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C. The location ~! the Nursing Home Project and the Congregate
Living Project (collectively, the lIProject") 1n the Issuer's area oC operation
shall make a significant contribution to.the exonomic growth oC the area oC
operation oC the Issuer, shall provide gainful employment and shall sarve a
public purpose by improving the provision oC health care services nnd the
gencl'al welfare oC the State oC Florida and its people,
D. Giving due regard to the financial strength oC Continental and
Presidential (collectively, the ItBorrowers") (as demonstrated by evidence
deemed satisCactory to the Issuer which has been previously Curnished) and
all other Cactors determinative oC the Borrowers' capabilities, financial and
otherwise. oC fulfilling their obligations coneistently with the purposes of the
Act, the Borrowers are financially responsible and fully capable and willing
to fulfill their obligations undcr the proposed Loan Agreement (hereinafter
deCined), including the obligation to pay thc installments upon the loan in the
amounts and at the times required and the obligation to repair and maintain
at their own expense the Project. and the Borrowers are desirous of serving
the purposes oC the Act and are willing and capable of Cully performing all
other obligations and responsibilities imposed upon them by the Loan
Agreement.
E. The Issuer is able to cope satieCactorily with the impact of the
Project, and all the necessary public facilities, utilities and serviccs that
will be necessary for the operation. repair, improvement and maintenan-::e
of the Project and on account of any increase in population or other
circumstances resulting by reason oC the location of the Project within the
area of operation oC the Issuer are available now or can be provided when
needed.
F. The Borrowers have represented that the proceeds from the
issuance of bonds by the Issuer will be loaned to each of the Borrowers
pursuant to separate Loan Agreements to be entered into between the Issuer
and the Borrowers (collectively, the "Loan Agreementll), Adequate provision
will be made under the provisions of the Loan Agreement for the repair and
maintenance oC the Project at the expense of the Borrowers, and for the
payment of the principal of and premium. if any, and interest on the bonds.
G. The principal of and premium. if any, and interest on the bonds
and all payments required under the proposed Loan Agreement and the trust
indenture securing the bonds shall be payable solely from the proceeds derived
by the Issuer under the proposed Loan Agreement, and the Issuer shall
never be required to (i) levy ad valorem taxes on any property within itA area
of operation to pay the principal of and premium, if any, and interetJt on the
bonds or to make any other payments provided for under the proposed Loan
Agreement or the trust indenture. or (Ii) pay the same Crom any funds of
the Issuer other than those derived by the Issuer under the proposed Loan
Agreement; and such bonds shall not constitute a lien upon any property
owned by or situated within the area of operation of the Issuer except the
Project, Neither the faith and credit nor the taxing power of the Issuer or
of the State of Florida or any political subdivision thereoC shall be pledged
to the payment of the bonds.
H. The Borrowers' performance oC their obligations, financial
and otherwise, under the Loan Agreement shall be secured by Cirst mortgage
liens on real property and a security interest in the project machinery and
equipment, which mortgages will be insured by F. H. A, insurcn ce under
Sections 2.3Z and ZZl(d)(4) of the National Housing Act of 1934.
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EXmBrr A
Continental Care Center, Inc.
c/o P.O. Box 2308
7300 Ceda'rpost Road
Syracuse, NY 13220
Presidential Development Corporation
c/o P.O. Box 2308
7300 Cedarpost Road
Syracuse, NY 13220
REI Proposed acquisition and construetlon by Continental Care
Center, Inc. or a 120 bed, sldlled and intermediate care
nursing raclUty situated in the City of Clearwater and
proposed acquisition and construction by Presidential Devel-
opment Corporation of an adult congreKate Hving facUity to
be operated in conjunction with said nursing facUity and the
financing thereof with industrial development revenue bonds
issued by the City of Clearwater.
Gentlemen:
Based upon recent discussions with oWcials of Continental Care Center, Inc.
. (ItContinentaltl) and Presidential Development Corporation ("Presidential") (collectively,
the "Borrowers"'. it Is the understanding of the officials and representatives of the City of
Clearwater (the r'!ssuerlt). that Continental is currently conSidering the acquisition of
certain real property and the construction and equipping thereon of a 12.0 bed skilled end
intermediate care nursing facility (the "Nursing Home Project"'. and that Presidential is
considering the acquisition of real property adjacent to the Nursing Home Project and the
construction and equippIng thereon of certain improvements consisting of an adult
congregate living facility (the ItCongregate Living Project") (The Nursing Home Project
and the Congregate Living Project are collectively referred to herein as the "Projectl'). It
is further the understanding of such o!flclals and representatives of the Issuer that the
Project wl1I cost approximately $9,900,000 and that the willingness of the Issuer tu issue
and sell its industrial development revenue bonds for the purpose of financing the Project
is an important fact under consideration by the Borrowers In determining the extent of
the feasibility of the Project.
The Issuer has determined that the Issuer's issuance of its bonds to assist the
Borrowers by financing such Project will result in the construction of 8 needed facility
and that the Issuer's issuance of such bonds will serve a public purpose by advancing the
economic prosperity and the general welfare of the State of Florida and its people.
Accordingly, in order to induce the Borrowers to incur expenses for the
initiation of such Project and its financing, the Issuer hereby makes the following
proposal:
1. The Issuer will Issue its industrial development revenue bonds In one or
more installments totaling in the aggregate principal amount a sum not to exceed
$9,900,000 for the purpose of paying the cost of the Project. The bonds will be issued in
such aggregate principal amount, mature at such times, bear interest at such rates and be
subject to such other terms as shall be agreed upon between the Issuer and the Borrowers.
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2. The Issuer and each of the Borrowers will enter Into separate Llonn
Agreements (collectively, the "Loan Alf1'eement") which shall provide for the loan or the_
bond proceeds \0 the Borrowers for the acquisItion, construction and equipping of the
Project and repayment or the loan by the Borrowers. The Borrowerst performance of their
obligations, tinanalal and otherwise, under the Loan Agreement shall be secured by (host
mortgage Uens on real 'property and a security Interest In the project machinery and
equipment, which mortgages will be Insured by F.H.A. insurance under Sections 232 and
221(d)(4) or the National Housing Act at 1934. The Installment payments to be made by
the Borrowers In repayment of the loan pursuant to the Loan Agreement shall be pledged
to the payment of the principal of, interest on and redemption premium, tt eny, applicable
to the bonds and the feas and expenses of the trustee. Upon payment In full of the
Installments of the loan and all other payments under tho Loan Agreement, the Hen of the
trust Indenture and the Loan Agreement shall be: discharged. The loan installments shall
be fully sutclclent to pay the cost of the Project, the cost and expenses of C1ntlncing the
same and the expenses of the Borrowers, the trustee and the Issuer related thereto.
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 will promptly
proeeed with validation of the bonds In the Circuit Court in and lor PlneUas County,
pursuant to the provisions of Chapter 75, Florida Statutes.
4. Upon delivery of the bonds, the provisions of thL, proposal and the
agreement resulting from its acceptance by the Borrowers shall have no further effect,
and in the event of any inconsistency between the terms of this proposal and the terms or
the Agreement In the form in whieh It shall be finally approved by resolution of the Issuer,
the provisions of the Agreement as so approved shall control.
5. Upon acceptance by the Borrowers of this proposal, the Issuer shall keep
open and outstanding this commitment and inducement to the Borrowers for a reasonable
time so long as the Borrowers shall be proceeding with appropriate efforts toward
conclusion of any arrang;ements necessary to the Project; provided, however, if for any
reason (other than that which shall be the fault of the Issuer) the bonds are not delivered
to the purchaser or purchasers thereof by December 1, 1983, then the provIsions of this
proposal and the agreement resulting from its acceptance by the Borrowers may be
cancelled at any time thereafter, at the option of the Issuer and wIthout notice to the
Borrowers, by resolution of the Issuer, duly adopted expressly for such purpose. In such
event, or in the event of its earlier cancellation by agreement between the Borrowers and
the Issuer, neither party shall have any rights against the other and no third party shall
have any rights against either party except:
(a) The Issuer wlU transfer and convey to the Borrowers all the Project
components and sites Of any) which shall have been acquired by the Issuer;
(b) The Borrowers will pay to the Issuer the amount of all expenses whIch
shall have been incurred by the Issuer in connection with the Project and which were
authorized by the Borrowers;
(c) The Borrowers will assume and be responsible for all contracts entered
into by the Issuer at the request of the Borrowers in connection wIth the Project; Bnd
(d) The Borrowers will pay the out-of-pocket expenses of officials and
representatives oC the Issuer e.nd counsel for the Issuer incurred in connection with the
'.
-2-
Res, 82-100
11/1f/82
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