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HomeMy WebLinkAbout1996-160 RESOLUTION NO. 96-160 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIMG THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPERATE WITHIN THE BOUNDARIES OF INDIAN RIVER COUNTY; AUTHORIZING THE BOARD TO ENTER INTO AGREEMENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY AND TO EXECUTE AND DELIVER CERTAIN DOCUMENTS AND IN9TRUMENTS IN CONNECTION THEREWITH; APPROVING A FORM OF INTERLOCAL AGREEMENT:APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $60,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, SERIES 1997 (MULTI-COUNTY PROGRAM), PURSUANT TO SECTION 1470 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part M Florida Statutes (the "Act') authorized counties to create housing finance authorities to exercise powers of the Act within their boundaries or outside their boundaries with the consent of the governing body of the territory outside their area of operation; and WHEREAS, the Board of County Commissioners of Escambia County, Florida, on May 29, 1980, adopted Ordinance No. 80-12, by which it created the Escambia County Housing Finance Authority (the "Authority") and authorized the Authority to exercise all powers under the Act; and WHEREAS, there is no housing finance authority currently operating in Indian River County; and WHEREAS, pursuant to the Act the Board of County Commissioners of Indian River County, Florida, has found a shortage of affordable housing and capital for investment therein and a need for a housing finance authority to function in Indian River County; and WHEREAS, it is not practicable at this time under existing Florida and federal laws and regulations for a single local agency to issue its bonds for the purpose of implementing a single family housing program, although the shortage of such single family housing and capital for investment therein is continuing in Indian River County; and WHEREAS, the Authority has by resolution duly adopted on July 2, 1996 (the "Escambia Resolution") authorized the issuance of not exceeding $60,000,000 Single Family Mortgage Revenue Bonds. Series 1997 (Multi-County Program) (the "Bonds"), and has indicated to the Board of County Commissioners of Indian River County its Willingness to exercise its powers in Indian River County to Mance single family housing therein as pennitted by the Act upon approval of the Board of County Commissioners of Indian River County; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code") requires public approval of certain private MCL10/02/96.6213-ind•Mvr-RESO-BCC I- y activity bonds by an applicable elected representative or governmental unit following a public hearing and the Board of County Commissioners of Indian River County, Florida (the"Board"), constitutes an applicable elected representative or governmental unit; and WHEREAS, pursuant to Section 147(0 of the Code a public hearing was scheduled before the Board for /7 , 1994, and notice of such hearing was given in the form required by the Code by publication more than 14 days prior to such hearing; and WHEREAS, the Board has on 199 . held the public hearing and provided at such hearing reasonable opportunity for all interested individuals to express their views, both orally and in writing, on the issuance of the Bonds; and WHEREAS, the Board diligently and conscientiously considered all comments and concerns expressed by such individuals; and WHEREAS, the Board desires to express its approval of the action to be taken pursuant to the Eseambia Resolution and as required by Section 147(1) of the Code; NOW THEREFORE, HE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: Section 1. Because of the continuing shortage of affordable single family housing and capital for investment therein in Indian River County and the continuing impediments to a bond issue to alleviate such shortages as to single family housing, it is hereby determined that the Board of County Commissioners of Indian River County consents to the Authority exercising its powers to issue the Bonds and to implement a program from a portion of the proceeds of the Bonds to finance single family housing within the statutory boundaries of Indian River County; provided, that the Authority and Indian River County first enter into a written agreement setting forth the powers, duties and limitations of the Authority as they pertain to the use of said bond proceeds within Indian River County and payment of the issuance costs for such Bonds. Section 2. In furtherance of the purposes set forth in Section 1 hereof the Chairman or Vice-Chairman and Clerk or Deputy Clerk of the Board of County Commissioners of Indian River County are hereby authorized to execute such consents, intergovernmental agreements, applications or other documents as shall be required to implement such single family housing program and to provide for payment of Indian River County's proportionate share of costs of issuance of such Bonds, all as shall be approved by counsel to Indian River County. Section 3. The Interlocal Agreement, in substantially the form attached hereto as Exhibit "A", and made a part hereof, between Indian River County and the Authority is hereby approved. The officers of Indian River County are, hereby authorized to enter into the Interlocal Agreement on behalf of Indian River County, with such changes not inconsistent herewith as the oMcers executing same may approve, such execution and delivery to be conclusive evidence of such approval. The appropriate officers of Indian River County are hereby further authorized to execute and deliver such other documents and instruments as may be necessary to implement the Interlocal Agreement, including, without limitation, application for up to the maximum available private activity bond volume allocations pursuant to Chapter 159, Part VI, Florida Statutes, for the purposes set forth in the Interlocal Agreement. MCL-10/02/98-6213-Ind-rivr-RM-BCC -2- Section 4. The Board hereby approves, within the meaning of Section 147(0 of the Code, the issuance by the Authority of not exceeding$60,000,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County Program), and such other action to be taken pursuant to the Escambia Resolution. Section 6. All resolutions or parts thereof of the Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. Section 6. Adoption of this Resolution does not authorize or commit the expenditure of any funds of Indian River County to pay the costs of issuance of such Bonds. MCL-10/02/98-6213-ind-rivr-PESO-BCC -3- Section 7. This Resolution shall take effect immediately upon its adoption. Duly adopted in theA session this 17 day of A-ee— . 199L. INDIAN RIVER COUNTY. FLORIDA rRAN r,.A jAN'S By: ' ga x se osamt� (SEAL) Chairman, Board of County Commissioners ATTEST: Cl >3 and of Co ty Commissioners ��a» ass Cut AVO-O'e.1 Dille Leg31� 2 Budget'— Dept RISK Mgr. MC1.10/02/98-8213-ind-rivr-RE5A-BCC -4- Ezhibit"A" FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this L2 day of Ate_ , 199k_, 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, Part IV of Chapter 159 of the Florida Statutes 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 has resolved to issue not exceeding $60,000,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County Program) (the"1997 Escambia Bonds"), and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the amount of Mortgage Subsidy 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 volume cap prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS, the Escambia Authority has authorized a sufficient amount of 1997 Escambia Bonds to fund the anticipated demand during the proposed Origination Period for qualifying single family mortgages of both Escambia County and Indian River County, as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap(the "Allocation Amount") granted by the State through 1997 (the "Authorization Period") for the purpose of issuing bonds to finance qualifying single family development (the "Bonds") 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 Subsidy Bonds would be less economical resulting in higher mortgage costs to qualified mortgagors;and WHEREAS. Sections 159.603 and 159.604, Florida Statutes, authorize Indian River County to approve the issuance of 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 MCL-!0/02/96-6213-ind-mr-iacoum -I- Commissioners of the Participating County adopted on & 199k (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 bonds based on the Allocation Amount to (1) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (2) establish the reserves therefor, and (3)pay the costs of issuance thereof(collectively, the "Program"). NOW THEREFORE, the parties agree as follows: Section 1. Allocation Amount; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time based on the Allocation Amount for the purpose of financing the program and making funds available for qualifying single family housing developments in the Participating County. Any 1997 Escambia Bonds issued 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 which 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 for the purpose of financing the Program, including, among other things, funding 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 during the Authorization Period with respect to such Allocation Amounts. The proceeds of the Bonds shall be allocated and applied to the funding of mortgage loans within the various Participating Counties and for reserves and the payment of costs of issuing the 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 to negotiate. define, validate, market, sell, issue and deliver its Bonds in the maximum Allocation Amount, based upon mortgage loan demand, permitted by taw to finance 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 County. It is agreed that the Allocation Amount for the Bonds in Indian River County and other Participating Counties located within the same bond volume allocation MCL 10/02/96.6213-ind•mr-n-count -2- f 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 Bonds attributable to the mortgage loan demand in Indian River County shall be reserved for use in originating e 13th g mort a g g loans in Indian River County for an initial period of 120 days. The issuance and administration costs and expenses related to the Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the Bonds and revenues generated from the housing program. Section 3. Pto(gram 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 (it) approve the allocation of mortgage loan moneys for each Participant 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. (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 1997 Escambia Bonds. Section 4. Terra. 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 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 Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such Bonds are still in the possession of the Escambia Authority or Its agents pending distribution, unless either (1) the parties to this Agreement mutually agree in writing to the terms of such termination or(2) such termination, by its terms, only applies prospectively to the authorization to issue Bonds for which no Allocation Amount has been obtained and for which no purchase contract has been entered into. It is further agreed that in the event of termination the parties to this Agreement will provide continuing cooperation to each other in fulfilling the obligations associated with the issuance of bonds pursuant to this Agreement. Section S. Indemnity. To the full extent permitted by law, the Escambia Authority agrees to hold the Participating County harmless from any and all liability for repayment of principal of and interest or penalty on the Bonds, and the members and officials of the Participating County harmless from any and all liability in connection with the approval rendered pursuant to Sections 159.603 and 159.604, Florida Statutes. The Escambia Authority agrees that any offering, circular or official statement approved by and used in marketing the 1997 Escambia Bonds will include a statement to the effect that Bondowners may not look to the Participating County for payment of the Bonds and interest or premium thereon. MCL-10/02/96.8213-iM-rivr-is-cwn1 -3- III VTrM dB WHEREOF. the parties to this Agreement have caused their names to be affixed hereto by the proper officers thereof as of the ••(Z day of 199L. EBCANMIA COUNTY HOUSING (SEAL) FIIUNCE AUTHORIT! ATTEST: hairtnan reuuy INDIAN RIVER COUNTY.FLORIDA w►:,-�,,,, 8 ,/, ,. Chairman FPAN©.ADA-V3 ATTEST: ger�' `. ,i cLl1V �,C,• 01,1` (SEAL) 9uti�ei I ` q"•t M�. MCL-07/22/98.6213-i*-rvr•ia<aunt -4- r 7be undersigned of Indian River County, Florida, do hereby certify that the foregoing is a true and complete copy of the Interlocal Agreement executed by the and as of 199_ Date: Its: (SEAL) MCL-10/02/98-8213-ind-nw-w-count -5- Prior Division Serial No. DIVISIONSTATE OF FLORIDA NOTICE OF INTENT 0 ISSUE BONDS AND EQUESTFOR WIUTTT'EN CONFIRMATION PART 1(to be completed by applicant) Date: npcpmb r 17, 1996 Name,address and phone number of personwho prepared this Notice(confirmation or rejection will be sent to this person unless otherwise directed): Name: Ed Buileit c/o William+ R Houith b Co Phone: (813 ) 895-8880 Address: —l0�and Avenue ou h �{to 800 St. Petersburg. Florida 33701 Issuing Agency: _Escambia County Housing Finance Authority Company(if applicable): — Requested Amount: $ Is This a Supplementary Notice?: Yes No x Check one of the following: Manufacturing Facility(as defined in Section 159.803(l 0),F.S.) Florida First Business Project(as defined in Section 159.803(l 1),F.S.) (Florida Department of Commerce certification Mug. be attached) Multi-Family Housing Single Family Housing x Other (If"Other", specify) Is this a Priority Project under State Law' Yes No x Purpose —To provide affordable mortgages to low middle and moderate income first- time homebuyers in Indian River Count S. 147(f)or similar IRC Approval Date. December 17 1996 Contemplated Date(s)of Issue: February, 1997 Approving Authority(Unit of Government). Indian River County Board of County Commissioners Agency Official and Title: Fran R. Adams Chairman I HEREBY CERTIFY THAT THE ELECTED OFFICIAL OR VOTER APPROVAL REQUIRED PURSUANT TO 1470 OF THE INTERNAL REVENUE CODE HAS BEEN OBTAINED ON THE DATE INDICATED ABOVE, AND THAT THE AMOUNT REASONABLY EXPECTED TO BE REQUIRED FOR THE FINANCING EQUALS AT LEAST 90%OF THE AMOUNT REQUESTED ABOVE. Signature of Agency Official�rj� +$ �� FRAN A •DAMS CHAIRMAN IMPORTANT! Legal Opinion(Section 159.805(1),F.S )enclosed. $100.00 Filing Fee enclosed- PART II(to be completed by the Division of Bond Finance) Received by: Date and Time Received.- Adjusted Date Received(pursuant to Section 159-8081 or 159.8083,F.S.) Status(confirmed or rejected): Amount Confirmed: S Confirmation Valid Through: Amount Pending(if any): S Comments: Category of Confirmation: Title: ISSUER IS HEREBY ADVISED THAT THIS CONFIRMATION 1S CONDITIONAL AND SHALL NOT BE CONSIDERED FINAL UNTIL AND UNLESS (1) THE DIVISION RECEIVES TIMELY NOTMCATION OF ISSUANCE OF THE BONDS PURSUANT TO SECTION 159.805(Sxa), FLORIDA STATUTES, ANi1(2)THE DIVISION HAS ISSUED ITS FINAL CONFIRMATION OF ALLOCATION(FORM BF 2007-13)WITH RESPECT TO THE BONDS. (Form BF200641I.1.96) q � , F REY K.BAP Exhibit,w, -'•K CIRCUIT G- - ­:N RIVER Co .' FORM OF INTERLOCAL AGREEMENT t.0 THIS AGREEMENT made and entered into this 42 day of Ac�. , 199L, by v and between the ESCUMIA COUNTY HOUSING FINANCE AUTHORITY, a public X" body corporate and politic organized and existing under the laws of the State of Florida N (hereinafter referred to as the "Escambia Authority"), and INDIAN RIVER COUNTY, 0 FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as the "Participating County"): WITNESSETH: WHEREAS, Part IV of Chapter 159 of the Florida Statutes 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 has resolved to issue not exceeding r" ($60,000,000 Single Family Mortgage Revenue Bonds, Series 1997 (Multi-County Program)(the"1997 Escambia Bonds"); and WHEREAS, pursuant to Sections 143 and 146 of the Internal Revenue Code of 1986, as amended(the"Code"), the amount of Mortgage Subsidy Bonds which may be N issued in each year is limited by a private activity volume cap which has been w established for such purpose within the State;and v► WHEREAS, the limitations upon available portions of the volume cap prevent the separate issuance of bonds for each county from being feasibly and economically accomplished; and WHEREAS,the Escambia Authority has authorized a sufficient amount of 1997 Escambia Bonds to fund the anticipated demand during the proposed Origination Period for qualifying single family mortgages of both Escambia County and Indian River County, as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap (the "Allocation Amount") granted by the State through 1997 (the "Authorization Period") for the purpose of issuing bonds to finance qualifying single family development (the "Bonds") 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 W Subsidy Bonds would be less economical resulting in higher mortgage costs to fV qualified mortgagors: and WHEREAS, Sections 159.603 and 159.604, Florida Statutes, authorize Indian IV River County to approve the issuance of revenue bonds through the Escambia CM Authority to alleviate the shortage of affordable housing within the Participating N County, which approval has been granted by a resolution of the Board of County ' MCL l0/02/96.6213-ind-hyr-ia count , 1 Commissioners of the Participating County adopted on199k (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 bonds based on the Allocation Amount to (1) make available funds to finance qualifying single family housing development located within the Participating County in accordance herewith, (2) entahlish the reserves therefor,and (3)pay the costs of issuance thereof(collectively, the"Program"). NOW THEREFORE, the parties agree as follows: Section 1. Allocation Amount; Substitution of Bonds. The Participating County hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time based on the Allocation Amount for the purpose of financing the program and making funds available for qualifying single family housing developments in the Participating County. Any 1997 Escambia Bonds issued 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 which 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 for the purpose of financing the Program, including, among other things, funding 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 during the Authorization Period with respect to such Allocation Amounts. The proceeds of the Bonds shall be allocated and applied to the funding of mortgage loans within the various Participating Counties and for reserves and the payment of costs of issuing the 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. to M The Escambia Authority shall have full authority and responsibility to ami negotiate. define, validate, market, sell, issue and deliver its Bonds in the maximum fV Allocation Amount, based upon mortgage loan demand, permitted by law to finance qualifying single family housing developments in the Participating County and to take N such other action as may be necessary or convenient to accomplish such purpose. CD Each Participating County may apply for the full allocation amount available for such County. It is agreed that the Allocation Amount for the Bonds in Indian River County and other Participating Counties located within the same bond volume allocation MCL10/02/96-6213-ind-rivma-count -2- 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 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 120 days. The issuance and administration costs and expenses related to the Bonds issued to finance the housing program and administration of such program shall be paid from proceeds of the Bonds and revenues generated from the housing program. Section 9. 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 (it) approve the allocation of mortgage loan moneys for each Participant 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. (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 1997 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 10 days written notice to the other party hereto. Notwithstanding the foregoing, it is agreed that this Agreement may not be temzinated by the Participating County during the Authorization Period, or by any party during any period that the Bonds issued pursuant to the terms hereof remain outstanding, or during any period in which the proceeds of such Bonds are still in the possession of the Escambia Authority or its agents pending distribution, unless either (1) the parties to this Agreement mutually agree in writing to the terms of such termination or(2)such termination, by its terms, only applies prospectively to the authorization to issue Bonds for which no Allocation Amount has been obtained and for which no purchase contract has been entered into. It is further agreed that in the event of termination the parties to this Agreement will provide continuing cooperation to each other in fulfilling the obligations associated with the issuance of bonds pursuant to this Agreement. Section 8. Indemnity. To the full extent permitted by law, the Escambia Authority agrees to hold the Participating County harmless from any and all liability W for repayment of principal of and interest or penalty on the Bonds, and the members "3 and officials of the Participating County harmiless from any and all liability in connection with the approval rendered pursuant to Sections 159.603 and 159.604, N Florida Statutes. The Escambia Authority agrees that any offering, circular or official statement approved by and used in marketing the 1997 Escambia Bonds will include N a statement to the effect that Bondowners may not look to the Participating County for tD payment of the Bonds and interest or premium thereon. MCL-10/02/96-6213-ind•rivr•ia-count -3- IN WIT iM WAEREOF, the parties to this Agreement have caused their names to be arced hereto by the proper officers thereof as of the 1Z day of 1990. . o'r ESCAMBIA COUNTY HOUSING n FINANCE AUTHORITY 3 P By: haft nan Secretary INDIAN RIVER COUNTY,FLORIDA Chairman FRAN O-ADAy3 . 'y piti� ,,'r•'t : ^e `t•,r ca — .44 (SEAL) Dept W N fV C•? O MClr07/22/98.6213-indmrvr•iacount -4- The undersigned of Indian River County, Florida, do hereby certify that the foregoing is a true and complete copy of the Interlocal Agreement executed by the and as of , 199_. Date: ' 199 Its: (SEAL) s MCL-10/02/98.8213•ind•mvr•taaount -5-