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<br />USDA-FmHA
<br />Form FmHA 442-47
<br />(Rev. 7-30-75)
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<br />Position 5
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<br />LOAN RESOLUTION
<br />(Public Bodies)
<br />
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<br />City Council
<br />A RESO L UTI 0 N 0 F T HE ---------------______________________~____________________________________________________________________________________________~----
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<br />OF THE ------------~-~-:t:X---5?-~---~_?~L~_Y__~_~~~L__s:2.~?_~_c:9_'?_----------------------------i---------m----------------~--_____
<br />AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE PURPOSE OF
<br />PROVIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, ENLARGING, IMPROVING, AATD/OR
<br />
<br />T Water Utility
<br />E XT END IN G ITS -------------------______________________________________________________________________________________________________________
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<br />FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS JURIDICTION TO SERVE.
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<br />WHE REAS, it is necessary for the ____g_~_"!:X___g_?.~!.l:~~_!__________________________________----------_________________n______________
<br />(Public Body)
<br />(herein after called association) to raise a portion of the cost of such undertaking by issuance of its bonds in the principal
<br />Three hundred and forty four thousand dollars $344,000.00
<br />am 0 un t 0 f --------------- ----------------------------- ---------- --________________________________________________________________________ ____________________________________________
<br />
<br />.. Colorado Revised Statutes 1973 31-15-101 et.seq.
<br />purs uan t to the p roV! Sl 0 ns 0 f ------------------------------------------___________________________________ ________________________ _____________________________________ __ __.:...
<br />. (1975 Supplement as Amended) .
<br />WHEREAS, the association intends to obtain assistance from the Farmers Home Administration, United States Department
<br />of Agriculture, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development
<br />Act (7 U .S_C. 1921 et seq.) in the planning, financing, and supervision of such undertaking and to purchasing of bonds
<br />lawfully issued, in the event that no other acceptable purchaser for such bonds is found by the association:
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<br />NOW THEREFORE, in consideration of the premIses the association hereby resolves:
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<br />1. To have prepared on its behalf and to adopt an ordinance or resolution for the issuance of its bonds and containing
<br />such items and in such forms as are required by STATE statutes and as are agreeable and acceptable to the
<br />Government.
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<br />2. To refmance the unpaid balance, in whole or in part, of its bonds upon the request of the Government if at
<br />any time it shall appear to the Government that the association is able to refinance its bonds by obtaining a loan
<br />for such purposes from responsible 'cooperative or private sources at reasonable rates and terms for loans for similar
<br />purposes and periods of time as required by section 333(c) of said Consolidated Farm and Rural Development Act
<br />(7 U.S.C. 1983(c)).
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<br />3. To provide for, execute, and comply with Form FmHA 400-4, "Nondiscrimination Agreement"; and Form
<br />FmHA 400-1, "Equal Opportunity Agreement", including an "Equal Opportunity Clause", which clause is to be in-
<br />corporated in, or attached as a rider to, each construction contract and subcontract involving in excess of $10,000.
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<br />4. To indemnify the Government for any payments made or losses suffered by the Government on behalf of the
<br />association.
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<br />5. That upon default in the payments of any principal and accrued interest on the bonds or in the performance of any
<br />covenant or agreement contained herein or in the instruments incident to making or insuring the loan, the Govern-
<br />ment, at its option may (a) declare the entire principal amount then outstanding and accrued interest immediately
<br />due and payable, (b) for the account of the association incur and pay reasonable expenses for repair, maintenance,
<br />and operation of the facility and such other reasonable expenses as may be necessary to cure the cause of default,
<br />and/or (c) take possession of the facility, repair, maintain, and operate or rent it. Default under the provisions of
<br />this Resolution or any instrument incident to the making or insuring of the loan may be construed by the Govern-
<br />ment to constitute default under any other instrument held by the Government and executed or assumed by the
<br />association, and default under any such instrument may be construed by the Government to constitute default
<br />here under.
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<br />6. Not to sell, transfer, lease, or otherwise encumber the facility or any portion thereof, Or interest therein, not permit
<br />others to do so, without the prior written consent of the Government.
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<br />7. Not to borrow any money from any source, enter into any contract or agreement, or incur any other liabilities in
<br />connection with making enlagrements, improvements or extensions to, or for any other purpose in connection
<br />with, the facility (exclusive of normal maintenance) without the prior written consent of the Government.
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<br />8. To place the proceeds of the bonds on deposit in an account, in a bank, and in a manner approved by the Government.
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<br />FmHA 442-47 (Rev. 7-30-75)
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