|
RESOLUTION NO. 2016- 049
<br />A RESOLUTION OF THE BOARD OF COUNTY
<br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA
<br />APPROVING THE ISSUANCE BY THE PALM BEACH
<br />COUNTY HEALTH FACILITIES AUTHORITY OF ONE OR
<br />MORE SERIES OF ITS RETIREMENT COMMUNITIES
<br />REVENUE BONDS, SERIES 2016 (ACTS RETIREMENT -LIFE
<br />COMMUNITIES, INC. OBLIGATED GROUP) IN AN
<br />AMOUNT NOT TO EXCEED $138,000,000 FOR THE
<br />PURPOSE OF FINANCING THE 2016 PROJECT AS
<br />DESCRIBED HEREIN.
<br />WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is
<br />considering the issuance of its Retirement Communities Revenue Bonds (ACTS Retirement -Life
<br />Communities, Inc. Obligated Group) in one or more series in an aggregate principal amount not
<br />to exceed $138,000,000 (the "Bonds");
<br />WHEREAS, the Bonds are to be issued by the Authority for the purpose of financing a
<br />project (collectively referred to herein as the "2016 Project") consisting generally of (i) the
<br />current refunding of the Authority's Retirement Communities Revenue Bonds (ACTS
<br />Retirement -Life Communities, Inc. Obligated Group), Series 2006A, issued in the original
<br />aggregate principal amount of $20,620,000, and Retirement Communities Refunding Revenue
<br />Bonds (ACTS Retirement -Life Communities, Inc. Obligated Group), Series 2006B, issued in the
<br />original aggregate principal amount of $23,205,000 (collectively, the "2006 Bonds"), (ii) the
<br />advance refunding of all or a portion of the Authority's Retirement Communities Revenue Bonds
<br />(ACTS Retirement -Life Communities, Inc. Obligated Group), Series 2010, issued in the original
<br />aggregate principal amount of $54,630,000 (the "2010 Bonds" and, together with the 2006
<br />Bonds, the "Refunded Bonds"), (iii) financing or refinancing (including reimbursement) the
<br />costs of acquisition, construction, equipping and improvement of existing and additional
<br />facilities at the properties of ACTS Retirement -Life Communities, Inc., a Pennsylvania nonprofit
<br />corporation (the "Corporation"), including facilities located within Indian River County (the
<br />"County") as more particularly described in Exhibit A hereto (collectively, the "Capital
<br />Projects"), and (iv) the financing of some or all of the costs of issuance of the Bonds, reserve
<br />funds (if any), and capitalized interest (if any);
<br />WHEREAS, the Authority proposes to finance projects at one facility located in the
<br />County pursuant to a Fourth Amendment to an Interlocal Agreement authorized by Section
<br />163.01(4), Florida Statutes, in substantially the form attached as Exhibit B hereto, amending and
<br />supplementing that certain Interlocal Agreement executed on November 27, 1996 (as heretofore
<br />amended and supplemented), between the Authority and the County;
<br />WHEREAS, on May 25, 2016, the Authority conducted a public hearing jointly on behalf
<br />of the Board of County Commissioners of Indian River County, Florida and the Board of County
<br />Commissioners of Palm Beach County, Florida with respect to the issuance of the Bonds
<br />pursuant to the requirements of Section 147(f)(2)(A)(ii) of the Internal Revenue Code of 1986, as
<br />amended (the "Code"), notice of which was published in accordance with the provisions of the
<br />Code not later than 14 days prior to such hearing in newspapers of general circulation within the
<br />County and Palm Beach County, Florida; and
<br />85223730.4
<br />
|