10/01/2001-4B-Agenda Packet-RegularI
AGENDA
4B CORPORATION
THURSDAY, OCTOBER 1, 2001
6:00 P.M.
201 BOLIVAR
1. Call Meeting to Order.
2. Citizen's Input
3. Consider and Possible Action to Expend Funds for the Completion of the Infrastructure
to the Wal-mart Distribution Center.
4. Consider and Possible Action on Resolution for the Borrowing of Funds for the
Completion of the Infrastructure to the Wal-mart Distribution Center.
5. Any Other Such Matters.
6. Adjournment.
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Date and Time Posted
This facility is wheelchair accessible and accessible parking spaces are available. Requests
for accommodations or interpretive services must be made 48 hours prior to this meeting.
Please contact the City Secretary's office at (940) 458-7930 for further information.
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City of
September 28, 2001
To: Vickie Jenkins, GNB
Fr: Samantha Renz, City of Sanger @)
Re: 4B Resolution/Borrowing of Funds
Vickie -Jack has indicated he has spoken with you regarding the 4B Board borrowing funds for the
completion of the infrastructure to the Wal-Mart Distribution Center; however he is not in the office
today and did not leave any information regarding the terms of the loan. I have attached a
Resolution, and wanted to see if you could fill in the necessary information (where the blanks are).
I appreciate your help with this -If you have any questions, please give me a call. Thanks!!
201 BOLIVAR STREET
P.O. BOX 1729
SANGER, TEXAS 76266 940·458·7930
940-458-4180 FAX
•
Resolution 10-01-01 4B
A RESOLUTION, AUTHORIZATION AND LOAN AGREEMENT OF THE CITY OF
SANGER, TEXAS ECONOMIC DEVELOPMENT CORPORATION; AUTHORIZING THE
BORROWING OF 350,000.00.
WHEREAS, Guaranty National Bank has agreed to loan the Sanger, Texas Economic
Development Corporation the sum of $350,000 to fund the completion of infrastructure to the
Wal-Mart Distribution center.
WHEREAS, the terms of the loan shall be as follows:
Initial interest rate shall be
Interest shall vary each quarter and shall not exceed Wall Street Journal Prime minus
2.8%.
Initial installment amount shall be----beginning one (1) month from the date of
closing.
Frequency of installments shall be monthly.
Maturity of loan shall be_ years from the date of the note.
Collateral:
First lien evidenced by Security Agreement and Ucc-1 filing on 4B Sales Tax funds
receivable.
Authorized Signor:
The President of the Sanger, Texas Economic Development Corporation, Nel
Armstrong, shall be authorized to sign documents necessary to execute the herein
described transaction.
WHEREAS, all funds borrowed from Guaranty National Bank shall be due and payable as
provided by the terms of the promissory note, and
WHEREAS, the Sanger Economic Development Corporation herein stipulates that Guaranty
National Bank holds a first lien on 4A Sales Tax Funds Receivable and that any future liens
will be subordinate to the herein described lien.
WHEREAS, this agreement shall be binding upon Borrower and Borrower's successors and
assigns. No provisions stated herein shall be waived without prior written consent of Guaranty
National bank.
Now, Therefore, Be it Resolved that the 4B Economic Development Corporation of the City of
Sanger, Texas,:
I
1. Authorizes the borrowing of $350,000.00 for the completion of infrastructure to
the Wal-Mart Distribution Center.
2. The terms of this loan shall be as listed above.
3. All funds borrowed from Guaranty National Bank shall be due and payable as
provided by the terms of the Promissory Note.
4. The Agreement shall be binding upon Borrower and Borrower's successors and
assigns.
5. No provisions stated herein shall be waived without prior written consent of
Guaranty National Bank.
Nel Armstrong, President Glenn Ervin
John Payne Beverly Branch
Steve Hollingsworth Terry Jones
Randy Thompson
PASSED, APPROVED AND ADOPTED this the 1st day of October, 2001