RESOLUTION
2016-1
EVANS CITY WATER AND
SEWER AUTHORITY
At a regularly scheduled meeting of
the Board of the Evans City Water and Sewer Authority (“Authority”) held _______________________,
2016, the following Resolution, upon motion duly made, was unanimously
approved:
The Authority does hereby accept the
term loan offered by Northwest Savings Bank dated November 10, 2015 (“Term
Loan”) to refinance the Pennvest loan assumed by the Authority under and
subject to the terms thereof, and 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 NORTHWEST SAVINGS BANK TERM LOAN 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 NORTHWEST
SAVINGS BANK TERM LOAN to the Authority including, but not limited to, the loan
documents and such other and further funding documents necessary in connection
therewith.”
