2006 001 Ordinance - Laserfiche WebLink

Home Browse Search

outstanding Linked Deposit Loans made by an Eligible Lending Institution to Eligible Borrowers under the Linked Deposit Program for compliance with the rules, regulations and any procedural provisions of the Linked Deposit Program, which rules, regulations and procedural provisions, and forms relating thereto, are set forth in the attached Exhibit A, (iv) prepare the following reports on the following periodic schedule, which shall, upon preparation, be immediately delivered to the Treasurer: (A) quarterly a Project Monitoring Report, as hereinafter defined, and (B) quarterly an Exception Report, as hereinafter defined, and (v) quarterly a Monitoring Questionnaire, as hereinafter defined, relating to each Linked Deposit Loan which shall be retained by the Village unless otherwise instructed by the Treasurer and which shall serve as source data for preparation of the Project Monitoring Report. (b) For purposes of this Agreement, (i) "Project Monitoring Report" shall mean a report, in form and substance as hereafter agreed upon by the Treasurer and the Village, setting forth monitoring information, as hereafter agreed upon by the Treasurer and the Village, about each Linked Deposit Loan of an Eligible Borrower; (ii) "Monitoring Questionnaire" shall mean a questionnaire, in form and substance as hereafter agreed upon by the Treasurer and the Village, relating to obtaining the information about each Linked Deposit Loan of an Eligible Borrower necessary to prepare the Project Monitoring Report and (iii) "Exception Report" shall mean a report, in form and substance as hereafter agreed upon by the Treasurer and the Village, setting forth the name of each Eligible Borrower, and pertinent Linked Deposit Loan information, in each case where the intended purpose of the Linked Deposit Loan was not and will not be accomplished in accordance with the rules and regulations of the Linked Deposit Program. Section 2. Duties of the Countv. After a Linked Deposit Loan is made to an Eligible Borrower, the Board of County Commissioners shall cause the Treasurer (a) to use moneys from the County's portfolio of inactive funds to place a certificate of deposit with the Eligible Lending Institution in accordance with the provisions of the applicable Participating Bank Agreement, (b) forward to the Village pertinent information regarding such Linked Deposit Loan for purposes of the Village's performance of its monitoring obligations hereunder. Section 3. Representations of the Village. The Village makes the following representations: (a) the Council of the Village has duly passed Ordinance Number 2006-01, authorizing and directing its execution, delivery and performance of this Agreement; (b) the Village is in full compliance with all eligibility requirements for, and conditions precedent to, participation in the Linked Deposit Program; and (c) this Agreement constitutes a legal, valid and binding obligation of the Village enforceable against the Village in accordance with its terms. Section 4. Representations of the Board of County Commissioners. The Board of County Commissioners makes the following representations: (a) the Board of County Commissioners has authorized pursuant to Resolution Number the execution, delivery and performance of this Agreement; and {HELPVILLAGEAGREEMENT;1 } 2