Borrowing Resolution Requirements
Certified copy of the resolutions adopted by the Board of Directors must include the
following, if applicable:
- Authorization to borrow funds from the Agency and stating the amount of borrowing authority;
- Authorization to execute any and all Agency loan documents (including, but not limited to, Promissory Note, Mortgage, Regulatory Agreement, Assignment of Rents and Leases);
- Legal description of the property including name of the project;
- Identifies authorized signers and their titles;
- Must contain a paragraph stating that: "the Agency is authorized to rely on the continuing force and effect of the Resolutions until receipt by the Commissioner of the Agency at its principal office of notice in writing from the corporation of any amendments or alterations thereof;"
- Must be certified within 90 days of closing.
And, if applicable:
- Authorizes the organization to become a general partner of a partnership;
- Authorizes the organization to enter into a construction contract.
The original Borrowing Resolution approved by the Agency must be delivered at closing.