TOWN OF NEW WINDSOR RESOLUTION NO. 05-21-18C  WHEREAS, the Mayor and Council of the Town of New Windsor have determined that it is in the best interest of the residents of the Town of New Windsor to enter into a loan agreement with Farmers and Merchants Bank to fund the water line relocation work and installation of sewer cleanouts on College Avenue and Blue Ridge Avenue; and WHEREAS, this matter was discussed and voted on at the meeting of the Mayor and Council on May 21, 2018, with the Council voting unanimously in favor; it is hereby RESOLVED that the Town will borrow funds from Farmers and Merchants Bank  (the Loan") under the following terms: Thousand Dollars ($245,000.00);  1. 2. closing; 3. 4.  The principal amount of the Loan shall not exceed Two Hundred Forty-five The term of the Loan shall be ten (10) years, beginning on the date of  Interest on the Loan shall accrue at a rate of 4.99%;  The Town shall make quarterly payments of principal and interest in the  amount of Seven Thousand, Eight Hundred Forty-four Dollars and Eighty-two Cents ($7,844.82) on the first day of each calendar quarter, continuing on the first day of each  succeeding quarter, based on a ten-year amortization schedule; any and all documents necessary to effectuate the Loan;  5.  Neal C. Roop, Mayor of the Town of New' Windsor, is authorized to execute  6. This Resolution shall be effective upon adoption on May 21, 2018.    WITNESS my signature and the Seal of the Town of New' Windsor this day  of May  2018.  Introduced this a/k day of  2018.  Pay  WITNESS:  COUNCIL OF THE TOWN OF NEW' WINDSOR Omaalllns By: Donna Alban, Clerk/Treasurer  BaypDyek Gary P. Dye, Jr., Tow/Manager Effective 511/2018 Approved as to form and legal sufficiency: u Michelle M. Ostrander Town Attorney  2018  NEW OLL d MARYLAND  Lalai