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USDA-FmHA
<br />y Form FmHA 44247
<br />(Rev. 4-9-76)
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<br />Position 5
<br />LOAN RESOLUTION
<br />(Public Bodies)
<br />'' A RESOLUTION OF THE BOARD -
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<br />AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF
<br />PROVIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING, AND/OR
<br />EXTENDING ITS Gifford Water and Sewer
<br />FACILITY TO SERVE AN AREA LAWFULLY' WITHIN ITS JURIDICTION TO SERVE.
<br />WHEREAS, it is necessary for the13ggrd of County Commissioners of Indian Ri r o apt rida
<br />(Public Body)
<br />(herein after called association) to raise a portion of the cost of such undertaking by issuance of its bonds in the principal
<br />amount of —$
<br />pursuant to the.provisions of Chap 359. Florida Stab fes (19.75)
<br />WHEREAS, the association intends to obtain assistance from the Farmers Home Administration, United States Department
<br />of Agriculture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development
<br />Act (7 U.S.C. 1921 et seq.) in the planning, financing, and supervision of such undertaking and to purchasing of bonds
<br />lawfully issued, in the event that no other acceptable purchaser for such bonds is found by the association:
<br />NOW THEREFORE, in consideration of the premises the association hereby resolves:
<br />1. To have prepared on its behalf and to adopt an ordinance or resolution for the issuance of its bonds and containing
<br />such items and in such forms as are required by STATE statutes and as are agreeable and acceptable to the
<br />Government.
<br />2. To refinance the unpaid balance, in whole or in part, of its bonds upon the request of the Government if at
<br />any time it shall appear to the Government that the association is able to refinance its bonds by obtaining a loan
<br />for such purposes from responsible cooperative or private sources at reasonable rates and terms for loans for similar
<br />purposes. and periods of time as required by section 333(c) of said Consolidated Farm and Rural Development Act
<br />(7 U.S.C. 1983(c)).
<br />3. To provide for, execute, and comply with Form FmHA 4004, "Nondiscrimination Agreement"; and Form
<br />FmHA 400-1, "Equal Opportunity Agreement", including an "Equal Opportunity Clause", which clause is to be in-
<br />corporated in, or attached as a rider to, each construction contract and subcontract involving in excess of $10,000.
<br />4. To indemnify the Government for any payments made or losses suffered by the Government on behalf of the
<br />association. Such indemnification shall be payable from the same source of founds pledged to pay the bonds or any
<br />other legally permissible source.
<br />S. That upon default in the payments of any principal and accrued interest on the bonds or in the performance of any
<br />covenant or agreement contained herein or in the instruments incident to making or insuring the loan, the Government,
<br />at its option may (a) declare the entire principal amount then outstanding and accrued interest immediately due and
<br />payable, (b) for the account of the association (payable from the source of funds pledged to pay the bonds or any
<br />other legally permissable source) incur and pay reasonable expenses for repair, maintenance, and operation of the
<br />facility and such other reasonable expenses as may be necessary to cure the cause of default, and/or (c) take
<br />Possession of the facility, repair, maintain, and operate or rent it. Default under the provisions of this Resolution or
<br />any instrument incident to the making or insuring of the loan may be construed -by the Government to constitute
<br />default under any other instrument held by the Government and executed or assumed by the association, and default
<br />under any such instrument may be construed by the Government to constitute default hereunder.
<br />6. Not to sell, transfer, lease, or otherwise encumber the facility or any portion thereof, or interest therein, not permit
<br />others to do so, without the prior written consent of the Government.
<br />7. Not to borrow any money from any source, enter into any contract or agreement, or incur any other liabilities in
<br />connection with making enlargements, improvements or extensions to, or for any other purpose in connection with
<br />the facility (exclusive of normal maintenance) without the prior written consent of the Government if such
<br />undertaking would involve the source of funds pledged to pay the bonds.
<br />8. To place the proceeds of the bonds on deposit in an account, in abank, and in a manner approved by the Government.
<br />FmHA 44247 (Rev. 4-9-76)
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