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RESOLUTION NO. 77-90 WHEREAS, there exists in the Gifford Area deplorable water and sewer conditions; and WHEREAS, in the public interest all parties involved must cooperate in order to solve the utility problem by providing treated water and sewer services to the people of Gifford; and WHEREAS, in the interest of meeting and serving the needs of the residents in the Gifford Area, Indian River County extends the following proposal to U.D.U. and Farmers Home Administration: (1) Indian River County will purchase the existing water and sewer facilities owned by U.D.U. (Urban Development .Utilities, Inc,) for a purchase price of SEVENTY FIVE THOUSAND ($75,000.00) DOLLARS (free and clear of all en- cumbrances), with additional funding from Indian River County subsequent to .(a) Farmers Home Administration issuing, a grant to Indian River County for approxiately FOUR HUNDRED TWENTY SEVEN THOUSAND FIVE HUNDRED ($427,500.00) DOLLARS; (b) Farmers Home Administration loaning to Indian River County both by guarantee of short-term or interim financing and a subsequent bond issue of approximately FOUR HUNDRED TWO THOUSAND FIVE HUNDRED ($402,500.00) DOLLARS: and (c) approval by EDA of grant funds of approximately THREE HUNDRED SIXTY FIVE THOUSAND ($365,000.00) DOLLARS. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COM- MISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that upon approval of grant funds from Farmers Home Administration in the amount of ap- proximately FOUR HUNDRED'TWENTY SEVEN THOUSAND FIVE HUNDRED ($427,500,00) DOLLARS and loan funds from Farmers dome Administration in the approximate amount of FOUR HUNDRED TWO THOUSAND FIVE HUNDRED ($402,500.00) DOLLARS, Indian River County will purchase the U.D.U. sewer and water assets, free and clear of all encumbrances and thereafter upgrade and provide sewer and water facilities and service as they exist and as to be expanded to the residents in the Gifford Area; and