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390 <br /> <br /> C. At its sole discretion and at any time may give any consent, <br />deferment, subordination, release, satisfaction, or termination of any <br />or all of Grantee's grant obligations, with or without valuable consideration, <br />upon such terms and conditions as Grantor may determine to be (1) advisable <br />to further the purpose of the grant or to protect Grantor's financial <br />interest therein and (2) consistent with both the statutory purposes of <br />the grant and the limitations of the statutory authority under which it is <br />made. <br /> <br />TERMINATION OF THIS AGREEMENT. <br /> <br /> This Agreement may be terminated for cause in the event of default on <br />the part of the Grantee as provided in paragraph I above or for convenience <br />of the Grantor and Grantee prior to the date of completion of the grant <br />purpose. Termination for convenience will occur when both the G~antee and <br />Grantor agree that the continuation of the project will not produce beneficial <br />results commensurate with the further expenditure of funds. <br /> <br /> IN WITNESS WHEREOF Grantee on the date first above written has caused <br />these presence to be executed by its duly authorized Chairman and attested <br />and its corporated seal affixed by its duly authorized Clerk. <br /> <br />ATTEST: <br />By: /s/ FranRie F. Small <br /> <br />Clerk <br /> <br />COUNTY OF CABARRUS <br />By /s/ J. Harold Nash <br /> <br />Chairman, Board of Commissioners <br /> <br />UNITED STATES OF AMMRICA <br />FARMBRS HOME ADMINISTRATION <br />By: <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhardt <br />and unanimously carried, the Board adopted the following "Loan Resolution." <br /> <br />USDA-FmHA <br />Form FmHA 442-47 <br />(Rev. 2-5-81) <br /> <br />LOAN RESOLUTION <br />(Public Bodies) <br /> <br />A RESOLUTION OF THE County Commissioners OF THE COUNTY OF CABARRUS <br />AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS FOR THE <br />PURPOSE OF PROVIDING A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, <br />ENLARGING, IMPROVING, AND/OR EXTENDING ITS Water Service Facilities <br />FACILITY TO SERVE AN AREA LAWFULLY WITHIN ITS JURISDICTION TO SERVE. <br /> <br />WHEREAS, it is necessary for the COUNTY OF CABARRUS (herein after called <br />association) to raise a portion of the cost of such undertaking by issuance <br />of its bonds in the principal amount of Five Million Five Hundred Seventy- <br />Four Thousand Dollars (5,574,000.00) pursuant to the provisions of <br />N.C. General Statutes. <br /> <br />WHEREAS, the association intends to obtain assistance from the Farmers <br />Home Administration, United States Department of Agriculture, (herein called <br />the Government) acting under the provisions of the Consolidated Farm and <br />Rural Development Act (7 U.S.C. 1921 et seq.) in the planning, financing, <br />and supervision of such undertaking and to purchasing of bonds lawfully <br />issued, in the event that no other acceptable purchaser for such bonds is <br />found by the association: <br /> <br />NOW THEREFORE, in consideration of the premises the association hereby resolves: <br /> <br />o <br /> <br />To have prepared on its behalf and to adopt an ordinance or <br />resolution for the issuance of its bonds and containing such <br />items and in such forms as are required by STATE statutes and <br />as are agreeable and acceptable to the Government. <br />To refinance the unpaid balance, in whole or in part, of its <br />bonds upon the request of the Government if at any time it shall <br />appear to the Government that the association is able to re- <br />finance its bonds by obtaining a loan for such purposes from <br /> <br /> <br />