Laserfiche WebLink
MR. SELITTO STATED THAT THE TOTAL ISSUANCE EXPENSE IS ABOUT <br />3%, BUT THE PROGRAM IS SET 'UP SO THAT THE EXPENSES CAN BE RECOVERED IN <br />THE PROGRAM ITSELF IN 6 YEARS OR LESS, AND NOT ONE PENNY COMES OUT OF <br />THE COUNTY EITHER DIRECTLY OR INDIRECTLY. HE INFORMED THE BOARD THAT <br />THEY ARE WORKING ON THIS PROGRAM WITH POPE AND DUVAL COUNTIES, AND THEY <br />HAVE NOT SPENT A PENNY. HE NOTED THAT THESE BONDS ARE BEING RATED "AA" <br />BECAUSE THERE IS SO MUCH INSURANCE PROTECTION AND THEY SELL VERY QUICKLY, <br />MAINLY TO INSTITUTIONAL INVESTORS. <br />COMMISSIONER LYONS QUESTIONED WHO WOULD BE LIABLE IF THE <br />ECONOMY FAILED AND YOU COULDNIT PAY BACK THE BONDS. <br />MR, SELITTO STATED THAT THE HOUSING FINANCE AUTHORITY WOULD <br />PASS ON TO THE BOND HOLDERS WHATEVER PRINCIPAL AND INTEREST PAYMENTS THEY <br />RECEIVED, AND THERE IS NO OBLIGATION ON THE PART OF THE COUNTY AT ANY <br />TIME. HE INFORMED THE BOARD THAT THEY GOT A VERY FAVORABLE REACTION TO <br />THIS PROGRAM FROM THE FINANCIAL INSTITUTIONS IN THIS COUNTY, AND THEY <br />ARE WILLING TO PARTICIPATE. <br />COMMISSIONER LYONS ASKED IF THIS AUTHORITY HAS GUIDELINES SET <br />BY LAW OR WHETHER THE BOARD MAKES THE RULES. <br />MR. SELITTO STATED THAT THE COUNTY COMMISSION REMAINS IN <br />COMPLETE CONTROL, ORANGE COUNTY HAS MADE THE DECISION THAT THE COUNTY <br />COMMISSION COULD ACT AS AN INTERIM AUTHORITY UNTIL THEY APPOINT AN <br />AUTHORITY. THEY JUST HAVE TO APPOINT A CHAIRMAN AND THE COMMISSION CAN <br />ACT AS THE AUTHORITY. MR, SELITTO CONTINUED THAT WASHINGTON HAS BEEN <br />CONCERNED ABOUT ABUSES OF THE PROGRAM, THE GENERAL CONSENSUS IS THAT <br />THEY WILL NOT STOP THE PROGRAM COMPLETELY BUT WILL PUT LIMITATIONS ON <br />INCOME LEVELS, WHICH HE FELT IS ALREADY ADDRESSED IN THE STATE OF <br />FLORIDA. <br />MR, BLAND STATED THAT HUD IS PROPOSING THAT 120% OF THE MEDIAN <br />INCOME LEVEL BE ESTABLISHED AS THE ELIGIBILITY CRITERIA, AND THIS TYPE <br />OF BOND WILL BE ACCEPTABLE TO HUD, <br />COMMISSIONER LYONS FELT WE NEED SOMETHING LIKE THIS AND SHOULD <br />MOVE FORWARD, <br />CHAIRMAN WODTKE AGREED THAT BASED UPON A DETERMINATION OF THE <br />COUNTY HOUSING NEEDS, WE SHOULD MOVE AHEAD WITH THIS PROGRAM, AND IT <br />WAS GENERALLY AGREED THE COUNTY IS INTERESTED IN PURSUING THIS PROGRAM. <br />34 <br />MAY 91979 BOOK 4 PAGE x:39 <br />J <br />