Laserfiche WebLink
r AUG 17 1983 <br />BGOR5.4 ?AAP <br />TO: Members of the DATE: August 9, 1983 FILE: <br />Board of County Commissioners <br />SUBJECT: Florida Health Facilities <br />Project, Industrial <br />Development Revenue Bonds <br />Series 1983, $2,400,000 <br />FROM: Gary M. Brandenburg REFERENCES: <br />County Attorney <br />The Indian River County Commission on March 29, 1983, adopted <br />Resolution No. 83-22 (available in our office for your review) <br />authorizing the execution by the -Chairman of the Board of a Letter <br />of Intent and Inducement to Florida Health Facilities Corp. (of <br />Indian River County) with respect to the issuance by the County of <br />not exceeding $3,500,000 of Industrial Development Revenue Bonds to <br />finance the cost of the acquisition, construction and equipment of <br />a nursing home facility to be located in Indian River County in the <br />hospital node.. The proprietors of this project have been moving <br />ahead with construction and financing arrangements and have now <br />informed the County that they are ready to proceed with a formal <br />bond resolution and validation proceedings. <br />The Tax Equity and Fiscal Responsibility Act of 1982 requires the <br />County to advertise a notice of its intended actions prior to a <br />public hearing at which the governing body determines whether or <br />not to authorize the bond issue. I have attached a copy of the <br />notice that appeared in the Press -Journal. This advertisement <br />fulfills the requirements'of the new federal law. <br />As you will recall, the proprietors requested the County in March <br />to proceed with inducement prior to making a final determination as <br />to the financial stability of the proprietor (see Page 2 paragraph <br />C). The question of financial stability must be addressed prior to <br />adoption of the attached bond resolution. On August 3rd I <br />addressed a memo to the County Administrator reminding him of this <br />requirement. I now understand that the OMB Director has the <br />information in hand that is necessary to do such a determination <br />and will be making a recommendation to the Board prior to the <br />meeting of August 17th. <br />Please note that there has been considerable discussion about the <br />availability of utilities services for the project (i.e. sewage <br />disposal). If I understand it correctly, this problem remains in <br />essentially the same status as it was in March when the inducement <br />resolution was adopted. Indian River County did not make any <br />representations in March as to the availability of utilities in the <br />area of the project and likewise,no representation as to utility <br />availability is made in the attached bond resolution. Please draw <br />your attention to page 2 paragraph D where it provides that all <br />such services will be provided by the borrower when needed. <br />The bond resolution refers to a Guaranty Agreement from Clark <br />Development, Inc., Jack A. Clark, Christopher A. Clark and Martin <br />B. Clark to Indian River County and Barnett Banks Trust Co. N.A., <br />as Trustee, as well as a Loan Agreement, Mortgage and Security <br />Agreement between Indian River County and Florida Health Facilities <br />Corp. and a Trust Indenture between Indian Rioter County and Barnett <br />Banks Trust Company. These documents total over 150 pages and have <br />been drafted by our bond counsel. They are available in our office <br />for your review. <br />42 <br />