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BK -00028 PG -0178 <br />Section 10 - Loan Documents: <br />The following documents must be received and properly executed prior to the disbursement of <br />funds: <br />A. Completed loan application and supporting documentation; <br />B. Documentation of Loan Committee and County Commissioners approval; <br />C. Evidence that other funds needed to complete the project have been provided and are <br />currently available for project use; <br />D. Evidence that all applicable permits have been obtained; <br />E. Executed Loan Agreement between County and borrower (employment criteria shall <br />be included in the loan agreement); <br />F. Promissory Note; <br />G. Deed of Trust (if applicable); <br />H. Security Agreement, UCC Statement (if applicable); <br />I. Evidence that the borrower's officials and County officials are authorized to execute <br />E, F, G and H; and, <br />J. Other documents as the County may deem appropriate. <br />Section 11— Source and Amount of Funds: <br />The source of the funds in the RLF program is the result of the repayment of a loan given to Frontier <br />Spinning Mills. The original funds for this loan were provided by a grant from the Golden Leaf <br />Foundation (GLF). The total amount of the original grant from GLF was $1,000,000. <br />RLF proceeds (principal and interest) will be turned back into the RLF for making new RLF loans. <br />Section 12 — Public Inspection <br />All procedures for making loans and the contents of the RLF policy will be available for inspection <br />during normal business hours at the Lee County Administrative Offices, 408 Summit Drive, <br />Sanford, North Carolina 27330. <br />Section 13 — Use of Funds: <br />The use of RLF funds shall be limited to making loans to private for-profit business undertakings <br />for capital investments in accordance with this policy. <br />7 <br />