Laserfiche WebLink
INDIAN RIVER COUNTY, FLORIDA <br />I,; NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />15. Subsequent Events - Continued: <br />Housing Authorit <br />A. On August 23, 1988, the Housing Authority adopted a resolution authorizing the <br />issuance of a revenue bond payable to the U.S. Department of Agriculture, <br />Farmers Home Administration, for the purpose of financing a part of the cost of <br />acquiring, erecting and constructing low -rent, multi -family housing facilities <br />(the Project). The bond and interest thereon are payable solely from and <br />secured by a prior lien upon and a pledge of the gross revenues to be derived <br />from the Project. On November 4, 1988, the Housing Authority issued the bonds <br />in the amount of $1,908,000. On October 4, 1988, a contract for $1,937,600 was <br />entered into by the Housing Authority with a building contractor for construc- <br />tion of the Project. <br />During the fiscal year ended September 30, 1988, the U.S. Department of <br />Agriculture, Farmers Home Administration, committed to grant $600,000 to <br />partially finance the acquisition and construction of the above low -rent, multi- <br />family housing facility. As of September 30, 1988, no grant proceeds were <br />received or earned. <br />B. During the fiscal year ended September 30, 1988, the Housing Authority signed a <br />purchase option for acquisition of land in connection with construction of <br />another low -rent, multi -family housing facility. On November 30, 1988, the <br />Housing Authority Assistance Council in Washington, D.C. committed to loan <br />$238,819 to the Authority to acquire the land needed for the new project. <br />51: <br />