07-21-2014 - Laserfiche WebLink

Commission Minutes—July 21, 2014 4326 MOTION, passed Mrs. Scherling moved and Mr. Vanyo seconded to adopt Resolution #2014-11, Authorizing the Loan Agreement by and between Cass County, North Dakota and U.S. Bank National Association. On roll call vote, the motion carried unanimously. RESOLUTION #2014-11 AUTHORIZING LOAN AGREEMENT BY AND BETWEEN CASS COUNTY, NORTH DAKOTA AND U.S. BANK NATIONAL ASSOCIATION RECITATIONS Cass County, North Dakota (the "County"), hereby recites that by resolution of its governing body the County has: 1. Found and determined that it is necessary to cooperate with the City of Fargo (the "City") with respect to obtaining a temporary loan to assist in the short term financing of the F-M Diversion (the "Project"). 2. Approved an Intergovernmental Agreement by and between Cass County, North Dakota and the City of Fargo, North Dakota, which authorizes the County, with the consent of the City, to enter into a Loan Agreement with U.S. Bank National Association to finance costs associated with the Project, and to pledge City and County sales and use tax proceeds for repayment of said loan. 3. In conjunction with the Diversion Authority and the City of Fargo, requested proposals for Tax-Exempt Direct-Funded Loans or Draw-down Lines of Credit, from multiple financial institutions, including U.S. National Bank Association ("U.S. Bank"). 4. Determined that the offer of U.S. Bank was the lowest cost alternative. 5. Performed all other acts required by the Constitution and laws of North Dakota prerequisite to entering into a Loan Agreement dated July 1, 2014, by and between Cass County, North Dakota and U. S. Bank National Association (hereinafter the "Loan Agreement") for the purpose of providing temporary financing to pay for the cost of the Project in the manner required of the County by law, with full power and authority conferred on it as a political subdivision and county of North Dakota. RESOLUTION BE IT RESOLVED by the governing body of the County: Section 1. All acts performed, resolutions, motions or ordinances adopted or passed, and all publications incidental to the construction and financing of the Project, whether or not reflected in the official minutes and records of the County, are hereby ratified and confirmed, and all resolutions and other acts or proceedings of the County which are in any way inconsistent with this Resolution, are hereby amended to the extent necessary to give full force and effect to this Resolution.