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VILLAGE OF NORTH HUDSON: Resolution 2017-01 (Bank Loan)

Monday, March 13, 2017 - 11:16pm

Resolution Number 2017-01
Whereas, the Village of North Hudson, St. Croix County, Wisconsin (Village), is presently in need of funds up to a maximum of Two Hundred Fifty Thousand dollars ($250,000.00) for public purposes for the purchase of certain pieces of equipment and for a catch basin repair project and,
Whereas, the Village Board deems it necessary and in the best interests of the Village that, pursuant to the provisions of Section 67.12(12), Wisconsin Statutes, the sum of up to Two Hundred Fifty Thousand Dollars ($250,000.00) be borrowed for such purposes from time to time upon the terms and conditions hereinafter set forth and,
Whereas, the Village Board, during open session at its duly noticed regular Village Board meeting on February 7th, 2017, approved borrowing up to Two Hundred Fifty Thousand Dollars ($250,000.00) from Citizens State Bank and authorized the Village President and Administrator to take all necessary actions to procure said loan;
Now, Therefore, be it resolved, that for the purposes hereinabove set forth the Village, by its President and Clerk, pursuant to Section 67.12(12), Wisconsin Statutes, borrow from Citizens State Bank, Hudson, WI (Lender), from time to time, in one or more advances, a maximum aggregate amount of $250,000 or, if less, the aggregate principal amount of all advances as may be required to meet the above stated purposes.
Be it further resolved, that each such advance shall be requested in writing by the Village Clerk and/or Village President, which request may be conclusively relied upon by the Lender;
Be it further resolved, that to evidence such indebtedness, said President and Village Clerk shall make, execute and deliver to the Lender for and on behalf of the Village the promissory note of the Village to be dated February 22, 2017, in said principal amount with interest at the rate of 2.5% per annum and payable as follows:
In eighteen equal principal and interest payments of $15,107.79 due on March 31, 2018 and on the same day of each sixth month thereafter plus a final payment of the unpaid balance and accrued interest due on March 31, 2027. Interest is computed on for the actual number of days principal is unpaid on the basis of a 360 day year.
Full or partial prepayment of this note is permitted at any time. All prepayments shall be applied first upon the unpaid interest and then applied upon the unpaid principal in inverse order of maturity.
Signed: Stan Wekkin, Village President
Attest: Melissa Luedke, Village Clerk
Village of North Hudson
______________________________________ (Pub. 03/16/17) WNAXLP