1971-05-18 Authorizing LoanUSDA -FHA
Form FHA 442-8 RESOLUTION
( Rev. 1-7-69)
_ _ _ ` _ _ _ _ _
CITY OF OKEECHOBEE2 FLORIDA,. a Municipal corporation
- -Name of Association
Post Office Box 126 Okeechobee, Florida 33472
Address, including 'Lip Code
RESOLVED, that the Governing Board of this Association be and it hereby is authorized
and empowered:
1. To obtain for and on behalf of the Association throught the Farmers Home Administra-
tion or any other Governmental agency:
(a) A !oar, in a 5iuii not to exceed $400,000.00 ;
(b) A grant in a sum not to exceed $ ;
to be advanced by the lender or grantor in one or more advances at such time or times
as may be agreed upon.
2. In case of a loan or grant or both the following will apply:
(a) To execute such application or applications (including exhibits$ amendments
and/or supplements thereto) as may be required;
(b) To execute and deliver to the lender or grantor all such written instruments
as may be required in regard to or as evidence of such loan or grant;
(c) To,dd and perform all further acts and things necessary and/or proper in its
judgment to carry out the terms of this resolution; and
(d) To cause the Secretary or Acting Secretary to affix the seal of the
Association to any or all instruments executed in connection therewith.
3. In case of a loan the following also will apply:
(a) To obligate this Association for the repayment of the loan at such rates
of interest and on such other terms and condidtions as the Governing .Board
shall deem proper;
(b) To pledge, hypothecate, mortgage, convey, or assign property of this
Association of any kind and in any amount now owned or hereafter acquired, as
see-urity for anor all obligations (hast, present and/or future) of t111_s
Association to such lender;
(c) From time to time to pay, extend or renew any such obligations;
(d) To reborrow from time to time, subject to the provisions of this
resolution, all or any part of the amount repaid to such lender.
Mr. Vern Huffman appeared before the Council regdrding streets requesting an opinion
will city build a street if the developer deeds the property to city also will it be paved and
with street lighting? No action at this tine on this matter.
Upon motion the Council adjourned to meet May 18th, 1971 at 7:00 P. rii.
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ATTEST: 1 City Clerk Vim,` .'� I �?_. Y UN O
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