RES-2000-021 Resolution Regarding Orange County Small Business Loan Program

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Resolution Rep-ardins Small Business Loan Program WHEREAS: Orange County's Board of Commissioners (the `Board") has determined that it is appropriate and desirable for the County to stimulate the creation of good jobs for Orange County citizens as well as to stimulate successful business development and expansion in Orange County. To that end, the Board has determined to provide for the creation of a small business loan company to serve as a lender to small businesses, and to support the company and a program of small business loans by appropriating funds to serve as a loan loss reserve for the loan program. The County Manager has presented to this meeting the Articles of Incorporation and Bylaws for the loan company, along with proposed forms of a "Support Agreement" and a "Loan Agreement" to carry out the loan program and a final revised version of proposed loan program guidelines (collectively referred to below as the "Loan Program Documents"). BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The County approves the Loan Program Documents as presented to this meeting. The Clerk of this Board shall retain with the permanent records of this meeting copies of the draft Loan Program Documents as so presented. 2. The Board's Chair is authorized and directed to execute and deliver the Support Agreement and the Loan Agreement in final forms, and the Clerk to this Board is authorized and directed to affix the County's seal to such agreements and to attest the same. The Support Agreement and the Loan Agreement shall be in substantially the forms submitted to this meeting, with such changes as the Chair may approve upon recommendation from the County Manager and the County Attorney. The Chair's execution of such documents shall constitute conclusive evidence of the Chair's approval of any such changes. 3. The County Manager is authorized and directed to hold executed copies of the Support Agreement and the Loan Agreement, and any other documents appropriate for the purposes of this resolution, in escrow on the County's behalf until the conditions for the delivery of such documents have been completed to his satisfaction, and thereupon to release the executed copies of such documents for delivery. 4. All County officers are authorized and directed to deliver all certificates and instruments and to take all such further action as they may consider necessary or desirable in connection with the execution and delivery of the Loan Program Documents and otherwise to initiate the County's small business loan program. All other actions of County officers in furtherance of the purposes and intents of this resolution are ratified, approved and confirmed.