Board Votes Without a Meeting

The Albany County Public Library Foundation will vote on entering into a line of credit agreement with First Interstate Bank to assist ACPL with construction costs. The vote would authorize two lines of credit ($750,000 based on the Endowment Challenge account and $500,000 from the Foundation Trust account). The vote would authorize the ACPL Foundation to pay the $50 annual fee on each line of credit for a total $100. By assuming the line of credit, the ACPL Foundation would enter into a variable interest rate and be responsible for the interest payments. For greater detail, please refer to the email sent in reference to this vote.

By voting yes to enter into an agreement with FIB, you, as a voting board member, also acknowledge that: 1) The ACPL Foundation will enter into a loan agreement with ACPL for funding provided to assist with construction. All provided funding will be returned to pay back the line of credit. 2) The ACPL Foundation will make every effort to use the line of credit as minimally as possible. 3) The ACPL Foundation will coordinate with ACPL to ensure timely bookkeeping in order to lower the cost of interest. 4) The Finance Committee will review and monitor the line of credit on a monthly basis. 5) The ACPL Foundation board will close the line of credit as soon as it is not needed and pay back any outstanding balance.