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r FEB 2 <br />M <br />RESOLUTION NO. •83-12 <br />,5= 2. P'a'in' 736 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND <br />DELIVERY BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA OF AN AMENDATORY <br />INDUCEMENT LETTER EXTENDING FOR AN ADDITIONAL <br />PERIOD OF TIME THOSE INDUCEMENTS AND COMMITMENTS <br />SET FORTH IN RESOLUTION NO. 82-48; PROVIDING AN <br />EFFECTIVE DATE. <br />X <br />WHEREAS, on May 5, 1982, the Board of County Commissioners of Indian <br />River County (the "Issuer"), adopted Resolution No. 82-48, entitled: <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIV- <br />ERY BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA, OF A LETTER OF INTENT AND <br />INDUCEMENT AGREEMENT TO GENERAL DEVELOPMENT UTI- <br />LITIES, INC., WITH RESPECT TO THE ISSUANCE OF REVENUE <br />BONDS TO FINANCE SAID COMPANY'S INDUSTRIAL FACILITIES ' <br />FOR THE FURNISHING OF SEWERAGE SERVICES. <br />(the "Inducement Resolution"), in connection with the proposed issuance of industrial <br />development revenue bonds (the "bonds") by the Issuer to finance the acquisition of <br />certain real property, and the construction and equipping thereon of improvements <br />comprising industrial facilities for the furnishing of sewerage services (the "Project"), to <br />be owned and operated by General Development Utilities, Inc. (the 'Borrower"); and <br />WHEREAS, the Letter of Intent and Inducement Agreement authorized to be <br />executed and delivered pursuant to the Inducement Resolution provides that the agree- <br />ment resulting from *the acceptance by the Borrower of the Letter of Intent and <br />Inducement Agreement shall be deemed cancelled if the bonds are not issued and <br />delivered to the purchaser thereof by December 31, 1982; and <br />WHEREAS, the Borrower has advised the Issuer that it is proceeding with the <br />proposed Project with all due diligence but will not be in a position to request the Issuer <br />to issue the bonds prior to December 31, 1982; NOW THEREFORE <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY: <br />Section 1. Extension of Time. The Issuer hereby agrees to extend those <br />inducements and commitments set forth in Resolution No. 82-48 for an additional period <br />of time; provided, however, if for any reason (other than that which. shall be the fault of <br />the Issuer) the bonds are not delivered to the purchaser or purchasers thereof by October <br />17, 1983, then the provisions of the proposal evidenced by Resolution No. 82-48 and this <br />Resolution and the agreement resulting from their acceptance by the Borrower shall be <br />deemed, cancelled. <br />Section 2. Authorization of Execution and Delivery of Amendatory Induce- <br />ment Letter. The Chairman of the Board of County Commissioners of the Issuer is <br />hereby authorized to execute, and the Clerk of the Board of County Commissioners of the <br />LKL-1/3/83-#126 -1- <br />33 <br />