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1987-139
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1987-139
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9/2/2022 9:33:01 AM
Creation date
9/1/2022 9:39:10 AM
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Resolutions
Resolution Number
1987-139
Approved Date
11/24/1987
Resolution Type
INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS
Subject
financing the acquisition of a Health Care Facility by Fl. Convalescent Centers, Inc.,
consisting of an 91-bed Nursing Home providing for issuance by ORC
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w <br />(i) if title to, or the permanent use of, or use for a <br />limited period of, substantially all of the Project is condemned or the <br />subject of an agreement with, or action by, a public authority in the nature <br />of or in lieu of condemnation proceedings; or <br />(ii) if the Borrower's title to substantially all of the <br />Project is found to be deficient to the extent that the efficient utilization <br />thereof by the Borrower is substantially impaired; or <br />(iii) if substantially all of the Project is damaged or <br />destroyed by fire or other casualty; or <br />(iv) if as a result of any changes in the Constitution of <br />the United States of America or of the State of Florida, or of legislative or <br />administrative action, or failure of administrative action, by the United <br />States or the State of Florida, or any agency or political subdivision <br />thereof, or by reason of any judicial decision, unreasonable burdens or <br />excessive liabilities are imposed on the Borrower, including (without <br />limitation) federal, state or other ad valorem property, income or other taxes <br />not being imposed on the date of the Loan Agreement. <br />(f) Selection of Bonds to Be Redeemed. If fewer than all of <br />the Bonds shall be called for redemption, the Bonds or portions thereof to be <br />redeemed shall be selected by the Registrar and Paying Agent in the manner <br />provided in the Indenture. <br />(g) Notice of Redemption. At least one Business Day before the <br />redemption date of any Credit Facility Bond, and at least 30 days before the <br />redemption date of any other Bond, the Registrar and Paying Agent will give a <br />notice of redemption to each owner of a Bond to be redeemed in the manner and <br />under the terms and conditions provided herein and in the Indenture, but <br />failure to give any notice of redemption as to any Bond or any defect therein <br />will not affect the validity of the call for redemption of any other Bonds. <br />(h) Effect of Call for Redemption Bonds or portions thereof <br />called for redemption shall become due and payable on the redemption date at <br />the redemption price set forth herein. On the date designated for redemption, <br />if any required notice of redemption has been given and funds sufficient to <br />pay the redemption price have been deposited with the Registrar and Paying <br />Agent or the Trustee, interest on the Bonds or portions thereof to be redeemed <br />shall cease to accrue, such Bonds or portions thereof shall cease to be <br />entitled to any benefit or security under the Indenture and the owners of such <br />Bonds shall have no rights in respect of such Bonds or portions thereof so <br />called for redemption except to receive payment of the redemption price <br />thereof and accrued interest thereon solely from such funds. <br />Optional and Mandatory Tender. <br />(a) Optional Tender. During any period in which the Bonds bear <br />interest at the Variable Rate, the Issuer will purchase or cause to be <br />B-10 <br />
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