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RESOLUTION NO. 87- 139 <br />A RESOLUTION PROVIDING FOR THE REFUNDING OF <br />CERTAIN BONDS PREVIOUSLY ISSUED BY INDIAN <br />RIVER COUNTY, FLORIDA FOR THE PURPOSE OF <br />FINANCING THE ACQUISITION OF A SITE FOR, AND <br />THE COST OF CONSTRUCTION AND EQUIPPING OF, A <br />HEALTH CARE FACILITY BY FLORIDA CONVALESCENT <br />CENTERS, INC., A FLORIDA CORPORATION, CON- <br />SISTING OF AN APPROXIMATELY 91 -BED NURSING <br />HOME, SUCH FACILITY LOCATED WITHIN INDIAN <br />RIVER COUNTY, FLORIDA; PROVIDING FOR ISSU- <br />ANCE BY INDIAN RIVER COUNTY, FLORIDA OF <br />$4,800,000 .INDIAN RIVER COUNTY, FLORIDA <br />VARIABLE RATE DEMAND/FIXED RATE INDUSTRIAL <br />DEVELOPMENT 'REVENUE REFUNDING BONDS (FLORIDA <br />CONVALESCENT CENTERS, INC. PROJECT), SERIES <br />1988, THE PROCEEDS OF WHICH WILL BE LOANED <br />TO FLORIDA CONVALESCENT CENTERS, INC., A <br />FLORIDA CORPORATION, AND APPLIED TO REFUND <br />THE PREVIOUSLY ISSUED BONDS; PROVIDING FOR <br />THE PAYMENT THEREOF; MAKING CERTAIN <br />FINDINGS; AUTHORIZING THE REFUNDING; <br />AUTHORIZING THE ISSUANCE OF THE BONDS; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF <br />THE INDENTURE OF TRUST, THE LOAN AGREEMENT <br />AND THE BOND PURCHASE AGREEMENT; AUTHORIZING <br />A PRIVATE NEGOTIATED SALE OF THE BONDS; <br />APPROVING AND AUTHORIZING THE DISTRIBUTION <br />BY THE UNDERWRITER OF THE PRELIMINARY OFFI- <br />CIAL STATEMENT AND APPROVING AND AUTHORIZING <br />THE DISTRIBUTION OF THE OFFICIAL STATEMENT <br />BY THE UNDERWRITER; DESIGNATING THE TRUSTEE <br />AND THE REGISTRAR AND PAYING AGENT FOR THE <br />BONDS; AND PROVIDING AN EFFECTIVE DATE. <br />RECITALS <br />The Florida Industrial Development Financing Act, <br />being Part II of Chapter 159, Florida Statutes, as amended, <br />authorizes local agencies to issue revenue refunding bonds for <br />the purpose of refunding any bonds then outstanding which shall <br />have been issued under the provisions of the Florida Industrial <br />Development Financing Act. On August 12, 1986, Indian River <br />County, Florida (the "Issuer") issued its $4,800,000 Industrial <br />Development Revenue Bonds, Series 1986 (Florida Convalescent <br />Centers, Inc. Project) (the "Prior Bonds") for the purpose of <br />financing the acquisition of a site for, and the cost of <br />construction and equipping of, a 91 -bed nursing home by Florida <br />Convalescent Centers, Inc., a Florida corporation (the <br />"Borrower"). <br />