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

the Authority shall appoint a Trustee, which shall be a trust company or a bank having trust powers, and enter into a Trust Indenture under terms and conditions authorized by the Act. The form of . the Trust Indenture annexed hereto as Exhibit " 2" and incorporated herein by reference is hereby approved and adopted by the Issuer, the Issuer is hereby authorized to enter into said Indenture, and the Authorized Officers of the Issuer are hereby directed to execute such Indenture on behalf of the Issuer in the manner provided by law. The Indenture shall be in substantially the form annexed hereto as Exhibit" 2" subj ect to such changes, insertions or omissions as may be approved by the Authorized Officers of the Issuer and the execution of the Indenture by the Authorized Officers shall be conclusive evidence of any such approval. SECTION lO. MORTGAGE AUTHORIZED. The forms of the Mortgage and Assignment thereof to the Trustee, annexed hereto, collec- tively, as Exhibit " 3" and incorporated herein by reference ace hereby approved and adopted by the Issuer, the Issuer is hereby authorized to execute and deliver said Assignment of Mortgage, and the Authorized Officers of the Issuer are hereby directed to exe- cute such Assignment of Mortgage on behalf of the Issuer in the manner provided by law. The Mortgage and Assignment of Mortgage 1 6 j. . 0 o shall be in substantially the form annexed hereto as Exhibit" 3" subject to such changes, insertions or omissions as may be approved py the Authorized Officers of the I. ssuer and the execu- tion of the Assignment by such officers shall be conclusive evidence of any such approval. SECTION ll. GUARANTY APPROVED. The form of the personal Guaran ty to be executed by the stockholders of the and Company, the Trustee, as Guarantee, annexed hereto as Exhibit " 4" and incorporated herein by reference is hereby approved by the Issuer. SECTION l2. ASSENTS, ACCEPTANCES AND APPROVALS. The Authorized Officers of the Issuer are authorized to execute such assen ts, acceptances and the approvals as Issuer may deem neces- sary for the Issuer to finance the Project and deliver the Bonds in the manner contemplated by the Agreement and the Indenture. SECTION 13. VALIDATION AUTHORIZED. The for the attorney Issuer, in cooperation with bond counsel, Miller Bryant, and 01 ive, Tallahassee, Florida, is authorized hereby and directed to prepare and file proceed ings to val ida te the Bond s in the manner provided by law. SECTION l4. SALE OF BONDS. The Bonds shall be issued and sold in such manner and at such price or prices consistent with 1 aw, all atone time or in installmen ts from time to time, as shall be hereafter determined by resolution of the governing body of the Issuer. SECTION l5. FEES. Fees of legal counsel, consul ting eng i- neer, archi tects and other reasonable be expenses may paid from Bond proceeds at the time of closing upon written request of the Company and upon approval of the Trustee. SECTION l6. SEVERABILITY OF INVALID PROVISIONS. If anyone or more of the covenants, agreements or provisions contained in this Resolution, ~ he Agreement or the Indenture shall be held con- trary to any express provision of law to the of or contrary policy express law, though not expressly prohibited, or against publ ic 1 7  o Q Gator Holding company, Inc. and' Subsidiary penaacola, Florida consolidated statement' of Retained Earnings and other capital Accounts Exhibi t C for the Year Ended December 31, 1980 Common Retained stock Earninqs Total Balances December 31, 1979 $ 1, 000. 00 $ 163, 125. 15 $ 164, 125. 15 Net Income for the ~ t. od I:' 190, 520. 22 190, 520. 22 Balances, December 31, 1980 $ 1, 000. 00 $ 353, 645. 37 $ 354, 645. 37 Per .share Data Common stock, $ 1. 00 Value Pal:' Authorized 10, 000 shares Issued and outstanding 1, 000 shares Book value Per share 354. 65 Earnings Per Share 190. 52 j 1 j 71I The accompanying Notes to Consolidated Financial sta~ements are an integral part of this statement. 1 t  IY ~ c' o Ga(br uo14ing company, Inc. and Subsidiary Pensacola, FLorida consolidated statement of changes in Financial position Exhibi t D for the Year Ended December 31, 1980 Funds provided By working capital provided from Net Income 190, 520. 22 Add: Expenses Not Requiring the outlay of Working capital Depre9iation and Amortization 299, 280. 08 andorunen t of compu ter 53, 816. 08 provi,sion :for Deferred Taxes 9, 672. 00 Funds providedtfrom Operations of the current Period 553, 288. 38 Proceeds frc:p, J~i., n