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J RESOLUTION NO. 82-48 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, OF A LETTER OF INTENT AND INDUCEMENT AGREEMENT TO GENERAL DEVELOPMENT UTILITIES, INC., WITH RESPECT TO THE ISSUANCE OF REVENUE BONDS TO FINANCE SAID COMPANY'S INDUSTRIAL FACILITIES FOR THE FURNISHING - OF SEWERAGE SERVICES. BE IT RESOLVED BY THE BOARD OF COUNTY COTifiISSIONERS OF INDIAN RIVER COUNTY AS FOLLOWS: Section 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted pursuant to the provisions of Part II, Chapter 159, Florida Statutes (the "Act"), and other applicable provisions of law. Section 2. FINDINGS. It is hereby ascertained, determined and declared as follows: A. Indian River County, Florida (the "Issuer"), is authorized by the Act to make and execute financing agreements, contracts, deeds and other instruments necessary or convenient for the purpose of facilitating the financing of the acquisition, construction and equipping of projects as defined in the Act, including machinery, equipment, land, rights in land and other appurtenances and facilities related thereto, to the end that the Issuer may be able to promote the economic growth of the State of Florida, increase opportunities for gainful employment and otherwise contribute to the welfare of the State of Florida and its inhabitants, and to finance the cost of such projects by the issuance of its revenue bonds. B. General Development Utilities, Inc., a Florida corporation (the "Borrower") wishes to acquire certain real property, and to construct and equip thereon improvements comprising industrial facilities for the furnishing of sewerage services (the "Project"), more particularly described in Exhibit B attached hereto; and the Borrower has requested that the Issuer indicate to the Borrower its intentions in this respect in order to induce the Borrower to proceed with the Project and incur expenses for its initiation and its financing. C. The location of the Project in the Issuer's area of operation shall make a significant contribution to the economic growth of the area of operation of the Issuer, shall provide gainful employment and shall serve a public purpose by advancing the economic prosperity, the public health and the general welfare of the State of Florida and its people. D. Giving due regard to the financial strength of the Borrower as demonstrated by evidence which has been previously furnished to the Issuer, and which sets forth the Borrower's ratio of current assets to current liabilities, net worth, earnings trends and coverage of all fixed charges and the nature of the industry or activity involved and its inherent stability and any guaranty of the bonds by some other financially responsible person, firm or corporation, and all other factors determinative of the Borrower's capabilities, financial and otherwise, of fulfilling its obligations consistently with the purposes of ti ,e Act, the Borrower itself is financially responsible and fully capable and willing to fulfill its obligations under the proposed Loan Agreement or Installment Sale Agreement (hereinafter defined), including the