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Dylan Reingold, County Attorney <br />William K DeBraal, Deputy County Attorney <br />Kate Pingolt Cotner, Assistant County Attorney <br />/34 <br />County Attorney's Matters - B. C.C. 5.15.18 <br />OfCe of <br />INDIAN RIVER COUNTY <br />ATTORNEY <br />MEMORANDUM <br />TO: Board of County Commissioners <br />FROM: Dylan Reingold, County Attorney <br />DATE: May 7, 2018 <br />SUBJECT: Fifth Amendment to Interlocal Agreement with Palm Beach County Health Facilities <br />Authority for Financing and Refinancing for Improvements and Additions of Facilities <br />BACKGROUND <br />In 1996, the Palm Beach County Health Facilities Authority (the "Authority") and Indian River <br />County entered into an Interlocal Agreement, as amended in 1998, 2006, 2010 and 2016. The purpose of <br />the Interlocal Agreement and the amendments were to facilitate the issuance by the Authority of revenue <br />bonds to finance six health care facility locations (the "Facilities") owned by ACTS Retirement- Life <br />Communities, Inc. (ACTS). Two of the facility locations, Indian River Estates East Campus, 2250 Indian <br />Creek Blvd. West, Vero Beach and Indian River Estates West Campus, 7730 Indian Oaks Drive, Vero <br />Beach, are in Indian River County. <br />The Authority issued Retirement Community Revenue bonds in 1996, 1998, 2006, 2010 and 2016. <br />ACTS has again requested the Authority to issue bonds. The 2018 Retirement Community Revenue <br />Bonds, to be issued in an amount not to exceed $55,000,000, will be used for miscellaneous capital <br />improvements and renovations and the acquisition of capital equipment, including but not limited to, <br />renovations and upgrades to residential living units, health care facilities and common areas, the <br />acquisition of new plant equipment and other facility enhancement, including specifically the renovation <br />of assisted living units and the conversion of a vacated skilled nursing facility to assisted living units, and <br />exterior enhancements to the Facilities in Indian River County. A portion of the bond proceeds may also <br />be used to refund existing debt related to the Facilities. <br />F 1Attor1e1AV-dniGENERALW CCVA9-dn A-1 41CT Bond FiJ1h A,1,—*, entd- <br />122 <br />