Laserfiche WebLink
C-1 <br />OFFICIAL STATEMENT <br />relating to Bonds of various Florida Issuers designated <br />Variable Rate Demand/Fixed Rate <br />Industrial Development Revenue Refunding Bonds <br />(Florida Convalescent Centers, Inc. Project) <br />INTRODUCTORY STATEMENT <br />This Official Statement, including the cover page (excluding the <br />price) and appendices, is provided to furnish certain information in <br />connection with the offering of the separate issues (each, an "Issue") of <br />Variable Rate Demand/Fixed Rate Industrial Development Revenue Refunding Bonds <br />(Florida Convalescent Centers, Inc. Project) issued by the Issuers, in the <br />amounts and of the series set forth on the cover page of this Official <br />Statement (collectively, the "Bonds"). The Bonds of each Issue will be <br />entirely separate from the Bonds of each other Issue and will be secured by a <br />separate Credit Facility (defined herein). The Bonds of each Issue, however, <br />contain substantially the same terms and provisions as the Bonds of each other <br />Issue, except as noted herein. <br />The Bonds of each Issue are authorized pursuant to the Enabling <br />Legislation described in Appendix E and will be issued under and secured by a <br />separate Indenture of Trust (each, an "Indenture") between the Issuer of such <br />Bonds and Third National Bank in Nashville, as Trustee. Chemical Bank, New <br />York, New York, has been appointed Registrar and Paying Agent for the Bonds of <br />each Issue. <br />The proceeds of the Bonds of each Issue will be loaned to Florida <br />Convalescent Centers, Inc. (the "Company"), pursuant to a separate loan <br />agreement between the Issuer of such Bonds and the Company (each, a "Loan <br />Agreement") in order to provide funds necessary to redeem at par, on or <br />shortly after the date of issuance of such Bonds, certain industrial <br />development bonds previously issued by such Issuer to finance a portion of the <br />cost of the construction and acquistion by the Company of a nursing home <br />facility (each, a "Project") located in the State of Florida. Each Project is <br />managed by National HealthCorp L.P. CWHC") pursuant to a separate management <br />agreement between the Company and NHC. Appendix E includes a description of <br />each of the Projects. <br />The Bonds of each Issue initially will bear interest at the <br />respective rates set forth on the cover page of this Official Statement for <br />the respective Initial Interest Periods set forth on the cover page of this <br />Official Statement. Thereafter, the Bonds of each Issue will bear interest at <br />the Variable Rate, which will be determined by the Remarketing Agent on the <br />first Business Day of each month. As long as the Bonds of an Issue bear <br />interest at the Variable Rate, such Bonds will be purchased on the demand of <br />the holders thereof at the times and subject to the conditions described under <br />-1- <br />