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99 f,mE.1083 <br />M. Approval of Surety Bonds for Hospital District Board Members Allen <br />Seed, Donna Skinner and Broadus Sowell <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously approved <br />surety bonds for Hospital District Board Members <br />Allen Seed, Donna Skinner, and Broadus Sowell as <br />submitted. <br />ORIGINALS HAVE BEEN PLACED ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />N. Corrective Memo - Escambia Housing Industrial Revenue Bonds. <br />The Board reviewed Memoranda of November 25, 1996, and <br />December 9, 1996: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: November 25, 1996 <br />SUBJECT: ESCAMBIA HOUSING MORTGAGE PROGRAM <br />INDUSTRIAL REVENUE BOND - CONSENT AGENDA <br />FROM: Joseph A Baird l <br />OMB Director <br />William R Hough & Company, underwriter, has approached Indian River County to see if they are <br />interested in participating in the Escambia Single Family Housing Program for low to moderate <br />income single family housing. This program involves utilization of Industrial Revenue Bonds. <br />Industrial Revenue bond allocations are released by districts each year beginning in January on a first <br />come first serve basis. Indian River County is in district 9B with St. Lucie, Martin and Okeechobee <br />Counties and the allocation should be over $9.5 million. <br />St. Lucie County has already committed to the Escambia Family Housing Program. Indian River <br />County would be sharing the allocation with St. Lucie County, which we have done in the past. With <br />St. Lucie County and Indian River County participating in the same program, local participating <br />lenders can move the money between counties after the first 120 days of the program. William R. <br />Hough and Company is requesting we waive the $1,000 administrative fee plus the .5% of the face <br />value of the bonds (.5% up to a maximum of $10,000) because this will be passed on to the lending <br />institutions and then eventually to the person attempting to obtain the loan. <br />Indian River County must hold a TEFRA (Tax Equity Fiscal Responsibility Act) public hearing and <br />pass a resolution. Escambia Housing would like to hold the TEFRA hearing on Tuesday, December <br />17, 1996. <br />RECOMMENDATION <br />Staff recommends the Board of County Commissioners waive only the .5% per bond fee and approve <br />the Inducement Resolution and Inter -local agreement with Escambia Housing. <br />20 <br />December 10, 1996 <br />