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BBDK <br />RECORDED INTERLOCAL AGREEMENT IS ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />RESOLUTION NO. R-96- 14 9 <br />RESOLUTION OF THE BOARD OF THE COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, APPROVING AN INTERLOCAL AGREEMENT AND <br />THE ISSUANCE OF REVENUE BONDS IN AN AMOUNT NOT TO <br />EXCEED $29,500,000 BY THE PALM BEACH <br />COUNTY HEALTH FACILITIES AUTHORITY <br />y� 938 <br />WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is <br />considering the issuance of not to exceed $29,500,000 aggregate principal amount of one or <br />more series of its revenue bonds (the "Bonds"); and <br />WHEREAS, the proceeds of the Bonds will be used by the Authority to make a loan to <br />Adult Communities Total Services, Inc. ("ACTS") and Brittany Pointe, an ACTS Community, <br />Inc. ("Brittany Pointe" and, together with ACTS, the "Obligated Group"), to be used to (i) <br />provide funds to refinance the following projects: <br />Name of Facility <br />St. Andrews Estates North <br />Edgewater Pointe Estates <br />St. Andrews Eststes South <br />Indian River Estates East <br />Indian River Estates West <br />TOTAL <br />Location <br />6152 North Verde Trail <br />Boca Raton, FL 33433 <br />23315 Blue Water Circle <br />Boca Raton, FL 33433 <br />6045 South Verde Trail <br />Boca Raton, FL 33433 <br />2250 Indian Creek Blvd. Wena <br />Veto Beach, FL 32966 <br />77301adiaa Oaks Drive <br />Vero Beach, FL 32966 <br />As of August 31, 1996. <br />(ii) fund a portion of a Master Debt Service Reserve Fund; and (iii) pay costs incurred in <br />connection with the issuance of the Bond; and <br />WHEREAS, the Facilities are owned and operated by ACTS; and <br />WHEREAS, the Authority proposes to finance two of the projects located in Indian River <br />County pursuant to an Interlocal Agreement authorized by Section 163.01(4), Florida Statutes <br />with the Board of County Commissioners of Indian River County, Florida; and <br />WHEREAS, pursuant to the requirements of Section 147(f)(2)(A)(ii) the Internal Revenue <br />Code of 1986 (the "Code") as a prerequisite to the issuance of the Bonds it is necessary that the <br />18 <br />November 26, 1996 <br />Total <br />Assisted <br />Resident <br />Year <br />Residential <br />Living <br />Nursing <br />Census by <br />Opened <br />Aeartments <br />Unita <br />Beds <br />Facility* <br />1978 <br />274 <br />0 <br />120 <br />400 <br />1983 <br />360 <br />54 <br />99 <br />516 <br />1983 <br />321 <br />40 <br />0 <br />383 <br />1987 <br />354 <br />48 <br />60 <br />509 <br />1989 <br />173 <br />0 <br />0 <br />225 <br />1482 <br />142 <br />279 <br />2033 <br />(ii) fund a portion of a Master Debt Service Reserve Fund; and (iii) pay costs incurred in <br />connection with the issuance of the Bond; and <br />WHEREAS, the Facilities are owned and operated by ACTS; and <br />WHEREAS, the Authority proposes to finance two of the projects located in Indian River <br />County pursuant to an Interlocal Agreement authorized by Section 163.01(4), Florida Statutes <br />with the Board of County Commissioners of Indian River County, Florida; and <br />WHEREAS, pursuant to the requirements of Section 147(f)(2)(A)(ii) the Internal Revenue <br />Code of 1986 (the "Code") as a prerequisite to the issuance of the Bonds it is necessary that the <br />18 <br />November 26, 1996 <br />