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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.