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Grove Municipal Services Authority approves $1 million taxable promissory note
Summary
The Grove Municipal Services Authority voted 4-0 July 1 to authorize a taxable promissory note, Series 2025, in the principal amount of $1,000,000 and to approve related indenture and support agreements.
Vice-Chairman Ivan Devitt presided over the Grove Municipal Services Authority meeting on July 1, where trustees approved a resolution authorizing the issuance of a taxable promissory note, Series 2025, in the aggregate principal amount of $1,000,000. The resolution also approved an indenture to secure payment of the note and an agreement of support and authorized execution of the note and related documents. Trustee Ed Trumbull moved to approve the resolution; Trustee Berwin Kock seconded. The vote was 4-0 in favor: Trustee Justin Wadley, Trustee Ed Trumbull, Trustee Berwin Kock and Vice-Chairman Ivan Devitt voted aye; no nays were recorded. The record shows the floor was opened for discussion before the motion but no public comments or further debate are noted in the minutes. The action authorizes Authority officers to execute the note and required transaction documents as described in the resolution on the record.
