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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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4D <br />and (ii) if a Long Fixed Rate Period is then in effect, the lowest interest rate <br />that, in its judgment, would be the Fixed Rate if the Borrower rescinded its <br />election to establish the succeeding Fixed Rate Period. Such determinations <br />shall be based upon historical trends and projections of the interest rates on <br />the Bonds and comparable securities or any other information deemed appropriate <br />by the Remarketing Agent. If particular Bonds shall have been selected to be <br />redeemed from particular Sinking Fund Installments in accordance with this <br />Section, the Remarketing Agent may determine a different preliminary Fixed Rate <br />for the Bonds that are to be redeemed from each Sinking Fund Installment. The <br />Remarketing Agent shall give notice of such preliminary interest rates to the <br />Trustee, the Registrar and Paying Agent, the Borrower and NHC on the date of <br />determination thereof by telephone, telex or other electronic transmission <br />(promptly confirmed in writing in the case of any oral notice). On each <br />Computation Date, the Remarketing Agent shall determine the Fixed Rate as <br />provided in Section 4(b) of the Bonds. <br />(g) Notice of Interest Rates. On each Adjustment Date and <br />Computation Date, the Remarketing Agent shall give notice to the Trustee, the <br />Registrar and Paying Agent, the Credit Facility Provider, the Borrower and NHC of <br />the interest rate or rates determined for the Bonds on such date by telephone, <br />telex or other electronic transmission (promptly confirmed in writing in the case <br />of any oral notice). <br />(h) Maximum Rate. The Issuer may from time to time, upon the written <br />request of Authorized Officers of the Borrower and NHC, increase the Maximum Rate <br />by delivering to the Trustee (i) a copy of the resolution or other enabling <br />action of the Issuer authorizing such increase in the Maximum Rate, certified by <br />an Authorized Officer of the Issuer, (ii) an opinion of Bond Counsel to the <br />effect that such resolution has been duly adopted by the Issuer and is valid and <br />binding and that such increase in the Maximum Rate will not adversely affect the <br />excludability from gross income, for federal income tax purposes, of interest <br />paid on the Bonds and (iii) an amendment of the Credit Facility or other evidence <br />satisfactory to the Trustee that the amount that can be realized under the Credit <br />Facility for the payment of interest on the Bonds will be sufficient, after <br />adding all amounts, if any, that will be available for the payment of interest on <br />any Credit Facility Bonds when such Bonds cease to be Credit Facility Bonds, to <br />pay up to the same number of days interest on Bonds that are not Credit Facility <br />Bonds (calculated at the increased Maximum Rate) as could have been paid prior to <br />such increase (calculated at the prior Maximum Rate). The Trustee shall give <br />written notice to the Registrar and Paying Agent, the Remarketing Agent and each <br />of the Rating Agencies of any increase in the Maximum Rate promptly upon its <br />receipt of the items referred to in this paragraph. <br />Section 2.04. Sinking Fund Installments. The Sinking Fund <br />Installments for the Bonds shall be due on January 1 of the following years in <br />the following amounts: <br />Sinking Fund Sinking Fund <br />Year Installment Year Installment <br />- 17 - <br />
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