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Commissioners OK seventh amendment to interlocal allowing Health Facilities Authority bond issuance for ACTS retirement campuses

2258333 ยท February 11, 2025

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Summary

The board unanimously adopted a seventh amendment to an interlocal agreement enabling the Palm Beach County Health Facilities Authority to issue up to $70 million in revenue bonds for ACTS Retirement Life Community projects, including two facilities in Indian River County.

The Board of County Commissioners on Feb. 11 approved a seventh amendment to an interlocal agreement permitting the Palm Beach County Health Facilities Authority to issue revenue bonds to finance and refinance improvements at several ACTS Retirement Life Community facilities, including Indian River Estates East Campus and Indian River Estates West Campus.

County counsel described the amendment as routine and noted it has been amended six times previously. The proposed series of retirement community revenue bonds would be issued in an amount not to exceed $70,000,000 for capital improvements at ACTS facilities. County attorney's office staff said the bonds are not obligations of the county; a TEFRA hearing had been held previously in the process. (County counsel.)

Susan Ahern, senior vice president and chief financial officer of ACTS, was present at the meeting. County counsel recommended approval and the board voted unanimously to adopt the amendment and a corresponding resolution authorizing the transaction. Vice Chairman Daryl Law made the motion, which was seconded and carried unanimously.

County officials said the interlocal amendment simply permits the Health Facilities Authority to act to issue bonds for the nonprofit's capital projects and does not create county liability.