R2008-208 AUTHORIZING EXECUTION OF INTERGOVERNMENTAL AGREEMENT

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("Qualified Military Personnel") from the 2004 MCCs, (the "Veterans' MCC Program"); and WHEREAS, the Authority, and the City have also determined that it in order to ensure that the 2004 MCCs earmarked for the Veterans' MCC Program are fully utilized, the 2004 MCCs, earmarked for the Veterans' MCC Program, will be reserved exclusively for Qualified Military Personnel until June 30, 2009; thereafter, the 2004 MCCs will be open to all qualified residents of the State; and WHEREAS, the Authority will administer the Veteran's MCC Program in conjunction with the City. TERMS AND CONDITIONS NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Incorporation of Recitals. The recitals set forth above are incorporated herein by reference and made a part hereof. 2. Cit�ponsibilities. The City, as the "issuing authority" for the 2004 MCCs under the Internal Revenue Code of 1986, as amended (the "Code"), will perform the following functions: (a) File an election to convert the 2004 Bond Cap to the 2004 MCCs. (b) Provide public notice of the eligibility requirements for the MCCs and such other information as is required under Section 25(e)(2) of the Code. (c) Issue the 2004 MCCs. (d) Assist the Authority and provide such other support as is necessary to assist the Authority in implementing the Veterans' MCC Program. 3. Authority Responsibilities. The Authority will be primarily responsible for the administration of the Veterans' MCC Program and, in that capacity, will perform the following functions: (a) complete the necessary compliance work in order to ensure borrowers referred by originating lenders are qualified to receive the 2004 MCCs; and