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• <br />BOOK 1" ��. M <br />RESOLUTION - POLK COUNTY HOUSING FINANCE AUTHORITY <br />Commissioner Scurlock explained that this is an item worked <br />on by the Finance Advisory Committee, acting as the Finance <br />Housing Authority. It is an opportunity to try to bring a little <br />benefit to the first time home buyer in Indian River County by <br />reducing the interest rate using the state allocation of <br />approximately two million dollars for first time home mortgages. <br />He continued that Attorney Brandenburg worked with the committee, <br />and we have been able to enter into a relationship with Polk <br />County. Since it is difficult for a small county to carry the <br />issuance costs, it makes more sense to work with an additional <br />county for a larger issue, and that is what is before us today. <br />He further noted that some of our local banks are very <br />interested. <br />Commissioner Bird felt we need to get word out to borrowers <br />to take advantage of this issue as he believed the banks will be <br />committed for certain amounts of money. <br />Commissioner Scurlock reported that he has notified lending <br />institutions and mortgage companies, but also felt we should put <br />an advertisement in the newspaper so all are aware and have an <br />equal opportunity. <br />ON MOTION by Commissioner Scurlock, SECONDED by <br />Commissioner Bowman, the Board unanimously adopted <br />Resolution 85-66 approving the operation of the <br />Housing Finance Authority of Polk County within <br />the territorial boundaries of Indian River County <br />and directed staff to place appropriate notice of <br />same in the local newspaper. <br />20 <br />