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800K 109 F,�GE�JJJ
<br />SECTION 1. AUTHORITY. This Resolution is adopted pursuant to
<br />the provisions of Part II of Chapter 159, Florida Statutes, Chapter 125, Florida
<br />Statutes, and other applicable provisions of law.
<br />SECTION 2. DEFINITIONS.
<br />A. "Act" means Part II of Chapter 159, Florida Statutes, Chapter
<br />125, Florida Statutes, and other applicable provisions of law.
<br />B. "Bonds" or "Bond" means the proposed Indian River County,
<br />Florida, Industrial Development Revenue Bonds (Saint Edward's School,
<br />Incorporated Project), Series 1999, to be issued in an aggregate principal amount
<br />not exceeding $18,000,000 to be authorized by subsequent resolution of the Issuer
<br />pursuant to the Act and in accordance with the terms, conditions and limitations
<br />contained in such resolution.
<br />C. "Borrower" means Saint Edward's School, Incorporated, a
<br />Florida not-for-profit corporation, and its successors or assigns who have been
<br />approved by the Issuer.
<br />Board. D. "Chairman" means the Chairman or the Vice Chairman of the
<br />E. "Issuer" means Indian River County, Florida, a political
<br />subdivision of the State.
<br />F. "Projects" means the financing or refinancing of the acquisition,
<br />construction, and equipping on the Project Site of capital projects consisting of
<br />educational facilities, including refinancing existing loans which financed the
<br />construction of a portion of such educational facilities, including construction of a
<br />new middle school and construction or renovation of upper school classrooms, fine
<br />arts complex, athletic building, administrative building and site improvements.
<br />G. "Project Site" means the tract of land located in Indian River
<br />County, Florida, on which the Projects will be, or have been, constructed, renovated
<br />and equipped.
<br />of the Board. H. "Clerk" means the Clerk of the Circuit Court and ex -officio Clerk
<br />I. "State" means the State of Florida.
<br />SECTION 3. PROPOSAL. The Borrower has requested that the
<br />Issuer issue its revenue bonds under the Act in an aggregate principal amount not
<br />exceeding $18,000,000 for the purpose of financing or refinancing all or part of the
<br />cost of the Projects, which amounts the Borrower has represented will, together
<br />with other available funds of the Borrower, be sufficient to pay all of the cost of
<br />financing or refinancing the Projects, such Bonds to be secured under the terms of a
<br />loan agreement between the Issuer and the Borrower in an amount sufficient to pay
<br />the principal of and interest on such Bonds as the same become due and payable.
<br />SECTION 4. FINDINGS. The Issuer hereby finds, determines and
<br />declares as follows:
<br />A. The Issuer is authorized and empowered by the Act to
<br />enter into transactions such as those contemplated by the Borrower,
<br />and to fully perform the obligations of the Issuer to be undertaken in
<br />connection with the financing or refinancing of the Projects, which
<br />shall promote the industrial economy of the Issuer and the State,
<br />increase opportunities for gainful employment and purchasing power
<br />and improve living conditions, increase educational opportunities and
<br />otherwise contribute to the prosperity and welfare of the Issuer, the
<br />State and the inhabitants thereof,
<br />B. Based solely upon the representations of the Borrower
<br />with respect to the Projects, the Projects are "educational facilities,"
<br />and "projects" within the meaning and contemplation of the Act.
<br />MAY 189 1999
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