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L--� <br />In response to Chairman Adams' inquiry, Deputy County Attorney <br />Will Collins explained that we are comfortable in signing these <br />documents. Everyone of our mortgages is a subordinate mortgage; we <br />are second to the primary lender or the bank. All we are doing <br />here is giving Director Keating the authority to agree to stay in <br />second place when people refinance. Otherwise, people would not <br />get refinancing. The objective of the program is to get people <br />into affordable housing and refinancing does that. We did not <br />want to come to the Commission every time it came up. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously adopted <br />Resolution 96-17, delegating to the Community <br />Development Director or his designee authority to <br />execute subordination or satisfactions of mortgage <br />with respect to the SHIP Affordable Housing Program. <br />RESOLUTION NO. 96-1] <br />A RESOLUTION OF THE BOARD OF COUNT'r COffiSSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, DELEGA33FG TO THE <br />COIBIUNITr DEVELOPMENT DIRECTOR OR HIS DESIGNEE <br />AUTHORITr TO EXECUTE SUBORDIIO►TION OR SATISFACTIONS <br />OF MORTGAGE WITH RESPECT TO THE SHIP AFFORDABLE <br />HOUSING PROGRAM. <br />WHEREAS, the Board of County Commissioners of Indian River County, <br />Florida has established an Affordable Housing Program under aegis of the <br />State of Florida SHIP Progam; and <br />WEMRSAS, persons benefitted by the SHIP loan program will often <br />have occasion to refinance or pay off their mortgages; and <br />WAS, such transactions and accompanying documentation is <br />administrative in nature and does not require the attention of the Board of <br />County Commissioners; and <br />WHEREAS, closings of property are often on deadlines not <br />consistent with the scheduled meetings of the Board of County Commissioners; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTr <br />COEMSSiONERS OF INDIAN RIVER COUNTY, FLORIDA that the Indian River County <br />0 <br />FEBRUARY 6, 1996 <br />Boa 97 PA E 18o <br />