HomeMy WebLinkAbout~Master - Subordinating security interest for CombiSep, Inc. RESOLUTION NO. 04-485
RESOLUTION APPROVING
SUBORDINATING CITY'S SECURITY INTEREST
REGARDING COMBISEP, INC.
FOR THE CITY OF AMES
WHEREAS,in 2002,CombiSep,Inc.,was awarded a$50,000 revolving loan from the City
of Ames,and the loan was secured by a blanket security interest in all equipment of the corporation;
and,
WHEREAS, CombiSep, Inc., and its creditors have now proposed an agreement to change
the priority of their security interests in the collateral; and,
WHEREAS, through this, the City will receive a priority interest in a specific piece of
equipment rather than the blanket interest.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that subordination of the City's security interest to the security interest of US Bank for CombiSep,
Inc., is hereby approved.
ADOPTED THIS 26t''day of October, 2004.
C-��VDa. UAd& -�Z�
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Mahayni
Voting aye: Cross, Goodhue, Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 26t'day of October, 2004.