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• <br />R E S O L U T I O N NO. 73-47 <br />WHEREAS, this Board did by previous resolution agree <br />to all conditions set down in that certain Letter of Conditions <br />dated May 23, 1973, from the United States Department of Ag- <br />riculture, Farmers Home Administration to the Board of County <br />Commissioners of Indian River County, Florida, as a prerequisite <br />to Farmers Home Administration processing this Board's loan ap- <br />plication, and <br />WHEREAS, the Farmers Home Administration has amended <br />the Letter of Conditions and requested this Board to approve <br />the same, <br />NOW THEREFORE BE IT RESOLVED by the Board of <br />County Commissioners of Indian River County that the Letter of <br />Conditions dated May 23, 1973, from Farmers Home Administration <br />to this Board and amended by letter of May 29, 1973, is approved <br />and the Chairman is authorized to sign such amended Letter of <br />Conditions on behalf of this Board. The amendments are here- <br />after set forth in full. <br />1. Repayment Schedule <br />a. "Assessment Bonds" - "interest only payment annually <br />beginning January lst after loan closing. Principal <br />payment of $7,552,000.00 plus interest due to be paid <br />in the 20th year after loan closing". <br />b. "Revenue Bonds" - "1975 and 1976 - $654,350.00 - Interest <br />only 1977 and thereafter $775,798.00 - Interest plus bond <br />maturities". <br />2. Security Requirements <br />"Security shall also consist of front foot assessment bonds <br />of benefited properties (sewer $8.46, water $2.88) @ 6% <br />interest for 20 years". <br />"We would have no objection to a square foot assessment". <br />"Benefited properties will be assessed at the earliest possible <br />date". <br />ATTEST: <br />Clerk v <br />iii <br />■ <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA. <br />�' <br />Chairman <br />