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J v 64m • . SWTION 3. APPROVAL OF PFWBCT. The financing of the acquisition, construction, equipping and installation of the Project by the Corporation as described in the Agreement is hereby approved. SECTION 4. AUTHORIZATION AND DESCRIPTION OF THE BOND. To provide for the financing of the cost of the acquisition, construction and equipping of the Project, there is hereby authorized, arra the County shall issue, $4,800,000 principal amount of its Industrial Development Revenue Bond, Series 1986 (Florida Convalescent Centers, Inc. Project) subject to the provisions of this Resolution and the Indenture. The Bond shall be dated the date of its authentication. The Bond shall be in fully registered form and shall be numbered R-1. The form, terms and provisions of the Bond, including interest rates and principal payments, and the provisions for the execution, authentication, payment, registration, transfer and exchange shall be as set forth in the Indenture, which is attached hereto as Exhibit A. SECTION 5. REDEMPTION OF THE BOND. In the manner and with the effect provided in the Indenture, the Bond shall be subject to redemption prior to maturity as follows: A. Until the Put Date, at the request of the Corporation, as a whole, or in part, by lot, on any Interest Payment Date upon payment of applicable redemption prices plus accrued interest to the date fixed for redemption as set forth in the Indenture. B. After the first Conversion, at the request of the Corporation, or any Interest Payment Date, in whole or in part, in inverse order of maturity, and within any maturity by lot, upon payment of the principal amount thereof plus accrued interest to the redemption date, if any, without premium. C. The Bond is also subject to extraordinary optional redemption and Mandatory Redemption, as set forth in the Indenture. SECTION 6. BOND PAYABLE AT OPTION OF PURCHASER. The Original Purchaser of the Bond shall have the right to put the Bond to the Corporation and or the Guarantors upon at least ninety (90) days, but in no event more than one hundred eighty (180) days' written notice to the Issuer, the Trustee, the Corporation and the Guarantors upon the conditions described in the Indenture, on the Put Date and thereafter on each annual anniversary date of the Put Date so long as the Original Purchaser shall be the Owner of the Bond. If this Bond is put in accordance with the terms of this Section 6, it shall be payable in an amount equal to 100% of the principal amount thereof then outstanding, plus any interest accrued and unpaid thereon to the date of such purchase. SECTION 7. BOND IS SPECIAL OBLIGATION OF THE COUNTY. The Bond is a special obligation of the County, which is payable solely iron the revenues and receipts received by the County pursuant to the Agreement, the Note and the Mortgage, and moneys derived from the Guaranty. The Bond, together with the - 3 -