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RESOLUTION NO. 2018- 050 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA APPROVING THE ISSUANCE BY THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY OF ONE OR MORE SERIES OF ITS RETIREMENT COMMUNITIES REVENUE BONDS, SERIES 2018 (ACTS RETIREMENT -LIFE COMMUNITIES, INC. OBLIGATED GROUP) IN AN AMOUNT NOT TO EXCEED $55,000,000 FOR THE PURPOSE OF FINANCING THE 2018 PROJECT AS DESCRIBED HEREIN. 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 $55,000,000 (the "Bonds"); WHEREAS, the Bonds are to be issued by the Authority for the purpose of financing a project (collectively referred to herein as the "2018 Project") consisting generally of (i) the current refunding, refinancing and/or restructuring of all or a portion of a revolving line of credit issued by Bank of America to the Borrower (collectively, the "Bonds to be Refunded"), (ii) financing or refinancing (including reimbursement) the costs of acquisition, construction, equipping and improvement of existing and additional facilities at the properties of ACTS Retirement -Life Communities, Inc., a Pennsylvania nonprofit corporation (the "Corporation"), including facilities located within Indian River County (the "County") as more particularly described in Exhibit A hereto (collectively, the "Capital Projects"), and (iii) the financing of some or all of the costs of issuance of the Bonds, reserve funds (if any), and capitalized interest (if any); WHEREAS, the Authority proposes to finance projects at one facility located in the County, which is comprised of Indian River Estates East Campus and Indian River Estates West Campus, pursuant to a Fifth 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; WHEREAS, on May 11, 2018, the Authority conducted a public hearing jointly on behalf of the Board of County Commissioners of Indian River County, Florida and the Board of County Commissioners of Palm Beach County, Florida 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 newspapers of general circulation within the County and Palm Beach County, Florida; 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. 24410769.1