Laserfiche WebLink
40 <br />GAWP11/LOANAGR.WP/10-3-87/#1/svg <br />IRAN AGREEMENT <br />THIS LOAN AGREEMENT dated as of , 198_, and effective from <br />the time of. execution and delivery hereof,—is by and between Indian River County, <br />Florida, a political subdivision of the State of Florida (the "Issuer"), and <br />Florida Convalescent Center, Inc., a Corporation organized and existing under the <br />laws of the State of Florida (the "Borrower"). <br />RECITALS <br />The Issuer is authorized by the Florida Industrial Development <br />Financing Act, consisting of Part II of Chapter 159, Florida Statutes, as <br />amended, (the "Act") to issue its revenue bonds for the purpose of financing and <br />refinancing the costs of construction and acquisition of projects authorized by <br />the Act. <br />On 198_, the Issuer adopted a resolution authorizing the <br />issuance, sale and delivery of its $4,800,000 Variable Rate Demand/Fixed Rate <br />Industrial Development Revenue Refunding Bonds (Florida Convalescent Centers, <br />Inc. Project) Series 198_, (the "Bonds"), and the lending of the proceeds thereof <br />to the Borrower in order to refinance a portion of the costs of certain projects <br />(the "Project") authorized under the Act and to refund the $4,800,000 Indian <br />River County Industrial Development Revenue Bonds (Florida Convalescent Centers, <br />Inc. Project). <br />The Bonds will be issued under and pursuant to an Indenture of Trust <br />(the "Indenture") dated as of , 198_, between the Issuer and Third <br />National Bank in Nashville, a national banking association, as Trustee. <br />The Indenture provides that the Borrower will execute and deliver to <br />the Issuer a mortgage with respect to the Project and certain other property of <br />the Borrower as security for the obligations of the Borrower under this Loan <br />Agreement. <br />Bonds issued pursuant to the Act do not constitute or create in any <br />manner a debt, liability or obligation of, or a pledge of the faith and credit <br />of, the State of Florida, or any county or any political subdivision thereof but <br />shall be payable solely from the Revenues (defined herein). The issuance of <br />bonds under the Act shall not obligate the State of Florida, or any county, or <br />any political subdivision thereof or the Issuer to levy or to pledge any form of <br />