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NOW, THEREFORE,BE IT RESOLVED BY THE BOARD: <br /> SECTION 1. That when requested by the Corporation, it will authorize and take, or <br /> cause to be taken, the necessary steps to issue the Bonds in series from time to time under the <br /> Act in the aggregate principal amount of not to exceed $14,000,000 in order to finance the <br /> Project. It is expected that the first series of the Bonds will be issued in the principal amount of <br /> $9,000,000 in 2011 and the balance ($5,000,000 in maximum principal amount)will be issued in <br /> 2012. <br /> SECTION 2. That the Board will, at the proper times and subject in all respects to the <br /> recommendation and approval of the Corporation, adopt, or cause to be adopted, such <br /> proceedings and authorize the execution of such documents as may be necessary and advisable <br /> for the authorization, sale and issuance of the Bonds and the loan of the proceeds of the Bonds to <br /> the Corporation for those purposes. <br /> SECTION 3. That the Board will take or cause to be taken such other acts and adopt <br /> such further proceedings as may be required to implement the aforesaid undertakings or as it <br /> may deem appropriate in pursuance thereof. <br /> SECTION 4. That each series of Bonds will be designated by the Board as qualified tax- <br /> exempt obligations within the meaning of Section 265(b)(3) of the Internal Revenue Code of <br /> 1986, as amended. <br /> SECTION 5. That this Resolution shall be in effect upon its adoption. <br /> ADOPTED this day of , 2011. <br /> Chairman <br /> ATTES <br /> v <br /> Secretary <br /> (SEAL) <br /> \r. <br /> 2 <br />