HomeMy WebLinkAboutEDCRes2011.11.01As, /V, aoll*-01 C-66)
RESOLUTION OF THE BOARD OF DIRECTORS OF ANNA
ECONOMIC DEVELOPMENT CORPORATION REGARDING A LOAN
WHEREAS, ANNA ECONOMIC DEVELOPMENT CORPORATION ("Aorrower")
proposes to enter into the Loan Agreement dated as of November 8, 2011 (as amended, restated,
supplemented and/or otherwise modified, the "Loan Afreement'), with Government Capital
Corporation, as lender ("Lender') to enable Borrower to purchase a building to be renovated and
used as the Corporation's primary facility for economic development projects in the City, and the
Borrower has agreed to pledge its Economic Development Sales and Use Tax. All capitalized
terms used herein, but not otherwise defined herein, shall have the meaning ascribed to such term
in the Loan Agreement.
WHEREAS, the proposed form of the Loan Agreement and Note and the Sales Tax
Remittance Agreement have been presented to this meeting.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
ANNA ECONOMIC DEVELOPMENT CORPORATION AS FOLLOWS:
Section 1. The Board of Directors agrees to enter into the Loan Agreement, Note and the
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Sales Tax Remittance Agreement to purchase a building to be renovated and used as the
Corporation's primary facility for economic development projects in the City at an interest rate
agreed upon by the Lender and the Borrower on the date of execution of the Note, the Loan
Agreement and the Sales Tax Remittance Agreement and, in order to secure the principal of and
interest on the Note, to pledge its Economic Development Sales and Use Tax.
Section 2. That any one or more of the Authorized Officers of the Borrower listed in
Section 3 below be, and each of them hereby is, authorized to execute, acknowledge and deliver
in the name and on behalf of Borrower to the Lender the Loan Agreement including all
attachments and exhibits thereto, the Note and the Sales Tax Remittance Agreement, and the
Loan Agreement, the Note and the Sales Tax Remittance Agreement shall be in substantially the
form presented to this meeting with such changes as the signing officer shall determine to be
advisable. Further, said Authorized Officers are authorized to execute, acknowledge and deliver
in the name and on behalf of the Borrower any other agreement, instrument, certificate,
representation and document, and to take any other action as may be advisable, convenient or
necessary to enter into such Loan Agreement, the Note and the Sales Tax Remittance
Agreement; the execution thereof by any such Authorized Officer shall be conclusive as to such
determination.
Section 3. That for the purpose of this resolution, the following persons, or the persons
holding the following positions, are "Authorized 4 icers " duly authorized to enter into the
transaction contemplated by this resolution in the name and on behalf of Borrower:
Resolution of Corporation Page 1 of 2
Title Name
President Constance Ann Stump
Secretary Sherilyn Godfrey
Section 4. That there is hereby authorized the execution and delivery by the Authorized
Officers or any one of them in the name of and on behalf of Borrower the Loan Agreement,
including all attachments and exhibits thereto, the Note and the Sales Tax Remittance Agreement
in substantially the form presented to this meeting with such changes as the signing officer shall
determine advisable, and the execution thereof shall be conclusive as to such determination.
Section 5. That this Resolution shall take etTect immediately.
PASSED AND ADOPTED this November 8, 2011.
ANNA ECONOMIC DEVELOPMENT
CORPORATION
By:
Constance Ann Stump, President
ATTEST:
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By: �"`
Sherilyn Godfre Secretary '