HomeMy WebLinkAboutRes - 1990.20 - Authorization to Borrow from Chino Valley Bank RESOLUTION 1990. 20
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE EAST VALLEY WATER DISTRICT AUTHORIZING
THE DISTRICT TO BORROW FROM CHINO VALLEY BANK
BE IT HEREBY RESOLVED, that the EAST VALLEY WATER DISTRICT,a
California Water District formed under the County Water District
Law, more particularly Section 30321 of the Water Code of the
State of California, hereinafter referred as "EVWD" is authorized
to borrow from the CHINO VALLEY BANK, a California Corporation,
hereinafter referred to as "Bank" from time to time, such sum or
sums of money as, in the judgment of the officers hereinafter
authorized, this Water District may require: provided that the
aggregate amount of such borrowing, pursuant to this resolution
shall not at any one time exceed the sum of TWO MILLION and
00/100 Dollars ($2 , 000, 000. 00) in addition to such amount as may
be otherwise authorized:
NOW, THEREFORE, BE IT RESOLVED that the following named
officer
Gerald W. Stoops, President of the Board of Directors
of the EAST VALLEY WATER DISTRICT, be and is hereby authorized,
directed and empowered, in the name of EAST VALLEY WATER
DISTRICT, to execute and deliver to Bank, and Bank is requested
to accept, the note, advance account agreements, acceptance of
agreements or other instruments evidencing the indebtedness of
the EAST VALLEY WATER DISTRICT for the monies so borrowed, or to
be borrowed, with interest thereon, and said authorized officer
is authorized from time to time to execute renewals or extensions
of said note or notes, advance account agreements, acceptance
agreements or other instruments.
BE IT RESOLVED FURTHER, that either ONE of the following
named officers
Larry W. Rowe the General Manager/Secretary
or
George E. "Skip" Wilson the Treasurer
of the EAST VALLEY WATER DISTRICT, be and they are hereby
authorized, directed and empowered, in the name of EAST VALLEY
WATER DISTRICT, to execute and deliver to Bank, and Bank is
requested to accept, authorization for advances of monies from
said notes either in writing or verbally for deposit into the
general account of the EAST VALLEY WATER DISTRICT..
BE IT RESOLVED FURTHER, that Bank is authorized to act upon
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resolution until written notice of its revocation is delivered
to Bank, and that the authority hereby granted shall apply with
equal force and effect to the successors in office of the
officers herein named.
I, Larry W. Rowe, Secretary of East Valley Water District, a
Water District formed under the laws of the State of California,
do hereby certify that the foregoing is a full and correct copy
of a resolution of the Board of Directors of said Water District
duly and regularly adopted by the Board of Directors of said
Water District in all respects by law, and by the by-laws of said
Water District on the 23rd day of January, 1990, at which meeting
a majority of the Board of Directors of said Water District was
present and voted in favor of said resolution. I further
certify that said resolution is still in full force and effect
and has not been amended or revoked and that the specimen
signatures appearing below are the signatures of the officers
authorized to sign for the EAST VALLEY WATER DISTRICT by virtue
of this resolution.
IN WITNESS WHEREOF, I have hereunto set my hand as such
Secretary, this 23rd day of January, 1990.
AUTRHORIZED SIGNATURES
JRowe, eneral Manager L = Rowe, Secretary
of EA T ALLEY ATER DISTRICT
Lel ,47\--
George E. "Skip" Wilson, Gerald W. Stoops,
Treasurer President of the Board of
Directors of EAST VALLEY WATER
DISTRICT
ROLL CALL:
AYES : Directors Disch, Lightfoot, Douglas , Schnarre, Stoops
NOES : None
ABSENT: None
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CHINO VALLEY BANK Date January 8, 1990
You are authorized to disburse the proceeds of that c ertain note dated January 8, 1990
in the amount of$ 2,000,000.00 executed by the undersigned,as follows:
Credit account of #238-103363 $ 2 000,000.00
Loan fee $
Title Policy fee $
Reconveyance fee $
Pay by cashiers check to $
Pay by cashiers check to $
Renewal of loan No. Signed by $
Pay off loan No. Signed by $
Credit Life&Disability Insurance $
Less customer funds ($
EAST V LEY WATT DISTRICT TOTAL $ 2,000,000.00
BY: ,�� ����V rr J BY: •
Gerald W. Stoops, Presid6ntof the L W Rowe General Manager/Secretar
Board of Directors
I/L-57
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No. Maker DISTRICT Due Date• January 15, 1991 Rate Prime %
OPTIONAL ADVANCE NOTE—INTEREST TIED TO PRIME
San Bernardino , Calif.
January 8, , 19 90
On demand; or if no demand, on or before January 15, 1991
, the undersigned promises to pay to the order of Chino Valley Bank, at its ,
San Bernardino Office in the City of San Bernardino California
the sum of Two Million nd no/100---------- -- -- dollars
(in words)
gg plus such other and further sums as the holder hereof may hereafter loan
or advance to or for tk -- 'ersigned in accordance with the terms hereof,together with interest thereon from the date of
the respective advanc 'ate of 0.0 %per annum,in excess of the Bank's prime rate as said prime rate may
change from time to ti / sin said interest rate becoming effective on the effective date of the change in said prime rate.
The Prime Rate is det 'alley Bank from time to time as a means of pricing credit extensions to some customers and is
neither tied to any ext ;or index nor necessarily the lowest rate of interest charged by Chino Valley Bank at any given
time for any particular ,���.��L or credit extensions.Interest shall be computed on a basis of a 360 day year and actual days
elapsed, payable
HERE beginning February 15, , 19 90.
Any principal or inter ue hereunder shall bear interest from its due date at a rate of interest two per cent per annum
higher than the inter( )ove.The unpaid balance of this obligation at any time shall be the total amounts advanced
hereunder by the hole amount of payments made hereon by or for the undersigned,which balance may be endorsed
hereon from time to time by holder hereof.
Advances hereunder may be made by Bank at the oral or written request of George E. Wilson
or Larry W. Rowe
any one acting alone,who are authorized to request advances and direct the disposition of any such advances until written notice of the
revocation of such authority is received by the Bank at said Branch.Any such advance shall be conclusively presumed to have been made
to or for the benefit of the undersigned when made in accordance with such requests and directions,or when said advances are deposited
to the credit of the account of the undersigned with said Bank regardless of the fact that persons other than those authorized hereunder
may have authority to draw against such account. Subject to a minimum charge of$ 100.00
The undersigned agrees to pay all costs,including reasonable attorney's fees,incurred by the holder in enforcing payment hereof and
hereby waives to the full extent permitted by law, all right to plead any statute of limitation as a defense to any action hereunder.
EAST LEY WA ER IS ICT
P.O. Box 3427 BY: v�"
(Borrower's ignature)
San Bernardino, CA 92410 Geral W. Stoop , President of the Boa]
of Directors
(Address) BY:
(Borro is Signature)
rry'W. owe, eneral Manager/SxmetP y
TRANSACTIONS ON WITHIN NOTE
Interest Interest
Date Paid To Paid Advances Payments Balance Approved
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- CHINO VALLEY BANK
Addendum To
- Note
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It is mutually agreed by and between Borrower. and Chino
Valley Bank that the-respective parties waive trial by jury
in any action, proceeding or counterclaim brought by either
of the parties against the other on any matter whatsoever
arising out of or in any way connected with this Loan and/or
Loan Agreement.
EAST VALLEY WATER DISTRICT
BY:Lif04 DATE: 1A00
• )043:maga: W. Stoops, Pr sident of the Board
Gerald • of Directors
1/215/90
Lar W we, Ge eral Manager/ DATE:
• Sec etary
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