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6 <br />WHEREAS, the Board desired to declare its official intent that the proceeds of <br />the Bonds be used for reimbursement as required by Treasury Regulation, Section <br />1.150-2; and <br />WHEREAS, prior to adoption of this Resolution, the Board conducted such <br />public hearing on December 17, 1996, NOW THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of Indian River County, <br />Florida: <br />SECTION 1. The authorization for issuance of the Bonds by the County in the <br />principal amount not to exceed $5,000,000 for the purposes set forth above is hereby <br />approved. <br />SECTION 2. The Board hereby authorizes issuance of Industrial Development <br />Revenue Bonds by the County in an amount not to exceed $5,000,000, such <br />authorization being given for purposes of satisfying Part VI of Chapter 159, Florida <br />Statutes, as well as Section 147(f) of the Tax Code. <br />SECTION 3. The Board hereby authorizes the Chairman of the Board to apply <br />for private activity bond volume cap allocation for the calendar year 1997 pursuant <br />to Part VI of Chapter 159, Florida Statutes, including a carryforward allocation of any <br />allocation obtained for 1997. <br />SECTION 4. The Board hereby declares its intent that the proceeds of the <br />Bonds be used by the Borrower, in part, for reimbursement of costs incurred by the <br />Borrower related to the Project prior to the date the Bonds are issued. <br />SECTION 5. The approval by the Board herein does not constitute an <br />endorsement to a prospective purchaser of the Bonds, of the credit worthiness of the <br />Project or any tenant therein, and the Bonds shall not constitute an indebtedness or <br />obligation of the State of Florida or of any county, any municipal corporation, or <br />political subdivision but the Bonds shall be a limited obligation of the County payable <br />solely from the revenues derived from the Project and the other pledge and revenues <br />described therein to the payment thereof and no holder of the Bonds shall ever have <br />the right to c-ompel any exercise of the taxing powers of the State of Florida or of any <br />county, municipal corporation, or political subdivision thereof (including the County), <br />nor to enforce the payment thereof against any property of the State of Florida or of <br />any county, municipal corporation, or political subdivision (including the County). <br />SECTION 6. This Resolution shall take effect immediately upon its adoption. <br />ADOPTED: Resolution No.gF _ q adopted thi17 <br />s day of December, 1996. <br />ATTESTED: <br />�� ; +_ ,.sem',, �..m �'•, <br />Name: -Z--K . LA P�:ToM <br />Title• I,paQ,��� <br />d <br />1 'anV88Wute <br />BOARD OF COUNTY COMMISSIONERS, <br />INDIAN RIVER COUNTY, FLORIDA <br />By: �Jr .�_ C�IQ�y�yj <br />Name• <br />Title: FRAIY B. ADAMS <br />CHAIRMAN <br />DECEMBER 17, 1996 40 <br />Inman Rivw Ca Apc'oved Dale <br />Amin <br />Leial <br />7 <br />i. <br />Dec. <br />F -.!SK Mgr. <br />