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RESOLUTION NO. 2002-034 <br /> RESOLUTION EXPRESSING THE INTENT OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY,FLORIDA TO PROCEED IN <br /> CONJUNCTION WITH THE FLORIDA HOUSING FINANCE CORPORATION <br /> WITH THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL <br /> HOUSING PROJECT THROUGH THE ISSUANCE BY FLORIDA HOUSING <br /> FINANCE CORPORATION ON BEHALF OF ITSELF AND INDIAN RIVER <br /> COUNTY OF ITS NOT TO EXCEED $13,800,000 MULTIFAMILY HOUSING <br /> REVENUE BONDS FOR THE BENEFIT OF THE PALMS AT VERO BEACH <br /> LIMITED PARTNERSHIP, A FLORIDA LIMITED PARTNERSHIP; <br /> APPROVING THE ISSUANCE BY THE FLORIDA HOUSING FINANCE <br /> CORPORATION OF ITS MULTIFAMILY HOUSING REVENUE BONDS (THE <br /> PALMS AT VERO BEACH PROJECT) IN THE AGGREGATE PRINCIPAL <br /> AMOUNT OF NOT TO EXCEED $12,300,000 ON BEHALF OF ITSELF AND <br /> INDIAN RIVER COUNTY TO PROVIDE FUNDS TO FINANCE A <br /> MULTIFAMILY HOUSING PROJECT; APPROVING THE FORM OF AND <br /> AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERLOCAL <br /> AGREEMENT WITH THE FLORIDA HOUSING FINANCE CORPORATION; <br /> AND PROVIDING AN EFFECTIVE DATE. <br /> WHEREAS,the Florida Housing Finance Corporation("Florida Housing")is a public body <br /> corporate and politic, duly organized and existing under the provisions of Chapter 420, Florida <br /> Statutes, as amended and supplemented; and <br /> WHEREAS, The Palms at Vero Beach Limited Partnership, a Florida limited partnership <br /> (the"Developer"),has requested the Board of County Commissioners(the`Board")of Indian River <br /> County,Florida(the"County")to apply on behalf of the Developer for an allocation of bond volume <br /> in a principal amount of not to exceed $1,500,000, to be used by Florida Housing in combination <br /> with Florida Housing's bond volume allocation in an amount not to exceed$9,300,000 together with <br /> taxable bonds in an amount estimated at $2,970,000, and issue Florida Housing's Multifamily <br /> Housing Revenue Bonds, Series [to be determined] (The Palms at Vero Beach Project) (the <br /> "Bonds"), the proceeds of which would be used to (i)pay or reimburse the Developer for the cost <br />