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RESOLUTION NO. 83-12 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA OF AN AMENDATORY INDUCEMENT LETTER EXTENDING FOR AN ADDITIONAL PERIOD OF TIME THOSE INDUCEMENTS AND COMMITMENTS SET FORTH IN RESOLUTION NO. 82-48; PROVIDINU AN EFFECTIVE DATE. WHEREAS, on May 5, 1982, the Board of County Commissioners of Indian River County (the "Issuer"), adopted Resolution No. 82-48, entitled: A RESOLUTION AUTHORIZING THE EXECUTION AND DELIV- ERY BY THE BOARD OF COUNTY COIaMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA; OF A i.FrFFR OF INTFNT AND INDUCEMENT AGREEMENT TO GENERAL DEVELOPMENT UTI- LITIES, INC., WITH RESPECT TO THE ISSUANCE. OF REVENUE BONDS TO FINANCE SAID COMPANY'S INDUSTRIAL FACILITIES FOR THE FURNISHING OF SEWERAGE SERVICES. (the "Inducement Resolution"), in connection with the proposed issuance of industrial development revenue bonds (the "bonds") by the Issuer to finance the acquisition of certain real property, and the construction and equipping thereon of improvements comprising industrial facilities for the furnishing of sewerage services (the "Project"), to be owned and operated by General Development Utilities, Inc. (the "Borrower"); and WHEREAS, the Letter of Intent and Inducement Agreement authorized to be executed and delivered pursuant to the Inducement Resolution provides that the agree- ment resulting from the acceptance by the Borrower of the Letter of Intent and Inducement Agreement shall be deemed cancelled if the bonds are not issued and delivered to the purchaser thereof by December 31, 1982; and WHEREAS, the Borrower has advised the Issuer that it is proceeding with the proposed Project with all due diligence but will not he in a position to request the Issuer to issue the bonds prior to December 31, 1982; NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY: Section 1. Extension of Time. The Issuer hereby agrees to extend those inducements and commitments set forth in Resolution No. 82-48 for an additional period of time; provided, however, if for any reason (other than that which shall be the fault of the Issuer) the bonds are not delivered to the purchaser or purchasers thereof by October 17, 1983, then the provisions of the proposal evidenced by Resolution No. 82-48 and this Resolution and the agreement resulting from their acceptance by the Borrower shall be deemed cancelled. Section 2. Authorization of Execution and Delivery of Amendatory Induce- ment Letter. The Chairman of the Board of County Commissioners of the Issuer is hereby authorized to execute, and the Clerk of the Board of County Commissioners of the LKL-1/3/83-#126 -1-