Middletown Valley  Bank.  EM  August 9, 2024 Boonsboro Mayor and Council 21 N Main St Boonsboro, MD21713 RE: Revolving Line of Credit Dear Mayor and Council,  Middletown Valley Banki is pleased to offer this proposal for providing the Town of Boonsboro with a revolving line of credit up to $10,000,000 which will be used as gap financing for capital improvement projects that are identified on the Town's Capital Improvement Program or any other short-term funding needs that the Town may have. The terms and conditions are as follows:  BORROWER: LOAN AMOUNT: INTEREST RATE: TERM: PAYMENT: COLLATERAL: BANK FEE: OTHER:  Town of Boonsboro  Upt to $10,000,0001 revolving line of credit  Option 1: Floating at WSJP minus 1.25% with a floor of 4.00% (current rate 7.25%) Option 2: Floating at 30-day SOFR plus 1.91% with af floor of4.00% (current rate 7.25%)  Demand, renewed annually Unsecured $10,000 commitment fee  Monthly interest only payments, principal due on demand  1.A Allt third-party closing costs to be paid by the Borrower. 2. Annual financial reporting for the Borrower bei fixed at the current floating rate for a period of 5-years. 6. Loan documents to be prepared by an attorney. 7. Pricing may assumei tax exempt structure.  3. The Town of Boonsborois to maintain all deposit accounts with MVBi for term ofl loan. 4. Ability to fix a portion of the revolving debti into an amortizing loan up to 20-years. Rate would 5. Rate Option 11 floating with any Prime rate changes. Rate Option 21 to change every 30-days  with SOFR changes.  The Bank sincerely appreciates the opportunity to submit this proposal and looks forward to expanding our relationship with the  Town and Council, to promote economic prosperity for our community and citizens.  Sincerely, - Sam Buhrman Vice President Middletown Valley Bank  Middletown Valley Bank 1241 West Main Street I P.O. Box 75 I Middletown, MD: 21769