EXHIBIT 8-A
RESOLUTION NO. 2010-10
A
RESOLUTION OF THE BOARD OF DIRECTORS OF THE MONTEREY PENINSULA WATER MANAGEMENT
DISTRICT AUTHORIZING A LINE OF CREDIT WITH BANK OF
WHEREAS: The Monterey Peninsula Water Management District
(“District”) desires to establish a Line of Credit to fund ongoing Aquifer
Storage and Recovery and other water project-related costs; and
WHEREAS: The Board of Directors of the District has
previously authorized establishment of a One Million Five Hundred Thousand and
No/100 Dollars ($1,500,000.00) Line of Credit with Bank of America, N.A. (“Bank”);
and
WHEREAS: The Bank is now requiring a resolution providing
evidence that the execution, delivery and performance by the District related
to the Line of Credit have been duly authorized.
NOW,
THEREFORE, BE IT RESOLVED by the Board of Directors of the Monterey Peninsula Water
Management District as follows:
1.
The
foregoing recitals are adopted as findings of the Board of Directors as though
set forth fully therein.
2.
That
the District may establish a Line of Credit with Bank of America, N.A.; provided,
however, that the aggregate principal amount outstanding at any one time under
the Line of Credit authorized by this resolution shall not exceed the sum of One
Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00), which sum
shall be in addition to such other amount or amounts as otherwise may be
authorized by the District Board of Directors.
3.
That
the Authorized Officers are hereby authorized and directed, as security for any
obligation or obligations of this organization to Bank to grant in favor of
Bank a security interest in or lien on any real or personal property belonging
to or under the control of this organization, that any one (1) of the following:
a. Darby Fuerst, the General Manager
b.
of
this organization, acting individually or in any combination as may be set
forth above (“Authorized Officers”), are hereby authorized and directed, in the
name of this organization, to execute and deliver to Bank, and Bank is
requested to accept:
a.
the
Line of Credit application, agreements and documents which evidence the
obligations of the District under the Line of Credit obtained pursuant to this Resolution;
and
b.
any
other instruments, agreements and documents as Bank may require and the
Authorized Officers may approve.
4.
That
any and all of the instruments, agreements and documents referred to above may
contain such recitals, covenants, agreements and other provisions as Bank may
require and the Authorized Officers may approve, and the execution of such
instruments, agreements and documents by the Authorized Officers shall be
conclusive evidence of such approval, and that the Authorized Officers are
authorized from time to time to execute renewals or extensions of any and all
such instruments, agreements and documents.
5. That
Bank is authorized to act upon the foregoing Resolution until written notice of
revocation by the District is received by Bank, and that the authority hereby
granted shall apply with equal force and effect to the successors in office of
the Authorized Officers.
6. This
Resolution shall take effect immediately following its adoption.
On
a motion by Director _______ and seconded by Director _______ the foregoing
resolution is duly adopted this 19th day of July 2009 by the
following votes:
Ayes:
Nays:
Absent:
I, Darby Fuerst, Secretary to the Board of Directors of
the Monterey Peninsula Water Management District, hereby certify that the
foregoing is a resolution duly adopted on the 19th day of July 2009.
Witness my hand and seal of the Board of Directors on the
__th day of July 2010.
___________________________________
Darby
Fuerst, Secretary to the Board
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