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RESOLUTION NO. 2020- 037 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA APPROVING THE ISSUANCE BY <br />THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY OF ONE <br />OR MORE SERIES OF ITS RETIREMENT COMMUNITIES REVENUE <br />BONDS, SERIES 2020 (ACTS RETIREMENT -LIFE COMMUNITIES, INC. <br />OBLIGATED GROUP) IN AN AMOUNT NOT TO EXCEED $25,000,000 FOR <br />THE PURPOSE OF FINANCING THE 2020 PROJECT AS DESCRIBED <br />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 to <br />exceed $25,000,000 (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 "2020 Project") consisting generally of (i) the current <br />refunding, refinancing and/or restructuring of all or a portion of a revolving line of credit issued <br />by Bank of America to the Borrower, (ii) the current refunding, refinancing and/or restructuring <br />of all or a portion of a revolving line of credit issued by Branch Banking and Trust Company to <br />the Borrower (collectively, the "Bonds to be Refunded"), (iii) financing or refinancing (including <br />reimbursement) the costs of acquisition, construction, equipping and improvement of existing and <br />additional facilities at the properties of ACTS Retirement -Life Communities, Inc., a Pennsylvania <br />nonprofit corporation (the "Corporation"), including facilities located within Indian River County <br />(the "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 funds <br />(if any), and capitalized interest (if any); <br />WHEREAS, the Authority proposes to finance projects at one facility located in the <br />County, which is comprised of Indian River Estates East Campus and Indian River Estates West <br />Campus, pursuant to a Sixth 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 April 2, 2020, 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 pursuant <br />to the requirements of Section 147(f)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended <br />(the "Code"), notice of which was published in accordance with the provisions of the Code not <br />later than 7 days prior to such hearing in newspapers of general circulation within the County and <br />Palm Beach County, Florida; and <br />WHEREAS, the Board of County Commissioners of Indian River County, Florida <br />desires to evidence its approval of the issuance of said Bonds solely to satisfy the requirements <br />of the Code. <br />36039756.1 <br />