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• <br />of <br />Redemption Provisions <br />The Notes are subject to redemption prin* to maturity. <br />At the option of the County. as a whole or In parr.. on or after <br />,rune 1. 1989, upon payment of 100% of the prim=ip•At amount <br />thereof, plus accrued interest to the date fixed for redemption. <br />In the event of a partial redemption. the Motes to be rodeos" <br />or the portions than—F. wtT-ce appllrable. gthall be selected by <br />lot by rhe Paying itgant. it, ln. VOIar;" �^f 5111.fi'o.. <br />FOM Its ^^than: -.t pursuant to tho l".onsolido+tod Farm <br />an,l F±ilr-al owelopment Act, t'.1.. 87-128 47 U.S.C. Secylon 1921. et <br />seq.) and regulatlons promulgated thereunder ( 7► C. F. P . Part 1933 ) <br />to m4ka loans to local governments• for services end facilities <br />b+acti,. t•, the public health and safety, such as water and sower <br />+ayrt_m,. whmn such facilities are fully available to the public. <br />qt. t,stricted to providing public aervie•a and facilities <br />t,, tt,rAl aT-as only. A neral area shall not include any area in <br />T t t y i r y town hav i tt r n population In excess of 10.000 <br />i tth.�il t _nta.. <br />FmiiA has Issued the Commitment to provide a $9.200.000 <br />(the 'FmM Loan') to the County. subject to fulfillment by <br />tjT" County of certain conditions.. Olaterial conditions of the <br />t,oamitment to be satisfied prior to the consummation of the rmHA <br />[,man include delivery of certain opinions of counsel to the <br />County. execution of certain documents and certificates by County <br />�Iriicials. canmptisnce with certain bond requirements as <br />witipulated by F'rHA and approval by VORA of certain rats schedules <br />nPoabtishvd toy tit., County. <br />Fr+M 1.•l expected to make the F%HA Loon by purchasing <br />til,, $9.20().000 ,aggregate principal amount of Series 198E -•ids <br />purnuant to a loan agreement. Ft,)ceeds of the purchase o. the <br />;.*ries 1986 Benda will he used to pay the principal of the Notes. <br />on October 28, 19H7. PmHA issued a letter <>nfierwing certain <br />utuie'rr+tanding8 of FrIM, iaterm1ninc1 t.h t, they have no reason to <br />believe that the con,litions for the F-EchaRe "ff t -he Series 1986 <br />Boruls cannot he meet, and statin.; ttoat_ F'mHA fun,i,T have been <br />(,)bllgated f�jr t}ia rroject and that the purrhase of the Series <br />1986 Bonds by F'mflA is scheduled to occur not later than <br />December 1, 1990. <br />The County is required by the Note Resolution to <br />deposit all proceeds from sale of. the Series 1986 Bonds into the <br />Notes Payment Account. upon payment: of the Notes, any fonds <br />remaining in the Notes Payment Account will be transferred to the <br />Construction Fund. <br />17 <br />