HomeMy WebLinkAboutRes - 1991.29 - Chino Valley Bank RESOLUTION 1991.29
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
Gerald 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 agree-
ments 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
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and source of such funds deposited shall be periodically reported
to the Board of Directors.
ADOPTED THIS 12th day of March , 1991.
ROLL CALL VOTE:
AYES: Directors: Disch, Lightfoot, Douglas , Schnarre, Stoops
NOES: None
ABSENT: None
2)d14)1, r 7-
Gerald Stoops, president
ATTEST:
(L4—'
Sandra Sheph rd, Secretary
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