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USDA•FrnHA Form FroHA 1942.47 (Rev. 3-19) Portrlar. LOAN RESOLUTION No . (Fublk Bodies) A RESOLUTION OP THE BOARD OF COUNTY COMMISSIONERS R-153 rortnsArtov:D 0'MI NO. Oe1e-(Ot11 OP THE COUNTY OF INDIAN RIVER, FLORIDA AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNP.SS FOR THE PURPOSE OF PROVIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING, AND/OR EXTENDING ITS COMBINED WATER AND SEWER SYSTEM FACILITY TO SERVE AN AREA 1 -AWFULLY WITHIN ITS JURISDICTION TO SERVE. WHEREAS,It Is necessary for the. Coun'ty of Indian River,. Florida (Public Body) (herein after celled assodatlon) to rutse a, portion of the cost of such undertaking by issuance of Its bonds In the principal amount of Four Hundred Fifty Thousand Dollars ($450,000) pursuant to the provisions of a yesolution WHEREAS, the assodatlon Intends to obtatn assistance from the Farmers Home Administration. United States Department of Avicul- ture, (herein celled the Government) acting under the provisions of the Coruolidatod Farm and Rural Development Act (7 U.S.C. 1921 et seq.) In the planning, financing, and supervision of such undertaking and to purchasing of bonds lawfully Issued, in the event that nu other acceptable purchaser for such bonds is found by the association: NOW THEREFORE, In consideration of the premises the assodatlon hereby resolves: I . To have prepared on its behalf and to adopt an ordinance. or resolution for the Issuance of Its bonds and containing such items and In such forms ate required by STATE statutas and as are agreeable and acceptable to the Government. 2. To refinance the unpaid Ulna, in whole of in part. of Its bonds upon the request of the Government If at any time it shall appear to the Government that the association is able to refinance Its bonds by obtaining a loan for such pur�es from responsible cooperative or private sources at reasonable rates and terms for loans for similar urposes and periods of time as required by section 333(c) of said Consolidated Firm and Rural Development Act (7 U.S.C. 1983(c)). 3. To provide for. execute, and comply with Form FmHA 4004, "Assurance Agreement"; and Form FmHA 400.1 "Equal Opportunity Agreement", including an "Equal Opportunity Clause", which clause is to be Incorporated In, or attached h a rider to, each construction contract and subcontract involving in exon of S10,000. 4. • To indemnify the Government for any payments made or losses suffered by the Government on behalf of the association. Such Indemnification shall be payable from the same source of funds pledged to pay the bonds or any other legal per. misslble source. 3. That upon default In the paymenta of any principal and accrued Interest on the bonds or In the performance of any eov. •rant or agreement contained herein of In the Instrument incident to making or insuring the loan, the Government at its option may (a) declare the entire principal amount then outstanding and accrued interest immediately due and pay- able, (b) for the account of the association (payable from the source of funds pledged to pay the bonds or any other legaly permissible source) Incur and pay reasonable expenses for repair, maintenance, and operation of the facility and such other reasonable expenses as may be necessary to cure the cause of default, and/or(c)take repair, malnttin, and operate or rent it. Default under the provisions of thta Resolution any instrument lnddentof the a oithe making or insuring of the loan may be construed by the Government to constitute default under any other instrument held by the Government and executed or assumed by the Association, and default under any such instrument nay be construed by the Government to constitute default hereunder. 6. Not to tell, transfer, lease, or otherwise encumber the facility or any portion thereof, or Interest therein, not permit others to do so, without the prior written consent of the Government. 7. Not to borrow any money from any source, enter Into any contract or agreement. or Incur any other Ilebtlltles In con- nection with making enlargements, Improvements or extensions to, or for any other purpose in connection with the facility (exclusive of normal maintenance) without the prior written consent of the Government If such undertaking would Involve the source of funds pledged to pay rho bonds. 8. To piece the proceeds of the bonds on deposit In an account and In a mentor approved by the Government. Punch may be deposited In Institutions insured by the State or Federal Government or invested In readily marketable securities backed by the full faith and credit of the United States. Any income from these accounts will be considered as revenues of the system. 9. Tu comply with all applicable State and federal laws and regulations and to continually operate and maintain the facility In good condition. 10. To provide for the receipt of adequate revenues to meet the requirements of debt service, operation and maintenance, and the establishment of adequate reserves. Revenue accumulated over and above that needed to pay operating and malnte• nance, debt servloe and reserves may only be retained or used to make prepayments on the loan. Revenue can not be used to pay any expenses which are not directly incurred by the facility financed by FmHA. No free service or use of the fad!. lay will be permitted. RESOLUTION 89-153 IS ON FILE IN ITS ENTIRETY IN THE OFFICE OF THE CLERK TO THE BOARD 51 DEC 12 1989 M -q . BOOK ( PAGE 625