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A Resolution Authorizing Borrowing From A Bank

           Whereas, The Town of Emmitsburg (“Town”) owns real property located at 140 South Seton Avenue in the town subject to a Deed of Trust to Susquehanna Bank; and

           Whereas, The town wishes to refinance said Deed of Trust with Woodsboro Bank (“Bank”) to obtain a lower interest rate;

           Now, Therefore, Let It Be Resolved by the Mayor and Board of Commissions of the Town of Emmitsburg, Maryland as follows:

           Section 1.  The foregoing recitals are approved and incorporated herein by reference.

         Section 2.  That the Town borrow from Woodsboro Bank funds up to but not exceeding the principal amount of $247,000.00 hereinafter referred to as the Loan and that the Mayor is hereby authorized and empowered in the name on behalf of the Town to (a) to execute, seal, acknowledge and deliver to the Bank the promissory note or notes or other instruments of Town evidencing any such Loan or Loans or any extensions or renewals thereof, maturing upon such date or dates, bearing interest at such rate or rates, in such form, and containing such terms and conditions as may be agreed upon by the Bank and Mayor, the execution, sealing, acknowledgment and delivery of any such promissory note and Deed of Trust and other instruments by Mayor to be conclusive evidence of such agreement, (b) to execute, seal, acknowledge and deliver to the Bank any other instruments, documents, agreements or certifications of Town which may at any time or from time to time may be required by the Bank in connection with such Loan or Loans, the execution, sealing, acknowledgement and delivery of any such other instruments, documents, agreements or certifications by Mayor to be conclusive evidence of such requirement, and (c) to receive or endorse on behalf of and in the name of Town any checks, drafts or credits representing the proceeds of such Loan or Loans.

           Section 3.  This Resolution shall become effective twenty (20) days after its approval by the Mayor (following its passage by the Board of Commissioners), or immediately after the approval of the Resolution by the Board of Commissioners over the veto of the Mayor.

Passed this 34th day of October, 2011 by a vote of 5 for 0 against 0 absent and 0 abstain.

ATTEST:
By:  /s/  Vickie Felix, Recording Secretary

Board of Commissioners
By:  /s/  Christopher Staiger, President

Approved this 3rd day of October, 2011
By:  /s/   Donald N. Briggs, Mayor