Laserfiche WebLink
r � <br />BOOK 113 PAGE L8 <br />RESOLUTION NO.2000-044 <br />RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA <br />CONSENTING TO THE AMENDMENT TO THE AGREEMENT <br />BETWEEN TRUSTEE AND REGISTRAR AND PAYING AGENT <br />WITH RESPECT TO ITS VARIABLE RATE DEMANDNIXED RATE <br />INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS <br />(FLORIDA CONVALESCENT CENTERS, INC. PROJECT), SERIES <br />1988A; AUTHORIZING THE EXECUTION AND DELIVERY OF <br />CERTAIN RELATED DOCUMENTS AND CERTIFICATES; AND <br />PROVIDING CERTAIN OTHER DETAILS AND AN EFFECTIVE <br />DATE. <br />BE IT RESOLVED BY THE BOARD OF COUNT COMMISSIONERS <br />OF INDIAN RIVER, COUNTY, FLORIDA (the "County'), that: <br />SECTION 1. AUTHORITY. This Resolution is adopted pursuant to <br />Part III of Chapter 159 of Florida Statutes, as amended, and other applicable <br />provisions of law (collectively, the "Act"). <br />SECTION 2. DEFINITIONS. All capitalized terms not otherwise <br />defined herein shall have the meanings ascribed to those terms in the Indenture of <br />Trust, dated as of March 1, 1988, as amended (the "Indenture"), by and between the <br />County and SunTrust Bank, as successor to Third National Bank in Nashville, as <br />Trustee (the "Bond Trustee"). <br />that: SECTION 3. FINDINGS. The County finds, determines and declares <br />A. The County has issued its Variable Rate Demand/Fixed Rate <br />Industrial Development Revenue Refunding Bonds (Florida Convalescent Centers, <br />Inc. Project), Series 1988A (the "Bonds") pursuant to the Indenture and a Loan <br />Agreement, dated as of March 1, 1988, as amended (the "Loan Agreement"), <br />between the County and Florida Convalescent Centers, Inc. (the "Borrower"). <br />B. As security for the payment of the Bonds, the Bond Trustee <br />currently holds the letter of credit of The Toronto -Dominion Bank (the "Replaced <br />Letter of Credit") as the Credit Facility under the Indenture and the Loan <br />Agreement. The Indenture and the Loan Agreement authorize the substitution of <br />the Replaced Letter of Credit with a Substitute Qualified Credit Facility. The <br />County has been advised that the Borrower intends to deliver to the Bond Trustee a <br />Substitute Qualified Credit Facility issued by Norwest Bank, National Association <br />(the "Substitute Qualified Credit Facility") to replace the Replaced Letter of Credit <br />pursuant to the terms of the Indenture. <br />APRIL 18, 2000 <br />-46- <br />