HomeMy WebLinkAboutRes - 1994.177 - Authorizing the District to Borrow from Chino Valley Bank 7
RESOLUTION 1994.177
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 to 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
Glenda A. Douglas, 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 both of the following named officers
Robert E. Martin the General Manager
and
Alberta M. Hess the Auditor/Controller
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 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 Sandra Shepherd, 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 13th day of June, 1994, 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 13th
day of June 1994.
AUTHORIZED SIGNATURES:
Robert E. Martin, General Mana er Sandra Shepherd, Secretary
of EAST VALLEY WATER DISTRICT
„aitc-r
Alberta M. Hess Glenda A. Douglas
Auditor/Controller President of the Board of Directors of
EAST VALLEY WATER DISTRICT
ROLL CALL:
AYES: Directors:Negrete, Sturgeon, Lightfoot, Douglas
NOES:None
ABSENT:None
CHINO VALLEY BANK
You are authorized to disburse the proceeds of that certain note dated June 13, 1994 Date June 13, 1994
in the amount of$ 2,000,000.00 executed by the undersigned as follows:
Credit account of
Loan fee $
Title Policy fee $
Reconveyance fee $
Pay by cashiers check to $
Pay by cashiers check to $
Renewal of loan No. 11695 $
Signed by East Valley Water District $ 00.00
Pay off loan No. Signed by
Credit Life&Disability Insurance $
Less customer funds $
Undisbursed to be disbursed to 238-103363 ($ )
East Valle Water District $2,000,000.00
TOTAL:2i000,000.00
BY.Glen ,� &tea
a Douglas, Presid 'exit BY' � �i —
Sandra Shepherd, eS' cretary
598-377-000(4/93)FFS
No. 11695 Borower: t Valley Water District Due Date May 15, 1995
OPTIONAL ADVANCE NOTE - INTEREST TIED TO PRIME
San Bernardino , Calif.
June 13 19 94
On demand, or if no demand, on or before May 15, 1995 , 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 mi 1]ion and 00/100* * * * * * * * dollars
(in words)
plus such other and further sums as the holder hereof may hereafter loan or advance to or for the benefit of the undersigned in
accordance with the terms hereof, together with interest thereon from the date of the respective advances hereunder at the rate of
0.0 %per annum, in excess of the Bank's prime rate as said prime rate may change from time to time with any changes
in said interest rate becoming effective on the effective date of the change in said prime rate.The Prime Rate is determined by Chino
Valley Bank from time to time as a means of pricing credit extensions to some customers and is neither tied to any external rate of
interest or index nor necessarily the lowest rate of interest charged by Chino Valley Bank at any given time for any particular class
of customers or credit extensions. Interest shall be computed on a basis of a 360 day year and actual days elapsed, payable
y beginning June 15 19 94
Any principal or interest not paid when due hereunder shall bear interest from its due date at a rate of interest six per cent per annum
higher than the interest rate specified above.The unpaid balance of this obligation at any time shall be the total amounts advanced
hereunder by the holder hereof,less the 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 Robert E. Martin or
Alberta M. Hess 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
galley Water District
1155 Del Rosa Ave. By: %%'i
(Borrower's Signature)
San Bernardino, CA. 92410 Gle a Douglas, esid nt
By:
����.�,.0
(Address) (Borrower' Signature)
Sandra Shepherd, Secretary
398-820-000 •
•
CHINO VALLEY BANK
Addendum to Note
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 •
er
Y= Date: June 13, 1994
Glenda Douglas, Preside "
By: :-/z-d-4,-) ����/ �`� Date: June 13, 1994
Sandra Shepherd, Secretary