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2001-043
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2001-043
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Last modified
2/6/2017 2:22:17 PM
Creation date
9/30/2015 5:06:47 PM
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Resolutions
Resolution Number
2001-043
Approved Date
04/10/2001
Resolution Type
Housing
Entity Name
Florida Housing Finance Corp.
Subject
Multifamily Residential Housing Project
The Palms at Vero Beach Interlocal Agreement
Archived Roll/Disk#
2745
Supplemental fields
SmeadsoftID
2453
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WHEREAS,the acquisition,construction and equipping of such qualified residential rental <br /> project in cooperation with the County complies with and will further the purposes for which FHFC was <br /> created; and <br /> WHEREAS,FHFC has determined to allocate certain of the private activity bond limitation <br /> available to it to the particular qualified residential rental project known as the The Palms at Vero Beach <br /> Apartments,which amount is not sufficient to fully finance the acquisition,construction and equipping of <br /> such project, and <br /> WHEREAS,the County has likewise determined to assist in the financing of such project, so <br /> long as the financing of the full project is undertaken; and <br /> WHEREAS,the County and FHFC have ascertained that the most efficient and cost effective <br /> method for providing for the allocation of the respective amounts ofprivate activity bond limit and for <br /> issuing the bonds allocable thereto is for FHFC to issue its bonds utilizing the private activity bond limit <br /> contributed by it and the private activity bond limit contributed by the County for and on behalf of the <br /> County; and <br /> WHEREAS, the County and FHFC wish by this Agreement to provide for the issuance by <br /> FHFC of its obligations by and on behalf of the County in the mannerprovided herein in order to further <br /> the purposes stated herein; <br /> NOW,THEREFORE,in consideration of the mutual covenants of this Agreement,the County <br /> and FHFC agree as follows: <br /> SECTION 1. County Private Activity Allocation. The parties hereby agree that the qualified <br /> private activity bonds related to the private activity bond limit contributed by the County shall be issued <br /> by FHFC in the same manner as are the FHFC private activity bonds for such project. The provisions <br /> of all such bonds relating to payment,security,refinancing and all other customary financial term <br /> be the same without regard to the source of the private activity bond limit. s shall <br /> SECTION 2. All Necessary Action. The parties hereto agree that they will,individually or <br /> jointly,take all action within their respective powers,necessary,desirable or required by the Division in <br /> order to preserve the private activity bond limit for use in financing the project and to assure the <br /> exemption of interest on the bonds from Federal income taxation. <br /> SECTION 3. Reversion of Private Activity Bond Limit.In the event that the financing of the <br /> project does not proceed for reasons that are beyond the control of the County and the developer of the <br /> project,The Palms at Vero Beach Limited Partnership(the"Developer), then FHFC agrees that this <br /> Agreement will terminate on the day which is no more than 85 days after the County receives a <br /> confirmation from the Division of Bond Finance for the allocation as contemplated herein and the private <br /> activity bond limit shall,without any further action on the part of the County or the Developer,revert to <br /> the control and use of the County. FHFC agrees to take all action necessary or desirable in giving effect <br /> to this provision so as to preserve the private activity bond limit previously allocated to the County for <br /> Page 2 of 5 <br />
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