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refinance the cost of (or reimburse itself for prior expenditures for) the design, development, <br />acquisition, construction, renovation, improvement and equipping of its privately owned and <br />operated intercity passenger rail system extending approximately 320 miles from Miami to <br />Tampa, Florida, with passenger trains capable of operating thereon at top speeds in excess of 150 <br />miles per hour, and with stations located or potentially located in Miami, Aventura, Fort <br />Lauderdale, Boca Raton, West Palm Beach, Brevard County, the Treasure Coast Region, Orange <br />County, and Tampa, Florida, and elsewhere along the rail corridor, including, without limitation, <br />supplemental safety improvements to the corridor within the County and improvements to the <br />rail bridge over the St. Lucie River, (ii) fund debt service reserves, if any; (iii) fund capitalized <br />interest on the Bonds, if any; and (iv) pay costs associated with the issuance of the Bonds <br />(collectively, the "Project"); and <br />WHEREAS, a portion of the infrastructure or design thereof to be financed with the <br />proceeds of the Bonds is or will be located in Indian River County (the "Indian River County <br />Facilities"); and <br />WHEREAS, the Borrower and the Issuer have requested that the Board consent to the <br />Issuer's issuance of the Bonds, a portion of which are expected to be used to finance or refinance <br />costs of the Indian River County Facilities, in compliance with the provisions of the Interlocal <br />Agreement; and <br />WHEREAS, as a result of the anticipated economic benefits associated with the Indian <br />River County Facilities, the issuance of the Bonds for the purposes of financing and refinancing <br />the Indian River County Facilities is deemed to be in the best interests of the citizens of the <br />County. <br />