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• <br />This matter was previously heard and approved by the Board <br />at its meeting September 29, 1987. It is being acted on <br />again on March 15, 1988, in order to include the actual <br />street address of the Florida Convalescent Center building. <br />Passage of the attached resolution will allow the bond <br />closing to proceed; therefore, staff recommends the Board <br />authorize the Chairman to execute it. <br />The Chairman asked if anyone present wished to be heard, and <br />upon determining there were none, declared the public hearing <br />closed. <br />UPON MOTION by Commissioner Bowman, SECONDED by Com- <br />missioner Eggert, the Board unanimously adopted <br />Resolution 88-16 approving the issuance of Industrial <br />Development Refunding Bonds for Florida Convalescent <br />Centers. <br />RESOLUTION NO. 88- 16 <br />WHEREAS, Indian River County, Florida (the "County"), adopted <br />Resolution 87-139 on November 24, 1987, wherein the County <br />authorized the issuance of its Variable Rate Demand/Fixed Rate <br />Industrial Development Revenue Refunding Bonds (Florida <br />Convalescent Centers, Inc. Project), in the aggregate principal <br />amount of $4,800,000 (the "Bonds"), for the purposes of refinancing <br />the cost of.acquisition, construction and equipping of the facility <br />owned by Florida Convalescent Centers, Inc. (the "Corporation") <br />consisting of certain land, buildings, structures and equipment <br />comprising a skilled and intermediate care nursing home facility <br />(the "Project") which is located at 1755 37th Street, Vero Beach, <br />in Indian River County, Florida, and refunding the entire <br />outstanding principal amount of the County's $4,800,000 Industrial <br />.Development Revenue Bond, Series 1986 (Florida Convalescent <br />Centers, Inc. Project) (the "Prior Bond"), issued to provide <br />initial financing for the Project; <br />WHEREAS; the County is authorized to issue the Bonds to <br />refinance the Project and refund the Prior Bond pursuant to the <br />provisions of the Florida Industrial Development Financing Act, <br />Part II of Chapter 159, Florida °Statutes, as amended; and <br />WHEREAS, in order to satisfy the requirements of Section <br />147(f) of the Internal Revenue Code of 1986, as amended, the County <br />held a public hearing on the proposed issuance of the Bonds on the <br />date of adoption hereof, more than 14 days following the first <br />29 <br />MAR 15 1988 <br />BOOK 71. f'CE 198 <br />