Rd instruction 1942-a table of Contents




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93

(Revision 1)


RD Instruction 1942-A

§1942.18(o)(3) (Con.)


for acceptance in writing prior to the preconstruction conference. The resident inspector will work under the general supervision of the project architect/engineer. A guide format for preparing daily inspection reports (Guide 11 of this subpart) and Form RD 1924-18 "Partial Payment Estimate," are available on request from Rural Development. (Revised 5-12-87, SPECIAL PN.)
(4) Inspector's daily diary. The resident inspector will maintain a record of the daily construction progress in the form of a daily diary and daily inspection reports as follows:
(i) A complete set of all daily construction records will be maintained and the original set furnished to the owner upon completion of construction.

(ii) All entries shall be legible and shall be made in ink.

(iii) Daily entries shall include but not be limited to the date, weather conditions, number and classification of personnel working on the site, equipment being used to perform the work, persons visiting the site, accounts of substantive discussions, instructions given to the contractors, directions received, all significant or unusual happenings involving the work, any delays, and daily work accomplished.

(iv) The daily entries shall be made available to Rural Development personnel and will be reviewed during project inspections.


(5) Prefinal inspections. A prefinal inspection will be made by the owner, resident inspector, project architect or engineer, representatives of other agencies involved, the District Director and a Rural Development State Office staff representative, preferably the State staff architect or engineer. Prefinal inspections may be made without Rural Development State Office staff participation if the State Director or a designee determines that the facility does not utilize complicated construction techniques, materials or equipment for (facilities such as small fire stations, storage buildings or minor utility extensions, and that an experienced District Office staff representative will be present. The inspection results will be recorded on Form RD 1924-12, "Inspection Report," and a copy provided to all interested parties. (Revised 5-12-87, SPECIAL PN.)
(6) Final inspection. A final inspection will be made by Rural Development before final payment is made.
(7) Changes in development plans.
(i) Changes in development plans may be approved by Rural Development when requested by owners, provided:

94

(Revision 1)


(02-06-85) PN 956

§1942.18 (o) 5 RD Instruction 1942-A

(A) Funds are available to cover any additional costs; and
(B) The change is for an authorized loan purpose; and
(C) It will not adversely affect the soundness of the facility operation or Rural Development's security; and
(D) The change is within the scope of the contract,
(ii) Changes will be recorded on Form RD 1924-7, "Contract Change Order," or, other similar forms may be used with the prior approval of the State Director or designee. Regardless of the form, change orders must be approved by the Rural Development State Director or a designated representative. (Revised 5-12-87, SPECIAL PN.)
(iii) Changes should be accomplished only after Rural Development approval on all changes which affect the work and shall be authorized only by means of contract change order. The change order will include items such as:
(A) Any changes in labor and material and their respective cost.
(B) Changes in facility design.
(C) Any decrease or increase in quantities based on final measurements that are different from those shown in the bidding schedule.
(D) Any increase or decrease in the time to complete the project.
(iv) All changes shall be recorded on chronologically numbered contract change orders as they occur. Change orders will not be included in payment estimates until approved by all parties.

95

(Revision 1)


RD Instruction 1942-A

Table of Contents




Sec. Page
1942.19 - Information Pertaining to Preparation of Notes or Bonds

and Bond Transcript Documents for Public Body Applicants.


(a) General. 97

(b) Policies related to use of bond counsel. 97


(1) Issues of $250,000 or less. 97

(2) Issues of $50,000 or less. 97

(3) For loans of less than $500,000. 98
(c) Bond transcript documents. 98

(d) Interim financing from commercial sources

during construction period for loans of $50,000 or more. 100

(e) Permanent instruments for Rural Development loans to repay

interim commercial financing. 100
(1) First preference - Form RD 440-22. 100

(2) Second preference - single instruments with

amortized installments. 100

(3) Third preference - single instruments with install-

ments of principal plus interest. 102

(4) Fourth preference - serial bonds with installments

of principal plus interest. 103
(f) Multiple advances of Rural Development funds using permanent

instruments. 103

(g) Multiple advances of Rural Development funds using temporary debt

instruments. 103

(h) Minimum bond specifications. 103
(1) Type and denominations. 103

(2) Bond registration. 104

(3) Size and quality. 104

(4) Date and Bond. 104

(5) Payment date. 105

(6) Place of payment. 105

(7) Redemptions. 105

(8) Additional revenue bonds. 105

(9) Scheduling of Rural Development payments when joint

financing is involved. 105

(10) Precautions. 105

(11) Multiple loan instruments. 106


(i) Bidding by Rural Development. 106

96

(2-6-85, PN 956)

RD Instruction 1942-A
§1942.19 Information Pertaining to Preparation of Notes or Bonds and Bond Transcript Documents for Public Body Applicants.
(a) General. This section includes information for use by public body applicants in the preparation and issuance of evidence of debt (bonds, notes, or debt instruments, herein referred to as bonds). This section is made available to applicants as appropriate for application processing and loan docket preparation.
(b) Policies related to use of bond counsel. Preparation of the bonds and the bond transcript documents will be the responsibility of the applicant. Public body applicants will obtain the services and opinion of recognized bond counsel with respect to the validity of a bond issue, except as provided in (b)(1) through (3) below. The applicant normally will be represented by a local attorney who will obtain the assistance of a recognized bond counsel firm which has experience in municipal financing with such investors as investment dealers, banks, and insurance companies.
(1) Issues of $250,000 or less. At the option of the applicant for issues of $250,000 or less, bond counsel may be used for the issuance of a final opinion only and not for the preparation of the bond transcript and other documents when the applicant, Rural Development, and bond counsel have agreed in advance as to the method of preparation of the bond transcript documents. Under such circumstances the applicant will be responsible for the preparation of the bond transcript documents.
(2) Issues of $50,000 or less. At the option of the applicant and with the prior approval of the Rural Development State Director, the applicant need not use bond counsel if:
(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.

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