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Home My WebLink About76-138Positfon .5 USDA-FmHA Form FmHA ~42-~7 LOAN RESOLUT~ON 76-138 (Rev. 7-3p-75) (Publac Badies) A RESDLUTION O~ THE --------- B!c~lyd _ 0~;: SupetvY sors _. ..~------------------------.~__~._ ___ _.- ---------_----.___._---------- oF rxE -------____.~._...~.~wrety__ c~f__Butt~~~,----------------- AUTHO~ZING AND PROViDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE 1'URPOSE OF PROyIDING A PORTION OF THE COST 0~ ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING, ANDJOR EXT~NDING ITS ----------~----------------------------,_......------------------...._----------------------------__.._..........---------------------............ FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS .TURIDICTION TO SERVE. WHEREAS, it is necessary for the --.~~~~--~l~yt__ ~~~__~"_~_ {~r~__~__--=------------------------------------......----------- (1~ublic Body} (herein afte~ cailed association) to raise a portion Qf. the cost of such un.deztaking by issuance of its bonds in the principal amount of ----~~$~~.~C_.~~Ql~. ~~d.~~3~.__S~?~~~~£r _~!!!~__[!Sl~.~.~Q,.....------~-~~t~~~~------------------------------._...~.-w------ pursuant to fhe provisions of --~-~~~-~1__~~~_~~_~~_.~~_.4~...~1~_~S!_V_t~Cl~~__~i~__S~~_.~~__~~~.~#..~t~__ , WHEREAS, the association intends to obtai~ assistance from the Farmers Home Administration, United Sta~~s~ep~me~f of Agriculture, {herein called #he Government) acting undex the provisions of th.e Consolidated Farm and Ruzal Development Act (7 U.S.G. 192~ et seq.) in the pIanning; financing, and supervision of such undertaking and ta purchasing of bonds larwf+~lly zssued, in t~e evez-t that no ot~er acceptabla p-~rchaser for such bonds is Found by the association: ~ NOW THEREFORE, in consideration of the prer~tises the association hereby.resolves: i. 'Fo have prepared on its behalf and to adopt an ordinance or resolution far the issuance of its bonds and containing such items and i.z~ such fozms as are zequired ~y STATE statutes and as aze agreeable and acceptable to the Gdvernment. 2. To refinance the unpaid balance, in whole or in part, of its bonds upon the request of the Go~vernYnent if ~t any time it,sk-ali appear to tk~e Govern~ent that the association is able to refinance its bonds by abta~g a loan ,foz such purposes~from responsible coaperative ox private souzces at reasonable zates and tezms for loans for s~ilar . purposes and periods of time as required by section 333{c) of said Cansoiidated Farzn and Rural Development Act (7 U.S.C. 1983(c}). • 3. To pro~de #'ox, execute, and , comply ;with. Form . FmHA .400-4; 6`Nondiscriinination,;.Agreement";~ and Farm - FmHA 4~0=1; "Equa1~ Upportunity ~Agreement";'incli~ding an "EqvaI Opport~nity Clause", wliich clause is to be in- corporated in, or attached as a rider to, each constructio,n contract and subcontract invoiving.in excess of $10,000. ~. To indemnify #he Government for any payments made or losses suffered by #he Government on behalf o£ the association. ~ 5. That upoR default in the payments of arzy pz~iz~cipal and acez~ed interest on the bonds or. in the performance of any covenarrt or agreement contained herein or in the instruznents incident to making or imsuring the Ioan, the Govern- rr~ent, at its option may {a) declare the entire principal amount then outstanding and accrued interest zznmedi~ately due : and payable, (b) for the accaunt of the association incur and pay reasonable expenses for repair, maintenance, and opera#ion af the faciIity and such ather reasonable expenses as may be necessazy tp cuze the. cause of default, andJor (c) take possession of the faciIity, repair, maintain, and operate or rent it. Default under the provisions of this Resolution or any instrument incident to the making. or insuring of #he loan may be. construed by the Govern- ment to constitute defauIt under any other . instrument held by ihe Govern~men# and executed or assumed by . the association, and default under any such instrument may be construed by the. Government to consti#ute default hezew~der. 6. Not to sell, transfer, iease, or otherwise.encumber the facility or any portion thereof, or interest therein,.not persnit others to do so, without the prior written consent af the Governnnent. , 7. Not to borrow any money from any source, enter in#o any contract or agreement, or incur any other liabilities in connection with making enlagremezets, improvemen#s or extensions to, or for any other purpose in connection with, the faciIity.(exclusive of narmal maintenance) without the prior written consen.t of the Government. 8. To pIace the proceeds of the bonds on deposit in an account, in a banic, and in a zr-anner approved by the Government. FmHA 4~2~7. (Rev. 7-30-75} i~~ ., 9. To comgly with all applicable S#ate and Federal laws and regulations and to continualty operate and maintain the ~ faciIity in good candition. ~ J.O. To provide for the receipt of adequate revenues to meet the requirerr~ents of debt service, operation and maintenance, and the estabTishment of adequate resexves: No free service or use of the fac~ity wil~ be.perrnitted. . I~. To acquire and maintain such insurance coverage in.cluding ~delity bonds as may Be required by the Go~ernment. . I2. To establish and maintain such books ari~ records relating to the oparation of #he faciIity and its financial affairs ac~d to pro~vide for required audit thereof ix~ such a. rnanner as rnay be requirad by the Government, to provifle the ~ Government without its request, a copy of each such audit, and to xnake and forward to the Government such - additional information and zeports as i# may fram tirne to #izina xequire. 13. To pravide the Government at all reasonable times access to all baoks and xecords relatimg to the facility and access to ihe property of the systern so that the Government may ascertain that the association is complying vc~th the provisions hereof and of the instruments incident to the making or insuring of the loan. ~ J.4. To ser~e any applicant within the service azea who des~res service and can be feasibly az~d legally serv.ed, and to . obtain the concurrence of the Farmers Home Adminis#ra~ion prioz to refusing service to such applicant. Upon the • fai~ure to provide such service which is feasible and legaI such applicant shal~ have a direct right of action against the associatian under this agreennent. The pzo~visions hereof and the provisions of a12 instruments inciden# to the making or #he insuring of the loan, unless otherwise speci~cally provided by the terms of such instruments, shall be bindi,z~g upon the -association as long as the bonds axe held , or insured by.the Go~ern~nent. The pzovisions of sections 6 thraugh 13 hereof may be provided for in more speci~c detail in the bond resolution or ordinance; to the extent that the provisions contained in such bond resotution. or ordinance should -~ be found ta be inconsistent with the prdvisions hereof, these provisions shail be construed as controIling as`~between the association and the Go~vernment. AY~St 5upervisars Ladd, Mad3.gan, McKillap, Rich~er and Chairman Cameron `i'he `vote was: Yeas -------------; Nays ---------------- - Absent --.----------- • NpES: NONE ABSEN'~; No3ti:a ' IN WITNESS WHEREOF; the ----~oarc[ ~of ~uperV~SO~S --=-- ---------------------------------------------- of ~he ....~..~.r.~~~.~~ ~~«~~~~~~x~ ~~~~.n.n ~i y. ..r~..~. ' ~ ----------------Courtty_ of $Utt~ --.~ w--- - - -- -- has duly. adopted this Resolution and caused . it to be executed by the officers below zn duplicate qn tius -----~~--- day of ----`-~ugust _ ___ __~~9 76_ (s~A~,~ Att~est: ~~~ 0 ------------------- - _-~_~...._._».........~___---- Tlt~B ---_-------___--__~___ _._... - --- - _ BOA~~ ~~' ,SU~', RV . -- ~tS~_~GQ[!~t'iY__t)F' ~UTC~ ._.. By -----~7! _.. .. _ ._..~.-------------------_ .....:..........~. i~ard . ~~tnerc~ __ Cha~ ~ma~~~: Title ----------- ._ ..............._..w_____~ __ CERTIFICATION ~ ~ I, the undersigned, as ----.._~:_.~......w....-------•----------- of #he __~~_______........_......:-_---------------------------------__~._._..___... hereby certify that the ---___~...~...._...::_...._......~.~....__.._----•--------:---------------------~---- of such Associa~ion is coznposed of .._.:._.___~:_~___ ~embers, of w~om -----------------= , constituting a, qaorum, were present:at a meetictg thereof duly caIled and held on the .................... day of -------------------=---------.._.:W..- , 19 _-....- ; that the foregoing resolution was adopted at such meeting by the ~vote shawn above; and that said resotution has not been rescinded oz amended zn any way.