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RESOLUTION NO. 2002-034 <br /> of acquisition, construction and equipping a multifamily residential rental apartment project, <br /> comprised of The Palms at Vero Beach which will consist of 260 residential units to be occupied by <br /> persons of low, moderate and middle income, located at the Northwest corner of Indian River Blvd. <br /> and 12`h Street, Vero Beach, Florida (the "Project"), (ii) fund a debt service reserve fund for the <br /> Bonds and(iii)pay a portion of the costs of issuance of the Bonds; and <br /> WHEREAS,the Board conducted a public hearing on June 4,2002,notice of which hearing <br /> was published on May L3,2002, in the Press-Journal(a copy of which notice is attached hereto as <br /> Exhibit "A" and incorporated herein), for the purpose of considering the issuance of the Bonds by <br /> Florida Housing on behalf of itself and the County, in accordance with the requirements of Section <br /> 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing <br /> disclosed no reason why the Bonds should not be issued; and <br /> WHEREAS, Section 147(f)of the Code requires approval of the issuance of the Bonds by <br /> the Board as the "applicable elected representative" under Section 147(f) after a public hearing <br /> following reasonable public notice; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br /> SECTION 1. The Board,pursuant to, and in accordance with,the requirements set forth in <br /> Section 147(f)of the Code,hereby approves the issuance of the Bonds by Florida Housing on behalf <br /> of the County and Florida Housing. The Board has found and determined and hereby declares that <br /> it is in the best interest of the County to enter into an Interlocal Agreement with Florida Housing. <br /> The execution and delivery of the Interlocal Agreement,authorizing Florida Housing to issue <br /> its Florida Housing Multifamily Housing Revenue Bonds, Series [to be determined] to finance the <br /> cost of acquisition, construction and equipping a multifamily residential rental apartment project in <br /> 2 <br />