HomeMy WebLinkAbout~Master - Modification of RLF agreement with Phasient Learning Technologies RESOLUTION NO. 04-545
RESOLUTION APPROVING MODIFICATION OF
REVOLVING LOAN FUND AGREEMENT
WITH PHASIENT LEARNING TECHNOLOGIES
FOR THE CITY OF AMES
WHEREAS, in December 2002, the City entered into a Revolving Loan Fund Agreement
with Phasient Learning Technologies; and,
WHEREAS, the company has made timely loan payments and has 17 monthly payments
remaining on the loan; and,
WHEREAS,to meet cash-flow demands of its growing business,Phasient is in the process
of establishing a line of credit with First American Bank in Ames; and,
WHEREAS, as part of the line of credit terms, Phasient is requesting that the City
subordinate the security interest in the equipment to First American Bank.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that modification of the loan agreement with Phasient Learning Technologies, subordinating the
UCC Security Agreement to First American Bank, is hereby approved.
ADOPTED THIS 21 st day of December, 2004.
C:�Aw�?. UY-JI& �Z�
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Mahayni
Voting aye: Cross, Goodman, Mahayni, Vegge
Voting nay: None Absent: Wirth
Abstaining: Goodhue
Resolution declared adopted and signed by the Mayor this 21 st day of December, 2004.