HomeMy WebLinkAbout1981-062RESOLUTION NO. 81-_(422
WHEREAS, Indian River County has received a commitment from
the Farmers Home Administration to borrow $5,825,000.00 for the
engineering, construction and completion of the South County Water
System; and
WHEREAS, the County will receive from the Farmers Home
[administration certain grant funds in the amount of $796,900.00;
and
WHEREAS, Indian River County has completely engineered the
project, purchased the land, completed the test well program and
issued notice of award on the subject project; and
WHEREAS, Indian River County has received all permits necessary
to construct the subject project; and
WHEREAS, Indian River County will have a shortfall of $425,808.81
representing the difference between loan grant and other income items
subtracted by contract amounts and associated fees and expenses,
all as reflected in the contract documents and other information
provided to the Farmers Home Administration; and
WHEREAS, the Farmers Home Administration desires assurances from
the Board of County Commissioners of Indian River County, Florida,
that the shortfall of $425,808.81. will be assumed and paid by Indian
River County in timely fashion, from non-ad-valorum source dollars.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA, that, as an inducement to the Farmers
Home Administration in issuing the take-out letter as required by
County commitments to the interim lenders and approving the contract
documents, Indian River County hereby agrees to assume and pay the
shortfall amount as above described.
BE IT FURTHER RESOLVED that the Board of County Commissioners
of. Indian River County, Florida, will cooperate in every regard with
Farmers home Administration to assure successful completion of the
South County Water System improvements.
BOARD -- COUNTY COMMISSIONERS
OF T DT__N RIVEFU?�TY , FLORIDA
atrick B. L s; Chairman
Attest: -
(JC('e' C..Al
Freda Wright, C11ii7!ifk of Circuit Court