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r <br />SEP 161991 Bm 47 PArE,51:5 <br />RESOLUTION NO. 81-_(R2 <br />WHEREAS, Indian River County has received a commitment from <br />the Farmers Home Administration to borrow $5,825,000.00 for the <br />engineering, construction and completion of the South County Water <br />System; and <br />WHEREAS, the County will receive from the Farmers Home <br />Administration certain grant funds in the amount of $796,900.00; <br />and <br />WHEREAS, Indian River County has completely engineered the <br />project, purchased the land, completed the test well program and <br />issued notice of award on the subject project; and <br />WHEREAS, Indian River County has received all permits necessary <br />to construct the subject project; and <br />WHEREAS, Indian River County will have a shortfall of $425,808.81 <br />representing the difference between loan grant and other income items <br />subtracted by contract amounts and associated fees and expenses, <br />all as reflected in the contract documents and other information <br />provided to the Farmers Home Administration; and <br />WHEREAS, the Farmers Home Administration desires assurances from <br />the Board of County Commissioners of Indian River County, Florida, <br />that the shortfall of $425,808.81 will be assumed and paid by Indian <br />River County in timely fashion, from non -ad -valorem source dollars. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, that, as an inducement to the Farmers <br />Home Administration in issuing the take-out letter as required by <br />County commitments to the interim lenders and approving the contract <br />documents, Indian River County hereby agrees to assume and pay the. <br />shortfall amount as above described. <br />BE IT FURTHER RESOLVED that the Board of County Commissioners <br />of Indian River County, Florida, will cooperate in every regard with <br />Farmers Home Administration to assure successful completion of the <br />South County Water System improvements. <br />Attest: <br />0A.Z-4, cl J/ <br />Freda Wright, Cle k of Circuit Court <br />COUNTY COMMISSIONERS <br />RIVER CQUNTY , FLORIDA <br />./ L'y,6iis, Chairman <br />