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Position 5
<br />USDA-1~mHA RESOLUTION 84-40'
<br />Form FmHA 442-47 LOAN RESOLUTION
<br />(Rev. 2.5.81) (Public Bodies)
<br />A RESOLUTION OF THE Board of f nunrw f`nmmi n Si nnp—
<br />OF THE County of Indian River Flnrirla
<br />AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF PRO.
<br />VIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARrING, IMPROVING, AND/OR
<br />combined potable mater production and distribution and
<br />EXTENDING ITS
<br />FACILITY TO SERVI?'AN AREA LAWFULLY WITHIN ITS JURISDICTION TO SERV .
<br />WHEREAS, it is necessary for the „ c oarl•
<br />County, Florida
<br />(herein after called association) to raise a portion of the !cost of such undertakingy issuance of its bonds in the principal
<br />amount of mi 11 Jion Cpl7p n hundred anal f' ftv thnticnd epvan hrmArad do -11 ars
<br />($2;750,700) 4
<br />pursuant to the provisions of
<br />WHEREAS, the association intends to obtain assistance from the Farmers Home Administration, United States Department
<br />of A riculture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development
<br />Act �7 U.S.C. 1921 et seq.) in tite planning, financing, and supervision of such undertaking and to purchasing of bonds law-
<br />fully issued, in the event that no other acceptable purchaser for such bonds is found by the association:
<br />NOW THEREFORE, in consideration of the premises the association hereby resolves:
<br />1. To have prepared on Its behalf and to adopt an ordinance or resolution for the issuance of its bonds and con-
<br />taining such items and in such forms as are required by STATE statutes and as are agreeable and acceptable to
<br />the Government.
<br />2. To refinance the unpaid balance, In whole or in part, of its bonds upon the request of the Government if at
<br />any time it shall appear to the Government that the association is able to refinance its bonds by obtaining a loan
<br />for such purposes from responsible cooperative or private sources at reasonable rates and terms for loans for
<br />similar purposes and periods of time as required by section 333(c) of said Consolidated Farm and Rural Develop.
<br />ment Act (7 U.S.C. 1983(c)).
<br />3. To provide for, execute, and comply with Form FmHA 40013, "Nondiscrimination Agreement and Form
<br />FmHA 400.1, "Equal Opportunity Agreement", including an "Equal Opportunity Clause' , which clause is to be
<br />incorporated in, or attached as a rider to, each construction contract and subcontract involving in excess of
<br />$10,000.
<br />4. To indemnify the Government for any payments made or losses suffered by the Government on behalf of the
<br />association. Such indemnification shall be payable from the same source of funds pledged to pay the bonds or
<br />any other legal permissible source.
<br />5. That upon default In the payments of any principal and accrued interest on the bonds or In the performance of
<br />any covenant or agreement contained herein or in the Instruments incident to making or insuring the loan, the
<br />Government, at its option may (a) declare the entire principal amount then outstanding and accrued interest
<br />immediately due and payable, (b) for the account of the association (payable from the source of funds pledged
<br />to pay the bonds or any other legally permissible source) incur and pay reasonable expenses for repair, main•
<br />tenance, and operation of the facility and such other reasonable expenses as may be necessary to cure the cause
<br />of default, and/or (c) take possession of the facility, repair, maintain, and operate or rent it. Default under the
<br />provisions of this Resolution or any instrument incident to the making or insuring of the loan may be construed
<br />by the Government to constitute default under any other instrument held by the Government and executed or
<br />assumed by the association, and default under any such instrument may be construed by the Government to
<br />constitute default hereunder.
<br />6. Not to sell, transfer, lease, or otherwise encumber the facility or any portion thereof, or interest therein, not per.
<br />mit others to do so, without the prior written consent of the Government.
<br />7. Not to borrow any money from any source, enter into any contract or agreement, or incur any other liabilities
<br />in connection with making enlargements, improvements or extensions to, or for any other purpose in connection
<br />with the facility (exclusive of normal maintenance) without the prior written consent of the Government if such
<br />undertaking would involve the source of funds pledged to pay the bonds.
<br />8. To place the proceeds of the bonds on deposit in an account, in a bank, and in a manner approved by the Govern-
<br />ment.
<br />9. To comply with all applicable State and Federal laws and regulations and to continually operate and maintain the
<br />facility in good condition.
<br />10. To provide for the receipt of adequate revenues to meet the requirements of debt service, operation and main•
<br />tenauce, and the establishment of adequate reserves. No free service or use of the facility will be permitted.
<br />11. To acquire and maintain such insurance coverage including fidelity bonds as may be required by the Government.
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