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1997-027
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1997-027
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Last modified
12/30/2015 4:19:03 PM
Creation date
9/2/2015 2:14:28 PM
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Resolutions
Resolution Number
1997-027
Approved Date
04/08/1997
Resolution Type
Industrial Development Revenue Bonds
Entity Name
XL Realty Inc.
Subject
Loan agreements, related documents sale of bonds
Series 1997A, 1997B,1997C
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i <br />�M► <br /> requirements of each, for the full punctual and complete performance of all terms, <br /> covenants and agreements contained in the Bonds, the Loan Agreement, any other <br /> Loan Document and this Resolution. <br /> 13. General Authorizations. The Chairman or Vice Chairman and members of <br /> the governing body of the Issuer and the Clerk or the Chief Deputy Clerk of the Circuit <br /> Court, the Issuer's attorney, and any other appropriate employee of the Issuer, are <br /> each authorized to execute,publish,file and record any other documents,instruments, <br /> notices and records and to take any other actions as are necessary or desirable to <br /> accomplish the purposes of this Resolution and to comply with and perform the <br /> obligations of the Issuer under the Loan Agreement or any other Loan Document. <br /> 14. Not an Obligation of the Issuer. THE BONDS AND THE INTEREST ON THE <br /> BONDS DO NOT AND WILL NOT CONSTITUTE A GENERAL INDEBTEDNESS OF THE <br /> ISSUER WITHIN THE MEANING OF ANY CONSTITUTIONAL PROVISION OR <br /> STATUTORY LIMITATION BUT WILL BE PAYABLE SOLELY FROM THE MONEYS AND <br /> SOURCES PLEDGED FOR PAYMENT OF THE BONDS. NEITHER THE FAITH AND <br /> CREDIT NOR THE AD VALOREM TAXING POWER OF THE ISSUER, THE STATE OF <br /> FLORIDA OR ANY POLITICAL SUBDIVISION OF EITHER IS PLEDGED TO THE <br /> PAYMENT OF THE PRINCIPAL OF OR INTEREST ON THE BONDS OR OTHER COSTS <br /> INCIDENTAL TO THE BONDS, THE OBLIGATION OF THE ISSUER BEING LIMITED AS <br /> PROVIDED IN THE LOAN AGREEMENT. <br /> 15. Resolution Constitutes a Contract. The Issuer covenants and agrees that <br /> this Resolution constitutes a contract between the Issuer and the Purchaser from time <br /> to time of the Bonds and that all covenants and agreements provided in this <br /> Resolution, the Loan Agreement and the Loan Documents to be performed by the <br /> Issuer will be for the equal and ratable benefit and security of any and all bondholders. <br /> 16. Severability. If any one or more of the covenants, agreements, or <br /> provisions contained in this Resolution or in the Bonds are held contrary to any <br /> express provisions of law or contrary to the policy of express law, though not <br /> expressly prohibited, or against public policy, or shall for any reason whatsoever be <br /> held invalid, then those covenants, agreements or provisions will be null and void and <br /> will be deemed separable from the remaining covenants, agreements, or provisions <br /> and will in no way affect the validity of any of the other provisions of this Resolution, <br /> the Loan Agreement, the Bonds or any other Loan Document. <br /> 17. Repealer. All resolutions or parts any resolution of the Issuer in conflict <br /> with the provisions contained in this Resolution are,to the extend of any such conflict <br /> superseded and repealed. <br /> 18. Effective Date. This Resolution will take effect immediately upon approval <br /> by the Board of County Commissioners of Indian River County, Florida. <br /> -6- <br />
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