|
RESOLUTION N0 . 2008-037
<br /> A RESOLUTION OF THE BOARD OF COUNTY
<br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
<br /> APPROVING THE EXECUTION OF AN INTERLOCAL
<br /> AGREEMENT WITH PALM BEACH COUNTY, FLORIDA ;
<br /> APPROVING THE ISSUANCE BY PALM BEACH COUNTY,
<br /> FLORIDA, OF THE PALM BEACH COUNTY, FLORIDA
<br /> VARIABLE RATE DEMAND REVENUE BONDS (THE
<br /> CHILDREN ' S HOME SOCIETY OF FLORIDA PROJECT) ,
<br /> SERIES 2008 , IN AN AGGREGATE PRINCIPAL AMOUNT
<br /> NOT TO EXCEED $ 17 , 000 , 000 , SUCH BONDS TO BE ISSUED
<br /> FOR THE PURPOSE OF PROVIDING FUNDS TO PALM
<br /> BEACH TO MAKE A LOAN OR LOANS TO THE
<br /> CHILDREN ' S HOME SOCIETY OF FLORIDA TO FINANCE
<br /> AND REFINANCE, AMONG OTHER THINGS , ALL OR A
<br /> PART OF THE COSTS OF THE ACQUISITION,
<br /> CONSTRUCTION AND EQUIPPING OF A CERTAIN SOCIAL
<br /> SERVICE CENTER IN INDIAN RIVER COUNTY, FLORIDA ;
<br /> AND PROVIDING AN EFFECTIVE DATE ,
<br /> WHEREAS , Indian River County, Florida (the " County") has the authority
<br /> pursuant to Chapter 159 , Florida Statutes , as amended (the "Act") to issue revenue bonds to
<br /> finance qualifying projects in the County; and
<br /> WHEREAS , Palm Beach County, Florida ( " Palm Beach County") has the
<br /> authority pursuant to the Act to issue revenue bonds to finance qualifying projects in Palm Beach
<br /> County; and
<br /> WHEREAS , The Children ' s Home Society of Florida, a Florida not for profit
<br /> corporation (the "Borrower") is interested in financing and refinancing the acquisition,
<br /> construction, installation and equipping of certain social service facilities of the Borrower in
<br /> Vero Beach, t Indian River ' County, Florida (the "Indian River County Project") , as well as
<br /> financing and refinancing other certain similar facilities in Palm Beach County, Tallahassee ,
<br /> Florida, Collier County, Florida, and Jacksonville , Florida, as more particularly described in
<br /> Exhibit A hereto (collectively, the "Project") ; and
<br /> WHEREAS , the Borrower will recognize substantial cost savings by financing all
<br /> of its projects through one bond issuance ; and
<br /> WHEREAS , the Board of County Commissioners of Palm Beach County
<br /> approved on February 5 , 2008 the Borrower ' s application for the issuance of the Palm Beach
<br /> County, Florida Variable Rate Demand Revenue Bonds (The Children ' s Home Society of
<br /> Florida Project) , Series 2008 (the " Bonds") to provide funds to make a loan to the Borrower to
<br /> finance the Project; and
<br /> JACK 926930 . 3
<br /> WHEREAS , the Borrower has requested that the County authorize the execution
<br /> and delivery of an Interlocal Agreement to be entered into between the County and Palm Beach
<br /> County (the "Interlocal Agreement ") , in substantially the form attached hereto as Exhibit B , to
<br /> allow the issuance by Palm Beach County of the Bonds to pay the cost of the Project, including
<br /> the Indian River County Project; and
<br /> WHEREAS , the County is willing to enter into the Interlocal Agreement as herein
<br /> described in order to permit the Borrower to recognize the cost savings from a consolidated
<br /> financing ;
<br /> NOW, THEREFORE, BE IT RESOLVED by the Board of County
<br /> Commissioners of the County (the "Board of County Commissioners") that :
<br />
|