Resolutions

RESOLUTION NO. 2008-10

WHEREAS, the City Council of Elkins desires to obtain the benefits of extending the loan on the purchase of a 2002 Pierce Fire Truck which was authorized by Ordinance No. 03-07- 2002. WHEREAS, this is a one ( 1) year extension of a loan with a current balance of $51,154.55 at 5.4 percent per annum interest rate. WHEREAS, the City Council desires to obtain the extension from Chamber's Bank which allows the City to pay the balance at $2000.00 per month until March 2009 when the full balance will be due. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELKINS, ARKANSAS, THAT: 1. The attached loan documentation prepared by Chamber's Bank for a one (1) year extension of a loan in the current principal amount of$51,154.55 with interest thereon at the rate of 5.40 percent (.054%), which is to be paid at the rate of$2,000.00 per month with the first payment due on the 14th day of April, 2008, and equal payments due on the 14th day of each successive month until March 14,2009, when the total balance is due; documentation to this effect as approved by the City Attorney is hereby approved, ratified and confirmed in all respects. 2. That competitive bidding on an extension of this loan or even a new loan is hereby waived, and loan extension for one (1) year is expressly approved. 3. That Jack Ladyman as Mayor and Connie Tober as Recorder-Treasurer, are authorized to take such steps as are necessary to execute the originals of the loan extension documentation as attached hereto on behalf of the City obtaining for the citizens of Elkins the extension of the loan from Chamber's Bank on the fire truck and they are authorized to make payments as provided for therein; and to execute such additional documents as to continue the loan extension hereby approved

APPROVED this 3rd day of April, 2008.