County of Sullivan header
File #: ID-5366    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/6/2023 In control: County Legislature
On agenda: 3/16/2023 Final action: 3/16/2023
Enactment date: 3/16/2023 Enactment #: 119-23
Title: Approve Revolving Loan Fund with 3 Franks, Inc.

Narrative of Resolution:

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Approve Revolving Loan Fund with 3 Franks, Inc.

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RESOLUTION NO.                                            INTRODUCED BY THE EXECUTIVE COMMITTEE TO APPROVE A SULLIVAN COUNTY REVOLVING LOAN

 

WHEREAS, the Sullivan County Division of Planning & Environmental Management (“Division”) administers the County’s Revolving Loan Fund Program funded through grants received from the New York Governor’s Office of Small Cities (the “Program”); and

WHEREAS, the Division has received an application and supporting documents from 3 Franks Inc. (the “Borrower”) for a secured loan of up to $50,000.00 pursuant to Revolving Loan Program (the “Loan”);

WHEREAS, the Division has reviewed the application and supporting financial documents and has prepared and submitted a loan report to the Sullivan County Revolving Loan Fund Advisory Board (“Board”); and

WHEREAS, the Board has reviewed such loan report and approved the Loan subject to certain conditions to be funded through the Main Street Business Revolving Loan Fund.

NOW, THEREFORE, BE IT RESOLVED, that the Loan to the Borrower be and hereby is approved; and

BE IT FURTHER RESOLVED, that the County Manager be and hereby is authorized to execute, for and on behalf of the County of Sullivan, any and all documents required in connection with the Loan, in such form as approved by the County Attorney; and

BE IT FURTHER RESOLVED, that the Sullivan County Treasurer is hereby authorized to draw a check payable to the Borrower in the amount indicated above.

 

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