07-21-2014 - Laserfiche WebLink

Commission Minutes—July 21, 2014 4327 Section 2. It is hereby found and determined to be necessary for the County to borrow up to $50,000,000 in principal (the "Loan") from U.S. Bank, subject to the terms and conditions set forth in the Loan Agreement. Section 3. The governing body of the County, in response to the above-described requests for proposals regarding short term financing for the Project, has received an offer from U.S. Bank, which offer is more fully set out in the Loan Agreement. It is hereby found and determined that the offer of U.S. Bank is reasonable and advantageous to the County and is hereby accepted, and the Loan Agreement and Promissory Note, in substantially the form presented to the County at this meeting, is hereby accepted and authorized to be executed on behalf of the County by its Chairman and County Auditor (the "Authorized Officers"), with such modifications as may be approved by the Authorized Officers. The Authorized Officers are authorized and directed to execute the Loan Agreement and the Promissory Note attached thereto and to deliver them to U.S. Bank, which execution and delivery will be conclusive evidence of the approval of any modifications with respect to the Loan Agreement and Promissory Note. Section 4. Interest will be payable semiannually and in accordance with the Loan Agreement. Section 5. The proceeds of the Loan are irrevocably appropriated to pay expenses necessarily incurred in connection with the Project and to pay costs associated with the issuance of the Loan. Draws on the Loan will be submitted by the County to U.S. Bank from time to time in accordance with procedures established and set forth in the Loan Agreement. Section 6. The County will establish an account with U.S. Bank into which the proceeds of each Draw will be deposited for use by the County in accordance with the Intergovernmental Agreement. Section 7. The terms and conditions of the Loan Agreement and Intergovernmental Agreement, including the pledge of Sales and Use Tax Proceeds, are hereby incorporated by reference into this Resolution. Section 8. The County reserves the further right of entering into additional temporary loans payable from Sales and Use Tax Proceeds on a parity as to both principal and interest with the Loan, provided that such issuance is in conformance with the covenants set forth in the Loan Agreement. Section 9. The Promissory Note issued pursuant to the Loan Agreement will not constitute a charge, lien or encumbrance upon any property of the County, and the principal and interest of the Promissory Note will not be a general obligation of the County, but is payable solely from the net revenues of the City and County Sales Tax Revenues as set forth in this Resolution. Section 10. This Resolution shall take effect immediately upon adoption. Adopted July 21, 2014.