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4 <br />r <br />_tdvertising for Private Lenders and Use of Recognized Bond Counsel: <br />The Association will be required to make a public offering of its bonds for <br />sale as soon as it has been determined that the facility can be completed within <br />the estimate. <br />Construction contract bids will be invited and opened prior to the advertising <br />of bonds. If no bids are received with an interest rate equal to the FHA rate <br />or less, FHA will purchase the bonds. <br />The Association's attorney will obtain the assistance of recognized bond counsel. <br />All documents necessary to close the interim financing loan and the.FHA loan <br />must be prepared by bond counsel. <br />Closing Instructions: <br />The loan will not be closed until the Regional Attorney has been furnished all i <br />the documents.required and has issued closing instructions. -The Association's <br />attorney will carry out the Regional Attorney's closing instructions aad'will <br />certify that the loan closed in accordance with the Regional Attorney's closing <br />instructions. <br />I <br />Prior to loan closing, the Association will adopt the Loan Agreement, Form <br />'FHA 442-47. <br />Other Requirements which Must be Met and Forms to be Completed: <br />A rate schedule will be adopted by the Association providing for the following <br />residential user rates: <br />Water Rate <br />First 2.000 gallons $ 5.00 per month - minimum <br />Next gallons $ per 1,000 gallons <br />Next gallons $ per 1,000 gallons <br />Next gallons $ per 1,000 gallons <br />All over 2,000 gallons $ 1.75 per 1,000 gallons <br />Commercial rates will be established as follows: <br />Water Rate <br />First 2.000 _gallons $ 5.00 per month - minimum <br />Next gallons $ per 1,000 gallons <br />Next gallons $ per 1,000 gallons <br />All over 2,000 gallons $ 1.75 per 1,000 gallons <br />All residential users of the services of the sewer system shall pay a monthly <br />rate of: 100 percent of water bill <br />Commercial users of the sewer system shall pay a monthly rate as follows: <br />100 percent of water bill <br />OIK17..tr;c6 <br />