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Home My WebLink AboutResolution - 1207 Position 5 USDA-Fm1IA Form FmHA 442-47 LOAN RESOLUTION (Rev.4-9-76) (Public Bodies) RESOLUTION NO. 1207 CITY COUNCIL - - A RESOLUTION OF THE --- -- ..- - ------------------------ -- -- - ------- — CITY OF SAN JACINTO, A CALIFORNIA MUNICIPALITY-_---____ __ _ ________ _.._--_____ OF THE -- - - --- - 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 WATER-SYSTEM ----- - - - -------- ------------- -- - EXTENDING ITS-------_ -------------- --- - ----------- - FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS IURIDICTION TO SERVE.. C1ty_.D-f--5-an---�Iad—nt_o__ --_-- ------------------ (Public WHEREAS,it is necessary for the -- --------- - --- ---______ Body) (herein after called association) to raise a portion of the cost of such undertaking by issuance of its bonds in the principal amount of-- ----SIXT---- Y THOUSAND DOLLARS ($60,000_00) --------------------- pursuant to the provisions of -- -- Sect— - ion-- __359 of th_ e er Code, State of ------- Wat- - WHEREAS, the association intends to obtain assistance from the Farmers Home Administration,United States Department of Agriculture, (herein called the Government)acting under the provisions of the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 or seq.) in the planning, financing, and supervision of such undertaking and to purchasing of bonds lawfully 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: 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 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 Development Act (7 U.S.C. 1983(c)). 3. To provide for, execute, and comply with Form FmHA 400-4, "Nondiscrimination Agreement"; and Form FmHA 400-1, "Equal Opportunity Agreement", including an "Equal Opportunity Clause", which e in- corporated in, or attached as a cider to, each construction contract and subcontract Involvingin excess of$10 0. 4. To indemnify the Government for any payments mad . or losses suffered by the Government on behalf of the association. Such indemnification shall be payable from the same source of founds pledged to pay the bonds or any other legally parmissable source. S. That upon default in the payments of any principal and accrued interest on the bonds or in the performance of any covenant or agreement contain herein or in the instrum:nts incident to making or insuring the loan, the Government, at its option may (a) declare the entire principal amount then outstanding and accrued interest unmediately 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 permissable source) incur and pay reasonable expenses for repair, maintenance, 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 instnunent may be construed by the Governrnerit 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 agreemem, or incur any other liabilities in connection with making enlargements, unpiovements or extensions to, or for any other purpose in connection with the Cac,itity (exclusive of normal tnrinterwncc) without the prior written consent of the Goverruncnt ii such undertaking would involve the source of funds pledged to pay the bonds. 8. To place the proceeds of the bonds on deposit in all account,in a bank:,and in a manner approved by the Goveirinent. To t5p' "ILL-. +i$ ' ` �� ..'�t' ...t,s ds.'.' G i�a i;:+.1., ,_.LY t� .:r{t:i"ti2c11} op.'i<te ,lit, ❑1..8t.,, .. F ,�d .-.. a.��i ,_< mob. ' l iac:ilitl in good com!:tion. 1CP. To provide for the ieccipt Of a,' it ae revenues to meet the eequiret i writs of debt service,ol7eraticin and r-taunt,ria,.c, anti the esiablishi vont of adeq ate reserves.No free service(,IT vise of the facihty Will, be. l"ciWitted. ]1: To acquire and maintain sueh inswane. overage: inciodin; fidelity bonds as may be cquired by the Gave � rant 12. To establish and uaintain such books and records relating to the operation of the i'acdily arI its financial at`fa;ia and to provide for required a,idir thereof in such a manner as may Le required by the r_;irvernmcw- to plovrde tiii Government without its request, a aspy of each such audit, and to make and forward to the Gowinrient such additional information ' reports as it ma)•from time to time require, 13.- TO provide the Government at all reasonable 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 vJlb the provisions hereof and of the instruircnts incident to the maling or inS",rims Of the loan. 14. To serve any applicant within the service area whu desires service and, can be feasSly and ]caa'ly sewed, and to obtain the concurrence of the Farnieis `Biome Administration prior to refusr,g service to S.ch appliea"t tii A' the failure to provide such service wluch.is feasible and legal Birch app''i'.a,i` .i ad fisvc a die . ripllt of adios against th- association tinder this agreement, The urov:,;ions hereof and the provisions of all his.rnmUnts incident to the rnak rig or ,tr ir;sarula l�f"lie to r antes, ,titer his° speeiflcally provided by the terms of Stich instruments, shall be binning up in one: a:,c r 'tort a, G�n as the bonc's rs 'gel or utsured by the Govcrnn;ent- The p:caisions of sections 6 through 13 hereof ,lay be n,wiwtd for ill more speed data�l in the bond resolution or ordinance; to the ext,nt',hai the provisions contained in such bond - saluticm of ord,nanc sholil"i be found to be inconsistent wilt the provsions Hereof, those provisions shall be cai.stnred as controlling as betv;cen -.lie association and the Government. The vote was: Yeas —4 _.. —; Nays None — .At seat ,IN WITNESS WHEREOF, the —__s_—__ - — Gity Cu Colin l_m --- ___-______ _ __----___ ___-- - _._ ____-___--- —- -- of the City__of San Jacinto. A. Californi_a---Munic_i_Pal_i_ty-------_____ __ has duly adopted this Re. oluti,on and cowed it to be executed by the officers below in duplicate on this - --L day of — February--__------._---_---------- , 1q City of San Jacinto vu _____- (SEAL) By — Wi 111 am .Wi l son Mayor, City of San Jacinto __ ___.__ Title - — --- - Attest* _ F- / ; -7 Lucy May `Al l en,__ Titie _- City Clerk, Cif of San Jacinto CERTIFICATION � Of 'he 1, the undersigned, as City hereby certify that the of s, h A- oc}ation is ec,i r ;ice' Let 7th February 78 8th February_ 78 Lucy Mays-Allen __City Clerk, _City_of San Jacinto