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: <br />BOOR 1_/. FADE 1f06 <br />9.C. PUBLIC NOTICE ITEM - ESCAMBIA HOUSING MORTGAGE <br />PROGRAM - SCHEDULE TEFRA HEARING - INDUSTRIAL <br />REVENUE BOND <br />Chairman Tippin reviewed a Memorandum of November 18, 1998: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: November 18, 1998 <br />SUBJECT: ESCAMBIA HOUSING MORTGAGE PROGRAM <br />INDUSTRIAL REVENUE BOND <br />FROM: Joseph A. Baird <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. <br />With St. Lucie County and Indian River County participating in the same program, local <br />participating lenders can move the money between counties after the first 120 days of the program. <br />William R. Hough and Company is requesting we waive the $1,000 administrative fee plus the .5% <br />of the face value of the bonds (.5% up to a maximum of $10,000) because this will be passed on to <br />the lending 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 />15, 1998. <br />RECOMMENDATION <br />Staff recommends the Board of County Commissioners waive only the .5% per bond fee and <br />approve holding the TEFRA public hearing on Tuesday, December 15, 1998. <br />NO OBJECTION NOTED to waiving the $1,000 administrative <br />fee plus the .5% of the face value of the bonds bond fee and <br />holding the TEFRA public hearing on Tuesday, December 15, <br />1998, at 9:05 a.m., as recommended in the Memorandum.. <br />November 24, 1998 <br />24 <br />