Participating County. (B ) The fees and expenses of the Participating County shall be paid from the proceeds of the Program in the manner and to the extent mutually agreed upon by the officials of the Participating County and the Escambia Authority at or prior to issuance of the Escambia Bonds . Section 4 . Term . This Agreement will remain in full force and effect from the date of its execution until such time as it is terminated by any party upon ten ( 10) days written notice to the other party hereto . Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated by the Participating County during the Authorization Period, or by any party during any period that the Escambia Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such Escambia Bonds (or investments acquired through such proceeds) are still in the possession of the Escambia Authority, or its agents , pending distribution, unless either (i) the parties to this Agreement mutually agree in writing to the terms of such termination or ( ii ) such termination, by its terms , only applies prospectively to the authorization to issue Escambia Bonds for which no Allocation Amount has been obtained or used by the Escambia Authority and for which no purchase contract has MCL-08/ 12/03 3 Rev : 11 / 11 /03 -6519-Indian River ILA