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which may wish to join in the program. Combining these counties into one <br />pooled mortgage program will result in lower administrative costs. The <br />attached resolution would authorize our county to join with Escambia County <br />in a low-cost mortgage program. <br />Requested Action: Respectfully request permission for the Chairman of.tk'ae <br />County Commission to execute the attached resolution and interlocal agree- <br />ment. <br />Budget Director Joe Baird reviewed the project and explained <br />the purpose is to participate in the bond program being <br />administered by Escambia County which targets first time homebuyers <br />with low to moderate income. Indian River County participated in <br />this program in 1991, 1992, 1993 and 1994. Director Baird pointed <br />out that the public advertisement regarding this item made mention <br />of 11$60,000,000" when it should have read 11$80,000,000". <br />County Administrator Chandler informed the Board that <br />Commissioner Carolyn Eggert had called and is very supportive of <br />this program. ,;` <br />The Chairman opened the public hearing and asked if anyone <br />wished to be heard in this matter. There being none, he closed the <br />public hearing. <br />ON MOTION by Commissioner Adams, SECONDED by <br />Commissioner Bird, the Board by a 4-0 vote <br />(Commissioner Eggert being absent) unanimously <br />adopted Resolution 95-152 authorizing the Escambia <br />County Housing Finance Authority to operate within <br />the boundaries of Indian River County; authorizing <br />the Board to enter into agreements with the Escambia <br />County Housing Finance Authority and to execute and <br />deliver certain documents and instruments ` in <br />connection therewith; approving a form of interlocal <br />agreement; approving the issuance by the Escambia <br />County Housing Finance Authority of not exceeding <br />$80,000,000 single family mortgage revenue bonds, <br />Series 1996 (Multi -County Program), pursuant to <br />Section 147(f) of the Internal Revenue Code of 1986, <br />as amended; and providing an effective date. <br />BOOK, 96 F'ir;E 72 <br />DECEMBER 5, 1995 33 <br />