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3. County to submit Preliminary Feasibility Analysis of <br />Utility Acquisitions to Farmers Home Administration <br />demonstrating ability of anticipated revenues to repay <br />loans. <br />4. County to request letter from Farmers Home Administration <br />which would indicate Farmers Home Administration would <br />reimburse Indian River County for Project Expenses from <br />obligated loan funds with stipulations the County would <br />submit the necessary back-up material justifying the loan <br />requests. This will allow the County to purchase the <br />systems within the required time frame utilizing interim <br />borrowing of required monies. It should be noted however, <br />the County can not utilize interim borrowing without an <br />ultimate source of funds, i.e., Farmers Home Administra- <br />tion loans. <br />NOTE: Indian River County understands and acknowledges, <br />Farmers Home Administration will only provide loans on <br />the basis of appraisals of the utility systems and the <br />feasibility to retire debt service. Furthermore, Indian <br />River County acknowledges it will be responsible for any <br />cost differential between the purchase price of the <br />utilities and the appraised value of the systems should <br />the appraised value be less than the purchase price and, <br />further, Farmers Home Administration is under no obligation <br />to provide loans to Indian River County if feasibility can <br />not be demonstrated. <br />5. County to purchase utilities with interim funds. <br />6. County to submit all required information to Farmers Home <br />Administration for ultimate approval of loan request. <br />7. County to receive letter of conditions from Farmers Home <br />Administration with commitment to provide loan funds. <br />S. County to begin engineering of capital improvements required <br />for compliance with Florida Department of Environmental Regu- <br />lation standards. a- <br />9. County to construct capital improvements. <br />The above described special procedure will allow Indian River County to solve <br />many problems associated with the on going litigation and public health danger. <br />In addition, it will accomplish the solutions as expeditiously as possible. <br />Our engineering consultants have contacted Pyr. Tom Brown of the State Office <br />in Gainesville and advised him of the information contained herein. Mr. Brown <br />indicated this type of procedure could be implemented and requested Indian <br />River County to make an official request through your office. Please note, <br />a copy of this letter will also be sent to fir. Brown. <br />In an effort to expedite this request and in accordance with the procedure <br />being requested, please be advised: <br />A. This letter is intended to notify Farmers Home Admin- <br />istration of the necessity to purchase Treasure Coast. <br />Utilities and Ixora Utilities. <br />B. Indian River County is requesting use of $411,268 of <br />obligated water monies for the purchase and capital <br />improvements assoicated with the acquisition of the <br />water portion of the referenced utilities. <br />Indian River County is requesting use of $732,115 <br />of obligated sewer monies for the purchase and capi- <br />tal improvements associated with the acquisitions <br />of the sewer portion of the referenced utilities. <br />W. <br />1nnr, 48 PACT 590 <br />A <br />