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• <br />11 <br />the sale thereof to the Company to finance the acquisition and construction of <br />a manufacturing facility (the "Project"), which shall be located in Indian River <br />County, Florida; and <br />WHEREAS, The Board of County Commhssioners (the "Board") of the <br />County, by Resolution No. 88.47 1 duly adopted on August 2, 1988, and <br />Resolution Na. 88-55, duly adopted an September 6, 1988, heretofore expressed <br />its intent to issue bonds in a principal amount not to exceed $973,000 in <br />connection with the Project*, and <br />WHEREAS, It has been determined that the costs of the Project to be <br />financed by the issuance of bonds in accordance with the Act and Section 144(a) <br />of the federal Internal Revenue Code of 1986, as amended (the "Code"), do not <br />exceed $913,000; and <br />WHEREAS, The County desires to authorize the issuance, sale and <br />delivery of its Industrial Development Revenue Bonds, Series 1989 (Profold, Inc. <br />Project) in the aggregate principal amount of $913,000 (the "Bonds"), pursuant <br />to the Act and to lend the proceeds thereof to the Company to finance the <br />acquisition and construction of the Project, pursuant to a contractual <br />arrangement whereby the Company shall make installment payments to the County <br />sufficient to pay, among otl-.nr things, the principal of and Interest on the <br />Bonds as and when the same become due and payable; and <br />WHEREAS, The Act provides that the Bonds may be secured by a trust <br />agreement by and between the County and a corporate trustee; and <br />- 2 - <br />