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MAY 5 1992 <br />2. That the County has examined the financial strength of the <br />borrower as demonstrated by evidence which has been <br />submitted by the borrower and that the borrower's <br />capabilities financial and otherwise are sufficient to be <br />consistent with the purposes of the statute under which <br />the bonds are issued and is fully capable and willing to <br />fulfill its obligations under the proposed loan agreement <br />or installment sales agreement to operate, repair and <br />maintain at its own expense the project as well as meeting <br />the responsibilities imposed upon it by the loan <br />agreement. <br />3. That the issuer is capable of meeting the impacts of the <br />project with all necessary public facilities, utilities <br />and services that will be necessary for the construction, <br />operation, repair and maintenance of the project and that <br />may result on account of any increase in population or <br />other circumstances resulting by reason of the location of <br />the project. <br />4. That the issuance of bonds to assist the borrower will <br />serve a public purpose by advancing the economic <br />prosperity, the public health and general welfare of the <br />State of Florida. <br />5. If the County_Commiss-ion adopts the attachments, the <br />issuer shall keep the'commitment to issue open anfl <br />outstanding for a "reasonable" time so long as borrower is <br />proceeding with an appropriate effort to bring the project <br />to a conclusion; however, if bonds are not delivered to <br />purchasers by 12/31/82, then the terms of the letter and <br />acceptance thereof is deemed canceled. <br />Respe ull s ted, <br />. ra denb rg <br />A. <br />Attorn <br />Commissioner Bird asked the Attorney if he felt that <br />to utilize revenue bonds for this type purpose met with <br />paragraph 1 in his memorandum. <br />The Attorney affirmed that revenue bonds can be issued <br />for this purpose. <br />The Board discussed the various items in the Attorney's <br />memorandum at great length. <br />Commissioner Bird inquired if the County had any kind <br />of a financial cap to the amount of revenue bonds that it can <br />accumulatively have. <br />The.Attorney responded that there was no cap in the <br />dollar amount of revenue bonds that the County could issue as <br />long as each one of them met the requirements of the law. <br />