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r JUN. G 1989 <br />BOOK 76 FAGS. 958 <br />RESOLUTION NO. 89-55 <br />A RESOLUTION OF THE COUNTY COMMISSION OF <br />INDIAN RIVER COUNTY, FLORIDA ACCEPTING THE <br />RESIGNATION OF CITIBANK, N.A., AS REMARKET- <br />ING AGENT FOR THE $4,000,000 INDIAN RIVER <br />COUNTY, FLORIDA VARIABLE RATE DEMAND UTILITY <br />REVENUE BONDS, SERIES 1983 (GENERAL DEVELOP- <br />MENT UTILITIES, INC. PROJECT) AND APPOINTING <br />MANUFACTURERS HANOVER TRUST CO. AS THE NEW <br />REMARKETING'AGENT FOR THE BONDS; APPROVING A <br />REMARKETING AGREEMENT RELATING TO THE BONDS; <br />ACCEPTING THE RESIGNATION OF BANKAMERICA <br />TRUST COMPANY OF NEW YORK AS TRUSTEE, REGIS- <br />TRAR AND PAYING AGENT FOR THE BONDS; <br />APPOINTING CHEMICAL BANK AS SUCCESSOR <br />TRUSTEE, REGISTRAR AND PAYING AGENT FOR THE <br />BONDS; APPROVING A FIRST SUPPLEMENTAL TRUST <br />INDENTURE RELATING TO THE BONDS; APPROVING A <br />FIRST AMENDMENT TO THE LOAN AGREEMENT RELAT- <br />ING TO THE BONDS; APPROVING THE RELEASE OF <br />GENERAL DEVELOPMENT CORPORATION FROM ALL <br />OBLIGATIONS AS GUARANTOR FOR THE BONDS OR <br />UNDER ANY GUARANTEES RELATING TO THE. BONDS; <br />ACKNOWLEDGING THE RELEASE OF THE MORTGAGE <br />WITH. RESPECT TO THE TRUSTEE FOR THE BONDS; <br />AND PROVIDING -AN EFFECTIVE DATE. <br />WHEREAS, Indian River County, Florida (the "Issuer") issued <br />its $4,000,000 Variable Rate Demand Utility Revenue Bonds, Series <br />1983 (General Development Utilities, Inc. Project) (the "Bonds"); <br />and <br />WHEREAS, in connection therewith the Issuer entered into a <br />Trust Indenture. dated as of December 1, 1983 (the "Indenture") <br />with BankAmerica Trust Company of New York, as Trustee <br />("BankAmerica"); and <br />WHEREAS, the proceeds of the Bonds were •loaned to General <br />Development Utilities, Inc. ("GDU") pursuant to a Loan Agreement <br />dated as of December 1, 1983 (the "Loan Agreement"); and <br />WHEREAS, in connection with the Bonds, the Issuer entered <br />into a Remarketing Agreement dated as of December 1, 1983 with <br />GDU and Citibank, N.A. ("Citibank") as Remarketing Agent (the <br />"Remarketing Agreement"); and <br />WHEREAS, as further described in the Memorandum, attached <br />hereto as Exhibit E, presented to this meeting from GDU and its <br />bond counsel, the parties wish to make certain changes in the <br />provisions of the financing documents as described in said memo- <br />randum; <br />RESOLUTION 89-55 IS ON FILE IN ITS ENTIRETY IN THE OFFICE OF THE CLERK <br />