WHEREAS, the City Council desires to extend the loan from Chamber's Bank on the
four 2009 Dodge police units and to begin paying for the four vehicles in monthly payments with
such loan being collateralized by title retention and a UCC filing.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELKINS, ARKANSAS, THAT:
1. That the Mayor and Recorder-Treasurer are hereby directed and authorized to
execute the loan documents from Chamber's Bank as attached hereto (and/or as called for in the
attached) extending the loan in the amount of $92,890.96 at an interest rate of 5.5% for a one
year period, with the first monthly payment of $2,160.00 coming due on April 4, 2010, and a
final payment of approximately $73,776.72 being due March 4, 2011.
2. That competitive bidding on the loan renewal is hereby waived due to favorable
relations with Chambers Bank and avoidance of new loan expenses.
3. That Mayor and Recorder/Treasurer are authorized and directed to make
payments as called for in the attached documents from the General Fund, police expense section.
APPROVED this 18th day of March , 2010.
- RESOLUTION NO. 2010-12 (15 Downloads)