1997-027 - Laserfiche WebLink

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to the provisions of Section 144(a)(4) of the Internal Revenue Code of 1986, as amended (the "Code") and Treasury Regulation 1-103-10(b)(2)(vi), Indian River County, Florida the Issuer hereby elects to have the $10,000,000 limitation in Section 144(a)(4) of the Code apply in lieu of the $1,000,000 limitation set forth in Section 1441x)(1) of the Code with respect to the Series 1997A Bond. 5. Authorization of Execution and Delivery of the Loan Agreement Mortgage and Guaranty: Pledge of Amounts Payable under the Loan Agreement. Mortgage and Guaranly. As security for the payment of the principal of and interest on the Bonds, the Loan Agreement, Mortgage and Guaranty, 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, is approved by the Issuer, and the Issuer authorizes and directs its Chairman or Vice Chairman to execute the Loan Agreement and its Clerk or the Chief Deputy Clerk of the Circuit Court to attest to the Loan Agreement under the official seal of the Issuer, and to deliver the Loan Agreement to the Purchaser all of the provisions of which, when executed and delivered by the Issuer as authorized in this Resolution, will be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim in this Resolution. The Issuer hereby pledges all amounts due it under the Loan Agreement, the Mortgage,the Guaranty or any Loan Documents as security for payment due from the Issuer to the holder of the Bonds. 6. Authorization of Execution and Delivery of the Assignment. The Assignment to the Purchaser as agent of the Issuer, 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 representatives of Issuer, is approved by the Issuer, and the Issuer authorizes and directs its Chairman or Vice Chairman to execute the Assignment and the Clerk or the Chief Deputy Clerk of the Circuit Court to attest to the Assignment under the official seal of the Issuer, and to deliver the Assignment to the Purchaser to be recorded all of the provisions of which, when executed and delivered by the Issuer as authorized in this Resolution, will be deemed to be a part of this Resolution as fully and to the same extent as if incorporated verbatim in this Resolution. 7. Sale of Bonds. The Bonds are awarded to the Purchaser at a price equal to the principal amount of the Bonds and any other terms as are attached to this Resolution. The Issuer determines that a negotiated sale of the Bonds is in the best interest of the Issuer, the Borrower and the citizens and inhabitants of Indian River County, Florida by reason of the limited market for bonds such as the Bonds. The Purchaser has filed with the Issuer the disclosure statement required by Section 218.385(6), Florida Statutes. On the closing date the Purchaser will deliver an investment letter acceptable to the Issuer's attorney. -4-