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RESOLUTION AUTHORIZING BORROWING UP TO $402.500, EVEN THOUGH HE DOES <br />NOT EXPECT THIS AMOUNT WILL BE NEEDED. <br />INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT THE BONDS ARE <br />ACTUALLY SECURED BY THE WATER SYSTEM ITSELF AND HE WOULD RECOMMEND BORROW- <br />ING A MAXIMUM OF $25,000. <br />ATTORNEY COLLINS POINTED OUT THAT HE NEEDS TO KNOW THE AMOUNT <br />ACTUALLY NEEDED TODAY, AND THE COORDINATOR STATED THAT HE IS RECOMMENDING <br />$100,000 FOR THE FIRST NOTE BECAUSE THE CONTRACTOR HAS SUBMITTED A <br />STATEMENT OF $44,621, AND HE ANTICIPATES ANOTHER BILL OF A SIMILAR AMOUNT <br />WITHIN THE NEXT TWO TO THREE WEEKS. THE COORDINATOR INFORMED THE BOARD <br />THAT THE CONTRACTOR'S BILL MUST BE APPROVED BY .JAMES BEINDORF AS THE <br />CONTRACT ENGINEER AND THEN BE SUBMITTED TO FHA FOR THEIR APPROVAL, WHICH <br />WILL TAKE ANOTHER 10 DAYS AT LEAST. <br />COMMISSIONER LOY AGREED THAT WE SHOULD PAY THE CONTRACTOR AS <br />SOON AS WE CAN. <br />ATTORNEY COLLINS INFORMED THE BOARD THAT FIRST WE NEED TO PASS <br />A RESOLUTION AUTHORIZING THE BOND ISSUE. HE STATED THAT THIS RESOLUTION <br />WAS TO BE APPROVED BY FHA AND THEY RECEIVED IT SOMETIME IN OCTOBER, BUT <br />HE HAS NEVER SEEN VERIFICATION ONE WAY OR THE OTHER AS TO WHETHER THEY <br />HAVE APPROVED IT. HE DID NOT ANTICIPATE ANY PROBLEMS, HOWEVER, AND FELT <br />WE NEED TO PROCEED IN ANY EVENT. HE THEN REVIEWED THE -PROPOSED RESOLUTION <br />WITH THE BOARD. <br />INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT THE RATE <br />STRUCTURE COINCIDES WITH THE REDEMPTION NEEDS OF THE BONDS. <br />ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER <br />SCHMUCKER, THE BOARD UNANIMOUSLY ADOPTED RESOLUTION N0. 7$-6 AS READ <br />BY THE ATTORNEY, AUTHORIZING THE ISSUANCE OF WATER AND SEWER REVENUE <br />BONDS NOT•EXCEEDING $402,500. <br />2 <br />JAN 2 3 1978 <br />BOOK 33 f,�, 3fi3 <br />