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RESOLUTION 86-37 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY BY <br />INDIAN RIVER COUNTY, FLORIDA OF A LETTER OF INTENT AND <br />INDUCEMENT AGREEMENT TO FLORIDA CONVALESCENT CENTERS, <br />INC., WITH RESPECT TO THE COUNTY'S ISSUANCE OF NOT TO <br />EXCEED $4,800,000 IN PRINCIPAL AMOUNT OF ITS REVENUE <br />BONDS TO FINANCE THE COST OF A SKILLED AND INTERMEDIATE <br />CARE NURSING HOME FACILITY <br />WHEREAS, Florida Convalescent Centers, Inc., the <br />"Company") wishes to acquire and construct a skilled and <br />intermediate care nursing home facility and wishes to have <br />Indian River County, a political subdivision of the State of <br />Florida (the "County"), issue its revenue bonds to provide the <br />necessary financing for such facility; and <br />WHEREAS, the County has determined that its issuance of <br />such obligations to assist the Company will serve a public <br />purpose by contributing to the prosperity of the State and its <br />people; and <br />WHEREAS, the Company has requested the County to <br />indicate to the Company its intentions in this respect in order <br />to induce the Company to proceed with such project and incur <br />expenses for its initiation and its financing. <br />NOVI, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: <br />1. "rhe Chairman or Vice Chairman of the Board of <br />County Convnissioners are hereby authorized to execute, and the <br />Clerk of the Board of the County is hereby authorized to attest, <br />the County's letter addressed to the Company or its affiliates in <br />substantially the form attached to this Resolution as Exhibit "A" <br />and incorporated herein, with respect to the issuance of not <br />0 <br />