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The Board reviewed a Corrected Memorandum of December 4, 1997: (�,o9REC T/o 9,A -3 TO: Members of the Board of County Commissioners DATE: December 4, 1997 P,cEE SUBJECT: PROPOSED RESOLUTION AUTHORIZATION AND INTERLOCAL AGREEMENT AND THE ISSUANCE OF REVENUE BONDS NOT TO EXCEED $70,000,000 BY ESCAMBIA HOUSING AUTHORITY - CORRECTION PUBLIC HEARING FROM: Joseph A. OMB Dir The Board of County Commissioners at its regular meeting of November 18, 1997 approved the advertising of the TEFRA (Tax Equity Fiscal Responsibility Act) notice and holding a public hearing to consider a resolution and interlocal agreement between Escambia County Housing Finance Authority and Indian River County. If the Board of County Commissioners approves the resolution and interlocal agreement, the County Attorney must issue an opinion letter and the chairperson must sign the document "Notice of Intent to Issue Bonds and Request Written Confirmation". ATTACHMENTS Explanation of Program Proof of Publication Resolution Interlocal Agreement County Attorney Opinion Letter Notice of Intent to Issue Bonds and Request for Written Confirmation Budget Director Joseph A. Baird read into the record the following: This bond program is for first-time home buyers. By Federal law, the proceeds of the bonds must be used to finance mortgage loans made to households that have not had a mortgage ownership interest in a principal residence at any time during the 3 -year period preceding the closing date of the mortgage loan. To ensure compliance with this, all borrowers seeking mortgage loans for residences located outside of the target areas must submit to the participant his or her Federal tax return for the prior 3 years or other acceptable evidence that such requirement has been met.. The first-time home buyer requirement is not applicable to loans made in the target areas. The acceptable properties for this mortgage are single-family attached and W December 9, 1997