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RESOLUTION NO. 2001-043 <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 $11,500,000 MULTIFAMILY HOUSING <br /> REVENUE BONDS FOR THE BENEFIT OF THE PALMS AT VERO BEACH <br /> LIMITED PARTNERSHIP,A FLORIDA LIMITED PARTNERSHIP;APPROVING <br /> THE ISSUANCE BY THE FLORIDA HOUSING FINANCE CORPORATION OF <br /> ITS MULTIFAMILY HOUSING REVENUE BONDS (THE PALMS AT VERO <br /> BEACH PROJECT)IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO <br /> EXCEED$11,500,000 ON BEHALF OF ITSELF AND INDIAN RIVER COUNTY <br /> TO PROVIDE FUNDS TO FINANCE A MULTIFAMILY HOUSING PROJECT; <br /> APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND <br /> DELIVERY OF AN INTERLOCAL AGREEMENT WITH THE FLORIDA <br /> HOUSING FINANCE CORPORATION; AND PROVIDING AN EFFECTIVE <br /> 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 Statutes, <br /> as amended and supplemented; and <br /> WHEREAS,The Palms at Vero Beach Limited Partnership,a Florida limited partnership(the <br /> "Developer"),has requested the Board of County Commissioners(the"Board")of Indian River County, <br /> Florida(the"County")to apply on behalf of the Developer for an allocation of bond volume in a principal <br /> amount of not to exceed$1,500,000,to be used by Florida Housing in combination with Florida Housing's <br /> bond volume allocation in an amount not to exceed$8,101,977,and issue Florida Housing's Multifamily <br /> Housing Revenue Bonds,Series[to be determined](The Palms at Vero Beach Project)(the`Bonds"),the <br /> proceeds of which would be used to (i)pay or reimburse the Developer for the cost of acquisition, <br />