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40 <br />-2- <br />Section 3. The applicant has and will have revenue or <br />other funds sufficient to repay the loan in the prescribed time <br />period, as required by Subsection 17-15.04(1) (c), Florida <br />Administrative code. <br />Section 4. The applicant will apply and use any funds <br />received from the sewage treatment revolving loan for the <br />purposes for which they are furnished and will render such <br />accountings of such funds as may be required by the Department. <br />Section 5. The purpose or purposes for which the funds <br />obtained from the sewage treatment revolving loan will be used <br />are: <br />IITo provide interim financing for acquiring lands and <br />constructing sewage treatment facilities in the eastern half of <br />IIndian River County. <br />I Section.6. The interest payments to be made by the appli- <br />cant under the loan agreement with the Department shall be at <br />the same rate as that paid on the last bonds sold pursuant to <br />Article VII, Section 14, Florida Constitution, or five per cent <br />i <br />i <br />(5%), whichever is less; provided, however, the interest rate I <br />during the first twelve (12) months of any loan shall be one <br />I <br />�i half of the above determined rate. <br />I <br />i <br />Section 7. The facts and representations made in the <br />�j application submitted to the Department relating to the subject <br />matter of the resolution are made a part hereof by reference. <br />'I <br />Section 8. All prior resolutions relating to the subject <br />matter of this resolution are amended to conform to this <br />resolution to the extent of any inconsistencies with it, and <br />such prior resolutions shall. remain in full force and effect <br />except as so amended. <br />-2,0- <br />