1997-027 - Laserfiche WebLink

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IT IS RESOLVED THAT: 1. Definitions. Unless the context otherwise requires, terms used in this resolution (the "Resolution") in capitalized form and not otherwise defined in this Resolution have the meanings specified in the Loan Agreement attached to this Resolution as Exhibit A. Words importing singular number will include the plural number in each case and vice versa, and words importing persons will include firms and corporations. Act. 2. Authority for this Resolution. This Resolution is adopted pursuant to the 3. Findings. It is determined and declared as follows: a. The Project is appropriate to the needs and circumstances of, and will make a significant contribution to, the economic growth of Indian River County, Florida, will provide and preserve gainful employment, and will serve a public purpose by advancing the economic prosperity and the general welfare of such County and State, and the people of each. Based upon the representations in the Loan Agreement, the Borrower is financially responsible and fully capable of and willing to fulfill any obligations which each may incur in connection with the financing of the Project as contemplated by this Resolution. The Issuer will be able to cope satisfactorily with the impact of the Project and will be able to provide, or cause to be provided when needed,the public facilities, including utilities and public services,that will be necessary for the construction, operation, repair and maintenance of the Project and on account of any increases in population or other circumstances. b. The Issuer finds that the Loan Agreement makes adequate provision for the operation, repair and maintenance of the Project at the expense of the Borrower and, along with the Guaranty, for the payment of the principal and interest on the Bonds. C. The Issuer finds that the costs to be paid from the proceeds of the Bonds will constitute costs of a project within the meaning of the Act. 4. Authorization of Bonds: $10,000,000 Election. For the purpose of providing financing of the Costs of the Project, an obligation of the Issuer to be known as$6,025,000 Indian River County Industrial Development Revenue Bonds(XL Realty, Corp. Project), Series 1997A, 1997B and 1997C, in the form and manner, dated the date, bearing interest, each such Bond transferable as a single bond, and upon such terms and conditions, all as provided in the Loan Agreement and in substantially the forms attached hereto as Exhibits B. C and D, with any changes, alterations and corrections as may be approved by the officials and employees of the Issuer authorized to take action under this Resolution, which approval is presumed by the execution by the representations of the Issuer. The Chairman is authorized and directed to approve the interest rate on the Bonds selected by the Borrower. Pursuant -3-