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HomeMy WebLinkAbout12/20/1991BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA AGENDA SPECIAL MEETING FRIDAY, DEMEMBER 20, 1991 9:00 A.M. - COUNTY COMMISSION CHAMBER COUNTY ADMINISTRATION BUILDING 1840 25TH STREET VERO BEACH, FLORIDA COUNTY COMMISSIONERS Richard N. Bird, Chairman Gary C. Wheeler, Vice Chairman Margaret C. Bowman Carolyn K. Eggert Don C. Scurlock, Jr. * * * * * * * * * * * * * * * * * James E. Chandler, County Administrator Charles P. Vitunac, County Attorney Jeffrey K. Barton, Clerk to the Board * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 9:00 A.M. 1. TEFRA Hearing 2. Adopt Resolution 3. Adopt Interlocal Agreement between Indian River County and Escambia County Housing Finance Authority (memorandum dated December 13, 1991) ANYONE WHO MAY WISH TO APPEAL ANY DECISION WHICH MAY BE MADE AT THIS MEETING WILL NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE WHICH INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL WILL BE BASED. DEC 20 1991 BOOK SPECIAL MEETING Friday, December 20, 1991 The Board of County Commissioners of Indian River County, Florida, met in Special Session at the County Commission Chambers, 1840 25th Street, Vero Beach, Florida, on Friday, December 20, 1991, at 9:00 o'clock A.M. Present were Richard N. Bird, Chairman; Gary C. Wheeler, Vice Chairman; and Don C. Scurlock, Jr. Commissioners Margaret C. Bowman and Carolyn K. Eggert were attending a meeting of the Treasure Coast Regional Planning Council in Stuart, Florida. Also present were James E. Chandler, County Administrator; Charles P. Vitunac, Attorney to the Board of County Commissioners; and Barbara Bonnah, Deputy Clerk. Chairman Bird called the meeting to order. TEFRA HEARING - ADOPTION OF RESOLUTION AND INTERLOCAL AGREEMENT BETWEEN INDIAN RIVER COUNTY AND ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY County Attorney Vitunac announced that this public hearing has been properly advertised, as follows: VERO BEACH PRESS -JOURNAL Published Daily Vero Beach, Indian River County, Florida COUNTY OF INDIAN RIVER: STATE OF FLORIDA Before the undersigned authority personally appeared J. J. Schumann, Jr. who on oath says that he is Business Manager of the Vero Beach Press -Journal, a daffy newspaper published • at Vero Beach in Indian River County, Florida: that the attached copy of advertisement, being a 7d4fi In the matter of evo, 1,4L 5,21 4;e in the / Court, was pub• fished in said newspaper In the. issues of 4t(1. 2 6.1 A 1(17 Affiant further says that the said Vero Beach Press•Journal Is a newspaper published at Vero Beach, in said Indian River County, Florida, and that the said newspaper has heretofore been continuously published In said Indian River County. Florida. each daily and has been entered as second class mail matter al the post of lice In Vero Beach. in said Indian River Coun- ty, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and alflan! further says that he has neither paid nor promised any person, firm or corporation any discount, rebate. commission or refund for the purpose of securing this advertisement for publication fn the said newspaper. i,�� ,��,1y�� Sworn to and subscribed before o this SCA'1%--4/� day ol.��, A.O. 19 ;c_41144,-.41,1 (SEAL) DEC 2!0 1991 ass Manager) NOTICE OF PUBLIC HEARING CONCERNING BONDS TO FINANCE SINGLE FAMILY MORTGAGE PROGRAM OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA Notice Is hereby given that the Board of County Commissioners of Indian River County will conduct a public hearing on the proposed Issuance by the Board of Commissioners of Indian Riw County, Flortd� a and the Escambla County Housing Finance Authority's Single Family Mortgage Reve- nue Bands in the a• -.. -te principal amount of not to exceed $60,+ � �, ' ';. at a regular scheduled meeting of the Commis ion to be held on December 20, 1991 beginning at 9:00 a.m. or as soon there- after as such matter may be heard at the Board of County Commissioners c ,ambers, County Adnlinis- Coa ana Building, 1840 25th Street, Vero Beach, The procepeddss of such bond Issue will be used to finance these of single fan* residences to be orxx W paha by first -erre bomebuyas o1 moderate, mid or less income within Indian Riverr ofaCariy, and various other counties In the Stat.Florida All interested parties are Invited to present their comments at the flare and place set forth above. Persons are advised that, if they decide to ap- peal a record of the at the hearing, they may needpir, and, for purpose, they may need S that a verbatim • record of the proceedings Is made, which record in - dudes the testimony and evidence upon which the • appeal is i Board of to be Commissioners of Indian County Florida Deo. 8, 1991 856988 BOOK J FAGS 1 m' DEC 2 0 1391 BOOK 85 fP GE The Board reviewed the following memo dated 12/13/91: INDIAN RIVER COUNTY, FLORIDA INTER -OFFICE MEMORANDUM TO: BOARD OF COUNTY COMMISSIONERS FROM: Charles P. Vitunac, County Attorney DATE: December 13, 1991 RE: ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY The U. S. Congress has recently reauthorized provisions of a federal housing program which allow for low-cost mortgages to be issued to qualified people. The Escambia County Housing Finance Authority has undertaken a $60,000,000 mortgage program and will act as the lead agency for other smaller counties which may wish to join in the program. Combining these counties into one pooled mortgage pro will result in lower administrative costs. The attached resolution would authorize our county to join with Escambia County in a low-cost mortgage program. We respectfully request permission for the Chairman of the County Commission to execute the resolution and interlocal agreement attached to this memorandum. CPV/lk Attachments 2 Edwin M. Bulleit, First Vice President of William R. Hough & Co., read the following letter into the record: ,William R. Hough & Co. 100 SECOND AVENUE SOUTH SUITE 800 ST: PETERSBURG, FLORIDA 33701 (813) 823-8100 November 26, 1991 Mr. Joseph Baird Director of Management and Budget Indian River County, Florida ' 1840 25th Street Vero Beach, Florida 32960 Dear Mr. Baird: William R. Hough & Co. is in the process of developing another multi -county single family .bond program to be administered by the Escambia County Housing Finance Authority. We are again interested in having Indian River County as a participant in the Program. Enclosed with this letter is a term sheet and homebuyer profile summary of Indian River County's participation in the Escambia Single Family Bond Program. _As can be seen by the homebuyer profile sheet, the program provides affordable housing for middle to moderate income families purchasing moderately priced homes. The average annual income for a homeowner is $27,701, and the average purchase price is $60,817. Overall, I feel the County Commission was successful in providing an additional affordable housing vehicle for residents of the County. As you probably know, the Tax Law provision that allows local governments to issue mortgage revenue bonds for these programs is due to sunset on December 31, 1991. Prior to a recent change in the focus of Congress (see enclosed article), it was generally agreed that Congress would not be extending this tax provision. Thus, our firm did not want to have the County waste time approving the programwhen it looked like there was little or notchance of having a program. However, currently we believe there is a strong possibility of an extension of the sunset provision and we feel it would benefit the County to again approve the program. As noted above, we are again interested in Indian River County iparticipating in the Escambia Single Family Bond Program. Because you are currently Director of Management and Budget, I am providing you with a form of the TEFRA notice, resolution, and interlocal agreement that will need to be adopted and authorized prior to December 31, 1991 in order for Indian River County to participate in the Program. The County would need to publish a TEFRA public hearing notice at least 14 days prior to consideration by the Board of County Commissioners regarding the Program. If the County Commission agrees to the Program, the resolution provides for the Chairman of the Board of County Commissioners to execute the interlocal agreement after the parameters of the Program have been determined. For your information, I have also sent this letter to Don Scurlock, Chairman of the Financial Advisory Committee; Dick Bird, Chairman of the County Commission; and Carolyn Eggert, Chairman of the Affordable Housing Task Force. If you need any additional information or have any questions, please do not hesitate to call me at 1-800-800-0061. 3 02019911 Sincerely, WILLIAM R. HOUGH & CO. Edwin M. Bulleit, CPA First Vice President BOOK OEC 2a,ss1 BOOK ub Mr. Bulleit reviewed the following summary of what the program provided last year: William R. Hough & Co. 100 SECOND AVENUE SOUTH SUITE 800 ST. PETERSBURG. FLORIDA 33701 (813) 823-8100 Mortgage Rate: Mortgage Terms: Origination Period: Funds Available: Underwriting Criteria: Maximum Current Familv Income: Maximum Acquisition Price Target Area: Acceptable Property INDIAN RIVER COUNTY, FLORIDA TERM SHEET Mortgage Rate is 7.75%. 30 years; fixed rate; FHA/VA only 14 months Funds were made available on March 28, 1991. First-time homebuyer (cannot have owned a home in last 3 years) FHA/VA and GNMA underwriting policies NON TARGETED AREAS 1-2 Family 3 + Family Members Members $35,900 $41,285 NON TARGETED AREAS Nen' Existing $92,070 $75,960 None. 1. 2. Single Family Detached Condos and PUD must meet GNMA standards and be acceptable to FHA or VA, as applicable 3. Manufactured homes must meet GNMA standards and be acceptable to FHA or VA as applicable Required Documentation at Time of Application: 1. Builder Reservations: Homebuyer Origination Feet Lender/Builder Commitment Fee Lender Origination Profit: Servicing: Fully executed sales contract; and 2. Tax returns for last three years A maximum of 75% of a lender's allocation can be reserved for builders. No more than 10% of total program funds to anyone builder. 3.50%, plus $350 application fee 2% for spot funds 2.5% for builder reservations 1.5% of all loans Lenders originate and sell loans to a Master Servicer. The Master Servicer purchases loans at least twice a month. Loans are combined to form initial GNMA $1,000,000 pool, $500,000 thereafter. 4 STATE. COUNTY AND MUNICIPAL BONDS Mr. Bulleit noted the following statistics for home buyers in the single family bond program for loans approved through October 31, 1991: • 31 Loans have been approved for Indian River County . AND AN ADDITIONAL 15-16 ARE IN PROCESS • The average annual income for a homeowner in the program is $27,701 • The average purchase price of a home in the program is $60,817 • The majority of the loans are for existing previously occupied structures • The typical loan has a loan to value ratio of 95% • The ,majority of loans in Indian River County are anticipatedto be for the acquisition of single-family detached residences • All loans approved in Indian River County have been FHA=insured Mr. Bulleit recalled that last year the Board was concerned about the maximum acquisition price and the maximum income limits and wanted to make sure that this program gets used by those who really would benefit. We can see throughout the state that this program really does provide a needed program for middle to moderate income families. They are here today to ask the Commission to again adopt a resolution that authorizes the Escambia County Housing Finance Authority to operate this same program within the territorial boundaries. The resolution also will authorize the Chairman to execute an interlocal agreement when the terms of this program are determined in the future. Mr. Bulleit advised that the first step is to request private activity allocation on January 2, 1992, which gives us the ability to float revenue bonds for this transaction, and then solicit lenders through mid February, sell the bonds in late February, and close the transaction in March. We have 90 days from the date of January 2 when we request the allocation to close the transaction. Chairman Bird opened the Public Hearing and asked if anyone wished to be heard in this matter. There being none, he closed the Public Hearing. 5 BOOK 85 F'; CE 51 DEC 2 1991 BOOK 85 06E ON MOTION by Commissioner Scurlock, SECONDED by Commissioner Wheeler, the Board voted unanimously (3-0, Commissioners Bowman and Eggert being absent) to adopt Resolution 91-187, authorizing the Escambia County Housing Finance Authority to operate within the boundaries of Indian River County; authorizing the Board of County Commissioners of Indian River County, Florida, to enter into Agreements with the Escambia County Housing Finance Authority; 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, pursuant to section 147(f) of the Internal Revenue Code of 1986, as amended, and providing an effective date. 6 12/ 11 /91(legal)RESIN." RESOLUTION NO. 91- 18 7 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY TO OPER- ATE WITHIN THE BOUNDARIES OF INDIAN RIVER COUNTY; AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, TO ENTER INTO AGREE- MENTS WITH THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY; APPROVING A FORM OF INTERLOCAL AGREEMENT APPROVING THE ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF NOT EXCEEDING $80,000,000 SINGLE-FAMILY MORTGAGE REVENUE BONDS, PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 159, Part IV, 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 operations; and WHEREAS, the Board of County Commissioners of Escambia County, Florida, on May 1, 1980, adopted Ordinance No. 80-11, by which it created the Escambia County Housing Finance Authority and authorized the Authority to exercise all. powers under the Act; 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 Escambia County Housing Finance Authority has by resolution duly adopted on December 20, 1991, (the "Escambia Resolution") authorized the issuance of not exceeding $60,000,000 Single -Family Mortgage Revenue Bonds (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 finance single-family housing therein as permitted 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 activity bonds by an applicable elected representative or government 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(f) of the Code a public hearing was scheduled before the Board for December 20, 1991, and notice of such hearing was given in the form required by the Code; and WHEREAS, the Board has on December 20, 1991, 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 7 DEC 2 0 1991 GOOK ' F'A;[: 150 0 1199 BOOK F 6E - 3 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 Resolution of the Escambia County Housing Finance Authority and as required by Section 147(f) of the Code, NOW, THEREFORE, BE 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 Escambia County Housing Finance Authority (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 with 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 of the Board of County Commissioners of Indian River County are hereby authorized to execute such consents, intergovernmental agreements, 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. Section 4. The Board hereby approves, within the meaning of Section 147(f) of the Code, the issuance by the Authority of not exceeding $60,000,000 Single -Family Mortgage Revenue Bonds, Series 1992, and such other action td be taken pursuant to the Escambia Resolution. Section 5. 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 8. 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. Section 7. This resolution shall take effect immediately upon its adoption. Duly adopted in regular session this 20th day of December, 1991. BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By /7(.4 r(//vii, 8 Richard N. Bird, Chairman Exhibit "A" FORM OF INTERLOCAL AGREEMENT THIS AGREEMENT made and entered into this 20 day of December / qq/ , by and between the ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY, a public body corporate and politic organized and existing under Uie laws of the State of Florida (hereinafter referred to as "the Escambia Authority"). and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (hereinafter referred to as the "Local Authority"); WITNESSETII: WHEREAS, Part IV of Chapter 159 of the Florida Statutes authorizes the creation of Housing Finance Authorities within the State of Florida 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 1992 (the "1992 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 wlhiclh may be issued in each year is limited by a private activity bond volume cap which has been established for such purpose within the State of Florida: 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 1992 Escambia Bonds to fund the anticipated demand during1992 for qualifying single family mortgages of both Escambia County and Indan River County. as well as certain other counties which may also participate in a joint bond program; and WHEREAS, the Escambia Authority anticipates implementing a similar bond program for the 1993 calendar year: and WHEREAS, the aggregation of mortgage loan demand and the securing of the related amount of the State volume cap (the "Allocation Amount") during the three year period commencing January 1. 1992 (the "Authorization Period") for the purpose of issuing bonds (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: and WHEREAS. Sections 159.603 and 159.604, Florida S(atutes, authorize Indian River • County (the "Participating County") to approve the issuance Df revenue bonds through tile Escambia Authority to alleviate the shortage of LKL-09/06/91-3136•blankfnt 9 'DEC 20 199' BOOK OEC 20 'i99(1 BOOK FADE 1b6 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 December 20 • . 1991 (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 to finance qualifying single family housing developments located within the Participating County. • NOW THEREFORE. the parties agree as follows: Section 1.:, Allocation .Amount; Substitution of Bonds. The Local Authority hereby authorizes the Escambia Authority to issue Single Family Mortgage Revenue Bonds from time to time for qualifying single family housing developments in the Participating County, and any Escambia Bonds issued for such qualifying housing developments in the Participating County are hereby deemed to be in full substitution for an equivalent principal amount of the Local Authority's bonds which could have been issued for such purpose. The Local Authority hereby authorizes the Escambia Authority to apply for and utilize the Local Authority's Allocation Amounts on behalf of the Local Authority for the purpose of financing such qualifying development in the Participating County. and the Escambia Authority is hereby designated as the bond issuing authority for the Local Authority 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 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 Local Authority. Section 2. Administration. The Escambia Authority hereby assumes responsibility for adniinistering this Agreement by and through its employees, agents and officers: provided. however that the Local Authority 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 Local Authority 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 law 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. 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. Program , Parameters. (a) Upon request of the Escambia Authority, the Local Authority shall. to the extent permitted by law, (a) approve. LKL-09/0619 I -3I 36-blankint 10 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 fdr eligible borrowers. as may be required for any bonds issued by the Escambia Authority pursuant to this Agreement and (b) 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 Local Authority, the Escambia Authority may from Ume 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 Local Authority or Participating County. (b) The fees and expenses of the Local Authority shall be paid from the proceeds of the program in the manner and to the extent mutually agreed upon by the officials of the Local Authority 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 Ume 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 Local Authority 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 5. Indemnity. To We full extent permitted by law, the Escambia Authority agrees to hold the Local Authority harmless from any and all liability for rcpayment of principal of and interest or penalty on the Bonds, and the members and officials of the Local Authority 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 Escambia Bonds will include a statement that Bondowners may not look to the Participating County or the Local Authority for payment of the Bonds and interest or premium thereon. LKL-09 /06/91-3136-blankint 11 BOOK 8- r.DEC 20 1991 BOOK 85 fAUU IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be affixed liereto by the proper officers thereof as of the ..?.P.. day of December . 1991. (SEAL) ATTEST: Secretary ATTEST: 7 se:7) Clerk. karsi of County Co I�nunlssioners a/.,tv ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY By: Chairman INDIAN RIVER COUNTY, FLORIDA Chairman. Board of County Commissioners There being no further business, on Motion duly made, seconded and carried, the Board adjourned at 9:10 o'clock A.M. ATTEST: v,_ (tibk Jecfr-e?, K. Barton, Clerk Richard N. Bird, Chairman 12