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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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prior to maturity, pursuant to Article VIII of this Indenture, <br />only as follows: <br />(i) The Bonds shall be redeemed by the l:ssuer as a <br />whole on any date at the principal amount thereof plus accrued <br />interest t.o the Redemption Date upon the discontinuance by the <br />Borrower of its operations at the Project and the eKercise by the <br />Bor.:ower of its option to accelerate payment of the entire unpaid <br />balance of the Loan upon the occurrence of any of the following <br />events: <br />(1) All or substantially all of the Project or the site <br />tnereof shall have been damaged or destroyed and the Borrower <br />shall determine that it is not practicable or desirable that the <br />Project be rebuilt, repaired or restored; or <br />(2) All or substantially all of the Project or the site <br />thereof shall have been condemned or such use or control thereof <br />shall have been taken under eminent domain proceedings as to <br />render the Project unsatisfactory to the Borrower for continued <br />operation: or <br />(3) 'fue Borrower reasonably determines that burdens or <br />liabilities shall have been imposed upon the Borrower with <br />respect to the Project or the operation thereof, for the purposes <br />expressed in the Loan Agreement, which shall be outside the <br />control of the Borrower and which shall renJer such operation <br />uneconomic or unprofitable; or <br />(4) The Borrower reasonably determines that tech- <br />nological or other changes shall have occurred which shall render <br />the operation of the Project, for the purposes expressed in the <br />Loan ~greement, uneconomic or unprofitabl~. <br />(ii) The Bonds shall be redeemed by the Issuer on any <br />date at the price of the unpaid principal amount thereof together <br />with accrued interest to the date fixed for redemption plus any <br />applicable premium as is fixed by the Loan Agreement, upon the <br />mandatory prepayment by the Borrower upon the Loan to the extent <br />of the principal of and interest on the Bonds as a result of the <br />occurrence of .:i Determination of ·raxability ( as Llefined in the <br />Agreement) . <br />(iii) 'rhc! Bonds sh.:ill be redeemed by the Issuer in <br />oart, such 13onds to be determined by lot, from money transferre,l <br />fron1 the Project Puna to the Redemption /\ccount of the aond l"und <br />as oroviJe<l in this Indenture anJ the Loan ~green1ent, to the <br />extent. that proceeds of the ilonds excee,1 the Cost of the Project, <br />-24-
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