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RESOLUTION 87 - LZ5, A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY INDIAN RIVER COUNTY, FLORIDA OF A LETTER OF INTENT AND INDUCEMENT AGREEMENT TO FLORIDA CONVALESCENT CENTERS, INC. WITH RESPECT TO THE COUNTY'S ISSUANCE OF NOT TO EXCEED $4,800,000 IN AGGREGATE PRINCIPAL. AMOUNT OF ITS INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS TO REFUND ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1986 (FLORIDA CONVALESCENT CENTERS, INC. PROJECT) IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,800,000. WHEREAS, Indian River County, Florida (the "County") has previously issued its Industrial Development Revenue Bonds, Series 1986 (Florida Convalescent Centers, Inc. Project) in the aggregate principal amount of $4,800,000 (the "Refunded Bonds") to finance the cost of the acquisition, construction and equipping of a skilled and intermediate care nursing home facility in the County (the "Project") for the benefit of Florida Convalescent Centers, inc. (the "Company"); and WHEREAS, the Company desires that the County issue industrial development revenue refunding bonds (the "Refunding Bonds") to refund the Refunded Bonds; and WHEREAS, the County has determined that its issuance of the Refunding Bonds to assist the Company will serve a public purpose by contributing to the prosperity of the State and its people; and WHEREAS, the Company has requested the County to indicate to the Company its intentions in this respect in order to induce the Company to proceed with such refunding and incur expenses in connection therewith. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: 1. Both the Chairman and Vice Chairman of the Boaid of County Commissioners are hereby authorized to execute, and the Clerk of the Board of the County is hereby authorized to attest, the County's letter addressed to the