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INTERLOCAL AGREEMENT WITH PALM BEACH HEALTH <br />FACILITIES AUTHORITY TO ENABLE ADULT COAINRJNMES <br />TOTAL SERVICES. INC. (ACTS) TO ISSUE BONDS <br />The Board reviewed a Memorandum of November 6, 1996: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: November 6, 1996 <br />SUBJECT: INTERLOCAL AGREEMENT WITH PALM BEACH HEALTH <br />FACILITIES AUTHORITY TO ENABLE ADULT COMMUNITIES <br />TOTAL SERVICES, INC. (ACTS) TO ISSUE BONDS <br />FROM: Joseph A. Baird - <br />OMB Director\ <br />DESCRIPTION AND CONDITIONS <br />Adult Communities Total Services, Inc. (ACTS) would like to issue Industrial Revenue Bonds not <br />to exceed $29,500,000 to refinance five of their retirement communities. Three of the retirement <br />communities are located in Palm Beach and two are in Indian River County (Indian River Estates East <br />and Indian River Estates West). <br />The facilities in Indian River County are to be financed pursuant to an inter -local agreement to be <br />entered into by the Board of County Commissioners of Indian River County and Palm Beach County <br />Health Facilities Authority. An advertised public hearing must be held approving the issuance of the <br />Industrial Revenue bonds and interlocal agreement <br />RECOMMENDATION <br />Staff recommends Board of County Commissioners approve advertising for a public hearing beheld <br />on November 26, 1996 at 9:00 a.m. in the Board of County Commissioners chambers on the <br />resolution approving the interlocal agreement with Palm Beach County Health Authority and the <br />issuance of revenue bonds in an amount not to exceed $29,500,000. <br />Budget Director Joe Baird introduced Attorney Jerry Neil, the <br />underwriter, and advised that Mr. Neil is here to read the notice <br />into the record and answer any questions. <br />Attorney Jerry Neil, of Foley & Lardner, advised the applicant <br />is a not—for—profit corporation owning and operating 15 retirement <br />communities. This is a single bond issue for all the Florida <br />projects. <br />County Attorney Vitunac questioned whether there is any <br />financial implication whatsoever for Indian River County, and Mr. <br />Neil stated there is not; this is a very high rated bond issue with <br />a Standard and Poors rating of investment grade. <br />BOOK 99 PAGE 7 72 <br />NOVEMBER 12, 1996 107 <br />