HomeMy WebLinkAboutAuthorize City Manager to Sign the Promissory Note
Commission Memorandum
REPORT TO: Honorable Mayor and Commission Members
FROM: Anna Rosenberry, Finance Director
Chris Kukulski, City Manager
SUBJECT: Authorize City Manager to Sign the Promissory Note, Loan Agreement,
and Draw Certificate No. 1 with the Board of Investments of the State of
Montana – INTERCAP LOAN, for financing the construction of Fire
Station #3.
MEETING DATE: June 15, 2009
RECOMMENDATION: Approve City Manager’s Signature on the Promissory Note, Loan
Agreement, and Draw Certificate No. 1 with the Board of Investments of the State of Montana,
for financing the construction of Fire Station #3.
BACKGROUND: The Montana Board of Investments - Intercap Program has approved the
City’s request for a loan of up to $890,000, for the completion of Fire Station #3. The City
Manager is designated to sign the Promissory Note, Loan Agreement, and Draw Certificate No.
1 document after the Commission’s adoption of Resolution No. 4175 (previous on the agenda.)
These agreements are integral to receiving the loan funds from the Board.
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FISCAL EFFECTS: Once the Promissory Note, Loan Agreement, and Draw Certificate No. 1
are signed, the City will receive the loan amount of $890,000 via wire transfer on June 19, 2009.
Interest will accrue on that date and semi-annual payments will be due to the Board.
Report compiled on: June 8, 2009
Promissory Note
Loan Agreement
Draw Certificate No. 1
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