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RESOLUTION NO. 2001-043 <br />RESOLUTION EXPRESSING THE INTENT OF THE BOARD OF COUNTY" <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA TO PROCEED IN <br />CONJUNCTION WITH THE FLORIDA HOUSING FINANCE CORPORATION <br />WITH THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL <br />HOUSING PROJECT THROUGH THE ISSUANCE BY FLORIDA HOUSING <br />FINANCE CORPORATION ON BEHALF OF ITSELF .AND INDIAN RIVER <br />COUNTY OF ITS NOT TO EXCEED $11,500,000 MULTIFAMILY HOUSING <br />REVENUE BONDS FOR THE BENEFIT OF THE PALMS AT VERO BEACH <br />LIMITED PARTNERSHIP, A FLORIDA LIMITED PARTNERSHIP; APPROVING <br />THE ISSUANCE BY THE FLORIDA HOUSING FINANCE CORPORATION OF <br />ITS MULTIFAMILY HOUSING REVENUE BONDS (THE PALMS AT VERO <br />BEACH PROJECT) IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO <br />EXCEED $11,500,000 ON BEHALF OF ITSELF AND INDIAN RIVER COUNTY <br />TO PROVIDE FUNDS TO FINANCE A MULTIFAMILY HOUSING PROJECT: <br />APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION .AND <br />DELIVERY OF AN INTERLOCAL AGREEMENT WITH THE FLORIDA <br />HOUSING FINANCE CORPORATION; AND PROVIDING AN EFFECTIVE <br />DATE. <br />WHEREAS, the Florida Housing Finance Corporation ("Florida Housing") is a public body <br />corporate and politic, duly organized and existing under the provisions of Chapter 420, Florida Statutes, <br />as amended and supplemented; and <br />WHEREAS, The Palms at Vero Beach Limited Partnership, a Florida limited partnership (the <br />"Developer"), has requested the Board of County Commissioners (the "Board") of Indian River County, <br />Florida (the "County") to apply on behalf of the Developer for an allocation of bond volume in a principal <br />amount of not to exceed $1,500,000, to be used by Florida Housing in combination with Florida Housing's <br />bond volume allocation in an amount not to exceed $8,101,977, and issue Florida Housing's Multifamily <br />Housing Revenue Bonds, Series [to be determined] (The Palms at Vero Beach Project) (the `Bonds"), the <br />proceeds of which would be used to (i) pay or reimburse the Developer for the cost of acquisition, <br />construction and equipping a multifamily residential rental apartment project, comprised of The Palms at <br />Vero Beach which will consist of 260 residential units to be occupied by persons of low, moderate and <br />middle income, located at the Northwest comer of Indian River Blvd. and 12U' Street, Vero Beach, Florida <br />(the "Project"), (ii) fund a debt service reserve fund for the Bonds and (iii) pay a portion of the costs of <br />issuance of the Bonds; and <br />APRIL 10, 2001 <br />-47- <br />8 1 7 PCG 342 <br />