RES 2021-05 Adopted RESOLUTION NO. 2021-05
RESOLUTION APPROVING FINANCING TERMS FOR
THE FINANCING OF VEHICLES AND EQUIPMENT
WHEREAS,the City of North Augusta, SC (`Borrower")has previously determined to
undertake a project for the financing of vehicles and equipment (the "Project"), and the Chief
Financial Officer has now presented a proposal for the financing of such Project.
BE IT THEREFORE RESOLVED that the Mayor and City Council ofthe City of North
Augusta, South Carolina, in meeting duly assembled and by the authority thereof that:
1. The Borrower hereby determines to finance the Project through Truist Bank
("Lender")in accordance with the proposal dated February 19,2021.The amount financed shall
not exceed $1,728,219.00, the annual interest rate (in the absence of default or change in tax
status) shall not exceed 0.79%, and the financing term shall not exceed four (4) years from
closing.
2. All financing contracts and all related documents for the closing of the financing
(the "Financing Documents") shall be consistent with the foregoing terms. All officers and
employees of the Borrower are hereby authorized and directed to execute and deliver any
Financing Documents, and to take all such further action as they may consider necessary or
desirable, to carry out the financing of the Project as contemplated by the proposal and this
resolution.
3. The Finance Officer is hereby authorized and directed to hold executed copies of
the Financing Documents until the conditions for the delivery of the Financing Documents have
been completed to such officer's satisfaction. The Finance Officer is authorized to approve
changes to any Financing Documents previously signed by Borrower officers or employees,
provided that such changes shall not substantially alter the intent of such documents or
certificates from the intent expressed in the forms executed by such officers. The Financing
Documents shall be in such final forms as the Finance Officer shall approve, with the Finance
Officer's release of any Financing Document for delivery constituting conclusive evidence of
such officer's final approval of the Document's final form.
4. The Borrower shall not take or omit to take any action the taking or omission of
which shall cause its interest payments on this financing to be includable in the gross income
for federal income tax purposes of the registered owners of the interest payment obligations.
5. The Borrower intends that the adoption of this resolution will be a declaration of the
Borrower's official intent to reimburse expenditures for the Project that are to be financed from
the proceeds of the Lender financing described above. The Borrower intends that funds that
have been advanced, or that may be advanced, from the Borrower's general fund or any other
Borrower fund related to the Project, for project costs may be reimbursed from the financing
proceeds.
6. All prior actions of Borrower officers in furtherance of the purposes of this resolution
are hereby ratified, approved and confirmed. All other resolutions (or parts thereof) in conflict
with this resolution are hereby repealed,to the extent of the conflict. This resolution shall take
effect immediately.
DONE, RATIFIED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF NORTH AUGUSTA, SOUTH CAROLINA, ON THIS Is+ DAY OF
March 12021.
Robert A. Pettit, Mayor
ATTEST:
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Sharon Lamar, City Clerk