Resolutions

RESOLUTION NO. 2008-11

WHEREAS, the City Council of Elkins desires to obtain the benefits of extending the loan on the purchase of two 2006 Chevrolet Impala Police cars which was authorized by Resolution 2006-5. WHEREAS, this is a one (1) year extension of a loan with a current balance of $21,393.63 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 $12,000.00 plus interest on April 7, 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$21,393.63 with interest thereon at the rate of 5.40 percent (.054%), which is to be paid at the rate of$12,000.00 plus interest per annum with the next payment due on the 7th day of April, 2009 until April 7, 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 ofthe City obtaining for the citizens of Elkins the extension ofthe loan from Chamber's Bank on the police cars 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.