1971 - 08-16-71 Adj. Reg. Meeting

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BOOK 7 PAGE 583 Sanford, North Carolina 27330 August 6, 1971 Mr. Frank Wicker, Chairman County Board of Commissioners Sanford, North Carolina 27330 Dear Mr. Wicker: This letter establishes conditions which must be understood and agreed to by you before further consideration may be given to the application and which must be met before the loan and grant can be closed. This letter is not to be considered as loan or grant approval or as a representation as to the availability of funds. The docket may be completed on the basis of an insured loan not to exceed $50,000 and a grant not to exceed $23,000. Please complete and return the attached Form FHA 442-46 if you desire that further consideration be given your application. 1. Repayment Schedule The insured loan will be scheduled for repayment over a period of 10 years at the interest rate of five percent (5%). The first in- stallment will be for interest only and the additional installments of principal and interest amortized over 9 years. Each install- ment will be due on June 1 with the first installment due the first June 1 following the date of loan closing or delivery of the bond. 2. Security Security will consist of one single solid waste disposal bond which is to be advertised and offered for sale to the publie,by the Local Government Commission in accordance with applicable State`Iaws. Farmers Home Administration will place a bid of five percent (5%) on the bond and will purchase the bond if no bids of five percent or less are received. 3. Records and Audits The county must make audit reports and other records available to the Local Government Commission as required by State Statutes. Prior to loan closing, the county must request in writing the assistance of the Lcml Government Commission in making a thorough review and study of the county's records and reporting system and recommenda- tions are to be received from the Commiss''lon that will enable the j J