83-10
. ,".," "1:" j.......~ J- ~ .;.
~~~----;~-~-_-r~-:~~~~TI"'~~~:.h""'-::':'fd",,I.~'Y'''''''''''~I~'~<.''.......;-\... .,....-~I""'l.~-'. .._ ...............,~t '~d.......... . ~.I/I...r... 'L... -U' ,,~I""'.. ...~_..'... r ._..~......:..~....r-..c. .:';"~..';.~:''''':;'''Il~.'~''''..'''.-:-'''''..-f.''~~''''''~ 1oI.o::f''''~-kP ...
~~1!{'('J ,.',1..'.'.,', ,...' ,'",." , , " ,~ ' ,', ".' J" :;~ :;::'".~;.','<':'.',...-:".;.'"..~. '.-' ... "t', '... '''t' P~'-~,r.<I ' .
.' .." ," ~ ;~~~W~,:i,'.~::~::~:-.~::}~~:.,:';~,:;~~~ ~:.:,~:. ',,':,"~',,":, :','. ~. ,::" /r ~ >" ~,:,; ',; ':";'<~:~.':~!~H::'~;v;,.':i'\"~;i~:i\i';)( :~:.,,~\.~~~~~,/t~ ~:'::'~;::~;'(' ~~~.,:}',}", . ,;' . ":.': ,~,;: t' -:."...,
. :'.';'''tJ.:,.h~1.~,fc''j;''' ~.'",).'. ot-E . . " ." 'c'~.~.' \ -I.' ..r . ../'. c. ,:J.tj"'/h.~i.'';'' f.....;1V.".~::I;..,l~e~):'r..ar."'".~ ''''~'i~'P.fl~}?;i'i.\.{'\..'t,.;.~
. r.~ j..~~:~.:. f~~ S!~~~~i\I;} .:?;:~~~\ :~'.: !~: ~~'.::. :\~?~ ~~A, ~ ~:' .;~ \ 'r. ~ :.~\1> ~.' :~~( :~ :~ /"' ~ :,~;.: :..I.'~. .\.'~,;;~i~.YJi.~ii~'{~'}'~;!:;!"."~!:;~;t ~.~f:\~~~~'l~~: ~~~i~~q~~/jJ;~.~> ~ t~1
..F..>:<.:.(....u".,"',':','.:,~.li,,':i:. ",.: """', ,'. "".., "l ',~ ,,',. '.,' ::-',',:;:...,e"....;.;,V.....'.)~'..\~iV't.:"(-;~, '~t.~",'~.l~I'~~~.7.'~;:,\':ii~;t~l'.~
~~~''':f~~~".~~'~f~J:l~~l~.Ltt:,.tf'.~d4~t,.~~rabJ.i.~..;...;.~~:...:.~._:..-:.'''_...L "._"~'h~_:::_. _l, .\. :;:".. :~ii';:L ~~~ .!'('r7 \ r\\"J:'i,..i":.~.. ~........> .I~l
i~~__..._..,>.A,..._........J....".,..,!...' ......
".
o
o
, .
pay the installments upon the loan in tho amounts and at the
times required and the obligation to repair and maintain at its
own expense the Project, and Imperial is desirous of serving the
purposes of the Act and is willing and capable of fully perform-
ing all other obligations and responsibilities imposed up?n it by
the Loan Agreement.
E. The Issuer is able to cope satisfactorily with the
impact of the project, and all the necessary public facilities,
utilities and services that will be necessary for the operation,
repair, improvement and maintenance of the project and on account
of any increase in population or other circumstances resulting by
reason of the location of the Project within the area of opera-
tion of the Issuer are available now or can be provided when
needed.
F. Imperial has represented that the proceeds from the
issuance of bonds by the Issuer will be loaned to Imperial
pursuant to separate Loan Agreements to be entered into between
the Issuer and Imperial (collectively, the "Loan Agreement!').
Adequate provision will be mude under the provisions of the Loan
Agreement for the repair and maintenance of the Project at the
expense of Imperial, and for the payment of the principal of and
redemption 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 its area of
operation to pay the principal of and premium, if any, and
interest 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 from any funds of the Issuer other than those
derived by the Issuer under the proposed Loan AgreementJ 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 subdivi-
sion thereof shall be pledged to the payment of the bonds.
H. Imperial's performance of its obligations, financial
and otherwise, under the Loan Agreement shall be secured by first
mortgage liens on real property and a security interest in the
project machinery and equipment.
I. The Issuer will receive an opinion of acceptable bond
counsel that the interest on the bonds will be exempt from
federal income taxation under 'existing laws of the United States
at the Closing of the bond issue.
J. The Issuer, in consideration for Imperial's undertaking
the project, agrees that prior to the date of issuance of the
bonds, it shall have made all necessary commitments to provide to
Imperial at least twenty-five (25) to thirty (30) improved
parking spaces within a five hundred (500) foot radius of the
Project, at the Issuer's sole expense, provided, however, that
Imperial shall pay a reasonable rental therefor, not to exceed an
amount equal to Issuer's normal monthly long-term parking rates.
Section 3. AUTHORIZATION OF EXECUTION AND DELIVERY OF
INDUCEMENT LETTER. The Mayor-Commissioner and the City Manager
of Issuer are hereby authorized to execute, and the City Clerk of
the Issuer is hereby authorized to attest to, the Issuer1s letter
or letters addressed to Imperial in substantially the form
attached to this Resolution as Exhibit A and incorporated herein,
with such changes therein, whether made prior to the execution
-2-
Res 83-10 1/20/83
-~.....~ f' ~ iii........................":'
'. '
"'~..r.., .....,_ , ' . . ..' ......,.~~. "'::'-~ ~.:",,, ,. '~7",~.,,' l.~.:'."i.,'..-"
:'~-r';";.' ..':~"~~~:""~"" ':..::~.~. ..~",.'.''':.,''.'' .
..... .
//:~ '.1-::: !~~~~!
!,.,,,, _.~ D* .
. J '\1_: J~ . ,)I.:
"
..:~
.,\...:",:.-+~; .....-; J. :Y" .-I!.r"....':f~:."/ ...,