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RESOLUTION NO. 96-15 9 <br /> A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, <br /> APPROVING THE ISSUANCE OF INDUSTRIAL <br /> DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT TO <br /> EXCEED$5,000,000;AUTHORIZING APPLICATION BY THE <br /> COUNTY FOR ALLOCATION OF PRIVATE ACTIVITY BOND <br /> VOLUME CAP FOR SUCH BONDS; DECLARING ITS <br /> OFFICIAL INTENT THAT THE PROCEEDS OF SUCH BONDS <br /> BE USED FOR REIMBURSEMENTS; AND PROVIDING AN <br /> EFFECTIVE DATE. <br /> WHEREAS, Indian River County, Florida(the "County")has the authority under <br /> the Florida Industrial Development Financing Act, Part 11, of Chapter 159, Florida <br /> Statutes, as amended (the "Industrial Act") to issue revenue bonds for the purpose <br /> of financing industrial development facilities; and <br /> WHEREAS, XL Realty, Inc., a Delaware corporation (the "Borrower") has <br /> requested that the County issue its industrial development revenue bonds (the <br /> "Bonds") in the principal amount not to exceed $5,000,000; and <br /> WHEREAS, the proceeds of such Bonds will be used to (i) pay all or any part <br /> of the cost of issuance of the Bonds; (ii) pay all or any part of the cost of acquiring, <br /> constructing,erecting and improving a 62,000 square foot manufacturing facility(and <br /> directly related office and support facilities) used to manufacture imaging systems(the <br /> "Project"); and (iii) to pay any other cost permitted by applicable law, <br /> WHEREAS, Part VI of Chapter 159, Florida Statutes, provides for allocation of <br /> the private activity bond volume cap for the State of Florida and pursuant thereto, <br /> local agencies such as and including the County must obtain and submit to the State <br /> of Florida, Division of Bond Finance, written certification of approval by applicable <br /> elected official as required by Section 147(f) of the U.S. Internal Revenue Code (the <br /> "Tax Code") and may thereafter file a notice of intent to issue private activity bonds <br /> and request a written confirmation of volume cap allocation in order to be able to <br /> issue such bond; and <br /> WHEREAS, the Board of Commissioners of Indian River County, Florida (the <br /> "Board") is the local elected official for the County as that term is used in Section <br /> 147(f)of the Tax Code and, as such,the Board may give the required approval for the <br /> County to issue such bonds only after conduct of a public hearing held after <br /> publication of reasonable notice; and <br />