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Home My WebLink About1996-159 RESOLUTION NO. 96-15 9 A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN AMOUNT NOT TO EXCEED$5,000,000;AUTHORIZING APPLICATION BY THE COUNTY FOR ALLOCATION OF PRIVATE ACTIVITY BOND VOLUME CAP FOR SUCH BONDS; DECLARING ITS OFFICIAL INTENT THAT THE PROCEEDS OF SUCH BONDS BE USED FOR REIMBURSEMENTS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Indian River County, Florida(the "County")has the authority under the Florida Industrial Development Financing Act, Part 11, of Chapter 159, Florida Statutes, as amended (the "Industrial Act") to issue revenue bonds for the purpose of financing industrial development facilities; and WHEREAS, XL Realty, Inc., a Delaware corporation (the "Borrower") has requested that the County issue its industrial development revenue bonds (the "Bonds") in the principal amount not to exceed $5,000,000; and WHEREAS, the proceeds of such Bonds will be used to (i) pay all or any part of the cost of issuance of the Bonds; (ii) pay all or any part of the cost of acquiring, constructing,erecting and improving a 62,000 square foot manufacturing facility(and directly related office and support facilities) used to manufacture imaging systems(the "Project"); and (iii) to pay any other cost permitted by applicable law, WHEREAS, Part VI of Chapter 159, Florida Statutes, provides for allocation of the private activity bond volume cap for the State of Florida and pursuant thereto, local agencies such as and including the County must obtain and submit to the State of Florida, Division of Bond Finance, written certification of approval by applicable elected official as required by Section 147(f) of the U.S. Internal Revenue Code (the "Tax Code") and may thereafter file a notice of intent to issue private activity bonds and request a written confirmation of volume cap allocation in order to be able to issue such bond; and WHEREAS, the Board of Commissioners of Indian River County, Florida (the "Board") is the local elected official for the County as that term is used in Section 147(f)of the Tax Code and, as such,the Board may give the required approval for the County to issue such bonds only after conduct of a public hearing held after publication of reasonable notice; and WHEREAS, the Board desired to declare its official intent that the proceeds of the Bonds be used for reimbursement as required by Treasury Regulation, Section 1.150-2; and WHEREAS, prior to adoption of this Resolution, the Board conducted such public hearing on December 17, 1996, NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of Indian River County, Florida: SECTION 1. The authorization for issuance of the Bonds by the County in the principal amount not to exceed $5,000,000 for the purposes set forth above is hereby approved. SECTION 2. The Board hereby authorizes issuance of Industrial Development Revenue Bonds by the County in an amount not to exceed $5,000,000, such authorization being given for purposes of satisfying Part VI of Chapter 159, Florida Statutes, as well as Section 147(f) of the Tax Code. SECTION 3. The Board hereby authorizes the Chairman of the Board to apply for private activity bond volume cap allocation for the calendar year 1997 pursuant to Part VI of Chapter 159, Florida Statutes, including a carryforward allocation of any allocation obtained for 1997. SECTION 4. The Board hereby declares its intent that the proceeds of the Bonds be used by the Borrower, in part, for reimbursement of costs incurred by the Borrower related to the Project prior to the date the Bonds are issued. SECTION 5. The approval by the Board herein does not constitute an endorsement to a prospective purchaser of the Bonds, of the credit worthiness of the Project or any tenant therein, and the Bonds shall not constitute an indebtedness or obligation of the State of Florida or of any county, any municipal corporation, or political subdivision but the Bonds shall be a limited obligation of the County payable solely from the revenues derived from the Project and the other pledge and revenues described therein to the payment thereof and no holder of the Bonds shall ever have the right to compel any exercise of the taxing powers of the State of Florida or of any county,municipal corporation, or political subdivision thereof (including the County), nor to enforce the payment thereof against any property of the State of Florida or of any county, municipal corporation,or political subdivision (including the County). SECTION 6. This Resolution shall take effect immediately upon its adoption. ADOPTED: Resolution No. gf-1 rQ adopted this _ day of December, 1996. BOARD OF COUNTY COMMISSIONERS, INDIAN RIVER COUNTY, FLORIDA ATTES�iFQ,ti; s By: SO ( 2La' .� t Name: FRAB•ADAMS Byr, �" CHAIRMAN Title: b.c IndanFbvwCa Agoloved Date Almin Leal Risk Mgr t, .. '.•4 ....4r.i i J'..•.C.' .. -•`•. 'w l.'... ..a. --`---J,bwl..raWw,.-. .. _.. � � ,�� 11/20/14 TIED 01:28 PAI 004 413 1315 DIV. OF BOND FINANCE a o'+"�'�}'" "'0-10016 Division Serial No. • Prior Division Serial No. STATE OF FLORIDA DIVISION OF BOND FINANCE NOTICE OF INTENT TO ISSUE BONDS AND REQUEST FOR WRITTEN CONFIRMATION (to be completed by applicant) Date: None,address and phone number of person who prepared this Notice(confirmation or rejection will be sent to this person unless otherwise directed): Kame: David J. Rull phone: 9( 04 )224-9115 Address: Post Office Box 391 Tallahassee, Florida 32302 IssuingAgency: Indian River County Company(If applicable): XL Realty, Inc., a Delaware corporation Requested Amount: S Is this a Supplementary Notice?Yes No >Q Check one of the following: Manufacturing Facility(as defined in Section 159.803(10),F.S.) u Florida First Business Project(a defined in Section 159.803(l 1),F.S.) (Florida Department of Commerce certification must be attached) Multdamily Housing Singk family Housing Other (If"Other',specify) 1s this a priority Project under State law?Yes No XX purpou. To pay all or any part of the cost of issuance of the bonds. nay all or any Dart of cost of acquiring, constructing, erecting, and Improving a 62,000 square foot manufacturing facility (and directly related office and sunoort facilnd to pay other costs permitted by applicable law. s. 1470 or similar IRC Approval Date: Contemplated Dae(s)of Issue: Approving Authority(Unit ofGovernment): Indian River County Agency Official and Mck: Chairman, Board of Commissioners of Indian River County, Florida I HEREBY CERTIFY THAT THE ELECTED OFFICIAL OR VOTER APPROVAL REQUIRED PURSUANT TO v7(0 OF THE INTERNAL REVENUE CODE HAS BEEN OBTAINED ON THE DATE INDICATED ABOVE,AND IAT THE AMOUNT REASONABLY EXPECTED TO BE REQUIRED FOR THE FINANCING EQUALS AT ?AST 90%OF THE AMOtINT REQUESTED ABOVE. nature of Agency OElfdal: F AN B.ADAMS XX ..IPORTANTI Legal Opinion(Section 1 S9.80S(I),F.S.)enclosed: YZ $100.00 Filing Fee enclosed: s QZI (to be completed by the Division of Bond Finance) Revved by: Date and Time Received.- Adjusted eceived:Adjusted Date Received(pursuant to Section 159.8081 or 1 S9.8083.F.S.): Status(oonkmed or rejected): Amount Confirmed:$ Confirmation Valid Through: Amount pending(if any):$ Comments: Category of Confurnation. Title:Qlr= lvI904 of Bond Finney ISSUER IS HEREBY ADVISED THAT THIS CONFIRMATION IS CONDITIONAL AND SHALL NOT BE CONSIDERED FINAL UNTIL AND UNLESS (1) THE DIVISION RECEIVES TIMELY NOTIFICATION OF ISSUANCE OF THE DIVISION HAS ISSUED ITS FINAL CONRRMATIONOOF ALLOCATION(FORM BF 2007-B)0WITH RESPECTS TO THE BONDS.