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EDC 07-06-00-Resolution-Industrial Development Corporation Loan Project Wal-Mart Distribution Center-07/06/2020Resolution 07-06-00 4A A RESOLUTION, AUTHORIZATION AND LOAN AGREEMENT OF THE CITY OF BANGER, TEXAS INDUSTRIAL DEVELOPMENT CORPORATION; AUTHORIZING THE BORROWING OF $850,000.00 WHEREAS, Guaranty National Bank has agreed to loan the Sanger, Texas Industrial Development Corporation the sum of $850,000.00 to fund the Purchase of Land for the Economic Development Project -Wal-Mart Distribution Center; WHEREAS, terms of the Loan shall be as follows: Initial interest rate shall be 6.7% Interest rate shall vary each quarter and shall not exceed Wall Street Journal Prime minus 2.8% Initial installment amount shall be $7500.78 beginning one (1) month from the date of closing Frequency of installments shall be monthly. *Maturity of loan shall be fifteen (15) years from date of note. Collateral: `First lien evidenced by Security Agreement and UCC-1 filing on 4A Sales Tax funds receivable. Authorized Signor: The President of the Sanger Texas Industrial Development Corporation, Frank Ballard, shall be authorized to sign documents necessary to execute the herein described transaction. WHEREAS, all funds borrowed from GuarantyNational Bank shall be due and payable as provided by the terms of the Promissory Note. WHEREAS, The Sanger Texas Industrial 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 uponBorrower andBorrower's successors and assigns. No provisions stated herein shall be waived without the prior written consent of Guaranty National Bank. Page 2 Res. WwOom00 4A Now, Therefore, Be It Resolved that the 4A Industrial Development Corporation of the City of Sanger, Texas: 1. Authorizes the borrowing of $850,000.00 for the purchase of land for economic development project, Wal-Mart. Distribution Center, 2. The Terms of the loan shall be as listed above. 3. All funds borrowed from Guaranty National Bank shall be due and payable as provided by the terms of the Promissory Note. 4. The Agreement shall be binding upon Borrower and Borrower's Successors and assigns. 5. No provisions stated herein shall be waived without the prior written consent of Guaranty National Bank. wAFrank allard, Pre4fderrr Carroll McNeill, Vice -Presider .- / I % , • /1 . , . Vickie Jenkins,G$ecretary t :Member Richard Muir, Board Member