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A Resolution Authorizing Borrowing From A Bank
Whereas, The Town of Emmitsburg
(“Town”) owns real property located at 140 South Seton
Avenue in the town subject to a Deed of Trust to
Susquehanna Bank; and
Whereas, The town wishes to refinance
said Deed of Trust with Woodsboro Bank (“Bank”) to
obtain a lower interest rate;
Now, Therefore, Let It Be Resolved by
the Mayor and Board of Commissions of the Town of
Emmitsburg, Maryland as follows:
Section 1. The foregoing recitals are
approved and incorporated herein by reference.
Section 2. That the Town borrow from Woodsboro
Bank funds up to but not exceeding the principal amount
of $247,000.00 hereinafter referred to as the Loan and
that the Mayor is hereby authorized and empowered in the
name on behalf of the Town to (a) to execute, seal,
acknowledge and deliver to the Bank the promissory note
or notes or other instruments of Town evidencing any
such Loan or Loans or any extensions or renewals
thereof, maturing upon such date or dates, bearing
interest at such rate or rates, in such form, and
containing such terms and conditions as may be agreed
upon by the Bank and Mayor, the execution, sealing,
acknowledgment and delivery of any such promissory note
and Deed of Trust and other instruments by Mayor to be
conclusive evidence of such agreement, (b) to execute,
seal, acknowledge and deliver to the Bank any other
instruments, documents, agreements or certifications of
Town which may at any time or from time to time may be
required by the Bank in connection with such Loan or
Loans, the execution, sealing, acknowledgement and
delivery of any such other instruments, documents,
agreements or certifications by Mayor to be conclusive
evidence of such requirement, and (c) to receive or
endorse on behalf of and in the name of Town any checks,
drafts or credits representing the proceeds of such Loan
or Loans.
Section 3. This Resolution shall become
effective twenty (20) days after its approval by the
Mayor (following its passage by the Board of
Commissioners), or immediately after the approval of the
Resolution by the Board of Commissioners over the veto
of the Mayor.
Passed this 34th day of October, 2011 by a
vote of 5 for 0 against 0 absent and 0 abstain.
ATTEST:
By: /s/ Vickie Felix, Recording
Secretary
Board of Commissioners
By: /s/ Christopher Staiger, President
Approved this 3rd day of October, 2011
By: /s/ Donald N. Briggs, Mayor