HomeMy WebLinkAboutRES-2000-021 Resolution Regarding Orange County Small Business Loan Program Resolution Rep-ardins Small Business Loan Program
WHEREAS:
Orange County's Board of Commissioners (the `Board") has determined that it is
appropriate and desirable for the County to stimulate the creation of good jobs for Orange
County citizens as well as to stimulate successful business development and expansion in
Orange County. To that end, the Board has determined to provide for the creation of a
small business loan company to serve as a lender to small businesses, and to support the
company and a program of small business loans by appropriating funds to serve as a loan
loss reserve for the loan program.
The County Manager has presented to this meeting the Articles of Incorporation
and Bylaws for the loan company, along with proposed forms of a "Support Agreement"
and a "Loan Agreement" to carry out the loan program and a final revised version of
proposed loan program guidelines (collectively referred to below as the "Loan Program
Documents").
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. The County approves the Loan Program Documents as presented to this
meeting. The Clerk of this Board shall retain with the permanent records of this meeting
copies of the draft Loan Program Documents as so presented.
2. The Board's Chair is authorized and directed to execute and deliver the
Support Agreement and the Loan Agreement in final forms, and the Clerk to this Board is
authorized and directed to affix the County's seal to such agreements and to attest the
same. The Support Agreement and the Loan Agreement shall be in substantially the
forms submitted to this meeting, with such changes as the Chair may approve upon
recommendation from the County Manager and the County Attorney. The Chair's
execution of such documents shall constitute conclusive evidence of the Chair's approval
of any such changes.
3. The County Manager is authorized and directed to hold executed copies of
the Support Agreement and the Loan Agreement, and any other documents appropriate
for the purposes of this resolution, in escrow on the County's behalf until the conditions
for the delivery of such documents have been completed to his satisfaction, and
thereupon to release the executed copies of such documents for delivery.
4. All County officers are authorized and directed to deliver all certificates
and instruments and to take all such further action as they may consider necessary or
desirable in connection with the execution and delivery of the Loan Program Documents
and otherwise to initiate the County's small business loan program. All other actions of
County officers in furtherance of the purposes and intents of this resolution are ratified,
approved and confirmed.
5. All other resolutions, or parts thereof, in conflict with this resolution are
repealed to the extent of the conflict. This resolution shall take effect immediately.
Upon motion duly made and seconded the foregoing resolution was passed by the
following votes:
Ayes: Commissioners Brown, Carey, Gordon, Halkiotis and Jacobs
Noes: NONE
1, Beverly A. Blythe, Clerk to the Board of Commissioners for the County of
Orange, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so
much of the proceedings of said Board at a meeting held on March 21, 2000 as relates in
any way to the adoption of the foregoing and that said proceedings are recorded in
Minute Book No. 28 of the minutes of said Board
WITNESS my hand and the seal of said County, this 22d day of March, 2000.
Va,-
1 46,
4verly A. Blythe
Clerk to the Board of Commissioners
Orange County, North Carolina