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RESOLUTION NO. 97- 27 <br />A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA <br />AUTHORIZING THE ISSUANCE OF ITS UP TO $6,025,000 <br />INDIAN RIVER COUNTY, FLORIDA, INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS (XL REALTY, CORP. <br />PROJECT), SERIES 1997A, 1997B AND 1997C, TO FINANCE <br />A MANUFACTURING FACILITY TO BE OWNED AND <br />OPERATED BY XL REALTY, CORP.; APPROVING THE FORM <br />OF AND AUTHORIZING THE EXECUTION OF A LOAN <br />AGREEMENT; AWARDING THE SALE OF THE BONDS BY A <br />NEGOTIATED SALE; AUTHORIZING THE ASSIGNMENT OF <br />THE LOAN AGREEMENT AND RELATED DOCUMENTS TO <br />THE PURCHASER OF THE BONDS AS AGENT FOR THE <br />COUNTY; APPROVING AND APPOINTING A REGISTRAR FOR <br />THE BONDS; AUTHORIZING CERTAIN OFFICIALS AND <br />EMPLOYEES OF THE INDIAN RIVER COUNTY BOARD OF <br />COUNTY COMMISSIONERS TO TAKE ALL ACTIONS <br />REQUIRED IN CONNECTION WITH THE ISSUANCE OF THE <br />BONDS; AND MAKING CERTAIN OTHER COVENANTS AND <br />AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF <br />THE BONDS AND PROVIDING AN EFFECTIVE DATE. <br />RECITALS: <br />A. Indian River County, Florida (the "Issuer") by and through its Board of <br />County Commissioners, the elected legislative body (the "Board"), is authorized and <br />empowered by the provisions of the Florida Industrial Development Financing Act, <br />being Chapter 159, Parts II, III, VI and VII, Florida Statutes (the "Act"), to issue its <br />$6,025,000 Industrial Development Revenue Bonds (XL Realty, Corp. Project), Series <br />1997A, 1997B and 1997C (the "Bonds"), for the purposes of providing funds to <br />finance all or any part of the cost of any "project" as defined in the Act and to loan <br />the proceeds from the sale of the Bonds to others to finance the cost of the <br />acquisition, equipping and construction of projects; <br />B. The proceeds of the Bonds will be used to (i) pay all or any part of the <br />cost of issuance of the Bonds; (ii) pay all or any part of the cost of acquiring, <br />constructing, erecting and improving a 62,000 square foot manufacturing facility (and <br />directly related office and support facilities) used to manufacture imaging systems (the <br />"Project"); and (iii) to pay any other cost permitted by applicable law; <br />C. The Borrower is eligible to participate in financing the cost of acquiring <br />land and purchasing or constructing- a building and purchasing equipment which <br />constitutes the Project, as provided and permitted by the Act; <br />D. The Board has been requested to approve the issuance of the Bonds for <br />the benefit of the Borrower in the amount up to $6,025,000. <br />E. The Issuer is authorized by the Act to facilitate the financing of the <br />Project; <br />F. The Borrower has requested that the Bonds be issued as three bonds, <br />consisting of a tax-exempt Series A Bond in the initial principal amount of up to <br />$3,825,000; a taxable Series B Bond in the initial principal amount of up to <br />$1,150,000; and a taxable Series C Bond .in the initial principal amount of up to <br />$1,050,000. <br />30 <br />pp Ed n4--4 <br />April 8, 1997 <br />