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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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40 <br />the Credit Facility, to permit the Registrar and Paying Agent to realize <br />such amount on such date. The amount so drawn shall be deposited in the <br />Principal Account and held in a separate subaccount therein apart from all <br />other moneys on deposit therein. <br />(d) On the maturity date of the Bonds and on any date on which the <br />due date for the payment of the principal amount of the Bonds shall be <br />accelerated in accordance with Section 7.02 or 7.12 hereof, the Trustee or <br />the Registrar and Paying Agent (acting as its agent) shall draw a draft <br />under the Credit Facility (or take such other steps as shall be necessary <br />to realize funds thereunder), to the extent permitted thereby, in an <br />amount calculated by the Trustee or the Registrar and Paying Agent (acting <br />as its agent) to be equal to the principal amount of the Bonds (other than <br />Credit Facility Bonds) due on such date, less the amount of Available <br />Moneys on deposit in the Principal Account available for the payment of <br />such principal on such date, which drawing shall be made or steps taken in <br />sufficient time, as indicated in the Credit Facility, to permit the <br />Trustee or the Registrar and Paying Agent (acting as its agent) to realize <br />such amount on such date. The amount so drawn shall be deposited in the <br />Principal Account and held in a separate subaccount therein apart from any <br />other moneys on deposit therein. <br />- 37 - <br />
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