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r - <br />FEB 20 198 <br />BOOK E 948 <br />AUTHORIZE ADVERTISEMENT OF A PUBLIC HEARING FOR THE HOUSING <br />AUTHORITY <br />Attorney Brandenburg reminded the Board that at a previous <br />meeting, on his recommendation, they revitalized the Housing <br />Finance Authority by appointing members in order to be able to <br />apply for mortgage subsidy bonds. In order to apply, the Housing <br />Finance Authority must hold a public hearing by March 5th. The <br />County Attorney reported that the ad already has been placed, but <br />regulations require that the local government approve the ad; he, <br />therefore, requested that the Commission approve the advertise- <br />ment that reads: A Notice of Public Hearing - Mortgage Revenue <br />Bond Policy Statement - Housing Finance Authority of Indian River <br />County, Fla., for March 5th hearing. He emphasized that is a <br />meeting for the Finance Authority, not the County Commission. <br />ON MOTION by Commissioner Bird, SECONDED by Commis- <br />sioner Wodtke, the Board unanimously approved the <br />above advertisement. <br />DISCUSS CALLING PERFORMANCE BOND - RAX RESTAURANT <br />Attorney Brandenburg explained that RAX Restaurant had to do <br />some roadwork next to their restaurant, which turned out to be <br />more extensive than anticipated. As a result we required them to <br />post a performance bond before obtaining their C.O. This bond <br />runs out as of tomorrow. We have contacted RAX, and it is their <br />intent to replace it. In case it doesn't arrive by tomorrow, <br />however, we want to be in a position to call down the bond and <br />get the money; he, therefore, asked the Board to approve a Reso- <br />lution authorizing calling of the bond, which Resolution will be <br />void if an extension of the Letter of Credit is received in time. <br />ON MOTION By Commissioner Scurlock, SECONDED by Commis- <br />sioner Bird, the Board unanimously approved Res. 85-23 as <br />requested by the County Attorney. <br />42 <br />