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G <br />Eel <br />OR <br />WHEREAS, The Bonds are to be Issued pursuant to and secured by a <br />Trust Indenture, to be dined its of October 1, 1989 (the "Indenture"), by and <br />between the County and First F1orWa B"k, N.A., Tampa, Florida, as trustee (the <br />"Trustee"); and <br />WHEREAS, The Bonds are to be further secured by an assignment by <br />this; County to the Trustee of a Mortgage and Security Agreement to he dated as <br />of; October 1, 1989 (the "Mortgage"), from Profold, Inc:., whereby the Company <br />shall grant a mortgage and security interest in the Project; and <br />WHEREAS, The Bonds shallbe special obligations of the County, <br />payable solely from the revenues and other:.receipts, hoods or moneys to be <br />derived by the County under a Ftnaneing Agreement, to be dated as of October 1, <br />1989 (the "Agreement"), between the County and the Company, a $913,000 principal <br />amount note of the Company (the "Note"), and the Mortgage; and <br />WHEREAS, A public hearing regarding the issuance of the Bonds was <br />duly held on September (, 1988, by the County in accordance with Section t47(f) <br />of the Code; and <br />WHEREAS, On August 23, 1989, the County was Informed by the. Florida <br />Division of Bond Finance that sufficient tar. -exempt private activity bond volume <br />allocation had been granted for the Project and the Bonds; and <br />WHEREAS, The County desires to authorize and to take all action <br />necessary or desirable to authorize, Issue, sell, secure and deliver the Bonds. <br />NOW, THEREFORE, BE, IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA; <br />- 3 - <br />