HomeMy WebLinkAbout1973-047•
R E S O L U T I O N NO. 73-47
WHEREAS, this Board did by previous resolution agree
to all conditions set down in that certain Letter of Conditions
dated May 23, 1973, from the United States Department of Ag-
riculture, Farmers Home Administration to the Board of County
Commissioners of Indian River County, Florida, as a prerequisite
to Farmers Home Administration processing this Board's loan ap-
plication, and
WHEREAS, the Farmers Home Administration has amended
the Letter of Conditions and requested this Board to approve
the same,
NOW THEREFORE BE IT RESOLVED by the Board of
County Commissioners of Indian River County that the Letter of
Conditions dated May 23, 1973, from Farmers Home Administration
to this Board and amended by letter of May 29, 1973, is approved
and the Chairman is authorized to sign such amended Letter of
Conditions on behalf of this Board. The amendments are here-
after set forth in full.
1. Repayment Schedule
a. "Assessment Bonds" - "interest only payment annually
beginning January lst after loan closing. Principal
payment of $7,552,000.00 plus interest due to be paid
in the 20th year after loan closing".
b. "Revenue Bonds" - "1975 and 1976 - $654,350.00 - Interest
only 1977 and thereafter $775,798.00 - Interest plus bond
maturities".
2. Security Requirements
"Security shall also consist of front foot assessment bonds
of benefited properties (sewer $8.46, water $2.88) @ 6%
interest for 20 years".
"We would have no objection to a square foot assessment".
"Benefited properties will be assessed at the earliest possible
date".
ATTEST:
Clerk v
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BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA.
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Chairman