12/6/1994 - Laserfiche WebLink

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St. Lucie County has already committed to the Escambia Family Housing Program. Indian River County would be sharing the allocation with St. Lucie County, wtfich we have done in the past. With St. Lucie County and Indian River County participating in the same program, local participating lenders can move the money between counties after the first 120 days of the program. William R Hough and Company is requesting we waive the $1,000 administrative fee plus the .5% of the face value of the bonds (.5% up to a maximum of $10,000) because this will ti``passed on to the lending institutions and then eventually to the person attempting to obtain the loan. Indian River County has also received a request from Art Ziev of Raymond James Underwriters to participate in their program. I feel that it is more advantageous for the County to stay in the Escambia Single Family Housing Program since St. Lucie County is already participating and this will give lenders more flexibility at moving allocation of funds between the counties based on the demand. Also, the lending institutions which have branches in both counties will be working with requirements of one program not two. Staff recommends the Board of County Commissioners waive only the .5% per bond fee and approve the Inducement Resolution and Inter -local agreement with Escambia Housing. ON MOTION by Commissioner Bird, SECONDED by Commissioner Adams, the Board waived the .5o per bond fee and approved the Inducement Resolution and Inter -local agreement with Escambia County Housing Finance Authority; and adopted Resolution 94-153 authorizing the Escambia County Housing Finance Authority to operate within the boundaries of Indian River County; authorizing the Board of County Commissioners of Indian River County, Florida, to enter into agreements with the Escambia County Housing Finance Authority; approving a form of interlocal agreement; approving the issuance by the Escambia County Housing Finance Authority of not exceeding $60,000,000 single family mortgage revenue bonds, Series 1995 (Multi -County Program), pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended; and providing an effective date. OMB Director Joseph Baird gave a brief overview of the program and handed out further literature to the Commissioners. He advised the Board that this program has been reviewed by Commissioner Eggert and she expressed her feeling there was a need for the program. The program allows Escambia County to issue bonds at tax exempt rates and pass the funds on to people attempting to get 27 DECEMBER 6, 1994 _�