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OCT 5 1983 c5A rw 84 <br />DISCUSSION RE DOCUMENT STAMP SURTAX LEGISLATION <br />Attorney Brandenburg stated that this matter was placed <br />on the Agenda today just as a matter of information. He <br />explained that the surtax was only applicable to charter <br />counties, which does not include Indian River County. <br />However, several non -charter counties have banded together <br />to have the act expanded to cover them.. The surtax would be <br />used to establish and finance a Home Ownership Assistance <br />Loan Trust Fund for low and moderate income families. <br />Vice Chairman Scurlock asked if this might be a vehicle <br />to repay the General Fund for an outstanding debt for the <br />housing project up in the Gifford community and Attorney <br />Brandenburg did not believe it would. <br />Mr. Ed Regan, Executive Director the the Indian River <br />County Housing Authority, did not feel it would provide for <br />repayment directly, but indirectly it might. The Housing <br />Authority is a non-profit operation and if they have funds <br />that exceed their expenses, it is the intent of their Board <br />to reimburse the Commission for the money it has put out. <br />Their ability to do that would be enhanced if this bill was <br />applicable to Indian River County: <br />Mr. Regan reported that they had done a little study <br />about what funds would be involved, and tax stamps account <br />for $1,800,000 a year in this county; and the portion that <br />would be taxed under this bill would be about $300,000. If <br />it were not necessary for the Commission to pull this amount <br />from ad valorem taxes, Mr. Regan believed it would put the <br />Housing Authority on an even keel where they could meet the <br />challenge of the times and pay the County back. He noted <br />that there currently is a need for well over 1,000 dwelling <br />units in the county. <br />Vice Chairman Scurlock stated he did not plan to vote <br />next year for any program that would pull from ad valorem <br />19 <br />