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HomeMy WebLinkAbout1984-040Position 5 USDA-1~mHA RESOLUTION 84-40' Form FmHA 442-47 LOAN RESOLUTION (Rev. 2.5.81) (Public Bodies) A RESOLUTION OF THE Board of f nunrw f`nmmi n Si nnp— OF THE County of Indian River Flnrirla AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF PRO. VIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARrING, IMPROVING, AND/OR combined potable mater production and distribution and EXTENDING ITS FACILITY TO SERVI?'AN AREA LAWFULLY WITHIN ITS JURISDICTION TO SERV . WHEREAS, it is necessary for the „ c oarl• County, Florida (herein after called association) to raise a portion of the !cost of such undertakingy issuance of its bonds in the principal amount of mi 11 Jion Cpl7p n hundred anal f' ftv thnticnd epvan hrmArad do -11 ars ($2;750,700) 4 pursuant to the provisions of WHEREAS, the association intends to obtain assistance from the Farmers Home Administration, United States Department of A riculture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development Act �7 U.S.C. 1921 et seq.) in tite planning, financing, and supervision of such undertaking and to purchasing of bonds law- fully issued, in the event that no other acceptable purchaser for such bonds is found by the association: NOW THEREFORE, in consideration of the premises the association hereby resolves: 1. To have prepared on Its behalf and to adopt an ordinance or resolution for the issuance of its bonds and con- taining such items and in such forms as 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 the 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 Develop. ment Act (7 U.S.C. 1983(c)). 3. To provide for, execute, and comply with Form FmHA 40013, "Nondiscrimination Agreement and Form FmHA 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 $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 permissible source. 5. That upon default In the payments of any principal and accrued interest on the bonds or In the performance of any covenant or agreement contained herein or in the Instruments incident to making or insuring the loan, the Government, at its option may (a) declare the entire principal amount then outstanding and accrued interest immediately due and payable, (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, main• tenance, and operation of the facility and such other reasonable expenses as may be necessary to cure the cause of default, and/or (c) take 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 per. mit 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 connection with making enlargements, improvements 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, in a bank, and in a manner approved by the Govern- ment. 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 main• tenauce, 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 the Government. `• ~ . I:1 � " . r.. , L. . !I r tai. :I.' ; , . . ... ­ Tfi establish and maintain such books and records relating to the'operation of'the 'faciljij,:'iui tts'Dnancial.affairs and to provide for required audit thereof -in such 'a manner as' may be icgWrod: by the' Cove'rriinent;'to 'provide the Government without its request, a copy of each such audit, and to make and forward to the Government such addi- tional information and reports as it may from time to timb require. 13. To provide the Government at all reasonables times access to all books and records relating,to the facility and access to the property of the system so that the Government may ascertain that the'association is complying with the pro- visions hereof and of thq instruments incident to the making or insuring of the loan. 14. To provide adequate service to all persons within the service area who can feasibly and legally be'seridd and to'obtain FmHA s concurrence prior to refusing new or adequate services to such persons. Upon faildreto provide services which are feasible and legal, such person shall have a direct right 'of action against•the association •oi public body. 15. In the case of a grant in the sum not to exceed S -0 the association hereby accepts the grant under the teems as -offered by the Government and that the and C - of the association arc hereby authorized and entpgwcred to take a14 action necessary or appropriate in the execution of all written instruments as may be required in regard.to or as:evidence of such grant and the association hereby resolves to operate the facility. under the terms as offered in said grant agreement(s).' , The provisions hereof and the provisions of 211 insirirments incidetrt to the mzking or the iri3unng o`f fhe loan, unless gtltcr- wise specifically provided by the terms of such instruments, shall be binding upon the association as long as the bonds are held or insured by tine Government. The provisions of sections 6 through 13 hereof tnay.he provided for in more specific detail in the bond resolution or ordinance; to the extent that the provisions contained in such bond resolution or ordinance should be found to be inconsistent with the provisions hereof, these provisions shall be construed as controlling as between the association and the Government. The vote was: Yeas 4 Nays 0 Absent _.L_, IN WITNESS WHEREOF, the Rnarri of fnttn y f'rtmmi GG i nnArg of the Indian Ri trpr Crrttnt-U F1 nr; ,ta ^ has duly adopted this Resolution and caused it to be executed by the officers below in duplicate on this - f+ day of - - June 19 A4. Approved o, for and leg f (SEAL) 'By � C. Don' ` Scttrl.oc Attest: ar . E3randenbu ,Title Chairman' myt r _ �_._. ... __..... . Title C �0 a/ CERTIFICATION i 1, the undersigned, as ____._ .. _._. __ •--- _-Clerk"" of the Rnarii' nt '(•itttn y Commfic§+nnarg of Indian River County, Florida, hereby certify that the n al.:rnitr]�y___COMMTggTnnlFRe ::uf'such Association is composed of 7� members, of whom — 4 , constituting a quorum, were present at a meeting thereof duly called and held on the f+*h day of --- TtmP , 19 -Bb;that`the'fdregoing!lesolutiorrw_as ad_opied at such meeting by the vote shown above; and that said resolution has not been rescinded or arrle'nded iii any way. Dated, this At -h day of T;,nQ. 19.BA._. -.. • - _----._--,-._. u.aoao:taet a rexotartaaa Fre a Wright , Cl rk to the Title Board of CountyCommissioner;, V. MA�j 0r.01.