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REFINANCING OF HOUSING FINANCE AUTHORITY BOND ISSUE <br />The Board reviewed, the following memo dated 3/4/87: <br />TO: Board of County Commissioners <br />c <br />FROM: Charles P. Vitunac, County Attorney <br />DATE: March 4, 1987 <br />RE: AGENDA - BCC MEETING 3/10187 <br />REFINANCING OF HOUSING FINANCE <br />AUTHORITY BOND ISSUE <br />The Housing Finance Authority of Indian River County joined <br />a pooled bond issue, handled by Leon and Polk Counties in <br />1985, and was allocated approximately $1,000,000 out of the <br />$31,340,000 bond issue to be used for single-family <br />mortgages. Indian River County used none of its allocation <br />because of market conditions. <br />As explained on the cover letter and the attached <br />resolution, Leon and Polk Counties wish to restructure the <br />bond issue and to do that they need Indian River County to <br />reallocate its share of the issue back to Leon and Polk <br />Counties. <br />The Housing Finance Authority will be meeting on March 12 to <br />pass its resolution in support of this procedure and because <br />of the Leon and Polk refunding deadline of March 25, it is <br />necessary that the Board of County Commissioners adopt the <br />County's resolution attached to this memorandum by its March <br />10 meeting. <br />This County resolution should be passed contingent upon the <br />Indian River County Housing Finance Authority passing a <br />similar resolution, a copy of which is attached. <br />ON MOTION by Commissioner Bowman, SECONDED by <br />Commissioner Wheeler, the Board unanimously <br />adopted Resolution 87-25, approving the reallocation <br />of unused funds from the Housing Finance Authorities of <br />Leon and Polk Counties Single Family Mortgage Revenue <br />Bonds, 1985 Series A Bonds. <br />85 BOOK Fr -GE. �� <br />F 10 1987 <br />