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ON MOTION by Commissioner Macht, SECONDED BY <br />Commissioner Adams, the Board unanimously scheduled the <br />public hearing date for adoption of the Latest Editions of <br />Standard Technical Codes for December 2, 1997, as suggested <br />in the Memorandum. <br />9.C3. SCHEDULE PUBLIC HEARING DATE FOR ESCAMBIA <br />HOUSING MORTGAGE PROGRAM INDUSTRIAL REVENUE BOND TEFRA <br />The Board reviewed a Memorandum dated November 12, 1997: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: November 12, 1997 <br />SUBJECT: ESCAMBIA HOUSING MORTGAGE PROGRAM <br />INDUSTRIAL REVENUE BOND LURA HEARING - <br />PUBLIC NOTICE ITEMS <br />FROM: Joseph A. Bair <br />OMB Director <br />r <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. In the past the Board of <br />County Commissioners has approved waiving the fees. <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 />9, 1997. <br />51 <br />NOVEMBER 18, 1997 <br />Bou 103 Fn, X93 <br />