HomeMy WebLinkAboutEDCRes2011.08.03ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 2-0I1-09'63(E-Dc)
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING NEGOTIATIONS TO REFINANCE REAL PROPERTY
WHEREAS, the Anna Economic Development Corporation (the "EDC") intends to
refinance an existing loan agreement for the EDC-owned property described in further
detail below; and
WHEREAS, the EDC has determined that refinancing of said loan may be in the
financial interests of the EDC and that the Chief Administrative Officer should move
forward with negotiating proposed terms to refinance same and return to the Board
to present said terms for consideration;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC 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. Authority to Negotiate Proposed Terms of Refinancing Agreement
The Board of Directors of the EDC (the "Board") hereby authorizes the Chief
Administrative Officer ("CAO") to negotiate, on the EDC's behalf, the proposed terms
of a refinancing agreement between the EDC and an FDIC member lending institution
(the "Lender"), requiring the Lender to refinance and requiring the EDC to repay with
no penalty for early repayment amounts necessary to finance the EDC property, which
is approximately 48 acres and is described in more detail in the attached EXHIBIT A,
incorporated herein for all purposes. The CAO is directed to report back to the Board
with respect to said proposed refinancing agreement for the Board's consideration.
PASSED D APPROVED by the Anna Economic Development Corporation this
day of , 2011.
APPROVED: ATTEST:
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EDC President , -EDC Secretary/�
EDC OF ANNA, TEXAS RESOLUTION NO. 2a11-bg-o3a1P'-) PAGE 1 OF 1