HomeMy WebLinkAboutCDCRes2012.02.01ANNA COMMUNITY DEVELOPMENT CORPORATION
RESOLUTION - o 1 (C-66
A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION
AUTHORIZING AND APPROVING AN AGREEMENT TO SUBORDINATE SECURITY
FOR A LOAN TO IMAGE VISION LABS TO PROMOTE EXPANDED BUSINESS
DEVELOPMENT
WHEREAS, the Board of Directors ("Board") of the Anna Community Development
Corporation (the "CDC"), has determined that it is in the best interests of the CDC to
enter into a 1st Supplemental Amendment to Loan Agreement and Promissory Note and
Security Agreement (the "Amendment") concerning subordination of security for
revolving loan; and
WHEREAS, the Board finds that providing the subordination to the loan is in the CDC's
best interest and will promote new and expanded business development in the City;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Approval of Subordination of Security for Loan
The Board approves of entering into the Amendment, and authorizes the CDC
President to execute the Amendment on its behalf.
PASSED AND APPROVED by the Anna Community Development Corporation this �y
day of February, 2012.
APPROVED:
ATTEST:
COP, Presid nt, Jason Focht CDC S�Itary, er Go rey
CDC OF ANNA, TEXAS RESOLUTION NO.)041 -0,,�-0 (00c) PAGE 1 OF 1