RESOLUTION
A regular meeting of County of Sullivan Industrial Development Agency (“Agency”) was convened in public session at the Sullivan County Government Center, 100 North Street,Village of Monticello, Sullivan County, New York on May 8, 2012 at 10:00 a.m. local time.
The meeting was called to order by Chairman Ira Steingart, and, upon roll being called,
the following members of the Agency were:
PRESENT ABSENT
Ira Steingart [ ] [ ]
Harold Gold [ ] [ ]
Raymond Walter [ ] [ ]
Edward T. Sykes [ ] [ ]
Charles Barbuti, Jr. [ ] [ ]
Harris Alport [ ] [ ]
Suzanne Loughlin [ ] [ ]
Cindy L. Garlinghouse [ ] [ ]
Steve White [ ] [ ]
The following persons were also present:
Allan C. Scott, Chief Executive Officer
Jennifer Brylinski, Agency Executive Director
Elizabeth A. Hunt, Agency Executive Assistant
Walter F. Garigliano, Agency General Counsel
The following resolution was duly offered by __________________, and seconded by
________________________, to wit:
Resolution No. ___ – 12
RESOLUTION AUTHORIZING, APPROVING AND CONSENTING TO
THE AGENCY’S CLOSING WITH THE UNITED STATES DEPARTMENT
OF AGRICULTURE RURAL DEVELOPMENT STATE OFFICE ON THE
RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM FUNDS
WHEREAS, the Agency was created by Chapter 560 of the Laws of 1970 of the State of New York, as amended, pursuant to Title I of Article 18-A of the General Municipal Law of the State of New York (collectively, the “Act”) as a body corporate and politic and as a public benefit corporation of the State of New York (“State”); and
WHEREAS, on September 14, 2010, the Agency’s board decided it was in the best interest of the Agency to apply for the Federal Assistance-Rural Microentrepreneur Assistance Program (“RMAP”), in which the purpose of RMAP is to support the development and ongoing success of rural microentrepreneurs and microenterprises (businesses generally with ten (10) employees or fewer and in need of financing in the amount of $50,000 or less); and
WHEREAS, on or about October 20, 2010, the Agency forwarded its RMAP application to the United States Department of Agriculture Rural Development State Office (“USDA”); and
WHEREAS, on July 1, 2011, the Agency was selected to receive an RMAP loan in the amount of $440,000 and a technical assistance grant of $60,000; and
WHEREAS, in order to receive the funds, there must be a closing whereby the Agency is referred to as the United States of America, acting through the U.S. Department of Agriculture; and
WHEREAS, the Agency is authorized to pledge its assets relating to the investments derived from the proceeds of the loan to secure the repayment of the RMAP loan pursuant to that certain Security Agreement; and
WHEREAS, it is contemplated that the Agency will approve a closing with the USDA and pledge certain of its assets pursuant to that certain Security Agreement to secure the repayment of the RMAP loan to receive the foregoing RMAP loan and grant.
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE AGENCY AS FOLLOWS:
Section 1. The Agency approves a closing with USDA.
Section 2. The Agency is authorized to pledge its assets relating to the investments derived
from the proceeds of the loan to secure the repayment of the RMAP loan pursuant
to that certain Security Agreement.
Section 3. The officers, employees and agents of the Agency are hereby authorized and
directed for and in the name and on behalf of the Agency to do all acts and things
required and to execute and deliver all such certificates, instruments, documents,
and to pay all such fees, charges and expenses and to do all such further acts and
things as may be necessary or in the opinion of the officer, employee or agent
acting on behalf of the Agency desirable and proper to effect the purposes of the
foregoing resolutions and to cause compliance by the Agency with all the terms,
covenants and provisions of the documents for and on behalf of the Agency.
Section 4. These resolutions shall take effect immediately.The question of adoption of the foregoing resolutions were duly put to a vote on roll call,
which resulted as follows:
Ira Steingart [ ] Yes [ ] No [ ] Absent [ ] Abstain
Harold Gold [ ] Yes [ ] No [ ] Absent [ ] Abstain
Raymond Walter [ ] Yes [ ] No [ ] Absent [ ] Abstain
Edward T. Sykes [ ] Yes [ ] No [ ] Absent [ ] Abstain
Charles Barbuti, Jr. [ ] Yes [ ] No [ ] Absent [ ] Abstain
Harris Alport [ ] Yes [ ] No [ ] Absent [ ] Abstain
Suzanne Loughlin [ ] Yes [ ] No [ ] Absent [ ] Abstain
Cindy L. Garlinghouse [ ] Yes [ ] No [ ] Absent [ ] Abstain
Steve White [ ] Yes [ ] No [ ] Absent [ ] Abstain
The resolutions were thereupon duly adopted.