Agenda Package - 03-17-08 - Laserfiche WebLink

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034 Resolution Approving Financing Terms WHEREAS; The Lemon Springs Volunteer Fire Department, Inc. (VFD) has previously determined to the addition of a Sub-Station, and the Treasurer has presented a proposal for the financing of the project. RE IT THEREFORE RESOLVED, as follows; 1. The VFD hereby determines to finance the Project through Branch Banking and Trust (BB&T) in accordance with the proposal dated Jan. 9'", 2008. The amount to be financed shall not exceed $300,000.00, the annual Interest rate shall not exceed 6%, and the financing term shall not exceed 20 years from closing. 2. All financing contracts and all related documents for closing of the financing (the financing documents) shall be consistent with the foregoing terms. All officers and employees ofthe VFD are hereby authorized and directed to execute and deliver any Financing Documents. and to take all such further action as they may consider necessary or desirable, to carry out the financing of the Project as contemplated by the proposal and this resolution. The Financing Documents shall include a Financing Agreement and a Deed of Trust and a Project Fond Agreement as BB&T may request. 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 such officer's satisfaction. The treasurer is authorized to approve changes to any financing documents previously signed by the VFD officers or employees, provided that such changes shall not substantially alter the intent of such documents or cenificates from the intent expressed in the forms executed by such officers. The Financing Documents shall be in such final forms as the treasurer shall approve with the treasurer's release of any Financing Document for delivery constituting conclusive evidence of-such officer's final approval of the document's final form. 4. The VFD shall not take or omit to take any action the taking or omission of which will cause its interest payments on this Financing to be includable in the gross income for federal income tax purposes of the interest payment obligations. The VFD hereby designates its obligations to make principle and interest payments under the financing documents as "qualified tax exempt obfigations" for the purpose of internal Revenue Code Section 265(b)(3). 5. All prior actions of VFD officers in furtherance of the purposes ofthis 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 the conflict This resolution shall take effect immediately. Adopted this 9"', day of January 2008. SEAL By:~ Title: p_z ri dr y- By c "fitlc: ~tl t'fit.L ~y 2