Middletown 5W Valley Bank. March 1, 2025 Boonsboro Mayor and Council 21 N Main Street Boonsboro, MD 21713 RE: Revolving Line of Credit Dear Mayor and Council, Middletown Valley Bank is pleased to offer this proposal for providing the Town of Boonsboro with a revolving line of credit up to $2,000,000 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: Town of Boonsboro LOAN AMOUNT: Up to $2,000,000 revolving line of credit INTEREST RATE: Floating at WSJP minus 1.00%, with a floor of 4.00% (current rate 6.50%) TERM: Demand, renewed every two years PAYMENT: Monthly interest only payments, principal due on demand COLLATERAL Unsecured BANK FEE: $2,500 commitment fee, no annual or renewal fee OTHER: 1. All third-party closing costs to be paid by the Borrower 2. Annual financial reporting for the Borrower 3. The Town of Boonsboro is to maintain all deposit accounts with MVB for life of the loan. 4. Loan documents to be prepared in Laser Pro and reviewed by town attorney 5. Pricing may assume tax exempt structure 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 Senior Vice President Middletown Valley Bank Middletown Valley Bank I 24 West Main Street I P.O. Box 75 I Middletown, MD 21769