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40 <br />40 <br />RESOLUTION NO. 86-50 <br />BOND RESOLUTION <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $4,800,000 <br />INDUSTRIAL. DEVELOR4M REVENUE BOND, SERIES 1986 (FLORIDA <br />CONVALESCENT CENTERS, INC. PROJECT); AUTHORIZING THE IRAN OF <br />THE PROCEEDS FROM SUCH BOND TO FLORIDA CONVALESCENT CM'ERS <br />INC. IN ORDER TO FINANCE THE COST OF THE ACQUISITION, <br />CONSTRUCTION AND EQUIPPING OF A SKITT AND INTERMEDIATE <br />CARE NURSING HOME FACILITY; PRESCRIBING THE FORM OF TRUST <br />INDENTURE TO SECURE SUCH BOND AND AUTHORIZING THE EXECUTION <br />THEREOF; PRESCRIBING THE FORM OF FINANCING AGREEMENT AND <br />AUTHORIZING THE EXECUTION THEREOF; PRESCRIBING THE FORM OF <br />MORTGAGE AND SECURITY AGREEMENT RELATING TO SUCH FACILITY <br />AND AUTHORIZING THE EXECUTION THEREOF, INCLUDING AN <br />ASSIGNMENT OF INTEREST THEREIN TO THE CITIZENS AND SOUTHERN <br />NATIONAL BANK, ATLANTA, GEORGIA, AS TRUSTEE; PRESCRIBING THE <br />FORM, TERMS AND DETAILS OF SUCH BOND; MAKING CERTAIN OTHER <br />COVENANTS AND AGRFU!4ENTS IN CONNECTION WITH THE ISSUANCE OF <br />SUCH BOND. <br />WHEREAS, Indian River County (the "County") is authorized by the <br />provisions of the Florida Industrial Development Financing Act, being Part II of <br />Chapter 159, Florida Statutes (1985), (the "Act") to, among other things, issue <br />revenue bonds for the purpose of using the proceeds thereof to acquire, <br />construct, equip and install certain capital projects in order to promote the <br />economy of the State of Florida and the welfare of the citizens thereof; and <br />WBEREAS, Florida Convalescent Centers, Inc., a Florida corporation <br />(the "Corporation") , has requested that the County issue its revenue bond and <br />loan the proceeds fran the sale thereof to the Corporation to finance the <br />acquisition, construction and equipping of a facility suitable for a skilled and <br />intermediate care nursing home facility (the "Project"), which shall be located <br />in Indian River County; and <br />WHEREAS, the County desires to authorize the issuance of its <br />Industrial Development Revenue Bond, Series 1986 (Florida Convalescent Centers, <br />Inc. Project) (the "Bond") , pursuant to the Act in order to loan the proceeds <br />thereof to the Corporation to finance the acquisition, construction ary <br />equipping of the Project, pursuant to a contractual arrangarent whereby the <br />amount of loan payments to be made to the County by the Corporation shall be <br />sufficient to pay the principal of and interest on the Bond as and when the same <br />became due and payable; and <br />WHEREAS, the Act provides that the Bond may be secured by a trust <br />agreement by and between the County and a corporate trustee; and <br />WHEREAS, the Bond is to be issued pursuant to and secured by a Trust <br />Indenture (the "Indenture"), by and between the County and the Citizen and <br />Southern National Bank, Atlanta, Georgia, as trustee (the "Trustee"); and <br />WHEREAS, the Bond is to be further secured by a Mortgage and Security <br />Agreement (the "Mortgage"), from Florida Convalescent Centers, Inc., to the <br />