ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-14
February 9, 2011
AMENDING RESOLUTION 11-02 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 on January 12, 2011 did
pass Resolution No. 11-02 authorizing 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
WHEREAS, one of the terms and conditions set forth in Resolution No. 11-02 is to secure a
$20,000 second Mortgage behind senior lender on personal property located at 6951 County Route 10,
Lisbon, NY, and
WHEREAS, New Horizons Wireless, Inc. has provided sufficient evidence that equipment
currently owned by the company in conjunction with the equipment to be purchased with proceeds of the
grant and loan provides sufficient collateral security, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to amend the terms and conditions to remove the requirement to secure a $20,000
second Mortgage behind senior lender on personal property located at 6951 County Route 10, Lisbon,
NY, and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following
amended 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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
$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
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
Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Chambers
Scott
Snyder
Marr
Scott
Yea
P
P
V
V
V
V
(V = Voice Vote; P = Proxy Vote)
Nay
Abstain
Absent
x
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/
Lori Sibley
February 9, 2011