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ADMINISTRATIVE
COMMITTEE |
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10. |
CONSIDER ADOPTION OF RESOLUTION NO. 2010-10, AUTHORIZING A LINE OF
CREDIT WITH BANK OF |
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Meeting
Date: |
July 13, 2010 |
Budgeted: |
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General
Manager |
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Prepared
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Cost Estimate: |
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General Counsel Review: Yes |
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Committee Recommendation: The Administrative Committee reviewed this item on July 13, 2010 and recommended _________________________. |
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CEQA Compliance: N/A |
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SUMMARY: District
staff has been working with Bank of America (BofA) to finalize the Loan
Agreement and furnish other required documents for the line of credit
authorized by the Board on May 17, 2010.
One requirement of the Loan Agreement is that the District furnish
evidence that the execution of that agreement has been duly authorized. BofA suggested that this would best be
accomplished by a Board Resolution. A
draft of Resolution No. 2010-__, A Resolution of the Board of Directors of the
Monterey Peninsula Water Management District Authorizing a Line of Credit with
Bank of America is attached as Exhibit 10-A. Adoption of this resolution by the Board of
Directors would satisfy BofA’s requirement.
RECOMMENDATION: District staff recommends that the Board adopt Resolution No. 2010-__, A Resolution of the Board of Directors of the Monterey Peninsula Water Management District Authorizing a Line of Credit with Bank of America. The Administrative Committee reviewed this item on July 13, 2010 and voted _ to _ to recommend __________.
BACKGROUND: On
May 17, 2010, the Board authorized staff to contract with BofA to establish a
$1.5 million line of credit. Since that
time District staff has been working with BofA to finalize the Loan Agreement
and furnish other required documents.
10-A Resolution 2010-10
U:\staff\word\committees\Admin\2010\20100713\10\item10.doc