ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-02
January 12, 2011
AUTHORIZING A GRANT OF $35,000 AND A LOAN OF $20,000 TO NEW HORIZONS
WIRELESS, INC.
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Grant Program and the Microenterprise Revolving Loan Fund, and
WHEREAS, New Horizons Wireless, Inc. has applied for $35,000 from the Microenterprise
Grant Program to purchase equipment and $20,000 from the Microenterprise Revolving Loan fund for
working capital to support the business of New Horizons Wireless, Inc. in Lisbon, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to grant an amount not to exceed $35,000 from the Microenterprise Grant Program,
and to loan an amount not to exceed $20,000 from the Microenterprise Revolving Loan Fund to New
Horizons Wireless, Inc., and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following terms
and conditions:
Interest Rate
Term
4% on $20,000 Loan
Five (5) Year Amortization Schedule on Loan.* [Loan schedule will provide for an initial
four (4) months of interest-only payments, followed by a monthly loan repayment
period of 56 months.]
Security
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Other
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Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Ostrander
Scott
Snyder
Deuel
Scott
Yea
V
P
V
P
V
V
$20,000 lien on all inventory, machinery & equipment, furniture & fixtures, accounts
receivable and general intangibles of New Horizons Wireless, Inc.
Unlimited Personal Guarantee of Chad Rice
$20,000 second Mortgage behind senior lender on personal property located at 6951
County Route 10, Lisbon, NY
Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
The owner/applicant meets the Low- and Moderate- Income criteria, therefore is not
required to create any additional jobs.
The Company agrees to make available to the St. Lawrence County Local
Development Corporation information necessary to secure liens on collateral as
described above; this includes, but is not limited to, providing serial numbers of
machinery and equipment, allowing photographs thereof, and periodic inspection and
inventory of collateral.
Evidence of public liability insurance coverage in an amount to be determined by
Counsel.
Evidence of owner’s cash/equity of $31,000
(V = Voice Vote; P = Proxy Vote)
Nay
Abstain
V
Absent
I hereby certify that I have compared a copy of this Resolution with the
original record in this office and that the same is a correct transcript
thereof and of the whole of said original record.
/S/
Natalie Sweatland
January 12, 2011