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1 BOOK 107 PAGE 976 1 NOTICE OF PUBLIC HEARING For the purpose of Section 147(f) of the Internal Revenue Code The bonds and interest thereon of 1986, as amended, notice is hereby that the Board of shall not constitute a debt or indebtedness given of the Authority County Commissioners of Indian within the meaning of any provi- River County, Florida, (the sions or limitations of the statutes "Board'I will conduct a public or Constitution of the State of Flon- hearing on Wednesday, Dec 30, do, Indian River County, or other 1998, at 9:00 a.m. in the Board of participating counties or housing County Commissioners meeting finance authorities, but will be pay - room, located at 1840 25th Street, able solely from payments made Vero Beach, Florida to consider the from the revenues generated from approval of a plan of finance, to the housing program. provide capital including the issu- All persons are advised that, if ance from time to time by the they decide to appeal any decision Escambia County Housing Finance: made at this public hearing, they Authority (the "Authority") on will need a record of theproceed- behalf of Indian River County and ings, and for such purpose, they other participating counties of not may need to ensure that a verbatim exceeding 1100,000,000 Single record of the proceedings is made, Family Mortgage Revenue Bonds, which record includes the testimony 'I initially designated as (Multi- and evidence upon which the County Program), Series 1999. appeal is to be based. The proceeds of such bonds At the time and place fixed for together with funds from other said public hearing persons who sources available to the Authority, appear will be given an opportu- will be used to finance, or refund I nity to express their views for or outstanding obligations, the pro- against the proposal to issue said coeds of which will be used to bonds, and any written comments finance the purchase of single fam- received by the Clerk of the Circuit fly residences to be occupied pri- Court, ex -officio clerk of the Board marily by first-time home buyers of will be considered. moderate, middle or lesser income Chairman, Board of County within Indian River County and Commissioners of Indian River various other counties in the State County, Florida of Florida. December 17, 1998 1583140r Brian T. Heady, 406 19' Street, asked why all commissioners were not present. Director Baird noted that this is just a continuation of the public hearing and it is not necessary for the Commissioners to be present. Mr. Heady questioned whether these funds are to provide mortgage money for single- family homes, and Director Baird explained that Escambia County issues the bonds utilizing the County's tax-exempt status. These funds are primarily for first-time home buyers at an interest rate which is lower than the taxable rate. These first-time home buyers may not have owned a home in the last 3 years. Local banks sign up to become participants in the program and it is unknown which banks will participate for the coming year. Harbor Federal, SunTrust and other mortgage companies have participated in the past. St. Lucie County has a large percentage of people who participate. However, the funds are not limited to low- income families but can also be utilized for middle-income families. Mr. Heady then questioned whether participants are required to attend educational programs sponsored by the County, and Director Baird responded that Mr. Heady was thinking of the SHIP program. The SHIP program can be utilized along with these tax- exempt bond funds to assist with the ability to raise downpayment funds. A family of 2 or fewer is limited to an annual income of $42,900 and a family a 3 or more cannot earn more than $49,335 annually, in order to participate in the program. These families must also qualify as first-time home buyers and can purchase new homes costing no more than $106,366 or existing homes costing no more than $92,600. 6 DECEMBER 30, 1998 -2- .