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,rr <br /> r ra`s s <br /> FCT Contract Number o -CT- <br /> FLORIDA COMMUNITIES TRUST <br /> 05 -039 -FF5 <br /> JONES ' S PIER <br /> CSFA # 52002 <br /> GRANT CONTRACT <br /> THIS AGREEMENT is entered into by and between the FLORIDA COMMUNITIES TRUST <br /> ("FCT") , a non-regulatory agency within the State of Florida Department of Community Affairs , <br /> and INDIAN RIVER COUNTY, a local government of the State of Florida ("Recipient") . <br /> THIS AGREEMENT IS ENTERED INTO BASED ON THE FOLLOWING FACTS : <br /> WHEREAS , the intent of this Agreement is to impose terms and conditions on the use of <br /> the proceeds of certain bonds , hereinafter described, and the lands acquired with such proceeds <br /> ("Project Site") , that are necessary to ensure compliance with applicable Florida law and federal <br /> income tax law and to otherwise implement the provisions of Sections 259 . 105 , 259 . 1051 and <br /> Chapter 380 , Part III, Florida Statutes ; <br /> WHEREAS , Chapter 380 , Part III , Fla . Stat. , the Florida Communities Trust Act, creates <br /> a non-regulatory agency within the Department of Community Affairs ("Department") which <br /> will assist local governments in bringing into compliance and implementing the conservation, <br /> recreation and open space, and coastal elements of their comprehensive plans or in conserving <br /> natural resources and resolving land use conflicts by providing financial assistance to local <br /> governments and nonprofit environmental organizations to carry out projects and activities <br /> authorized by the Florida Communities Trust Act; <br /> WHEREAS , FCT is funded through either Section 259 . 105 (3 )(c) , Fla . Stat . of the Florida <br /> Forever Act, which provides for the distribution of twenty-two percent (22%) , less certain <br /> reductions , of the net Florida Forever Revenue Bond proceeds to the Department, or any other <br /> revenue source designated by the Florida Legislature to provide land acquisition grants to local <br /> governments and nonprofit environmental organizations for the acquisition of community-based <br /> projects, urban open spaces , parks and greenways to implement local comprehensive plans ; <br /> WHEREAS , the Florida Forever Revenue Bonds are issued as tax-exempt bonds , <br /> meaning the interest on the bonds is excluded from the gross income of bondholders for federal <br /> income tax purposes ; <br /> WHEREAS , Rule 9K- 7 , Florida Administrative Code ("F . A . C . ") sets forth the <br /> procedures for the evaluation and selection of lands proposed for acquisition and Rule 9K- 8 , <br /> F . A . C . sets forth the acquisition procedures ; <br /> WHEREAS , on September 15 , 2005 the FCT Governing Board scored, ranked and <br /> selected projects to receive approval for funding ; <br /> 05-039-05 <br /> October 13 , 2005 <br /> Reimbursement - 1 - <br />