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INTERLOCAL AGREEMENT
<br /> THIS INTERLOCAL AGREEMENT (the "Agreement") is dated as of March 1 ,
<br /> 2008 , and is entered into between PALM BEACH COUNTY, FLORIDA ("Palm Beach
<br /> County"), a political subdivision of the State of Florida, and INDIAN RIVER COUNTY,
<br /> FLORIDA ("Indian River County") , a political subdivision of the State of Florida;
<br /> WITNESSETH :
<br /> WHEREAS , pursuant to Chapter 125 and Chapter 159, Part II, Florida Statutes,
<br /> Palm Beach County and Indian River County are authorized to issue bonds to finance or
<br /> refinance the acquisition, construction and equipping of "projects," as defined in Part II of
<br /> Chapter 159, Florida Statutes, including, without limitation, social service center facilities ; and
<br /> WHEREAS , Palm Beach County and Indian River County each constitutes a
<br /> "public agency" within the meaning of Section 163 . 01 , Florida Statutes, as amended (the
<br /> "Interlocal Act"), and are each authorized under the Interlocal Act to enter into interlocal
<br /> agreements providing for them to jointly exercise any power, privilege or authority which each
<br /> of them could exercise separately; and
<br /> WHEREAS, the Borrower has requested that Palm Beach County and Indian
<br /> River County enter into this Agreement to authorize Palm Beach County to issue not exceeding
<br /> $ 17 ,000,000 in aggregate principal amount of its Variable Rate Demand Revenue Bonds (The
<br /> Children ' s Home Society of Florida Project), Series 2008 (the "Series 2008 Bonds") to finance
<br /> social service center facilities to be owned and operated by The Children ' s Home Society of
<br /> Florida, a Florida not for profit corporation (the `Borrower"), in Palm Beach County, Indian
<br /> River County, Collier County, Jacksonville and Tallahassee (collectively, the "2008 Projects"),
<br /> with the proceeds of approximately $4,300,000 in principal amount of said Series 2008 Bonds to
<br /> be applied to finance the portion of the 2008 Projects located in Indian River County, such
<br /> financing to result in significant cost savings to the Borrower over the issuance and sale of
<br /> separate bonds by Palm Beach County and Indian River County in order to finance the 2008
<br /> Projects ; and
<br /> WHEREAS , Palm Beach County and Indian River County have agreed to enter
<br /> into this Agreement for the purposes stated above; and
<br /> WHEREAS , on March 11 , 2008, the Board of County Commissioners of Palm
<br /> Beach County approved the issuance of the Series 2008 Bonds, the application of the proceeds
<br /> thereof and the execution and delivery of this Agreement, and following a duly noticed public
<br /> hearing held on February 5 , 2008 , for the purpose of giving all interested persons an opportunity
<br /> to express their views, either orally or in writing, on the proposed issuance of the Series 2008
<br /> Bonds , the Board of County Commissioners of Palm Beach County, Florida, which has
<br /> J urisdiction for purposes of Section 147 (f) of the Internal Revenue Code of 1986, as amended,
<br /> over the area in which those portions of the 2008 Projects to be financed or refinanced in Palm
<br /> Beach County, Florida will be located, approved the issuance of the Series 2008 Bonds and the
<br /> application of the proceeds thereof; and
<br /> JACK_804035.3
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