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RESOLUTION NO. 2002-034 <br />of acquisition, construction and equipping a multifamily residential rental apartment project, <br />comprised of The Palms at Vero Beach which will consist of 260 residential units to be occupied by <br />persons of low, moderate and middle income, located at the Northwest corner of Indian River Blvd. <br />and 12th Street, Vero Beach, Florida (the "Project"), a fund a debt service reserve fund for the <br />Bonds and (iii) pay a portion of the costs of issuance of the Bonds; and <br />VVITEREAS, the Board conducted a public hearing on June 4, 2002, notice of which hearing <br />was published on May10 2002, in the Press-Journala copy py of which notice is attached hereto as <br />Exhibit "A" and incorporated herein), for the purpose of considering the issuance of the Bonds by <br />Florida Housing on behalf of itself and the County, in accordance with the requirements of Section <br />147(0 of the Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing <br />disclosed no reason why the Bonds should not be issued, and <br />WHEREAS, Section 147(0 of the Code requires approval of the issuance of the Bonds by <br />the Board as the "applicable elected representative" under Section 147(0 after a public hearing <br />following reasonable public notice; <br />NOW, THEREFORE, BE IT RESOLVED BY THF BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br />SECTION 1. The Board, pursuant to, and in accordance with, the requirements set forth in <br />Section 147(0 of the Code, hereby approves the issuance of the Bonds by Florida Housing on behalf <br />of the County and Florida Housing. The Board has found and determined and hereby declares that <br />it is in the best interest of the County to enter into an Interlocal Agreement with Florida Housing. <br />The execution and delivery of the Interlocal Agreement, authorizing Florida Housing to issue <br />its Florida Housing Multifamily Housing Revenue Bonds, Series [to be determined] to finance the <br />cost of acquisition, construction and equipping a multifamily residential rental apartment project in <br />June 4, 2002 <br />