1997-027 - Laserfiche WebLink

Home Browse Search

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