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-2- <br />Improvements"); <br />B . <br />B. The United States of America acting by and through Department of <br />Agriculture ("USDA") has offered to make a loan, at one time or from time to time (the <br />"Loan"), in the principal amount not to exceed [Seven Miliion]Seven Hundred Seventy <br />Five Thousand Six Hundred Dollars ($775,500) to the County under the Federal <br />Consolidated Farm and Rural Development Act to pay part of the cost of the Water <br />System Improvements, it being the expectation that the Loan shall bear interest at the rate <br />not to exceed four and one-half percentum (4-112%) per annum; <br />C. In addition to the Loan, USDA has further offered to make grants not to <br />exceed [$1,683,150]$2,159.4QO to the Department of Water Supply to pay the balance of <br />the costs of the Water System Improvements (the "Grants"); <br />D. It is advisable and desirable for the Department of Water Supply to obtain <br />the Loan and to receive the Grants from USDA; and <br />E. It is necessary, advisable and desirable that to secure the payment of the <br />Loan the County authorize, issue and dispose of to USDA general obligation bonds of the <br />County in a principal amount equal to the principal of the Loan obtained by the County <br />from USDA. <br />SECTION 2. Authorization of Bonds. There are hereby authorized for issuance <br />and sale general obligation bonds of the County (the "Bonds") in the principal amount not to <br />exceed [Seven Million]Seven Hundred Seventy Five Thousand Six Hundred Dollars ($775,600), <br />the proceeds derived from the sale of which shall be used to pay the Department of Water <br />1.80433.1 016896 ORD <br />