My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 2009 06 15
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
2009
>
AG 2009 06 15
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/5/2010 4:01:01 PM
Creation date
11/27/2017 11:25:33 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/5/2010
Board
Board of Commissioners
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
446
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />Odell Voluuteer• Fire S Rescue, lncorpor•ated <br />' Board Resolution <br />12esolutio-t Annrovina Financing Terns <br />' )i~1~E(~EAS; The Odel! Volunteer Fire R Rescue, Incorporated ("VFD") has previously detet7nined to mtdet•take a project for <br />construction of a fire station (tlte "Project"), and the Treasure has now presented a proposal for the financing of such Project. <br />' BI: IT TF[GRIJTORE RCSOLVFD, us follows: <br />1. The VFD hereby determines to finance the Project through Branch Ranking gild Trust Company ("BBRT"), in accordance <br />with the proposal dated March 3, 2009. 'rhe amount fnanced shall not exceed X2,000,000, the annual interest rate (in the <br />' absence of default or change in tax startas) sltall not exceed 5.09% and the financing term shall not exceed 20 years fi'om <br />closing. <br />2, A[I financing contracts and ail related documents for the closing of the fi-ancing (tlte "Financing Documents") shall be <br />consistent with the foregoing ter-ns. The Treasurer and/or President of ilte VFD are hereby authorized to deliver any Financing <br />Documents, and to take ail such furtlter action as they may consider necessa-•y or desirable, to carry out the financing of the <br />Project as contemplated by the proposal and this resolution. The Financing Uocutttents shall include a Financing Agreement <br />and Deed of Ttvst and a Project Fund Agreement as BIi~CT may request. <br />3. The Treasurer is hereby authorized and directed to ho{d executed copies of the Financing Documents until the conditions for <br />the delivery of the Financing Documents have been completed to such officer's satisfaction. The Treasurer is authorized to <br />' approve changes to any Financing Documents pt•evionsly signed by VFD Treasurer or President, provided that such changes <br />shall not substantially alter tl-e intent of such documents or certificates fi•ont the intent expressed in the faints executed by such <br />officers. The Final Financing Documents shall be complete shall require the dual signatures of both the Treasurer and <br />' President. <br />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 <br />financing to be includable in the gross income for federal income tax purposes of the registered owners of the interest payment <br />obligations. The VFD het•eby designates its obligations to make principal and interest payments under the Financing <br />' Documents as "qualified tax-exempt obligations" for the purpose of Internal Revenue Cost Section 265 (b}(3). <br />5. The VFD httends that the adoption of this resolution will be a declaration of the VFD's official intent to reimburse <br />expenditures for the project that is to be financed from the proceeds of dte BB&T ling-tchtg described above. 'I'!te VFD intends <br />that funds that have been advanced, or that may be advanced, from the VFD's general fund, or any other VFD fund related to <br />the project, for project costs may be reimbursed from the financing proceeds. <br />t 6. All prior actions of VFD officers in furtherance of the purposes of this resolution are hereby ratified, approved and <br />confirmed. All other resolutions (or parts thereof) in conflict with this t•esolation are hereby repealed, to the extent of the <br />conFlict. This resolution shall take effect immediately. <br />' SGAL <br />' Adopted th ; 7th da)~ of April. ?009. <br />G. Pai~•ick Ltitvr°.ttce, SecretaryfTreasure-. ^ - Lonnie Seaford, President <br />1 <br />• <br />• Attachment number 1 <br />' F-2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.