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1997-034
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1997-034
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Last modified
10/25/2015 11:45:45 PM
Creation date
9/10/2015 12:16:01 PM
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Resolutions
Resolution Number
1997-34
Approved Date
04/22/1997
Resolution Type
Memorandum of Agreement
Entity Name
Ocean Spray Cranberries
Subject
Citrus Pulp Processing Facility Industrial Development Revenue
Area
Ocean Spray Cranberries
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(I) Based on a review of the financial statements of the <br /> Company supplied as a part of the Company's application to the <br /> County, the Company is financially responsible and fully capable <br /> and willing to fulfill its obligations under the proposed financing <br /> agreement, including the obligation to make installment payments on <br /> the loan for the Project financed with the proceeds of sale of the <br /> Bonds in the amount and at the times to be required by the <br /> financing agreement; the obligation to operate, repair and maintain <br /> such Project at its own expense; and to serve the purposes of the <br /> Act and other responsibilities to be imposed under the financing <br /> agreement; due consideration having been given to the Company's <br /> ratio of current assets to current liabilities, net worth, earning <br /> history, coverage of all fixed charges, the nature of its business, <br /> its financial stability, and other factors determinative of the <br /> capabilities of the Company, financially and otherwise, to fulfill <br /> its obligations consistently with the purposes of the Act; and <br /> (J) The Bonds shall and will be payable solely from the <br /> revenues and proceeds derived by the Company from the operation, <br /> leasing or sale of the Project, and will not constitute a debt, <br /> liability or obligation of the County or the State of Florida or of <br /> any other political subdivision thereof; the County shall not be <br /> obligated to pay the same nor interest, premiums (if any) or costs <br /> thereon except from the revenues and proceeds pledged therefor, and <br /> neither the faith and credit nor the taxing power of the County or <br /> the State of Florida or of any other political subdivision thereof <br /> 5 <br />
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