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RESOLliTION NO. 86-50 <br />Rolm RESOLUTION <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $4,800,000 <br />INDUSTRIAL DEVELOPI-ENT REVENUE BOND, SERIES 1986 (FLORIDA <br />CONVALESCENT CENTERS, INC. PRQTEC.T); AUTHORIZING THE IRAN OF <br />THE PF'.00.'EEDS FROM SUCH BOND TO FLORIDA CONVALESCENT CENTERS <br />INC. IN ORDER TO FINANCE THE COST OF THE ACQUISITIOPI, <br />C CNSTRUCTION AND EQUIPPING OF A SKI= AND arI'ERMmIATE <br />CARE NURSING HOME FACILITY; PRESCRIBING THE FORM OF TRUST <br />INDENTURE TO SECURE SUCH BOND AND AUTHORIZING THE EXECUTION <br />THEREOF; PRESCRIBING THE FORM OF FINANCING AGREEMENT AND <br />AUTHORIZING THE EXECUTION THEREOF; PRESCRIBING THE FORM OF <br />MORTGAGE AND SECURITY AGREEMENT RELATING TO SUCH FACILITY <br />AISM AUTHORIZING THE EXECUTION THEREOF, INCLUDING AN <br />ASSIGZ1ENT OF INTEREST THEREIN TO THE CITIZENS AND SOUTHERN <br />NATIONAL BANK, ATLANTA, GEORGIA, AS TRUSTEE; PRESCRIBING THE <br />FORM, TEPMS AND DETAILS OF SUCH BOND; MAKING CERTAIN OTHER <br />COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF <br />SUCH BOND. <br />T�tEAS, Indian River County (the "County") is authorized by the <br />Provisions of the Florida Industrial Development Financing Act, being part II of <br />Chapter 159, Florida Statutes (1985), (the "Act") to, among other things, issue <br />revenue bonds for the purpose of using tyre proceeds thereof to acquire, <br />construct, equip and install certain capital projects in order to promote the <br />economy of the State of Florida and the welfare of the citizens thereof; and <br />WIIERF.A.S, Florida Convalescent Centers, Inc., a Florida corporation <br />(the "Corporation"), has requested that the County issue its revenue bond and <br />loan the proceeds from the sale thereof to the Corporation to finance the <br />acquisition, construction and equipping of a facility suitable for a skilled and <br />intermediate care nursing home facility (the "Project"), which shall be located <br />in Indian River County; and S <br />WfEJREAS, the County desires to authorize the issuance of its <br />Industrial Development Revenue Bond, Series 1986 (Florida Convalescent Centers <br />Inc. Project) (the "Bond"), pursuant to the Act in order to loan the proceeds <br />thereof to the Corporation to finance the acquisition, .construction and <br />equipping of the Project, pursuant to a contractual arrangement whereby the <br />amount of loan payments to be made to the County by the Corporation shall be <br />sufficient to pay the principal of and interest on the Bond as and when the same <br />become due and payable; and <br />WHEREAS, the Act provides that the Bond may be secured by a trust <br />agreement by and between the County and a corporate trustee; and <br />WHEREAS, the Bond is to be issued pursuant to and secured by a Trust <br />Indenture (the "Indenture"), by and between the County and the Citizen and <br />Southern National Bank, Atlanta, Georgia, as trustee (the "Trustee"); and <br />WHEREAS, the Bond is to be further secured by a Mortgage and Security <br />Agreement (the "Mcrtgage"), from Florida Convalescent Centers, Inc., to the <br />3 <br />AUG 1986 sooK 65 r1 r `_ 57 <br />