A RESOLUTION AUTHORIZING PAYMENT OF SUNNY MEADOWS DEBT OBLIGATION
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SUNNY MEADOWS MISSOULA COUNTY WATER AND SEWER DISTRICT:
WHEREAS, the District was incorporated as a water and sewer district under the provisions of Title 7, Chapter 13, parts 22 and 23 M.C.A.; and
WHEREAS, the District has issued bonds through the DNRC’s Drinking Water State Revolving Fund program; and
WHEREAS, the DNRC has offered us the opportunity to both restructure and reduce the principle of the bonds, including a reduction in the term of the bond and the interest rate; and
WHEREAS, the amounts to be expended by the District to refinance the bond are as defined in the following table; and
|
Item |
Amount |
|
Prepayment of principal |
$30,000.00 |
|
Accumulated Interest on current bond |
$1,040.57 |
|
Bond Counsel payment |
$1,000.00 |
|
TOTAL |
$32,040.57 |
WHEREAS, the District believes that expending these amounts now will result in an aggregate savings over the term of the bond of approximately $13,400 (thirteen thousand four hundred dollars); and
WHEREAS, the District’s payment will be transmitted by Missoula County to the appropriate recipient.
THEREFORE BE IT RESOLVED, that the District authorizes the restructuring of its bonded indebtedness. It further directs any or all board members to sign whatever documentation is required to facilitate this transaction.
PASSED AND ADOPTED this 2nd day of April, 2014
Signed:
Name: Cyndie Winchell
Title: District President
Date:
Attested:
Title:
