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C. The Borrower has requested that the Issuer issue Bonds <br />in an aggregate principal amount not exceeding $18,000,000 to finance <br />or refinance the acquisition, construction, renovation and equipping of <br />the Projects. The Bonds shall be paid solely from the repayment of it <br />loan of the bond proceeds from the Issuer to the Borrower and other <br />collateral security provided by the Borrower. <br />D. That, based on the criteria established by the Act, the <br />Borrower is financially responsible and fully capable of and willing to <br />fulfill all of its obligations under the terms and provisions of the loan <br />agreement to be negotiated between the parties, under which the <br />Borrower will be obligated, among other things, to pay amounts <br />sufficient to timely discharge the debt service on the Bonds, and to <br />operate, repair and maintain the Projects at the Borrower's expense; <br />3 <br />D. Based stalely upon the representations of the Borrower <br />with respect to the ]projects, the availability of financing by means of <br />industrial development revenue bonds is an important inducement to <br />the Borrower to proceed with the financing and refinancing of <br />acquisition, construction, renovation and equipping of the Projects. <br />E. The Bonds shall not he deemed to constitute a debt, <br />liability or obligation, or n pledge of the faith and credit or taxing <br />power, of the Issuer, or the Stats: of Florida or any political subdivision <br />thereof, but the Bonds shall be payable solely from the revenues and <br />proceeds to lie derived by the Issuer from payments received under the <br />financing agreements entered into between the Issuer and the <br />Borrower. <br />SECTION 5. DETEHMINATI If, upon further investigation of the <br />Borrower and itsp roposal, the Issuer is table to find: <br />A. That the Issuer, the Borrower and the proposed purchaser <br />of the Bonds have executed or will concurrently with the issuance of <br />the Bonds execute the documentation required for the financing of the <br />Projects as contemplated hereby, <br />B. That adequate provision has been made in the documents <br />for the operation, repair and maintenance of the Projects at the <br />expense of the Borrower and for the payment of the principal of, <br />premium, if any, and interest on the Bonds and reserves, if any, <br />therefor; <br />C. That the interest on the Bonds will be excluded from gross <br />income for federal income tax purposes under existing laws of the <br />United States; <br />D. That, based on the criteria established by the Act, the <br />Borrower is financially responsible and fully capable of and willing to <br />fulfill all of its obligations under the terms and provisions of the loan <br />agreement to be negotiated between the parties, under which the <br />Borrower will be obligated, among other things, to pay amounts <br />sufficient to timely discharge the debt service on the Bonds, and to <br />operate, repair and maintain the Projects at the Borrower's expense; <br />3 <br />