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HomeMy WebLinkAbout2005 02_Loan Agreement_Vanguard Car RentalOWASSO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NUMBER 2005-02 A RESOLUTION OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY AUTHORIZING THE LOAN OF AN AMOUNT NOT TO EXCEED TWO MILLION AND NO/100 DOLLARS TO VANGUARD CAR RENTAL U.S.A., AUTHORIZING EXECUTION AND DELIVERY OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY LOAN AGREEMENT, AND OTHER DOCUMENTS AND AGREEMENTS AS MAY BE NECESSARY OR REQUIRED; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAS, the Owasso Economic Development Authority was created by a Declaration of Trust, dated as of October 26, 1987, (collectively the "Trust Indenture") for the use and benefit of the City of Owasso, Oklahoma (the "City") under authority of and pursuant to the provisions of Title 60 O.S. 1981, Section 176 to 180.3 inclusive as amended and supplemented and other applicable statutes of the State of Oklahoma; and, WHEREAS, the Authority has determined that it would be most advantageous at this time for the Authority to provide funds for assistance in the relocation of Vanguard Car Rental U.S.A. to areas in proximity to the City; and WHEREAS, there has been presented to this meeting a form of Loan Agreement between the Authority and Vanguard Car Rental U.S.A. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY THAT, TO-WIT: SECTION ONE. The Loan Agreement presented to this meeting be, and hereby is, approved, and the Chairman or Vice-Chairman of the Trustees and the Secretary or any Assistant Secretary of Trustees of the Authority be, and hereby are, authorized, directed, and empowered to execute and deliver in the name of the Authority the Loan Agreement in said form and containing the terms and provisions, the execution thereof by such officers being conclusive evidence of such approval, and to execute and deliver in the name of and on behalf of the Authority all documents, closing papers, certificates and such other documents as are necessary to accomplish the loan of Authority funds to Vanguard Car Rental U.S.A.. SECTION TWO. The signatures of the officers of the Authority appearing on the Loan Agreement and other documents and agreements, closing papers and certificates executed and delivered pursuant to this resolution shall be conclusive evidence of their approval thereof and of their authority to execute and deliver such agreements and documents on behalf of the Authority. SECTION THREE. The Chairman or Vice-Chairman of the T1ustees and the Secretary or any Assistant Secretary of the Trustees of the Authority he, and they hereby are, authorized and empowered for and on behalf of the Authority to execute and deliver such further agreements and documents and to take such action as such officer or officers may deem necessary or desirable in order to carry out the loan transaction with Vanguard Car Rental U.S.A. and to effect the purposes thereof as well as to consummate the transactions contemplated thereby. PASSED AND APPROVED this ~3 day of January 2005. OWASSO ECONOMIC DEVELOPMENT AUTHORITY ~~ Frank Enzbrenner, ice Chairman State of Oklahoma County of Tu~Sa S~ scr bed and swa ~ bef e y FRANK E ZBRENNER this 28th day of June, 2005. ~-(.C G J liann M. tevens, Votary lic u0013339, Commission'expires August 11, 2008 AS TO FORM: D. Cates, Authority Attorney 2