2003-066 Accepts Wachovia Bank Loan ProposalRESOLUTION 66-2003
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, ACCEPTING THE BANK LOAN
PROPOSAL FROM WACHOVIA BANK, NATIONAL ASSOCIATION, FOR
A LOAN 1N AMOUNT OF TWO HUNDRED THIRTY THOUSAND
($230,000.00) DOLLARS WITH A FIVE (5) YEAR TERM, WHICH
PROPOSAL IS ATTACHED TO THIS RESOLUTION AND MADE PART
HEREOF; SAID BANK LOAN TO BE UTILIZED FOR PURCHASE OF
EQUIPMENT AND RE-ROOFING OF THE VEHICLE MAINTENANCE
BUILDING; AND, PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. The Village Council of the Village of North Palm Beach, Florida, does
hereby accept the bank loan proposal from Wachovia Bank, National Association, for a loan in
amount of Two Hundred Thirty Thousand ($230,000.00) Dollars with a five (5) year term, which
proposal is attached to this resolution and made part hereof. The bank loan is to be utilized for
purchase of extrication equipment, an EMS vehicle, ambulance and for re-roofing of the vehicle
maintenance building.
Section 2. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS 11TH DAY OF ECEMBER , 2003.
____.
.-~ __
~..
(Village Seal)
MAYOR
~_
ATTES~ ~--
ILLAGE CLERK
~~ ~~~~
resolu[iou\Wachovia-Loan
Village of North Palm Beach
~C`~' `'off
Bank Loan Proposals
Equipment Purchase and Certain Other Item
Financing
$ 230,000
for
Council Action
Prepared by: Shaukat Khan
Director of Finance
October 29, 2003
Table of Contents
Request for Council Action .. .. .. ..
Summary of Proposals & Staff Recommendation ..
Request for Proposal .. .. .. .. ..
Mailing List .. .. .. .. .. .. ..
Wachovia .. .. .. .. .. .. ..
SunTrust .. ..
SouthTrust .. ..
Koch Financial .. .. .. .. .. ..
Florida League of Cities.. .. .. .. ..
2-3
4
.. 10
17
•• •• .. .. 18 - 24
•• •• .. .. 25 - 26
•• •• .. .. 27 - 29
~~ •• .. .. 30 - 32
VILLAGE OF NORTH PALM BEACH
REQUEST FOR COUNCIL ACTION
- Date: October 29. 2003
Attachments: Department: Finance
Ordinance
Resolution
Staff Report
Subject: $ 230,000 Loan for Equipment 8~.
Advisory Board Report
Re- Roofing
Finance Report Prepared by: Shaukat Khan
Director of Finance
,~ Other ,
Type Action Requested: Approved by:
Ordinance
Resolution
/ Formal Vote
Other Village Manager:
Orientation of Issue:
FY 2003 - 2004 Financing for:
A. Equipment
1. Extraction Equipment $ 43,000
2. EMS Vehicle 39,000
3. Ambulance 94,000
$176,000
B. Other
1. Re-roof Vehicle Maintenance Building $ 54,000
$230,000
Programmatic or Policy Impact:
1. Request for Proposal was mailed to (14) institutions and received (5) responses
2. Loan Proposal Summary included in this package
Fiscal Impact:
$230,000 Loan for 5 yr term
Issue Budgeted: N!A
Funds Available: N/A
Budget Transfer: iwti
Budget Appropriation: N/A
Recommendation:
>uncil to discuss the loan proposals from various banks and select one to borrow the money to purchase the
,~.:rtain equipments and re-roofing the vehicle maintenance building.
2
Council Action
Workshop:
( )Forward to Regular Agenda
( )Continue to Workshop
( )Other
Regular:
( )Approved as recommended
( )Approved with changes
( )Disapproved
1 Other
Date:
LOAN PROPOSAL SUMMARY s
Requested
$ 230,000 for 5 Year Term ~
.~
r
Variable Rate Out of
Bank Fixed Rate Rate % Index/Rate % Pocket Term Comments
`1. Wachovia 2.98% 1.85 30 day LIBOR 2,000 5 yr ~
. + 73 BP
(30 day LIBOR = 1.12)
2. SunTrust 2.98% ? 5 yr
;3. SouthTrust 3.72% 2.00 67% 30 day LIBOR + 2,500 5 yr
125 BP
(30 day LIBOR = 1.12)
4. Koch Financial 4.26% none 5 yr
5. FL League of Cities 4.23% $416 5 yr Offered only equipment financing
in the amount of $ 176,000
STAFF RECOMMENDATION:
' Wachovia Bank
L Variable Rate
30 day LIBOR + 73 BP
5 Year Term
~. THE VILLAGE OF
:~~"~~'°~ _ North Palm Beach
~~, ®~4j tiq Department of Finance
~ 'yPALN~O 4
Village Hall • 501 U.S. Highway 1 North Palm Beach, FL 33408 • (561) 841-3360 • Fax (561) 881-7469
REQUEST FOR PROPOSAL
FOR
EQUIPMENT PURCHASE A~'~TD CERTAIN OTHER ITEM FINANCING
October 8, 2003
The Village of North Palm Beach, Florida (the `Village') seeks financing proposals from qualified financial
institutions (the `Institutions') for the following:
A. Equipment
Department Description Quantity Estimated Unit Price Estimated Total
Fire Extraction 1 $ 43,000 $ 43,000
EMS Reserve Vehicle 1 39,000 39,000
EMS Ambulance 1 94,000 94,000
B. Other
Vehicle Re-roof Building
Maint.
$ 54,000
S 54,000
TOTAL
Term: 5 year financing
Payment: Biannual
$230,000
General Information:
1. The Institutions must submit the proposal on the attached Proposal Form. The Institution may
provide additional information.
2. The Village intends to cause these transactions to be a "Qualified Tax Exempt Obligation" under
Section 265 (b) (3) of the IRS Code of 1993. The Village may provide legal opinion without cost to
this effect to the successful Institution.
3. The Village is issuing this Request for Proposals to provide potential Institutions with information,
guidelines and rules to prepare and submit a proposal. Institutions must meet ali criteria in this
request.
4. The issuance of this Request for Proposals constitutes only an invitation to make a proposal to the
Village. The village reserves the right to determine, in its sole discretion, to accept, reject, withdraw
and negotiate all or an_y part of the said proposals with or without cause.
5. The Village shall have no liability of any kind to any respondent for any cost or expenses incurred in
connection with this Request for Proposal or otherwise.
6. The selection of the Institution shall be based on the proposal that is, in the sole opinion of the
Village, is in the best interest of the Village considering, among other factors, the interest rate, terms,
amortization and pre-payment features of the proposals.
7. The proposals must have received all necessary internal approval prior to the submission.
8. The following information should be included with each proposal:
a. Name and address of the principal office.
b. Names, addresses and telephone numbers of primary contact officer.
c. Fixed and variable rate of interest for the duration's; state the identifiable index for variable
rate and frequency at which the variable rate will be reset and the minimum and maximum
range of the interest rate.
d. Pre-payment restrictions and penalties, if any; the Village prefers that the loan/obligation be
pre-payable in whole or in part at any time during its term.
e. Fees and expenses to be paid by the Village, if any, other than annual interest on the
outstanding principal balance of the loan. Provide a description and estimated cost of each
item including any outside legal fee or administrative cost and cap on the total of such fees
and expenses.
f. Any other information that may be of value to-the Village in its selection process, including
any other financing alternatives.
g. Provide copies of all necessary documents such as promissory note, loan agreement,
resolution, etc. which the Institution may deem necessary in processing the loan.
6
h. The terms and conditions of the proposal should be for at least 60 days from the date of
submission.
our (4) copies of each proposal, in one sealed package, addressed to Shaukat Khan, Director of Finance,
" marked "Proposal for Equipment Purchase Financing" and should be submitted to the Village of North Palm
Beach Finance Department, SO1 U.S. Highway 1, North Palm Beach, Florida 33408, no later than 5:00 p.m. on
Friday, October 24, 2003. Proposals submitted or delivered after that time will not be considered. The Village
reserves the right to interview Institutions submitting proposals and to conduct background checks of
respondents.
Should you have any question regarding this Request for Proposal please call me at (S61) 841-3360.
Sincerely,
J'1
~~.
~. ~'
Y
Shaukat Khan
Director of Finance
7
PROPOSAL FORM
FOR
THE VILLAGE OF NORTH PALM BEACH
FOR
EQUIPMENT PURCHASE and CERTAIN OTHER ITEM FINANCING
Name of the Institution:
Address:
Contact Person: Title:
Telephone #: Fax #:
OPTIONS
A. FIXED RATE
Rate: Term:
Fixed Rate Indexed To:
Index Rate on October 1, 2003: Term:
Estimated Annual Payment (in arrears):
Additional Information (if any):
B. VARIABLE RATE
Rate: Term:
Variable Rate Indexed To:
Index Rate on October 1, 2003:
Estimated Annual Payment (in arrears);
Additional Information (if any):
C. OTHER OPTION (if any
Rate: Term:
Estimated Annual Payment (in arrears):
Additional Information (if any):
1.
2.
3.
4.
S.
COST
The Village will be responsible for the following out-of-pocket fees or costs:
TTFMC
AMOUNT
8
OTHER INFORMATION IF ANY
1.
-- 2.
3.
4.
5.
INFORMATION & DOCUMENTATION (Village)
The Village is responsible to provide the following documentation and information to process
the closing of the loan:
1.
2.
3.
4.
5.
INFORMATION & DOCUMENTATION (Institution)
The Institution is providing the following documents and forms that are necessary to process
the loan:
1.
2.
3.
4.
5.
This proposal expires (date): (Prefer at least 60 days)
Attest:
Signature:
Proposal:
Signature:
Name:
Title:
Date:
Name:
Title:
Date:
9
Mailing List for $230,000 Equipment and Certain Other Item Financing
SunTrust
~~ttn: John W. Winn
~O1 S. Flagler Drive, 2"d Floor
West Palm Beach, FL 33401
Bank Atlantic
Attn: Government Loan Officer
660 U.S. Highway 1
North Palm Beach, FL 33408
1-800-741-1700
Enterprise National Bank of Palm Beach
Attn: Robert Camerlinck
11811 U.S. Highway 1
North Palm Beach, FL 33408
First Southern Bank
801 U.S. Highway 1
North Palm Beach, FL 33408
776-1600
Bank of America
Attn: Vanessa C. Graham
625 N. Flagler Drive, 10`~ Floor
West Palm Beach, FL 33401
SunTrust
Attn: Martha C. Arias
Mail Code: 0-01049
200 S. Orange Blvd.
Orlando, FL 32801
Florida League of Cities
Lease Purchase Division
Attn: Carol Whitaker
PO Box 1757
Tallahassee, FL 32302-1757
Wachovia Bank
Government Service Group
Attn: Paul Vincent
303 Banyan Blvd
West Palm Beach, FL 33401
Fidelity Federal
Attn: Melissa Tyner
205 Datura Street
West Palm Beach, FL 33401-5679
SouthTrust Bank
Attn: David Peters
1700 Palm Beach Lakes Blvd, Ste 600
West Palm Beach, FL 33401
Palm Beach National Bank & Trust Co.
Attn: Stephanie Dantos
2000 PGA Blvd, Ste 5500
North Palm Beach, FL 33408
Republic Security Bank
Attn: Branch Manager
701 U.S. Highway 1
North Palm Beach, FL 33408
American Equipment Leasing
Attn: Lloyd Spaldins
540 Upland Ave
Reading, PA 19611-1970
Koch Financial
Attn: Jeffrey Ray
7500 College Blvd, 5'h Floor
Overland Park, KS 66210
]0
T
October 23, 2003
Mr. Shaukat Khan
Finance Director
Village of North Palm Beach
501 US Highway #1
North Palm Beach, Florida 33408
Dear Mr. Khan:
Wachovia Bank, National Association (the "Bank") is pleased to submit the Commitment
described below to the Village of North Palm Beach, FL ("Village") subject to the
following terms and conditions.
Borrower: The Village of North Palm Beach, FL ("Village")
Amount: 5230,000
Facility: Term Loan
Purpose: To finance the purchase of various Public Safety vehicles and
building maintenance.
Term: Five Years from closing. Beginning six months from date of closing
the Village will commence a repayment schedule of ten (10) equal
semi-annual payments of principal and interest, each payable in
arrears. Interest on the outstanding balance of the loan will be
calculated on a 30/360 day basis.
Security: The Loans will be secured by a parity lien on both the Utility Taxes
and Franchise Fees (the "Pledged Revenues"1.
Interest Rate: NOTE: The Village must indicate closing date and interest rate option
selected at the time of acceptance.
Bank Qualified Fixed Rate: 2.98%*
Variable: One-Month LIBOR plus 73 basis points adjusted
Village of North Palm Beach Commitment Letter ]0-2003.DOC _.----°°~~-•
monthly. LIBOR is that rate as shown on the Telerate System,
page 3750. Initial and resets will be based on LIBOR two
business days prior to closing and resets.
* The above fixed rate is an indication fixed rate based on
current market conditions and subject to change. The Bank
will set the rate three business days prior to closing at the
then prevailing rate. However, should the City notify Wachovia
Bank, National Association by 5:OOpm on October 27, 2003
that it is the loan provider subject to formal award by City's
council, the rate option selected can be held until closing.
Prepayment: Should the Village prepay during the life of the loan, the Village may incur a
breakage fee as outlined in the attached Exhibit "A".
Conditions
The Village by official action, shall approve entering into this commitment and the
loan facility described herein; and shall cause any borrowing under this facility to
be designated as a "Qualified Obligation" pursuant to Section 265(b)(3)(B) Internal
Revenue Code of 1 986, as amended.
Should subsequent but currently unforeseen events cause any borrowing under
this facility to be determined to be a "non-qualified" obligation pursuant to Section
2651b)(3)(B), Internal Revenue Code of 1986, as amended, the Bank shall adjust
the interest rate on any outstandings hereunder so that it shall receive the same
after tax yield equivalent contemplated as of the time of this commitment.
2. In the event that the interest on any drawing under this Commitment is ever
determined to be taxable for purposes of federal or state income taxation, or in
the event that any or all of the interest on any drawing under this Commitment is
deemed to be included in the gross income of the Bank for federal or state income
taxation, or in the event the Bank is unable to deduct any other amounts as a
result of purchasing or carrying any borrowings resultant from the Commitment,
or in the event of a change in the marginal tax rate applicable to corporations or
the alternative minimum tax rate or in the method prescribed by federal income
tax laws for calculating the alternative minimum tax to which the Bank may be
subject, or in the event of any action which would otherwise decrease the after
tax or taxable equivalent yield to the Bank, the interest on this Commitment shall
be subject to a full gross up modification, as determined by the Bank and its
counsel. In no event, however, shall the interest rate on this Commitment exceed
the maximum rate permitted by law.
3. Additional Bonds Test: The Village may not issue any additional senior lien debt
secured by the Pledged Revenues. The Village may not issue any additional parity
_ debt secured by the Pledged Revenues unless the historic (for each of the last two
years), Pledged Revenues cover maximum annual debt service on all existing and
Village of North Palm Beach Commitment Letter 10-2003.DOC 12
prospective debt by 1.50x.
4. Debt Service Coverage Ratio: The Village's Pledged Revenues must cover annual
debt service on all debt secured by the Pledged Revenues by 1.50x at all times.
5. For purposes of calculating maximum annual debt service or annual debt service,
all variable rate borrowings secured by the Pledged Revenues shall be assumed to
bear interest at the higher of 6% per annum or the actual interest rate borne by
the variable rate debt for the month preceding the date of the calculation.
6. Legal opinions relating to this facility shall be in such form and content as are
acceptable to the Bank and its counsel. The financing will require atax-exempt
legal opinion from the Village's Bond Counsel. All costs relating to the preparation
of documents and to otherwise complete this transaction shall be paid for by the
Village. Bank counsel fees shall not exceed $2,000 to prepare all legal documents
associated with this transaction. Documents shall be available for review at least
5 business days prior to closing.
7. On an ongoing basis, the Village agrees that it shall deliver to the Bank printed
copies of, when available, or within 180 days of each fiscal year end, whichever
is sooner, a Comprehensive Annual Financial Report, a Current Year Operating
Budget as soon as it is completed and a Capital Improvement Plan and any other
such information as reasonably requested by Bank.
8. This Commitment shall remain in full force and effect through 3:00 p.m., local
time, November 21, 2003, at which time, if not accepted by execution of the
acceptance clause below and mailed to the Bank at its 1950 West Hillsboro Blvd.,
Deerfield Beach, Florida 33442, office to my attention, this Commitment shall
expire and shall not be enforceable by either the Bank or the Village unless
extended by the Bank in writing. Unless extended by the Bank in writing, this
facility must close on or prior to November 21, 2003 after which this commitment
shall expire.
9. If the Bank chooses to waive any covenant, paragraph, or provision of this
Commitment, or if any covenant, paragraph, or provision of this Commitment is
construed by a court of competent jurisdiction to be invalid, it shall not affect the
applicability, validity or enforceability of the remaining covenants, paragraphs or
provisions.
i 0. The preceding terms and conditions are not exhaustive. Any final commitment
may include other covenants, terms and closing conditions as are customarily
required by the Bank for similar transactions including but not limited to a Cross
Default with like secured debt, Default Rate, Events of Default, and Acceleration
upon Default. This Commitment Letter shall not survive closing.
11. The Village represents and agrees that all information provided to the Bank is
correct and complete. No material adverse change may occur in, nor may any
Village of North Palm Beach Commitment Letter 10-2003.DOC 13
adverse circumstance be discovered as to, the financial condition of the Village
prior to closing. The Bank's obligations under this Commitment are conditioned
on the fulfillment to the Bank's sole satisfaction of each term and condition
referenced by this Commitment.
1 2. This Commitment supersedes all prior Commitments and proposals with respect to
this transaction, whether written or oral, including any previous loan proposals
made by the Bank or anyone acting within its authorization. No modification shall
be valid unless in writing and signed by an authorized Officer of the Bank. This
Commitment is not assignable and no entity other than the Village shall be entitled
to rely on this Commitment.
Wachovia Bank, National Association appreciates the opportunity to submit this
Commitment to you and looks forward to your favorable response. Should you have any
questions, please do not hesitate to contact me at (954) 596-6901 .
Best Regards,
WACHOVIA BANK, NATIONAL ASSOCIATION
_____ --
e~ V~~
Paul Vincent
Vice-President
ACCEPTANCE
The above Commitment is hereby accepted on the terms and conditions outlined therein
by authority of the Governing Board of the Village:
Fixed Rate:
Variable Rate:
Closing Date:
By: Date:
Its:
V illaee of North Palm Beach Commitment Letter 10-2003.DOC 1 ~
EXHIBIT "A"
In addition to principal, interest and any other amounts due under this Note, Borrower shall on demand pay to
Bank any "Breakage Fee" due hereunder for each Break Event. "Break Event" means any voluntary or
mandatory prepayment or acceleration, in whole or in part, of principal of this Note occurring prior to the date
_ such principal would, but for that prepayment or acceleration, have become due ("Scheduled Due Date"). For
each date on which a Break Event occurs ("Break Date"), a Breakage Fee shall be due only if the rate under
"A" below exceeds the rate under "B" below and shall be determined as follows:
Breakage Fee =the Present Value of IlA-BIxC- + LIBOR Breakage, where:
A = The rate per annum equal tc the sum of (i; the bond equivalent yield (bid side) of the U.S. Treasur;~
security with a maturity closest to the Maturity Date as reported by the Wall Street Journal for other
published sourcel on the date the Interest Rate of this Note was set ("Lock in Date"), plus (ii) the
corresponding swap spread of Bank on the Lock in Date for a fixed rate payor to pay Bank the fixed
rate side of an interest rate swap of that maturity, plus (iii) .25%.
B = A rate per annum equal to the sum of (il the bond equivalent yield (bid side) of the U.S. Treasury
security with a maturity closest to the Maturity Date as reported by the Wall Street Journal (or other
published source) on the Break Date, plus (iil the corresponding swap spread that Bank determines
another swap dealer would quote to Bank on the Break Date for paying to Bank the fixed rate side of
an interest rate swap of the maturity.
C = The sum of the products of (il each Affected Principal Amount for each Affected Principal Period,
times (ii) the number of days in that Affected Principal Period divided by 360 (if this Note uses the
Actual/360 Computation) or the actual number of days in the year (if this Note uses the
Actual/Actual Computationl.
"Affected Piincipa/ Amount" for an Affected Principal Period is the principal amount of this Note scheduled to be
outstanding during that Affected Principal Period determined as of the relevant Break Date before giving effect to the
Break Event on that Break Date, and for any prepayment, multiplying each such principal amount times the
Prepayment Fraction.
"Affected Principa/ Period" is each period from and including a Scheduled Due Date to but excluding the next
succeeding Scheduled Due Date, provided that the first such period shall begin on and includes the Break Date.
"L/BOR Breakage" is any additional loss, cost or expense that Bank may incur with respect to any hedge for the fixed
rate of this Note based on the difference between the London interbank offered rate (for U.S. dollar deposits of the
relevant maturity) available in the London interbank market at the beginning of the interest period in which the Break
Date occurs and that which is available in that market on the Break Date.
"Maturity Date" is the date on which the final payment of principal of this Note would, but for any Break Event, have
become due.
"Prepayment Fraction" is a fraction equal to the principal amount being prepaid over the principal amount of this Note
outstanding immediately prior to that prepayment on the Break Date.
"Present Value" is determined as of the Break Date using "B" above as the discount rate.
In addition, a Break Event shall be deemed to occur hereunder if, on any date ("Borrowing Date") after the date hereof
but prior to any acceleration of this Note, any advance of principal under this Note is scheduled to be made and that
advance fails to be made on that Borrowing Date (whether due to Borrower's default, Borrower's failure to borrow,
the termination of any loan commitment, any unsatisfied condition precedent, or otherwisel, in which case that
Borrowing Date shall be a Break Date, the Affected Principal Amount for that Break Event shall be based on the
amount of the failed advance, and the Borrower shall on demand pay to the Bank any Breakage Fee due hereunder for
that Break Event.
Breakage Fees are payable as liquidated damages, are a reasonable pre-estimate of the losses, costs and expenses
Bank would incur in the event of any prepayment or acceleration of this Note, are not a penalty, will not require claim
for, or proof of, actual damages, and Bank's determination thereof shall be conclusive and binding in the absence of
manifest error. For any Break Event hereunder, the foregoing Breakage Fee provisions supersede any breakage
"~ compensation agreement that Borrower and Bank may have executed with respect to this Note.
Village of North Palm Beach Commitment Letter ]0-2003.DOC IS
PROPOSAL FORA
FOR
_ THE VILLAGE OF NORTH PALM BEACH
FOR
EQUIPMENT PURCHASE and CERTAIN OTHER ITEiV1 FINANCING
Name of the Institution: _ L1ar~v; a Rank N _ ~ _
Address: -1~~ C _ Ai i ~ t ra 1 i an Ave
West Palm Beach FL 33401
Contact Person: paid ~'lnC'.Pnr Title: UIC.P PrP~idPnt
Telephone#: 561-659-2362 Fax #: 561-650=2367
OPTIONS
A. FIXED RATE
Rate: 2.98% Term: 5years
Fixed Rate Indexed To: NA
Index Rate on October 1, 2003: NA Term: NA
Estimated Annual Payment (in arrears): $50,142. ~~
Additional Information (if any): F~Pd rare G,i.1.,11 hP hP~d „nr; 1 rlncing 1f
~.?~~~,,,~.; ~ ; c nnrl f; Pd~~ aWaY~ h;u-lase cif 1=iussingss on ~rrober 27, 2003
B. VARIABLE RATE
Rate: 1.85% Term: 5 years
Variable Rate Indexed To: ~~ d~~, T TRnR + 7~ has_is~nints
Index Rate on October 1, 2003: 1 .121 °~
Estimated Annual Payment (in arrears): X46 X000.00 nl us accrued ; nrPrP~r
.Additional Information (if any): Wi rh vari ahl P rare ~ rruc t„r_P rho r; ncipal
will bP dtiP in ernial annual installment.
C
OTHER OPTION (if any)
Rate: N.A.
Estimated Annual.Payznent (in arrears):-
Additional Information,.(if any):
COST
The Village will be responsible for the following out-of-pocket fees or costs:
....ITEMS Al'~10U~1T
1. Bank Counsel_,Fees $2,000.00
2.
3.
Y.
5.
Term:
16
OTHER INFORMATION IF .ANY
1. Please see attached letter
_ 2.
3.
4.
5.
INFORMATION & DOCUMENTATION (Village)
The Village is responsible to provide the following documentation and information to process
the closing of the loan:
1. Please see attached letter
2.
3.
4.
5.
INFORMATION & DOCUMENTATION (Institution)
The Institution is providing the following documents and forms that are necessary to process
the loan:
I. P1 PacP cPr~ attarhArl lr~t~~~
2.
3.
4.
5.
This proposal expires (date): 1 /24/2003 (Prefer at least 60 davs)
Attest:
Signature: ~~~ ~ ~~ ~~ - '~ /. ,, ~ ~ _
~ ~,
rj '
Pro(ptosarl: L
Signature: !~c~,~,t,~ 1' ~ ~.~~ tai(
Name: F~ ; ~aL~eth n~~Pr Name: Paul F. Vincent
Title: Vice President
Title: Vice President
Date: 10/24/2003 Date: 10/24/2003
17