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, 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:
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