1986-009 - Laserfiche WebLink

Home Browse Search

Position S USDA-FMHA RESOLUTION 86-09 FORM APPROVED Fo;n FmHA 1942.47 LOAN RESOLUTION OPAB No. 0575•0015 (Rev. 11-84) (Public Bodies) A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS !' OF THE COUNTY OF INDIAN RIVER, FLORIDA AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF PROVIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING, AND/OR EXTENDING ITS -C13113INED WATER AN) SEWER SYSTEM FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS JURISDICTION TO SERVE. ~ WHEREAS, it is necessary for the County of Indian River, Florida (hiblic Axly) (herein after called Association) to raise a portion of the cost of such undertaking by issuance of its bonds in the principal amount of Nine Million Two Hundred Thousand Dollars ($9,200,000) pursuant to the provisions of a resolution WHEREAS, the association intends to obtain assistance from the Farmers Home Administration, United States Department of Agricul- ture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) in the planning, financing, and supervision of such undertaking and to purchasing of bonds lawfully issued, in lite event that tto other acceptable purchaser for such bonds is found by the association: NOW THEREFORE, in consideration of the premises the association hereby resolves: I. To have prepared on its behalf and to adopt an ordinance or resolution for the issuance of its bonds and containing such items and in such forms are required by STATE statutes and as are agreeable and acceptable to the Government. 2. To refinance the unpaid balance, in whole or in part, of its bonds upon the request of file Government if at any time it shall appear to the Government that the association is able to refinance its bonds by obtaining a loan for such purposes from responsible cooperative or private sources at reasonable rates and terms for loans for similar purposes and periods of time as required by section 333(c)of said Consolidated Farm and Rural Development Act (7 U.S.C. 1983(c)). 3. To provide for, execute, and comply with Form FmHA 4004, "Assurance Agreement"; and Fora FinHA 400.1, "Equal Opportunity Agreement", including an "Equal Opportunity Clause", which clause is to be incorporated in, or attached as a rider to, each construction contract and subcontract involving in excess of S 10,000. 4. To indemnify the Government for any payments made or losses suffered by the Government on behalf of the association. Such indemnification shall be payable from the same source of funds pledged to pay the bonds or any other legal per. missible source. 5. That upon default in the payments of any principal and accrued interest on the bonds or in the performance of any cov- enant or agreement contained herein or in the instruments incident to making or insuring the loan, tine Governnntent at its option may (a) declare the entire principal amount then outstanding and accrued interest immediately due and pay. able, (b) for the account of the association (payable from the source of funds pledged to pay the bonds or any other legally permissible source) incur and pay reasonable expenses for repair, maintenance, and operation of life facility and such other reasonable expenses as may be necessary to cure the cause of default, and/or (c) lake possession of the facility, repair, maintain, and operate or rent it. Default under the provisions of this Resolution or any instrument incident to the making or insuring of the loan may be construed by the Government to constitute default under any other instrument held by the Government and executed or assumed by the Association, and default under any such instrument may be construed by the Government to constitute default hereunder. 6. Not to sell, transfer, lease, or otherwise encumber the facility or any portion thereof, or interest therein, not permit others to do so, without the prior written consent of the Government. 7. Not to borrow any money from any source, enter into any contract or agreement, or incur any other liabilities in con- nection with making enlargements, inprovemenls or extensions to, or for any other purpose in connection with the facility (exclusive of normal maintenance) without the prior written consent of the Government if such undertaking would involve the source of funds pledged to pay the bonds. 8. To place the proceeds of the bonds on deposit in an account and in a manner approved by the Government. Fun Is ntay bc deposited in institutions insured by the State or Federal Government or invested in readily marketable securities backed by the full faith and credit of the United States. Any income from these accounts will be considered as revenues of the system. 9. To comply with all applicable State and Federal laws and regulations and to continually operate and maintain the facility in good condition. 10. To provide for the receipt of adequate revenues to meet the requirements of debt service, operation and maintenance, and the establishment of adequate reserves. No free service or use of the facility will be permitted. 11. To acquire and maintain such insurance coverage including fidelity bonds as may be required by tite Government. 12. To establish and maintain such books and records relating to the operation of the facility and its financial affairs and to provide for required audit thereof in such a manner as may be required by the Government, to provide the Govertunent without its request, a copy of each such audit, and to make and forward to the Government such additional information and reports as it may from time to time require. The agreement to provide the information collected through the loan resolution is required to obtain FmHA loan/grant assistance and the infurnwtion so collected is used to determine compliance with the covenants of this resolution and applicable FmHA regulations.