1997-034 - Laserfiche WebLink

Home Browse Search

MEMORANDUM OF AGREEMENT This MEMORANDUM OF AGREEMENT, dated as of the 22nd day of April, 1997, between INDIAN RIVER COUNTY, FLORIDA (the "County") and OCEAN SPRAY CRANBERRIES, INC., a corporation duly organized and existing under the laws of the State of Delaware and authorized to transact business in the State of Florida (the "Company") . SECTION 1. The matters of mutual inducement and reliance which resulted in the execution of this Memorandum of Agreement are as follows: (a) The County is authorized and empowered by Chapter 125 and Chapter 159, Parts II and III, Florida Statutes, as amended (collectively, the "Act") , to provide for the issuance of and to issue and sell its Industrial Development Revenue Bonds for the purpose of paying all or any part of the cost of any "project" as defined in the Act. (b) In order to improve the economic base of the County and the industrial economy in the State of Florida (the "State") , to promote the economic growth of the County and the State, to increase purchasing power and opportunities for gainful employment, and to advance and improve the economic prosperity and the general welfare of the State and its people, it is desirable that the County issue and sell its Industrial Development Revenue Bonds, Series (to be determined] (Ocean Spray Cranberries, Inc. , Project) , in the aggregate principal amount of not to exceed $10,000,000 in one or more series at one or more times (the "Bonds") . (c) The County intends to use the proceeds thereof, to the extent of such proceeds, as follows: (i) to pay all or any part of the cost of issuance of the Bonds, (ii) to pay all or any part of the cost of acquiring, rehabilitating and expanding a facility for the conversion of waste citrus pulp and related materials into animal feed and facilities directly related or ancillary thereto, (iii) to pay all or any part of the cost of certain appurtenances and facilities incidental thereto, and other improvements necessary and convenient therefor (the improvements to be acquired and such appurtenances and facilities incidental thereto, being referred to herein, collectively, as the "Project") , and (iv) to pay any other "cost" (as defined in the Act) of the Project. (d) The County intends to finance the Project for the Company from proceeds of the sale of its Bonds, such loan to be payable by the Company in installments sufficient to pay the principal of, premium (if any) , interest and costs due on the Bonds when and as the same become due.