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DEC <br />b <br />420 <br />BOOK <br />ON MOTION by <br />Commissioner Scurlock, SECONDED by <br />Com- <br />missioner Wheeler, the Board unanimously granted <br />the Arts Council permission for the use of all County <br />Courthouse parking on Saturday, January 12, 1991. <br />INDUSTRIAL REV. BONDS - ESCAMBIA SINGLE FAMILY HOUSING PROGRAM <br />The Board reviewed memo from OMB Director Baird: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: December 12, 1990 <br />SUBJECT: INDUSTRIAL REVENUE BOND - <br />ESCAMBIA SINGLE FAMILY HOUSING PROGRAM <br />WITH WILLIAM R. HOUGH AND CO. <br />FROM: Joseph A. Baird <br />OMB Director 1P - <br />DESCRIPTION AND CONDITION <br />Last year William R. Hough and Co., underwriters, made a presentation to both the <br />Economic Development Committee and Financial Advisory Committee regarding County <br />participation in a low to moderate income single family housing program. This program <br />would involve the issuance of Industrial Revenue Bonds; specifically, the funding would come <br />from District 9B allocations. <br />Although the Economic Development Committee and Financial Advisory Committee <br />approved the participation in the housing program, William R. Hough and Company <br />requested a waiver of both the application and administrative fee. The Board: of County <br />Commissioners did not waive the fees; therefore, we did not participate in the program in <br />the 1990 year. After discussions with William R. Hough and Company regarding the fees <br />it seems there was the misunderstanding that the fee was an on going annual fee. William <br />R. Hough and Company is now willing to pay the $1,000 administrative fee plus the .5% of <br />the face value of the bonds (.5% up to a maximum of $10,000). <br />We received a letter from Raymond James and Associates, Inc. dated November 23, 1990 - <br />offering Indian River County an opportunity to participate in the Leon County Housing <br />Finance Authority Single Family Mortgage purchase program. <br />ANALYSIS <br />Industrial Revenue bond allocations are released by district each year beginning in January <br />on a first come first served basis. Indian River County is in district nine with St. Lucie, <br />Martin, and Okeechobee and the allocation for 1990 was about $9.2 million. Since we <br />received the letter from Raymond James only on November 27, 1990 we would not have <br />time to make presentations to the Economic Development Council; Financial Advisory <br />Committee, a selection committee and then have the resolutions and agreements approved <br />by the Board of County Commissioners before January 2, 1991. <br />62 <br />