Information pertaining to preparation of notes or bonds and bond transcript documents for public body applicants.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) (2) (i) The amount of the issue does not exceed $50,000 and the applicant recognizes and accepts the fact that processing the application may require additional legal and administrative time. (ii) There is a significant cost saving to the applicant particularly with reference to total legal fees after determining what bond counsel would charge as compared with what the local attorney will charge without bond counsel. (iii) The local attorney is able and experienced in handling this type of legal work. (iv) The applicant understands that, if it is required by Rural Development to refinance its loan pursuant to the statutory refinancing requirements, it will probably have to obtain at its expense a bond counsel's opinion at that time. (v) All bonds will be prepared in accordance with this regulation and will conform as nearly as possible to the preferred methods of preparation stated in paragraph (e) of this section but still be consistent with State law. (vi) Many matters necessary to comply with Rural Development requirements such as land rights, easements, and organizational documents will be handled by the applicant's local attorney. Specific closing instructions will be issued by the Office of the General Counsel of the U.S. Department of Agriculture for the guidance of Rural Development. (3) (c) (1) Copies of all organizational documents. (2) Copies of general incumbency certificate. (3) Certified copies of minutes or excerpts therefrom of all meetings of the

official document · source cfr-2024 · id 7:§ 1942.19