RES NO 09-04-1981 Position 5
USDA -FrnHA
Form FmHA 442 -47. LOAN RESOLUTION
(Rev. 2 -5 -81) (Public Bodies)
A RESOLUTION OF'THE CITY COUNCIL (Resolution No. 4 -9 -1981)
OF THE CITY OF VAN BUREN
AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR.THE PURPOSE OF PRO-
VIDING A PORTION OF THE COST OF ACQUIRING,•CONSTRUCTING, ENLARGING,. IMPROVING, AND /OR
EXTENDING ITS TRANSPORATION SYSTEM Street Improvements
FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS JURISDICTION TO SERVE:
WHEREAS, it is necessary for the CITY VAN BUREN
(Public 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 $850,000.
pursuant io the p ovlsto s:of applicable Arkansas Statues
is r
WHEREAS, the association= intends to obtain assistance from the Farmers Home Administration United States Department
\of- Agrtcultur, (herein called the Government) acting under the provisions of the Consolidated Farm and Rural Development
'Act, (7, U.S.C. 1921 et;seq.); in the planning, financing, and supervision of such undertaking' and to purchasing of bonds law
"-hilly issued; in the event that no other acceptable purchaser for such bonds is found by the association:
NOW THEREFORE, inconsideration of the premises the association hereby resolves:
1. To haveiprepared 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 4004, "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 involving in excess' of
510,000.
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 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 Govemment 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
tenance, 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.
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