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DISCUSSION RE HOUSING FINANCE AUTHORITY <br />500K 59 PA- E 830 <br />Attorney Brandenburg explained that the County received some <br />correspondence last week from some underwriters suggesting that <br />the County enter into an interlocal agreement with the Polk <br />County Housing Authority to pool our allocation for subsidizing <br />mortgage bonds for first time, single family home mortgages. The <br />timing of that request was such that we could not prepare it and <br />get it on the Agenda for the execution of the interlocal <br />agreement by February 1, 1985, which was the deadline for that <br />procedure. However, some research was done and it was found that <br />our own Authority had.validated $25 -million of similar type bonds <br />and there is approximately $20 -million in unissued bonds. He, <br />therefore, suggested that the County apply for their own <br />allocation of these bonds and later consider entering into an <br />agreement with Polk County for sharing the issuance expense. He <br />explained that these are the type of bonds that the County issues <br />on behalf of lenders to obtain a better interest rate for first <br />time home buyers in a single family market. In order to <br />accomplish this, we need to revitalize our Housing Finance <br />Authority, whose functions were combined with the Finance <br />Advisory Committee sometime ago. The Housing Finance Authority <br />is still in effect because it was never abolished by ordinance, <br />and, therefore, in order to formally apply for these bonds, <br />Attorney Brandenburg recommended that the Housing Finance <br />Authority be revitalized by the appointment of the following <br />members of the Finance Advisory Committee: <br />Ed Lovell 3 yr. term <br />Bill Lewis 4 yr. term <br />Don C. Scurlock, Jr. 2 yr. term <br />Joe Minotty 1 yr. term <br />Harold Putnam, Esq. 1 yr. term <br />Attorney Brandenburg advised that the Board could now decide <br />to formally apply for the bonds. <br />63 <br />