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r t� I <br />boor. J-07 P.�;Ctt�. <br />The Board reviewed a Memorandum of December 9, 1998: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: December 9, 1998 <br />SUBJECT: PROPOSED RESOLUTION AUTHORIZATION AND INTERLOCAL <br />AGREEMENT AND THE ISSUANCE OF REVENUE BONDS NOT TO <br />EXCEED $100,000,000 BY ESCAMBIA HOUSING AUTHORITY <br />PUBLIC HEARING <br />FROM: Joseph A. B <br />OMB Director <br />The Board of County Commissioners at its regular meeting of November 24, 1998 approved the <br />advertising of the TEFRA (Tax Equity Fiscal Responsibility Act) notice and holding a public <br />hearing to consider a resolution and interlocal agreement between Escambia County Housing <br />Finance Authority and Indian River County. If the Board of County Commissioners approves the <br />resolution and interlocal agreement, the County Attorney must issue an opinion letter and the <br />chairperson must sign the document `Notice of Intent to Issue Bonds and Request Written <br />Confirmation". <br />RECOMMENDATIONS <br />The Board ofCounty Commissioners approve the resolution and interlocal agreement and authorize <br />the Chairman to sign all necessary documents. <br />Budget Director Joe Baird advised the Board that the advertisement was incorrect and <br />it will be necessary to re -advertise the public hearing for Wednesday, December 30, 1998. <br />A public hearing will be held in the Chambers; however, no Commissioners need be present. <br />County Attorney Vitunac explained that the address given in the ad was for the <br />Escambia County Commission office. He advised the Chairman to open the public hearing <br />and noted that the Board could take action today, subject to the subsequent public hearing. <br />Ed Bulleit, Senior Vice President of William R. Hough & Company, noted that the <br />advertisement his firm had forwarded to Indian River County was set up for publication in <br />another county and, inadvertently, the Board's address had not been changed to the Indian <br />River County Board. This Board has approved the program subject to a successful TEFRA <br />hearing for the last 8 years. This is the only governmental program which targets first-time <br />home buyers. The federal government allows the issuance of bonds and passes the savings <br />on to the home buyers who must meet maximum income levels. In the last 2 years the <br />average loan amount was $47,105 with an average income of $27,268. There are a lot of <br />county employees, police officers, etc. who participate in this very successful program. The <br />payment for a 30 -year mortgage at today's interest rates would be about $565. The home <br />DECEMBER 15, 1998 <br />