Agenda

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ARF- 5531

2. B.

Special BOS Meeting

Meeting Date:	06/25/2019
Submitted For:	Mary Springer	Submitted By:	Mary Springer, Finance Director
Department:	Finance

Information

Request/Subject

Addendum No. 1 to Business Loan Agreement with JP Morgan Chase to extend the servicing banking contract and lines of credit term from July 1, 2019, to June 30, 2019.

Background Information

On January 8, 2019, the Board of Supervisors adopted Resolution No. 19-01-02 which authorized the Chairman's signature on the following documents between Gila County and JPMorgan Chase Bank, N.A. to provide for revolving lines of credit for Gila County special taxing districts, as follows: Business Loan Agreement-Gila County Revolving Line of Credit; Gila County Revolving Line of Credit - Promissory Note; Business Loan Agreement-Gila County Districts Revolving Line of Credit; and Gila County Districts Revolving Line of Credit - Promissory Note.

The addendum will provide contract extension of the business loan agreement and lines of credit from July 1, 2019, to June 30, 2020.

Evaluation

The County requires a servicing bank and due to the timing of property tax revenue lines of credit may be needed to allow special districts to operate without interruption.

Conclusion

It is imperative that the documents be approved by the Board of Supervisors for signature by its Chairman to ensure that a continuing revolving line of credit is provided for each political subdivision of the state for which the Gila County Treasurer acts as treasurer for the contract for the period July 1, 2019, to June 30, 2020.

Recommendation

The Gila County Treasurer recommends the Board's approval for the Chairman of the Board of Supervisors to sign the addendum to the Business Loan Agreement related to the revolving line of credit for each political subdivision of the state for which the Gila County Treasurer acts as treasurer extending the term from July 1, 2019, to June 30, 2020.

Suggested Motion

Information/Discussion/Action to approve Addendum No. 1 to a Business Loan Agreement with JPMorgan Chase Bank, N.A. to extend the Scheduled Commitment Expiration Date in the Agreement from June 30, 2019, to June 30, 2020. (Mary Springer)

Attachments
Addendum No. 1 to Business Loan Agreement
Business Loan Agreement
Promissory Note
Attorney Letter
Resolution No. 19-01-02