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RESOLUTION NO. 2010 - 091 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER OCUNTY, FLORIDA APPROVING THE ISSUANCE BY THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY OF ITS RETIREMENT COMMUNITIES REVENUE BONDS, SERIES 2010 (ACTS RETIREMENT -LIFE COMMUNITIES, INC. OBLIGATED GROUP), ONE OR MORES, IN AMOUNT NOT TO EXCEED $60,000,000, FOR THE PURPOSE OF FINANCING CERTAIN CAPITAL PROJECTS ON BEHALF OF ACTS RETIREMENT -LIFE COMMUNITIES, INC. WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is considering the issuance of its Retirement Communities Revenue Bonds (ACTS Retirement -Life Communities, Inc. Obligated Group), in one or more series, in an aggregate principal amount not to exceed $60,000,000 (the "Bonds"); and WHEREAS, the Bonds are to be issued by the Authority for the purpose of providing funds to ACTS Retirement -Life Communities, Inc., a Pennsylvania nonprofit corporation (the "Corporation"), to finance certain capital projects with respect to facilities owned and operated by the Corporation, including facilities located within Indian River County (the "County"), all as more particularly described in Exhibit A hereto; and WHEREAS, the Authority proposes to finance projects at two facilities located in the County pursuant to a Third Amendment to an Interlocal Agreement authorized by Section 163.01(4), Florida Statutes, in substantially the form attached as Exhibit B hereto, amending and supplementing that certain Interlocal Agreement executed on November 27, 1996 (as heretofore amended and supplemented), between the Authority and the County; and WHEREAS, on the date hereof, the Board of County Commissioners has conducted a public hearing with respect to the issuance of the Bonds pursuant to the requirements of Section 147(f)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended (the "Code"), notice of which was published in accordance with the provisions of the Code not later than 14 days prior to such hearing in a newspaper of general circulation within the County; and WHEREAS, the Board of County Commissioners of Indian River County, Florida desires to evidence its approval of the issuance of said Bonds solely to satisfy the requirements of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA; THAT 1. The Board of County Commissioners of Indian River County hereby approves the issuance of the Bonds solely for purposes of Section 147(f) of the Code. PHTRANS/ 928517.1