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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: <br />