AG 2015 09 21 - Laserfiche WebLink

Home Browse Search

Georgeville Volunteer Fire Department, Inc. Board Resolution Resolution Approving Financing Terms WHEREAS: The Georgeville Volunteer Fire. Department, Inc. ('M ") has previously determined to refinance existing fire equipment and the Treasurer has now presented a proposal for the financing. BE IT THEREFORE RESOLVED, as follows: 1- The VPD hereby determines to refinance the equipment through Bank of Worth Carolina in accordance with the proposal dated April 9, 2025. The amount financed shall not exceed $500,040, the annual interest rate (in the absence of default or change in tax status) shall not exceed 2,65%, and the financing term shall not exceed 7 years from the closing. 2. All financing contracts and all related documents for the closing of the financing (tine "Financing €7ocumen&') shall be consistent with the foregoing terms. The Treasurer and /or President of the VFD are hereby authorized todeliver any Financing Documents, and to take all such further action as they may consider necessary or desirable, to carry out the refinancing as contemplated by the Proposal and this resolution. 3. The Treasurer is hereby authorized and directed to hold executed copies of the Financing Documents until the conditions for the delivery of the Financing Documents have been completed to the officer's satisfaction. The Treasurer is authorized to approve changes to any Financing documents previously signed by VFD Treasurer or President, provided that such changes shall not substantially alter the intent of such documents or certificates from the intent expressed in the forms executed by such officers. The Final Financing Documents shall be complete and shall require the dual signatures of both the Treasurer and President. 4, The VFD shall not take or omit to take any action the taking or omission of which shall cause its interest payments on this financing to be includable in the gross income for federal income tax purposes of the registered owners of the interest payment obligations. The VFD hereby designates its obligations to make principal and interest payments under the Financing Documents as "qualified tax - exempt obligations" for the purpose of Internal Revenue Cost Section 265 (b)(3). 5_ The VFD intents that the adoption of this resolution will be a declaration of the WD's official intent to payoff existing debt from the proceeds of the Bank of North Carolina financing described above. 6. All prior actions of VFD officers in furtherance of the purposes of this resolution are hereby ratified, approved and confirmed. All other resolutions (or parts thereof) in conflict with this resolution are hereby repealed, to the extent of conflict. This resolution shall take effect immediately. SEAL Adopted this ] lth day of August, 2015. Virg Na Page, Tr a urea Aaron Ritchie, President F -4 Attachment number 3 \n Page 80