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1 <br />1 <br />i <br />-2I <br />establish a1 operatiao I=d <br />- <br />at. maintenance . <br />as ir3t +I <br />b• establish as inie-al reserve. <br />;t $ deposit is a s;:pervised ba=k account with loan funds. <br />c. at loan closing :or devela:.:w-t• <br />Interim Financia <br />The assaciation gill attempt to borrow funds from'commarcizl sources rthe <br />amount of the FHa loan. for the construction period .only. if sources <br />s are to be <br />it Erna com <br />mercial sources cannot be obtained, <br />letters frondavahesesubmted to the County <br />obtained stating that credit is e <br />supervisor. <br />Provided interim finaaciag is used, construction will not -begin nd legaltil construe <br />wo has ; <br />tion and bond bids are obtained and the necessary P <br />rocessla0 s <br />been completed to the Point to The C01"Ity <br />where the "Part Pay Estimatesedto-nns re tthat <br />sispervisor will approve Form F&4 442-i8, <br />funds are used for authorized purposes during the construction period. <br />is used, although a. binding co=itmeat has been made by the <br />If interim financing far was and other authorized , <br />only those funds advanced to pay <br />Goveraneat, th. <br />and legally eligible expenses incurxecl by the association will be deemed by <br />i <br />Government to be interim coamercialthatethe �construction -oma is properly <br />thpe iiul11 <br />iastruwents. The must be sur.. <br />terad and that when the FBA loan is closed there is nage c1esS at the' is <br />secured. The FHa must insist on the following <br />the general contractor that he has been paid is full, � accor- s <br />a. an affidavit by e general <br />and that .he has Paid all sub-coatract`It,�`I <br />dance with the terms of 6..e contract, <br />matexialmen and laborers with;refpect tthc6ns+ecband closing,rfromybond pro- <br />be that he will nava to get h�s _final Pay -Mat <br />eeds and perhaps make some disburse.,.ents at that time to subcaatractozs and <br />suppliers.) " <br />a o eneIaeer that. the systeim has been constructed <br />b, a certificate by the consulting g <br />licable law and according to the plans and specifications <br />in accordance with app <br />approved by the Government. . <br />c. <br />the attorney that he. has been paid to date in accordance vita <br />A statement from <br />his agreement. - orl- <br />• -' - - It c,�ill be:.the_r,.5p <br />unqualYfiea 'oP�.aiofrom goad counsel will be required.... <br />sibility of the association and its commercial lender _to ba.certsin that -bond <br />counsel employed 1, issue an unqualified opinion. �shasbbee paid ond eia full e <br />required to furnish evidence that the interim f�nxncing an will be closed and <br />When intexpended, the rim financing funds have been eM-o <br />permanent instruments will be issued to evidence the M indebtedness. <br />MAY 2 3197 � pout <br />�' . 9� <br />1 <br />