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BOOK M2, PAGE -351 <br />11.E. OCEAN SPRAY CRANBERRIES INC. — RESOLUTION <br />AUTHORIZING THE ISSUANCE OF $4,080,000 INDUSTRIAL <br />REVENUE BONDS <br />The Board reviewed a Memorandum of August 13, 1997: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: August 13, 1997 <br />SUBJECT: RESOLUTION AUTHORIMNG THE ISSUANCE OF 54,080,000 INDUSTRIAL <br />REVENUE BONDS FOR OCEAN SPRAY CRANBERRIES, INC.-0MB ITEM <br />FROM: Joseph A. B <br />OMB Director <br />DESCRIPTION AND CONDITIONS <br />On April 22, 1997, the Board of County Commissioners approved an Inducement Resolution and <br />Memorandum of Agreement for Ocean Spray Cnu>berries, Inc. to issue up to $10,000,000 Industrial Revenue <br />Bonds. The purpose is to finance the acquisition, rehabilitation, and expansion of their existing plant for the <br />purpose of processing waste citrus products into animal feed as part of its current operations. The TEFRA <br />hearing was held on May 6, 1997. <br />Attached is a resolution authorizing the issuance of not to exceed $4,080,000 aggregate principal amount <br />of Indian River County, Florida Industrial Development Revenue Bonds (Ocean Spray Cranberries, Inc. <br />Project), Series 1997; approving the forms of a Trust Indenture, Loan Agreement and Bond Purchase <br />Agreement and authorizes the execution and delivery of additioanl agreements and documents as necessary <br />in connection with the iss<raace of the Bonds. <br />The bonds will be secured by a Letter of Credit issued by Wachovia Bank, N.A. (an AA rated financial <br />institution). <br />RECOMMENDATIONS <br />Staff recommends the following: <br />L Board of County Commissioners approve the resolution authorizing the issuance of $4,080,000 <br />of Industrial Revenue Bond. <br />2. Authorize the chairman to sign all closing doc urnents <br />3. Authorize the chairman to sign affidavit in compliance with the Uniform Facsimile Signature of <br />Public Officials Act. <br />4. All Board of County Commissioners present on August 19, 1997 sign the public meeting <br />certificate. <br />AUGUST 19, 1997 <br />