HomeMy WebLinkAboutRes - 1993.125 - Chino Valley Bank RESOLUTION 1993.125
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
Glenn R. Lightfoot, 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 and source of
such funds deposited shall be periodically reported to the Board of Directors.
ADOPTED THIS 24th day of May, 1993.
ROLL CALL VOTE:
AYES:Directors: Disch. Stoops, Sturgeon, Douglas, Lightfoot
NOES: None
ABSENT: None
iv-i ? 44,,tqc
Gle n R. Lightfoot, President -
ATTES:
Sandra Shepherd, Secretary
r
•
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 •
by �-1~ Date: S/`-q-iI`f 3
Glen Lightfoot, President
Date:
/9%'/
CHINO VALLEY BANK
You are authorized to disburse the proceeds of that certain note dated April 29, 1993
Date April 29, 1993
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
11695 Signed by East Valley Water District $
—0—
Renewal of loan No
Pay off loan No Signed by
Credit Life&Disability Insurance
Less customer funds
undisbursed to be disbursed into account #238 103363 ($
$ 2,000,000.00
Eas Valley W per District
TOTAL $ 2,000,000.00
by .41 v - 7-11
Glenn Lightfoot, President
dent
38-772-000 ConKerr Typesetting,Riverside,CA(714)688-8046
No. 11695 MakerEast Valle' 3ter` Distric ue Date April 15, ,I Rate Prime + O.%
OPTIONAL ADVANCE NOTE—INTEREST TIED TO PRIME
San Bernardino , Calif.
April 29 19 93
On demand; or if no demand, on or before April 15, 1994
, the undersigned promises to payto the order of Chino Valley Bank, at its
San Bernardino Office in the City of San Bernardino , California,
the sum of Two Million and No/lOO dollars
(in words)
(2 c alait 5X.10XtdX/Anav iti Xlr&coadretkpie*plus such other and further sums as the holder hereof may hereafter loan
or advance to or for the benefit of the undersigned in, csordance with the terms hereof,together with interest thereon from the date of
the respective advances hereunder at the rate of %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
o
elapsed, payable monthly
beginning May 15 , 19 93 .
Any principal or interest not paid when due hereunder shall bear interest from its due date at a rate of interest two 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.
Robert E. Martin and
Advances.bereeuntdaer nay bem. made by Bank at the oral or written request of
inerany 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 psrsons0o0ther than those authorized hereunder
may have authority to draw against such account. Subject to a minimum charge of$ u
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 Valley Water District
1155 Del Rosa Avenue by
(Borrower's Signature)
San Bernardino, CA 92410 Gle Lightfoot, President
(Address) t77 /tl, jy/z= '
(Borrower's Signature)
TRANSACTIONS ON WITHIN NOTE
Interest Interest
Date Paid To Paid Advances Payments Balance _Approved
,nI 477 AM/KIN,