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HomeMy WebLinkAbout03-19 - Res. for Loan for Beards Cove Water System $107,400 V-6 Position 5 RUS BULLETIN 17W27 APPROVW OMB.No.OM-0121 .LOAN RESOLUTION '(Public Bodies) A RESOLUTION©F THE Board Of County CommissiOners OV TM Mason County,Washington AUMORIZINGAND PROVIDINGFOR TfsE INCURRENCE OF 1NDMMNESS FORTHE PURPOSE OPYROVIDINGA. } PORTION OF TW COST OF AC QU1RiNQ-CONSTRUCTING,ENLARGING;IIvIPROVINq AWORF.XTENDINGTrS s. r Beards Cove Water System r FACaX Y TO SERVE AN AREA LA,WFU.t:d Y WI1 W ITS ILMISDIC4TION TO SERVE. -wFEREA$ rt is necessary for the .Mason County,Washington (herein alter called Associaf m)to raise a portion of the WA ofsuc'b undeitaldng.by issuarice.:of its bonds in the principal amount of One Hundred and Seven Thousand,.Four Hundred&00/100 Dollars ,pursuant to the provisions of RCW.39.46.070 .and WHEREAS,the Association intends to obtain assistance from the United! Departmett.of Agriculture, etein called the Government actin under the visions of the Consolidated Farm andRural Development.Act U.S.t 1921 (�► ) $ provisions (7. et seq.)in the planning.financing,and supervision of such undertaking.and the purchas' of bonds lawfully issued,m even thatno other acceptable purchaser for such-bonds is found by the Association: NOW THEREFORE,in consideration of the premises the Association hereby resolves: L .To Have prepared bn its behalf and to adopt an ordinance or resolution for the issuance'bfits bonds containing such items and in sack forms as are required by State statutes and as are agreeable and acceptable to the Government. �. To refinance the unpaid balance,m.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 tune as required by.section 333(c)of said Consolidated Farm and Rural Development Ad(7 U.S.C.1993(c)). To provide for,execute,and comply with Form RD 404.-4,"Assurance Agreement,"and Form RD 400-1,"Equal 1)pportumty Agreement,"including an"Equal Opportunity Clause,"which clause is to be incorporated int or attached asa rider`to,each construction c.ontiaet end subcontract involving in excess of$12),000: 4. To indemnify the Government for any payments made or losses suffered by the Government on behalf ofthe Association. Such indemnification,shall be payable from the same source of funds pledged to pay the bonds or any othe#legal ly per- missible source. 5. That upon default in the pay nem of eay principal ani aceaued.merest on the bonds or.in the perforihaned of afty coyenant or agreement contained herein or in the instruments incident to malting or insuring the loan,the Government at its optionmay(a)declare the entire`principal amount outstanding tnd'acraued 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 pennissiibte source),incur and pay reasonable expenses for repair,maintenance,and operation of the facility and such other reasouable'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 tbe iiieki.%or insuring of the loan may be construed by the G9yeinment't(r`ciinstitute default under arty 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 thereot or.intenest therein,or permit others to do so,without the prior written.consent of the Government. 7, Not to defeat the bonds,or 0 borrow money,enter into wwcontractor agl.ra=ef, otherwise ih*anyliabifities for any purpose:inconuection with the facility(exclusive of normal maintenance)without.the_pnor written ebosent of the: Government if such rmdeitalang would involve the source of fiords pledged to pay:tbe bonds. 2. To place the proceeds of the bonds on deposit'in an account and in amanner approved by the Govetnment Funds may be deposited in institutions insured by the State or Federal Goyemmeut or invested in readily marlaetable securities backed by the.full faith and credit of the United States.Any income.fromi these.aecounts will be considered as revenues of the system 9- To comply with all applicable State and Federal laws and ttguiations and W continually operate and maintain the facility is good condition. 10. To provide for the receipt of adequate revenues to meet the requirements of debt"service,operation and maintenance,and the establishment of adequate reserves.Revenue accumulated quer and.above that needed to pay.operating and mairite nance,:debt service and reserves inayonly be retained or used to make prepayments our the loan.Revenue cannot be used to pay any expegses which are hot directly incurred for the facility financed by USDA.No free:service or ase of the #`acuity will be permitted. Accorrltirg to pu Pg perwoj*Peduc11v#4..q oj1995,an'ageneynttry not rondud oisponsor and a porimi la hol teyun td to respond M.a coNecrion ojinjosmatioa unless Ir displays a wlld bAb ronlro!number.The valldOMB control number for this lnformallm eollecdon Is 0391-0121.rhe Mine required to complete this Wormadon collection is estimated to average 7 hour per response,including rhe time for revleiring lwlruafmu,searching azTstirig data sours gathering and malMain(ng the d2r6 neede4 and coinpkritig"and reiNawing the collection oftnformadon. 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Cason.County,lllt8shington be Board Of County CQmrWsS1Qnefs -of such Association is composed of members;of whom,. constituting a quonrmy were present at a meeting thereof duly called and /� January, 2019 herd ori the day of ;and that the foregoing resolution was adopted at such meeting by the vote shown above,I further certtfy that As:of a_ k 1 Ula,►M the date of closing of the loan from the United �States Department of .gricult6e;said resolution remains in effect and bas not-been rescinded.or amended in suy way. mated, f� day of Januaiy,2019 Title x01L 4 -��(1a E i 1 �f I f i