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RESOLUTION NO. 2006-185 <br /> RESOLUTION OF THE BOARD OF THE COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br /> APPROVING A SECOND AMENDMENT TO AN INTERLOCAL <br /> AGREEMENT AND THE ISSUANCE OF REVENUE BONDS IN <br /> AN AMOUNT NOT TO EXCEED $50,000,000 BY THE PALM <br /> BEACH COUNTY HEALTH FACILITIES AUTHORITY <br /> WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is <br /> considering the issuance of not to exceed $50,000,000 aggregate principal amount of one or more <br /> series of its revenue bonds (the "Bonds"); and <br /> WHEREAS,the proceeds of the Bonds will be used by the Authority to make a loan to ACTS <br /> Retirement-Life Communities,Inc. (formerly known as Adult Communities Total Services,Inc.and <br /> defined herein as "ACTS")to be used to: (i) finance or refinance the costs of miscellaneous capital <br /> improvements and additions, including the acquisition of capital equipment, and including the <br /> financed projects more specifically described below, at the existing facilities (the "Facilities") of <br /> ACTS, as further described as follows: <br /> Description of <br /> Facility Name Facility Address Existing Facility <br /> St.Andrews Estates North 6152 North Verde TrailBoca 263 independent living <br /> Raton,FL 33433 units; and 119 skilled <br /> nursing beds; and central <br /> facilities <br /> Edgewater Pointe 23315 Blue Water CircleBoca 354 independent living <br /> Estates Raton,FL 33433 units;53 assisted living <br /> units;99 skilled nursing <br /> beds;and central facilities <br /> St.Andrews Estates South 6045 South Verde TrailBoca 311 independent living <br /> Raton,FL 33433 units;and 40 assisted living <br /> units;and central facilities <br /> Indian River Estates East 2250 Indian Creek Blvd.W, 346 independent living <br /> Vero Beach,FL 32966 units;71 assisted living <br /> units; 100 skilled nursing <br /> beds;and central facilities <br /> Indian River Estates West 7730 Indian Oaks DriveVero 245 independent living <br /> Beach,FL 32966 units;and central facilities <br /> (ii)current-refund all or a portion of the Authority's Retirement Community Revenue Bonds(Adult <br /> Communities Total Services, Inc. Obligated Group) Series 1996,which were issued in the original <br /> aggregate principal amount of$24,215,000 to finance the Facilities; (iii) fund a Reserve Fund; and <br /> (iv)pay all or a portion of the expenses incurred in comlection with the issuance of the Bonds; and <br />