AG 2009 06 15 - Laserfiche WebLink

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Odell Voluuteer• Fire S Rescue, lncorpor•ated ' Board Resolution 12esolutio-t Annrovina Financing Terns ' )i~1~E(~EAS; The Odel! Volunteer Fire R Rescue, Incorporated ("VFD") has previously detet7nined to mtdet•take a project for construction of a fire station (tlte "Project"), and the Treasure has now presented a proposal for the financing of such Project. ' BI: IT TF[GRIJTORE RCSOLVFD, us follows: 1. The VFD hereby determines to finance the Project through Branch Ranking gild Trust Company ("BBRT"), in accordance with the proposal dated March 3, 2009. 'rhe amount fnanced shall not exceed X2,000,000, the annual interest rate (in the ' absence of default or change in tax startas) sltall not exceed 5.09% and the financing term shall not exceed 20 years fi'om closing. 2, A[I financing contracts and ail related documents for the closing of the fi-ancing (tlte "Financing Documents") shall be consistent with the foregoing ter-ns. The Treasurer and/or President of ilte VFD are hereby authorized to deliver any Financing Documents, and to take ail such furtlter action as they may consider necessa-•y or desirable, to carry out the financing of the Project as contemplated by the proposal and this resolution. The Financing Uocutttents shall include a Financing Agreement and Deed of Ttvst and a Project Fund Agreement as BIi~CT may request. 3. The Treasurer is hereby authorized and directed to ho{d executed copies of the Financing Documents until the conditions for the delivery of the Financing Documents have been completed to such officer's satisfaction. The Treasurer is authorized to ' approve changes to any Financing Documents pt•evionsly signed by VFD Treasurer or President, provided that such changes shall not substantially alter tl-e intent of such documents or certificates fi•ont the intent expressed in the faints executed by such officers. The Final Financing Documents shall be complete shall require the dual signatures of both the Treasurer and ' President. 4. The VFD shall not lake or omit to take any action the taking or omission of which shall cause its interest payments oft 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 het•eby 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 httends that the adoption of this resolution will be a declaration of the VFD's official intent to reimburse expenditures for the project that is to be financed from the proceeds of dte BB&T ling-tchtg described above. 'I'!te VFD intends that funds that have been advanced, or that may be advanced, from the VFD's general fund, or any other VFD fund related to the project, for project costs may be reimbursed from the financing proceeds. t 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 t•esolation are hereby repealed, to the extent of the conFlict. This resolution shall take effect immediately. ' SGAL ' Adopted th ; 7th da)~ of April. ?009. G. Pai~•ick Ltitvr°.ttce, SecretaryfTreasure-. ^ - Lonnie Seaford, President 1 • • Attachment number 1 ' F-2