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RESOLUTION 87 - <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY INDIAN <br />RIVER COMM, FLORIDA OF A LETTER OF INTENT AND INDUCEMENT <br />AGREEMENT TO FLORIDA CONVALESCENT CENTERS, INC. WITH RESPECT <br />TO THE COUNTY'S ISSUANCE OF NOT TO EXCEED $4,800,000 IN <br />AGGREGATE PRINCIPAL AMOUNT OF ITS INDUSTRIAL DEVELOPMENT <br />REVENUE REFUNDING BONDS TO REFUND ITS INDUSTRIAL DEVELOPMENT = <br />REVENUE BONDS, SERIES 1986 (FLORIDA CONVALESCENT CENTERS, _ - <br />INC. PROJECT) IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />$4,800,000. <br />WHEREAS, Indian River County, Florida (the "County") has previously <br />issued its Industrial Development Revenue Bonds, Series 1986 (Florida <br />Convalescent Centers, Inc. Project) in the aggregate principal amount of <br />$4,800,000 (the "Refunded Bonds") to finance the cost of the acquisition, <br />construction and equipping of a skilled and intermediate care nursing home <br />facility in the County (the "Project") for the benefit of Florida Convalescent <br />Centers, Inc. (the "Company"); and- <br />WHEREAS,'the Company desires that the County issue industrial <br />development revenue refunding bonds (the "Refunding Bonds") to refund the <br />Refunded Bonds; and <br />WHEREAS, the County has determined that its issuance of the Refunding <br />Bonds to assist the Company will serve a public purpose by contributing to the <br />prosperity of the State and its people; and <br />WHEREAS, the Company has requested the County to indicate to the <br />Company its intentions in this respect in order to induce the Company to proceed <br />with such refunding and incur expenses in connection therewith. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, as follows: <br />1. Both the Chairman and Vice Chairman of the Board of County <br />Commissioners are hereby authorized to execute, and the Clerk of the Board of the <br />County is hereby authorized to attest, the County's letter addressed to the <br />Company in substantially the form attached to this Resolution as Exhibit "A" and <br />incorporated herein, with respect to the issuance of not exceeding $4,800,000 in <br />aggregate principal amount of its Refunding Bonds on behalf of the Company, with <br />such changes therein as shall be approved by such officers, such approval to be <br />conclusively evidenced by their execution thereof. <br />2. Such officers and all other officers and employees of the County <br />are hereby authorized to execute such further agreements and take such further <br />33 <br />vCUT 13-1987 BOOK 69 Face 675 <br />