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Home My WebLink About1986-03940 ,LAF/DM9WK/7-10-86/dm RESOLUTION NO. 86-39 WHEREAS, Indian River County, Florida (the "County"), heretofore adopted a Resolution on .lune 18, 1986, relating to Florida Convalescent Centers, Inc., (the "Corporation"), whereby the County authorized the issuance of its revenue bonds for the purpose of paying the cost of acquisition, construction and equipping of the Corporation's proposed facility consisting of certain land, buildings, structures and equipment to be used as a skilled and intermediate care nursing home facility (the "Project") which shall be located in Indian River County, Florida; and WHEREAS, the County is authorized to issue its revenue bonds to finance the Project pursuant to the provisions of the Florida Industrial Development Financing Act, Part II of Chapter 159, Florida Statutes, as amended; and WHEREAS, in order to satisfy the requirement of Section 103(k) of the Internal Revenue Code of 1954, as amended, the County held a public hearing on the proposed issuance of its $4,800,000 Revenue Bonds, Series 1986 (Florida Convalescent Centers, Inc. Project) (the "Bonds") on the date of adoption hereof, more than 14 days following the first publication of notice of such public hearing in a newspaper of general circulation in Indian River County, Florida (a true and accurate copy of the publication of notice is attached hereto as Exhibit "A"), which public hearing was conducted in a manner that provided a reasonable opportunity for persons with differing views to be heard on both the issuance of the Bonds and the location and nature of the Project; and WHEREAS, the Board of County Commissioners of Indian River County, Florida, is the elected legislative body of the County; • • •• 0`11, ' " ' NOW, THEREFORE, BE IT HEREBY RESOLVED by the Board of County Commissioners of Indian River County, Florida, that the issuance of the Bonds is hereby approved in compliance with the requirements of Section 103(k) of the Internal Revenue Code of 1954, as amended. The Clerk is authorized to make such applications to the State of Florida, Department of General Services, Division of Bond Finance as may be necessary to enable the County to issue the Bonds. ADOPTED this 16th day of July, 1986. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA (SEAL) ATTEST: By: __au 4& • G!//'Ll_ y� Freda Wry{ hC rk t/IS 'LC/��J • � ' � Approved as to form and Legal Sufficiency By: Q" ey"—' County Attorney By: Z Joy C .� Don C. Scurlock, Jr., Chll(7kfi rro') VERO BEACH PRESS -JOURNAL Published Daily Vero Beach, Indian River County, Florida COUNTY OF INDIAN RIVER: STATE OF FLORIDA Before the undersigned authority personally appeared J. J. Schumann, Jr. who on oath says that he is Business Manager of the Vero Beach Pmss-Journal. a dally newspaper published at Vero Beach in Indian River County, Florida: that the attached copy of advertisement, being a in the matter of 11--Y .eGG4.e:LL•�,f in the __'/�)/f-v Court, was pub- lished in said newspaper in the issues of/!!L� .- v Afflant further says that the said Vero Beach Press -Journal is a newspaper published at Vero Beach, in said Indian River County, Florida, and that the, said newspaper has herelofore been continuously published in said Indian River County, Florida, each daily and has been entered as second class mail matter at file post office in Vero Beach, in said Indian River Coun. ty, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and albant further says that he has neither paid nor promised any person, firm or corporation any discount. rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper. 'r? Sworn to and subscribe efor me Ih' _.G� day of A.D. 19__ of (Bu ness Manager) (Clork of the Circuit Court, Indi n River County, Florida) (SEAL) EXHIBIT "A" INDIAN RIVER COUNTY, FLORIDA NOTICE OF PUBLIC HEARING FOR ISSUANCE OF INDUSTRIAL DEVELOPMENT BONDS Public Notice is hereby given that on July 18, 1988, 1000 a m, the Board of County Commis• sioners of Indian River County, Florida, will meet at the Indian River County Administration Build. ". 1810 25th Street, Vero Beach, Florida, t. beading }1,800.000 of mdw:rnl development revenue bonds of Indian River County to be issued for the purpose of loaning the proceeds therefrom. a using such proceeds, to finance the acquisition, construction and equipping of a skilled and intermediate care 91 bad nursing home faahb, located in Indian River County, Florida. for Florida Convalescent Centers, Inc., a Florida corporation, which shall be the principal user of said facility. The industrial development revenue bonds shall be payable solely from the revenues derived by Indian River Count' from the financing agreement Il shall enter Into with , Florida Convalescent Centers, Inc., or Such other agreements as Indian River County Mall approve, except 10 the extent they are payable I from bond proceeds. Such bonds and the Inter- est thereon shall not constitute an Indabtednese or pledge of the general credit or taxing power of Indian River County or of the State of Florida. Issuance of the bonds of Indian River County shall be subject to several conditions, Including satisfactory documentation, approval by counsai so to the tax-exempt status of the interest on .he. bonds and receipt of necessary approvals for construction of the facility to be financed. The aforementioned meeting shall be a public meet - mg and all persons who may be interested will be given an opportunity to be heard concerri •.j the same. Freda Wright. Clark Board of County Commissioners of Indian River County June 28, 1Be$ C •• BOARD OF COUNTY COMMISSIONERS CHARLES P. VITUNAC 1840 25th Street, Vero Beach, Florida 32960 County Attorney Telephone: (305) 567.8000 + • Suncom:424.1425 JAMES P. WILSON Qp. Asst. County Attorney BRUCE BARKETT Asst. County Attorney Re: Proposed Construction and Development of a Skilled and Intermediate Care Nursing Home Facility for Florida Convalescent Centers, Inc., in Indian River County, Florida ----------------------------------------------- June 25, 1986 David Evans Vice President Florida Convalescent Centers, Inc. I-loneywe I I Center Suite 1111 1111 Mockingbird Lane Dallas, Texas 75247 Dear Mr. Evans: It is the understanding of Indian River County, Florida the "Issuer"), that Florida Convalescent Centers, Inc., (the "Company") is currently considering_ the establishing of a skilled and intermediate care nursing home facility within the territorial limits of the Issuer, that the current estimated capital cost of such facility including land for the proposed site is approximately $4,800,000, that such facility will provide additional employment in the community of the Issuer for approximately 100 people, and that the willingness of the Issuer to issue and sell industrial development revenue bonds for the purpose of financing the acquisition, construction and equipping of such facility is an important fact under consideration by the Company in determining the feasibility of such proposed projecL. The Issuer has determined that the issuance of its bonds to assist the Company in locating such facility in the Issuer's community will result in a substantial increase of employment in such community and that the issuance of such bonds will serve a public purpose by increasing the purchasing power and improving the living conditions of the citizens and inhabitants of the Issuer and will contribute to the prosperity and welfare of the State and its inhabitants. Accordingly, in order to induce the Company to locate and establish its facility in the Issuer's community and incur expenses for the initiating of such project and its financing, the Issuer hereby makes the following proposal: 40 aMr. David Evans Page 2 June 25, 1986 1. The Issuer will issue its industrial development revenue bonds in such principal amount as necessary to finance the acquisition, construction and equipping of the contemplated industrial facility including land for the proposed site, such capital cost of facilities and land presently estimated to be not more than $4,800,000 for the purpose of paying the cost of the acquisition, construction and equipping of a skilled and intermediate care nursing home facility. 2. The Issuer and the Company will enter into a Loan Agreement which shall provide for the loan of the proceeds of the bonds from the Issuer to the Company. The loan payments shall be pledged and applied pursuant to the Agreement, and shall be sufficient to make the payment of the principal of, interest on and redemption premium, if any, applicable to the bonds and such other fees and costs as provided in the Agreement. 3. The Issuer will cooperate in the prompt preparation of the Agreement and the necessary resolutions for the authorization and sale of the bonds and, if requested, will promptly proceed with validation of the bonds in the Circuit Court for Indian River County, pursuant to the provisions of Chapter 75, Florida Statutes. 4. Upon delivery of the bonds, the provisions of this proposal and the agreement resulting from its acceptance by the Company shall have no further effect, and in the event of any inconsistency between the terms of this proposal and the terms of the Agreement in the form in which it shall be finally approved by resolution of the Issuer, the provisions of the Agreement as so approved shall control. 5. The Issuer shall keep open and outstanding this commitment and inducement to the Company for a reasonable time so long as the Company shall be proceeding with appropriate efforts toward conclusion of any arrangements necessary to the project; provided, however, if for any reason the bonds are not authorize:: by June 25, 1987, for issuance in one or more installments thereafter, then the provisions of this proposal and the Agreement resulting from its acceptance by the Company shall be cancelled unless extended by mutual agreement of the Issuer and the Company. In such event, or in the event of its earlier cancellation by agreement between the Company and the Issuer, neither party shall have any rights against either party except: (a) The Issuer will transfer and convey to the Company all the project components (and sites, if any) which shall have been acquired by the Issuer; (b) The Company wi I I pay to the Issuer the amount of all expenses which shall have been incurred by the 4D • Mr. David Evans Page 3 June 25, 1986 Issuer in connection with the project and which were authorized by the Company; (c) The Company will assume and be responsible for all contracts entered into by the Issuer at the request of the Company in connection with the project; and (d) The Company will pay the out-of-pocket expenses of officials and representatives of the Issuer and counsel for the Issuer incurred In connection with the project. 6. The Company, in accepting this proposal, will thereby agree to indemnify, defend and hold harmless the Issuer against any loss or damage to property or any injury or death of any person or persons occurring in connection with the construction, equipping and operating of the project. This indemnity shall be superseded by a similar indemnity in the Agreement and, in the event the bonds are not delivered, this indemnity shall survive the termination of the agreement resulting from the Company's acceptance of this proposal. 7. All the commitments of the Issuer hereunder are subject to the following: (a) The review and approval by the County Attorney of the Resolution authorizing the Industrial Bond Issue, and review and approval of the Agreement and other bond closing documents; (b) Investigation, review and approval by County of matters of financial condition of the Company and any Guarantors, and local impact on the area and its resources as required by Section 159.29 of the Florida Industrial Revenue Bond Financing Act; (c) Indication from any municipality in which the Project is to be located that such municipality has no objection to the issuance of the bonds by the Issuer; (d) The effect of legislation presently pending in the United States Congress regarding the issuance of industrial revenue bonds. If this proposal shall be satisfactory to the Company, please have the acceptance statement which follows this proposal executed by the proper officers of the Company duly authorized and provide an accepted copy to the Issuer, whereupon this G_j 60 Mr. David Evans Page 4 June 25, 1986 proposal will constitute an agreement in principal with respect to the matters herein contained. ATTEST: Freda rT it, Terk— (SEAL) Very truly yours, BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA B ric�ons, Vice Chairman The terms and conditions contained in the foregoing proposal by Indian River County, Florida, are hereby accepted by Florlga Convalescent Centers, Inc., this _ day of _-- (—,�1 _---' 1986. ATTEST: FLORIDA CONVALESCENT CENTERS, INC. --na--sr --- ------- C-------'--- —�-ident