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1983-102
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1983-102
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Last modified
3/28/2023 3:08:25 PM
Creation date
3/28/2023 3:04:57 PM
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Resolutions
Resolution Number
1983-102
Approved Date
10/19/1983
Subject
Providing for the financing of the acquition construction & equipment of a
120 Bed Nursing Home Facility located on 37th Street, Providing for Industrial
Development Revenue Bonds (Florida Health Facilities Project)
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ARTICLE III <br />ISSUANC8 OF BONDS; ACQUISITON OF THE <br />PROJECT; DISBURSEMENT OF FUNDS <br />5dction 3.1 Agreement to Issue Bonds; Addi tional Bonds; <br />Ano l ::ation of ilond Proceeds . In order to provide fu n ds to make <br />th~ Loan t:.;J t.he aorrower for the purpose of reimbursing to the <br />Issuer ~11 its reimbursable costs of issuing the Bonds and for <br />payiag the Project Costs, the Issuer agrees that it will, as <br />:>ro:n_;Jt l/ as possible, sell and cause to be delivered to the <br />purc~asars thereof $2,400,000 aggregate principal amount of <br />aonJs, to be designated Series 1983. The proceeds from such sale <br />shall ~e r~ceived by the Trustee for deposit to the various funds <br />.1:; .r~4uire...l by the Indenture. The Issuer shall be reimbursed for <br />:1...lvances heretofore made for Costs as provided in Section 3,3 <br />her .:lof. <br />The Issuer may hereafter agree to authorize and issue <br />pari ~assu ~dditional Bonds in one or more series in accordance <br />wi.::.h ..ipplicable rrovisions of the Indenture upon adoption of a <br />::';:!:;.Jlut.ion of the Issuer containing a finding that the issuance <br />of c.he ~Jditional Bonds is in the public interest, and further <br />co11t3i:1in-1 findings with respect to the financial ability of the <br />iJorr::>,,,H" :ind other matters as require<l by the Act. The Issuer <br />shall ~hereafter issue such Additional Bonds in one or more <br />serl.~s, in accordance with the apr.ilicable provisions of the <br />Indentur'?; provided, however , that the inability or unwillingness <br />of c.he rss,rnr to issue Additional Bonds shall not r-elease the <br />iJorr::,• . ..ter from any of the provisions of this l\.greement, regardless <br />of ~ha reason therefor. Nothing herein shall be deemed to require <br />or ~bli~at~ the Issuer to issue Additional Bonds. <br />Section 3.2 Acquisition of Project. The Borrower will <br />colilplete the r1cr1uisition, construction and equipment of the <br />Project dS pro~ptly as practicable, and will continue such <br />ac4uisition, construcion, and equip~ent with all reasonable <br />o.Iispatcil not..,ithstanding any insufficiency of the Note proceeds <br />for that. ~,urpose. The ,late of such completion shall hereafter be <br />rererri:!J to as the "Completion Date." <br />The iJorrower :nay revise tho Plans and Specifications <br />.:it ,1ny time ,1nd from time to time prior to the Completion Date, <br />in .:in/ munner not inconsistent with the provisions of the <br />Construction Loan Agreement; proviued, however, that no material <br />ch.:i.nge in the Plans an<l Specifications shall be ma<le in the <br />courc;L? of the construction of the Project unless ;incl until a. copy <br />of uach such revision, duly certified by an AuLhorlze<l 0orrower <br />-lG-
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