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RPSOLUTrora 86-37 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY <br />INDIAN RIVER COUNTY, FLORIDA OF A LETTER OF INTENT AND <br />INDUCEMENT AGREEMENT TO FLORIDA CONVALESCENT CENTERS, <br />INC., WITH RESPECT TO THE COUNTY'S ISSUANCE OF NOT TO <br />EXCEED $4,800,000 IN PRINCIPAL AMOUNT OF ITS REVENUE <br />BONDS TO FINANCE THE COST OF A SKILLED AND I NTEP',MED I ATE <br />CARE NURSING HOME FACILITY <br />WHEREAS, Florida Convalescent Centers, Inc., (the <br />"Company") wishes to acquire and construct a skilled and <br />intermediate care nursing home facility and wishes to have <br />Indian River County, a political subdivision of the State of <br />Florida (the "County"), issue its revenue bonds to provide the. <br />necessary financing for such facility; and <br />WHEREAS, the County has determined that its issuance of <br />such obligations to assist the Company will serve a public <br />purpose by contributing to the prosperity of the State and its <br />people: and <br />WHEREAS, the Company has requested the County to <br />indicate to the Company its intentions in this respect in order <br />to induce the Company to proceed with such project and incur <br />expenses for its initiation and its financing. <br />NOVI, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br />1. The Chairman or Vice Chairman of the Board of <br />County Commissioners, are hereby authorized to. execute, and the <br />Clerk of the Board of the County is hereby authorized to attest, <br />the County's letter addressed to the Company or its affiliates in <br />substantially the form attached to this Resolution as Exhibit "A" <br />and incorporated herein, with respect to the issuance of not <br />exceeding $4,800,000 in principal amount of its industrial <br />development revenue bonds on behalf of the Company, with such <br />changes therein as shall be approved from time to time by such <br />officers executing the same, such approval to he conclusively <br />evidenced by their execution thereof. <br />2. Such officers and all other officers and employees <br />of the County are hereby authorized to execute such further <br />agreements and take such further action as shall be necessary to <br />39 <br />JUN 2 5 1986 BOOK 64 Fr,ut 816 <br />