9/13/1977 - Laserfiche WebLink

Home Browse Search

3 W. If interim financing is used, although a binding commitment has been made by the Government, only those funds advanced to pay for construction and l other authorized and legally eligible expenses incurred by the County will be deemed by the Government to be interim commercial Lidebtedness and retired by FmHA with permanent instruments. The FmHA must bu sure that the construction loan is properly administered and that when the FmHA loan is ` closed there is no doubt that the FmHA is fully secured. The FmIIA must • insist on the following at loan closing: 1. An affidavit by the general contractor that he has been paid in full, in accordance with the terms of the contract, and that he has,paid all sub -contractors, materialmen, and laborers with respect to the construction of the project. _ 2. A certificate by the consulting engineer that the system has been con- structed.in accordance with applicable law and according to the plans and specifications approved by the Government. 3. A statement from the attorney that he has been paid to date in accor- dance with his agreement. An unqualified opinion from bond counsel will be required. It will be the responsibility of the County and its commercial lender to be certain that bond counsel eidployed will issue an unqualified opinion. Alco, bond counsel will be required to furnish evidence that the interim financing has been paid in full. When interim financing funds have been expended, the FmHA loin will be closed and permanent instruments will be issued to evidence the FmNA indebtedness. Business Operations: The bond ordinance will require that the. County establish as soon as the system tem beco e y becomes revenueroduc n i p i g a depositary in the State of Florida which is a member of the FDIC and which is eligible under the laws of Florida to receive municipal funds and maintain n for the term of the loin a special fund known as "Board of County Commissioners Indian River County 'Uater and Sewer System Revenue Fund." These funds are to be kept separate from all other funds of the County and will be expended and used elate as only stipulated P d in a bond ordinance approved b the FmHA. A reserve _ Y ry account �..�ll be accumulated , at the rate of one-tenth of the annual payment until this z� P Ym account _ nt reaches the -- amount e amount of one annual payment. ' basically t The County will adopt an ordinance/in accordance with Guide 9 of Florida Instruction 1933-A outlining operation procedures for the facility. The County will furnish an outline of the management 4` g procedures for the facility to include the name of the person(s) who will operate the facility along with a brief agreement between the person(s) and the County showing services to be performed and wages to be paid.