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The Chairman opened the public hearing and asked if anyone wished to be heard in this matter. There being none, she closed the public hearing. ON MOTION by Commissioner Ginn, SECONDED by Commissioner Tippin, the Board unanimously adopted Resolution 96-159 approving the issuance of industrial development revenue bonds in an amount not to exceed $5,000,000; authorizing application by the County for allocation of private activity bond volume cap for such bonds; declaring its official intent that the proceeds of such bonds be used for reimbursements; and providing an effective date. RESOLUTION NO. 96-159 A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT TO EXCEED 55,000,000; AUTHORIZING APPLICATION BY THE COUNTY FOR ALLOCATION OF PRIVATE ACTIVITY BOND VOLUME CAP FOR SUCH BONDS; DECLARING ITS OFFICIAL INTENT THAT THE PROCEEDS OF SUCH BONDS BE USED FOR REIMBURSEMENTS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Indian River County, Florida (the "County") has the authority under the Florida Industrial Development Financing Act, Part II, of Chapter 159, Florida Statutes, as amended (the "Industrial Act") to issue revenue bonds for the purpose of financing industrial development facilities; and WHEREAS, XL Realty, Inc., a Delaware corporation (the "Borrower") has requested that the County issue its industrial development revenue bonds (the "Bonds") in the principal amount not to exceed $5,000,000; and WHEREAS, the proceeds of such Bonds will be used to (i) pay all or any part of the cost of issuance of the Bonds; (ii) pay all or any part of the cost of acquiring, constructing, erecting and improving a 62,000 square foot manufacturing facility (and directly related office and support facilities) used to manufacture imaging systems (the "Project"); and (iii) to pay any other cost permitted by applicable law, WHEREAS, Part VI of Chapter 159, Florida Statutes, provides for allocation of the private activity bond volume cap for the State of Florida and pursuant thereto, local agencies such as and including the County must obtain and submit to the State of Florida, Division of Bond Finance, written certification of approval by applicable elected official as required by Section 147(f) of the U.S. Internal Revenue Code (the "Tax Code") and may thereafter file a notice of intent to issue private activity bonds and request a written confirmation of volume cap allocation in order to be able to issue such bond; and WHEREAS, the Board of Commissioners of Indian River County, Florida (the "Board") is the local elected official for the County as that term is used in Section 147(f) of the Tax Code and, as such, the Board may give the required approval for the County to issue such bonds only after conduct of a public hearing held after publication of reasonable notice; and DECEMBER 17, 1996 39