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• w FCT Contract Number e�-CT- r ;o - of Ff ,g FLORIDA COMMUNITIES TRUST 05 -038 -FF5 RUSSELL GROVE RIVER BUFFER CSFA # 52002 GRANT CONTRACT THIS AGREEMENT is entered into by and between the FLORIDA COMMUNITIES TRUST ("FCT") , a non-regulatory agency within the State of Florida Department of Community Affairs , and INDIAN RIVER COUNTY, a local government of the State of Florida ("Recipient") . THIS AGREEMENT IS ENTERED INTO BASED ON THE FOLLOWING FACTS : WHEREAS , the intent of this Agreement is to impose terms and conditions on the use of the proceeds of certain bonds , hereinafter described, and the lands acquired with such proceeds (" Project Site") , that are necessary to ensure compliance with applicable Florida law and federal income tax law and to otherwise implement the provisions of Sections 259 . 105 , 259 . 1051 and Chapter 380 , Part III , Florida Statutes ; WHEREAS , Chapter 380 , Part III, Fla . Stat . , the Florida Communities Trust Act, creates a non -regulatory agency within the Department of Community Affairs (" Department") which will assist local governments in bringing into compliance and implementing the conservation , recreation and open space , and coastal elements of their comprehensive plans or in conserving natural resources and resolving land use conflicts by providing financial assistance to local governments and nonprofit environmental organizations to carry out projects and activities authorized by the Florida Communities Trust Act; WHEREAS , FCT is funded through either Section 259 . 105 ( 3 ) (c) , Fla . Stat . of the Florida Forever Act, which provides for the distribution of twenty-two percent (22 %) , less certain reductions, of the net Florida Forever Revenue Bond proceeds to the Department, or any other revenue source designated by the Florida Legislature to provide land acquisition grants to local governments and nonprofit environmental organizations for the acquisition of community-based projects , urban open spaces , parks and greenways to implement local comprehensive plans ; WHEREAS , the Florida Forever Revenue Bonds are issued as tax- exempt bonds , meaning the interest on the bonds is excluded from the gross income of bondholders for federal income tax purposes ; WHEREAS , Rule 9K- 7 , Florida Administrative Code ("F . A . C . ") sets forth the procedures for the evaluation and selection of lands proposed for acquisition and Rule 9K- 8 , F . A . C . sets forth the acquisition procedures ; WHEREAS , on September 15 , 2005 the FCT Governing Board scored, ranked and selected projects to receive approval for funding ; 05-038-05 October 13 , 2005 Reimbursement - 1 -