07.01 - Fire Truck Loan Resolution

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Position S Form RD 1942-9 FORM APPROVED (Rev. 10-96) OMB. No. 0575-0015 LOAN RESOLUTIOIV SECURITY AGREEMENT A RESOLUTION OF THE City Council OFTHE City Of Pequot Lakes AUTHORIZING AND PROVIDING FOR THE INCURRENCE OF INDEBTEDNESS IN THE PRINCIPAL AMOUNT OF $ 3 5 0, 0 0 0. 0 0 FOR THE PURPOSE PROVIDING A PORTION OF THE COST OF ACQUIRING AND CONSTRUCTING A Fire Truck , PROVIDING FOR THE COLLECTION, HANDLING, AND DISPOSITION OF REVENUES THEREFROM, AND AUTHORIZING MAKINGS OF PROMISSORY NOTES, SECURITY INSTRUMENTS, AND PLEDGES OF REVENUES TO EVIDENCE AND SECURE THE PAYMENT OF SAID INDEBTEDNESS AND FOR RELATED PURPOSES. WHEREAS, the City Of Pequot Lakes , (hereinafter referred to as the "Organization"), was organized under Chapter 412 of the laws of the State of Minnesota Fire Truck for the purpose of providing a (hereinafter referred to as the "Facility") to serve the members of the said Organization; and WHEIZEAS, a meeting of the members of the said Organization was held on the 13 t h day of NO v. 2 O l 2 pursuant to proper notice thereof to consider plans for the acquisition, construction, and methods of financing the Facility: and, as shown by the minutes of said meeting, of the �. � l� n�, � � members of record of the Organization there were present and voting Yes , and by a recorded vote, the Facility and its financing were authorized; and, WHEREAS, the proposed Facility is to be constructed and in accordance with plans and specifications prepared by City of Pequot Lakes and in order to finance the Facility, the City Council (hereinafter referred to as the "Board") is authorized and empowered, in their discretion, for and in the name of the Organization, to make application to the United States of America, through the United States Department of Agriculture, (hereinafter referred to as the "Government"), for financial assistance; to cause the execution and delivery of an installment promissory note or notes or other evidence of indebtedness (hereinafter referred to as the "Note"), and appropriate security instruments to secure any loan or loans made or insured by the Government; to comply with any requirements, terms or conditions prescribed by the Government or by Government regulations; and to execute contracts or enter into agreements and, without limitation, to take any and all other action as may be necessary, incidental or appropriate to finance, acquire, construct, complete, or equip the Facility for and on behalf of the Organization. NOW THEREFORE, it is hereby resolved by the Board as follows: Section l. (Determination of Board). That it is necessary to defray a portion of the costs of tinancing the Facility by obtaining a loan made or insured by the Government in accordance witta applicable provisions of the Consolidated Farm and Rural Developrnent Act, it being determined that the Organization is unable to obtain sufficient credit elsewhere to finance the Facility, taking into consideration prevailing private and cooperative rates and terms currently available; Accarding �o the Pnyenvoi�k Rerhrction Act nf l995, m� ngency nmy nol conducl or sponsor, and n persai is irot required �o i�espond �q a collec�ion ojii joi�mnlion mdess i� displays n rnlid OMR conlrol ttrnnbei�. 77�e vnlid OMB conlro/ ntm�herfor /his injormalirn� co!!ec/irn� (s 0575-00/.i. �he lime required to complele Ihis ii j�rnialiar coRectiw� is eslab/ished to nvernge ! l�our yer response, ine/ndi�tg d�e [ime fnr revie�vr�ig ins�rnclions, sem�chTng exis�iiig dnla sorrrces, gn�hering and nminlniniug dre dnta needed, m�d con�p]eting m�d revieiving �he eollec�ion ojinjormation.