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HomeMy WebLinkAbout2006-185 RESOLUTION NO. 2006-185 RESOLUTION OF THE BOARD OF THE COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, APPROVING A SECOND AMENDMENT TO AN INTERLOCAL AGREEMENT AND THE ISSUANCE OF REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $50,000,000 BY THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY WHEREAS, the Palm Beach County Health Facilities Authority (the "Authority") is considering the issuance of not to exceed $50,000,000 aggregate principal amount of one or more series of its revenue bonds (the "Bonds"); and WHEREAS,the proceeds of the Bonds will be used by the Authority to make a loan to ACTS Retirement-Life Communities,Inc. (formerly known as Adult Communities Total Services,Inc.and defined herein as "ACTS")to be used to: (i) finance or refinance the costs of miscellaneous capital improvements and additions, including the acquisition of capital equipment, and including the financed projects more specifically described below, at the existing facilities (the "Facilities") of ACTS, as further described as follows: Description of Facility Name Facility Address Existing Facility St.Andrews Estates North 6152 North Verde TrailBoca 263 independent living Raton,FL 33433 units; and 119 skilled nursing beds; and central facilities Edgewater Pointe 23315 Blue Water CircleBoca 354 independent living Estates Raton,FL 33433 units;53 assisted living units;99 skilled nursing beds;and central facilities St.Andrews Estates South 6045 South Verde TrailBoca 311 independent living Raton,FL 33433 units;and 40 assisted living units;and central facilities Indian River Estates East 2250 Indian Creek Blvd.W, 346 independent living Vero Beach,FL 32966 units;71 assisted living units; 100 skilled nursing beds;and central facilities Indian River Estates West 7730 Indian Oaks DriveVero 245 independent living Beach,FL 32966 units;and central facilities (ii)current-refund all or a portion of the Authority's Retirement Community Revenue Bonds(Adult Communities Total Services, Inc. Obligated Group) Series 1996,which were issued in the original aggregate principal amount of$24,215,000 to finance the Facilities; (iii) fund a Reserve Fund; and (iv)pay all or a portion of the expenses incurred in comlection with the issuance of the Bonds; and i RESOLUTION NO. 2006-185 WHEREAS, the Facilities are owned and operated by ACTS; and WHEREAS, the Authority proposes to finance projects at two Facilities located in Indian River County pursuant to a Second Amendment to an Interlocal Agreement previously executed and authorized by Section 163.01(4), Florida Statutes with the Board of County Commissioners of Indian River County, Florida; and WHEREAS, pursuant to the requirements of Section 147(f)(2)(A)(ii) the Internal Revenue Code of 1986(the"Code")as a prerequisite to the issuance of the Bonds it is necessary that the Board of County Commissioners of Indian River County approve the issuance thereof after said public hearing; and WHEREAS,the Board of County Commissioners of Indian River County desires to evidence its approval of the issuance of said Bonds solely to satisfy the requirements of the Code and its authorization of the Interlocal Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: 1. That the Board of County Commissioners of Indian River county hereby approves the issuance of the Bonds solely for purposes of Section 147(f) of the Code. 2. That entry into a Second Amendment to an Interlocal Agreement substantially in the form presented to this meeting and attached hereto as Exhibit A is hereby approved. 3. That this Resolution shall be effective immediately upon its adoption. The foregoing resolution was offered by Commissioner O'Bryan who moved its adoption. The motion was seconded by Commissioner Flescher, and,upon being put to a vote,the vote was as follows: Chairman Gary C. Wheeler Aye Vice Chairman Sandra L. Bowden Aye Commissioner Wesley S. Davis Aye Commissioner Joseph E. Flescher Aye Commissioner Peter D. O'Bryan Aye EXHIBIT A SECOND AMENDMENT TO THE INTERLOCAL AGREEMENT BETWEEN THE PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY AND INDIAN RIVER COUNTY WHEREAS,the Palm Beach County Health Facilities Authority(the"Authority")is a public body corporate,organized and existing under and by virtue of Chapter 154,Part III,Florida Statutes, and is a properly constituted Health Facilities Authority and a"public agency"and a"local agency" under Chapter 159, Part 11, Florida Statutes; and WHEREAS,Indian River County(the"County")is apolitical subdivision of the State of Florida and a "public agency" and a "local agency" under Chapter 159, Part 1I, Florida Statutes; and WHEREAS,the Authority and the County have heretofore entered into an Interlocal Agreement finally executed on November 27, 1996, as amended by an undated First Amendment executed in 1998 (as so amended, the "Interlocal Agreement"); and WHEREAS, the Authority is considering the financing of five (5) health care facilities (the "Facilities") constituting "health care facilities" under Chapter 159.27(16) of the Florida Statutes, three(3)of which are in the jurisdiction of the Authority and two(2) of which are in the jurisdiction of the County, all pursuant to Chapter 159, Part 11, Florida Statutes, and all of which are owned and operated by ACTS Retirement-Life Communities, Inc. (fonnerly known as Adult Community Total Services,Inc.)("ACTS"),a not-for-profit corporation detennined to be tax- exempt under Section 501(c)(3) of the Internal Revenue Code of 1986 and duly licensed by the Florida Department of Insurance pursuant to Chapter 651, Florida Statutes; and WHEREAS,the Authority is considering refunding all or a portion of its Retirement Community Revenue Bonds(Adult Communities Total Services,Inc.Obligated Group)Series 1996 (the "Refunded Bonds")which were issued to finance the Facilities; and . WHEREAS, it is deemed desirable by both the Authority and County that the Authority and the County enter into this Second Amendment to the Interlocal Agreement (the "Amendment"); and WHEREAS, the Authority and ACTS have determined that the provision of funds by the Authority to ACTS will assist in the maintenance of the public health of the residents of the County,and shall serve a public purpose by improving the health and living conditions and providing adequate medical care and health care facilities therein and will promote the most efficient and economical maintenance of health care facilities in a manner and pursuant to forms of governmental organization that will accord best with the geographic, economic, and population characteristics which influence the health care needs of Palm Beach County and Indian River County and the inhabitants thereof, and WHEREAS,the Authority finds that ACTS will be financially responsible and fully capable and willing to fulfill its obligations including the obligation to make the debt service payments in the amounts and at the times required and the obligation to repair and maintain the health care facilities at its own expense; and WHEREAS, title to the health care facilities shall be in ACTS and neither the Authority, the County nor the State of Florida or any political subdivision thereof shall in any way be obligated to pay the principal, premium, if any, or interest on the Bonds to be issued to finance the said five (5)health care projects as the same shall become due, and the issuance of such Bonds shall not directly,indirectly,or contingently obligate the Authority,the County,the State of Florida, or any political subdivision thereof to levy or pledge any fonn of taxation whatsoever therefore or to make any appropriation from ad valorem taxation revenues or other revenues for their payment. NOW, THEREFORE, THIS SECOND AMENDMENT TO THE INTERLOCAL AGREEMENT, between the Palm Beach County Health Facilities Authority and Indian River County, WITNESSETH AS FOLLOWS: SECTION ONE. At all times prior to and during the term of this agreement the Authority and County constitute "public agencies" as that tern is defined in Section 163.02(3)(b), Florida Statutes,as amended,and both the Authority and the County have in common the power and authority to issue revenue bonds in order to provide financing for the acquisition, operation and maintenance of health care facilities, such power and authority as each might exercise separately. SECTION TWO. The Authority and County are entering into this Amendment in order to more effectively perform their service function related to the provision of adequate health care facilities and services pursuant to the powers granted under Section 163.01, Florida Statutes, as amended, and to permit the Authority to operate within the jurisdiction of the County for the purpose of financing the two health care facilities owned by ACTS within the County. SECTION THREE. This Amendment shall in no way be interpreted to authorize the delegation of the constitutional or statutory duties of the Authority, the County, the State of Florida, or any officers of any political subdivision thereof. SECTION FOUR. This Amendment and the Bonds shall not be deemed to constitute a debt, liability or obligation of or pledge of the faith and credit of Indian River County, Palm Beach County, the Authority, the State of Florida, or any political subdivision thereof. The issuance of the Bonds shall not directly, indirectly, or contingently obligate the Authority, the County,Palm Beach County, the State of Florida, or any political subdivision thereof to levy or to pledge any form of taxation whatsoever therefore, or to snake any appropriation for their payment. SECTION FIVE. Title to the heath care facilities financed pursuant to this Amendment shall be in ACTS and neither the Authority nor the County shall have any title or interest therein. 2 i I f { i IN WITNESS WHEREOF,this Amendment has been executed by and on behalf of the County by its Chairman,Board of County Commissioners and the seal of said County affixed j hereto and attested by the Clerk of the County,the Authority has caused this Amendment to be executed by its Chairperson, ' Arity,all as of November 30,2006. ATTEST: Q INDIAN RIVER COUNTY,FLORIDA p C-) z 4 LL w o 1 pV a By: Y By: L . � � v�a Its:Clerk Its: firman a a d 0 w a� Q.0 AV-- PALM BEACH COUNTY HEALTH a FACILITIES AUTHORITY By: By: Designat Men:;bC.r Chairperson I 3