Subject:
Title
Ordinance providing for Housing Finance Authority TEFRA hearing notification and municipal participation requirements.
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
It is requested that the Board of County Commissioners hold a public hearing and consider adopting an ordinance amending Chapter 2, Article VI, Division 3 of the Brevard County Code of Ordinances pertaining to the Housing Finance Authority to provide for additional TEFRA hearing notification and municipal participation requirements.
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Summary Explanation and Background:
At the December 5, 2023 Board of County Commissioners meeting, the Board approved legislative intent and permission to advertise an ordinance amending Chapter 2, Article VI, Division 3 of the Brevard County Code of Ordinances pertaining to the Housing Finance Authority to provide for additional TEFRA hearing notification and municipal participation requirements.
Since the adoption of the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), the Internal Revenue Code (the "Code") has afforded tax-exempt status to private activity bonds only if the "applicable elected representative" of a governmental unit having jurisdiction of the area containing the financed facility approves the issuance of the bond after a public hearing following reasonable public notice.
Because the governing boards of county housing finance authorities in Florida are appointed, these entities do not have an "applicable elected representative" under the Code. To satisfy this provision, the Board of County Commissioners is called upon to approve the Brevard County Housing Finance Authority's issuance of tax-exempt bonds.
The public hearing that the Code requires does not have to occur before the "applicable elected representative," but it must provide a "reasonable opportunity for interested individuals to express their views, orally or in writing, on the proposed issue of ...
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