Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

u RESOLUTION 82- 22 o J. ~.). d. A RESOLUTION PROVIDING FOR THE FINANCING BY THE CITY OF FORT WALTON BEACH, FLORIDA, OF CONSTRUCTION OF A CAPITAL PROJECT FOR THE USE OF GATOR DISTRIBUTORS, CONSISTING OF INC., WAREHOUSING AND DISTRIBUTION FACILITIES USEFUL FOR THE STORAGE OR CENTRALIZED DISTRIBUTION OF COMMON PRODUCTS AND EQUIPMENT: PROVIDING FOR THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS OF THE CITY OF FORT WALTON BEACH, FLORIDA, IN THE PRINCIPAL AMOUNT OF NOT EXCEEDING $ 600, 000: PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS: PROVIDING FOR THE PAYMENT THEREOF: PROVIDING CERTAIN OTHER AGREEMENTS AND COVENANTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS: AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: SECTION 1. AUTHORITY. This Resolution ( hereinafter called the " Resolution") is adopted pursuant to the provisions of Chapter 159, Part II, Florida Statutes ( 1981) ( hereinafter called the Act"), and other applicable provisi,ons of law. SECTION 2. DEFINITIONS. The terms used in this Resolution shall have the following meanings: AGREEMENT" shall mean the Financing Agreement, the form of which is attached hereto as Exhibit " 1", to be executed and by between the Issuer ( hereinafter defined), and the Company ( herein- after defined). AUTHORIZED OFFICERS" shall mean the Mayor and the City Clerk or Deputy City Clerk of the Issuer. BOND" or " BONDS" shall mean one or more of the not to ex- ceed $ 600, 000, City of Fort Walton Beach, Florida, Industrial Development Revenue Bonds, Series 1982 ( Gator Distributors, Inc. Project), authorized herein and by the Agreement to be issued pursuant to the Act, together with additional any parity obligations hereafter issued under the terms, conditions ~ nd limitations of this Resolution and the Agreement. COMPANY" shall mean Gator Distributors, Inc., a corporation organized and existing under the laws of the State of Florida and authorized to transact business in the State of Florida, and any successors or assigns and any surviving, resulting or transferee corporation. 1 2tc~ f:_~~ 1':'l~! M>>1t1$' iii5~Uiit~.:: iii:,"'~~~,_~.. Ii nD~~~; f""'''''''-' Jlil..: I.~;.~;'- t:" .... d:/ di ~~"'_ ~ D) Having due regard to all relevant financial data con- cerning the Company as required by the Act and other factors determinative of the Company' s capabilities, financial and other- wise, of fulfilling its obligations consistently with the purposes of the Act, the is Company financially responsible and fully capable and willing to fulfill its obligations under the Agree- ment, including the obligation to the pay financing payments in the amounts and at the times required pursuant to the terms of the Agreement and the obligation to operate, repair and maintain at its own expense the Project, and the Company is desirous of serv- ing the purposes of the Act and is willing and capable of fully performing all other obligations and responsibilities imposed upon it pursuant to the provisions of the Agreement. E) The Issuer is able to cope satisfactor,ily with the impact of the Project and is capable of making available or assisting 1 making i': available all the necessary public utilities and services, if any, that will be for the necessary construction, operation, repair and maintenance of the Project and on account of any increase in population or other circumstances resul ting by reason of the location of the within Project the City of Fort Walton Beach, Florida. F) Adequate provision is made under the provisions of the Agreement for the operation, repair and maintenance of the Project at the expense of the Company, and for the the payment by Company of the principal of and interest on the Bo nd s as authorized in the Agreement attached hereto as Exhibit " I", and the Indenture attached hereto as Exhibit " 2". G) The of the revenues Project are not now pledged or encumbered in any manner. H) The principal of and interest on the Bonds and all required debt service payments and other shall be payments payable solely from the revenues of the Project as provided in the Agree- ment and the Indenture. The Bonds shall not be deemed to consti- tute a debt, liability of or obligation the Issuer or of the State 1 3  1Jit!\!,"";~ ~,~&~,~ o o of Florida or of any political subdivision, but shall be payable solely from the Project revenues as provided