BIL 173 Draft 01 2016-2018 - Laserfiche WebLink

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bonds (the "Original USDA Bonds") to the USDA in a principal amount equal to the principal amount of the Original USDA Loan. D. Subsequent to the County's authorization of the Original USDA Loan,the Original USDA Grant and the Original USDA Bonds, it was determined that the costs of the Project will exceed the original cost estimates and, accordingly,that additional funding will be required in order to proceed with the Project. Pursuant to Amendment 1 —Cost Overrun dated July 25, 2018 (the "Amendment"), the USDA amended the Original Letter of Conditions to provide for (1) an additional loan from the USDA to the County (the "Additional USDA Loan") in a principal amount not to exceed Three Million Six Hundred Ninety-Nine Thousand and No/100 Dollars ($3,699,000)and bearing interest at a rate not to exceed Two and Three-Eights Percent(2 3/8%)per annum,and(2)an additional grant from the USDA to the County (the "Additional USDA Grant") in an amount not to exceed One Million Seventy-One and No/100 Dollars ($1,071,000). E. It is advisable and desirable for the County to obtain the Additional USDA Loan and the Additional USDA Grant and, in order to evidence and secure the Additional USDA Loan,it is further necessary, advisable and desirable that the County authorize, issue and sell to USDA general obligation bonds of the County in a principal amount equal to the principal amount of the USDA Loan. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale general obligation bonds of the County(the "Additional USDA Bonds") in an aggregate principal amount not to exceed Three Million Six Hundred Ninety-Nine Thousand and No/100 Dollars($3,699,000), the proceeds derived from the sale of which shall be used to pay a portion of the costs of the Project and costs incurred by the County in connection with the issuance of the Bonds. SECTION 3. Details of the Bonds. The Additional USDA Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold to USDA in one or more series to evidence and secure the Additional USDA Loan. Such Additional USDA Bonds shall be issued and sold to USDA, as lender with respect to the Additional USDA Loan, shall be in an aggregate principal amount equal to the principal amount of such Additional USDA Loan, and shall bear interest and mature upon the applicable terms of such Additional USDA Loan. The Additional USDA Bonds may be issued and sold in their entirety at one time or in portions from time to time, as shall be determined by the Director of Finance to be in the best interest of the County. The Additional USDA Bonds shall be issued in fully registered form without coupons in such denominations or as a single instrument, all as the Director of Finance shall determine. The Additional USDA Bonds of a series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner as the Director of Finance shall determine. The Additional USDA Bonds of a series shall mature annually on such day in each year in substantially equal installments of principal or in substantially equal installments of principal and interest, the first of such maturities to be no later than five years from the date of the Bond of such series and the last of such maturities to be not later than thirty-five years from the date of the Additional USDA Bonds of such series, may be 2