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WHEREAS, on March 18 , 2008 , following a duly noticed public hearing held by <br /> the Indian River County Board of County Commissioners for the purpose of giving all interested <br /> persons an opportunity to express their views, either orally or in writing, on the proposed <br /> issuance of the Bonds, the Indian River Board of County Commissioners, which has jurisdiction <br /> for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, over the area <br /> in which the portion of the 2008 Projects to be financed or refinanced in Indian River County, <br /> Florida, will be located, approved the execution and delivery of this Agreement, the issuance of <br /> the Series 2008 Bonds by Palm Beach County and the application of the proceeds thereof, and <br /> WHEREAS , the Interlocal Act authorizes Palm Beach County and Indian River <br /> County to enter into this Agreement and confers upon Palm Beach County authorization to issue <br /> the Series 2008 Bonds and to apply the proceeds thereof to the financing of the 2008 Projects <br /> through a loan of such proceeds to the Borrower; and <br /> WHEREAS , the parties hereto desire to agree to the issuance of the Series 2008 <br /> Bonds by Palm Beach County for such purposes and such agreement by such parties is in the <br /> public interest; and <br /> WHEREAS, the Borrower has agreed to indemnify Palm Beach County and <br /> Indian River County in connection with their execution of this Agreement ; <br /> NOW, THEREFORE, for and in consideration of the premises hereinafter <br /> contained, and intending to be legally bound hereby, the parties hereto agree as follows : <br /> SECTION 1 . Authorization to Issue the Series 2008 Bonds . Palm Beach County <br /> and Indian River County do hereby agree that Palm Beach County is hereby authorized to issue <br /> the Series 2008 Bonds in an aggregate principal amount not exceeding $ 17,000,000 and to loan <br /> the proceeds thereof to the Borrower to finance the 2008 Projects , with approximately <br /> $4,300,000 of such proceeds to be applied to finance or refinance the 2008 Projects in Indian <br /> River County, Florida. Palm Beach County is hereby authorized to exercise all powers relating <br /> to the issuance of the Series 2008 Bonds vested in Indian River County pursuant to the <br /> Constitution and the laws of the State of Florida and to do all things within the jurisdiction of <br /> Indian River County which are necessary or convenient for the issuance of the Series 2008 <br /> Bonds and the financing or refinancing of the 2008 Projects to the same extent as if Indian River <br /> County were issuing its own obligations for such purposes without any further authorization <br /> from Indian River County to exercise such powers or to take such actions . It is the intent of this <br /> Agreement and the parties hereto that Palm Beach County be vested, to the maximum extent <br /> permitted by law, with all powers which Indian River County might exercise with respect to the <br /> issuance of the Series 2008 Bonds and the lending of the proceeds thereof to the Borrower to <br /> finance or refinance the 2008 Projects in Indian River County as though Indian River County <br /> were issuing such Series 2008 Bonds as its own special limited obligations . <br /> SECTION 2 . Qualifying project. <br /> A. Each of the parties hereto represents that each of the 2008 Projects within <br /> its jurisdiction constitutes a "project' as such term is used in Part Il, Chapter 159, Florida <br /> Statutes. <br /> 2 <br /> JACK_804035. 3 <br />