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06/10/2003 Resolutions 2003-168 I I I RES 0 L UTI 0 N 2003-168 WHEREAS, on December 17, 2002, by Resolution 2002-394, the City of Grand Island approved the Memorandum of Understanding Mutual Agreement for Inducement Loans and Benefits between New Holland North America, Inc., the City of Grand Island, the Grand Island Area Economic Development Corporation, and Wells Fargo Bank Nebraska as lead lender of Grand Island Partners to lend funds and provide inducements in support of the operation of the Grand Island manufacturing facility; and WHEREAS, the Memorandum of Understanding provided that the parties would participate in ajoint and mutual program to buy down the effective interest rates to be charged by the Grand Island Partners (GIP), a consortium of financial institutions, for two potential loans to New Holland North America which are generally described in such Memorandum of Understanding; and WHEREAS, a CNH Interest Buydown Agreement has been drafted to accomplish this provision of the Memorandum of Understanding; and WHEREAS, according to the CNH Interest Buydown Agreement, the City would be obligated to increase its annual budgeted appropriation to the Economic Development Corporation in an amount sufficient to replace the program funds expending in buying down the interest rate(s) of the GIP loans to Case New Holland; and WHEREAS, a proposed CNH Interest Buydown Agreement has been reviewed and approved by the City Attorney. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF GRAND ISLAND, NEBRASKA, that the CNH Interest Buydown Agreement between the City, the Grand Island Area Economic Development Corporation, and Wells Fargo Bank Nebraska as lead lender and acting on behalf ofthe Grand Island Partners, a Consortium of Financial Institutions is hereby approved; and the Mayor is hereby authorized and directed to execute such agreement on behalf of the City of Grand Island. Adopted by the City Council of the City of Grand Island, Nebraska, June 10, 2003. QS\~~ ffiw~ RaNae Edwards, City Clerk Approved 85 to Form oJ June 5, 2003 \{~City Attorney