RESOLUTION No. 2014-1
EVANS CITY WATER AND SEWER AUTHORITY
At
a regularly scheduled meeting of the Board of the Evans City Water and Sewer
Authority (“Authority”) held October 29, 2014, the following Resolution, upon
motion duly made, was unanimously approved:
The
Authority does hereby agree to set its rates and, if necessary, increase its
rates to a level sufficient to cover all operational and maintenance costs, the
debt service on the PENNVEST LOAN NO. 75227 and the debt service on all other
outstanding debt of the Authority and does further resolve that:
“The
Chairman, Vice Chairman, and Secretary/Treasurer of the Authority are
authorized to execute on behalf of the Authority all documents reasonable and
necessary in connection with the transfer of PENNVEST LOAN NO. 75227 from Evans
City Borough to the Authority including, but not limited to, the Assignment, Assumption
and Modification Agreement, Supplemental Trust Indenture, Security Agreement, Allonge
to Guaranteed Revenue Note, Guaranty Agreement, and such other and further
funding documents necessary in connection therewith.”
