Laserfiche WebLink
• <br />3 <br />when the FmHA loan is closed there is no doubt that the FmHA is fully <br />secured. The FmHA moat insist on the following at loan closing: <br />1. An affidavit by the general contractor that he has been paid <br />In full, in accordance with the terms of the contract, and that <br />he has paid all sub -contractors, materialmen, and laborers with <br />respect to the construction of the project. (It may be that he <br />will have to get his final payment at the bond closing, from bond <br />proceeds, and perhaps make some disbursements at the time to sub- <br />contractors and suppliers.) <br />2. A certificate by the consulting engineer that the system has <br />been constructed in accordance with applicable law and according <br />to the plans and specifications approved by the Government. <br />3. A statement from the attorney that he has been paid to date <br />in accordance with his agreement. <br />An unqualified opinion from bond counsel will be required. It will be <br />the responsibility of the county and its commercial lender to be cer- <br />tain that bond counsel employed will issue an unqualified opinion. <br />Also, bond counsel will be required to furnish evidence that the interim <br />financing has been paid in full. <br />When interim financing funds have been expended, the FmHA loan will be <br />closed and permanent instruments will be issued to evidence the FmHA <br />indebtedness. <br />Business Operations: <br />The bond ordinance will require that the county establish as soon as <br />the system becomes revenue producing a depositary in the State of <br />Florida which is.a member of the FDIC and which is eligible under the <br />laws of Florida to receive municipal funds and maintain for the term <br />of the loan a special fund known as "Indian River County Water and <br />Sewer System Revenue Fund." These funds are to be kept separate from <br />all other funds of the county and will be espended.and used.only as <br />stipulated in a bond ordinance approved by the FmHA. A reserve account <br />will be accumulated at the rate of one-tenth of the annual payment until <br />this account reaches the amount of one annual payment. <br />The county will adopt an ordinance in accordance with Guide 9 of Florida <br />Instruction 1933-A outlining operation procedures for the facility. <br />The county will furnish an outline of the management procedures for the <br />facility to include the name of the persons) who will operate the facility <br />along with a brief agreement between the person(s) and the county showing <br />LIGE'% f�,Aa <br />o <br />LIGE'% f�,Aa <br />