Borrowing, Loans, and Mortgages Sample Clauses
Borrowing, Loans, and Mortgages. The Board may authorize the borrowing of funds or enter into short-term or long-term agreements or mortgages, and acquire or improve real property to support Collaborative operations, subject to the following procedures:
1. All borrowing, loans, and mortgages shall be discussed at a public meeting of the Board.
2. The Board shall investigate options related to the terms of borrowing, loans, and mortgages in order to determine that the terms related to any borrowing, loans and mortgages are the most favorable available at the time of the application.
3. The Board shall be responsible for ensuring that the borrowing, loans, and mortgages are necessary to carry out the purposes for which the Collaborative is established, in the best interest of the Collaborative and its Member Districts and consistent with the terms of this agreement.
4. In the event that such borrowing, loan or mortgage is for the acquisition or improvement of real property:
a. The Board shall discuss its intent to apply for a real estate mortgage at a public meeting of the Board prior to the meeting of the Collaborative Board at which the final vote is taken.
b. The Board shall provide notice to each Member District within thirty (30) calendar days of applying for real estate mortgages.
c. The Board shall approve such action by a majority vote. D. Surplus Funds: Unexpended general funds, as defined in 603 CMR 50.00, at the end of the fiscal year plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus. (603 CMR
Borrowing, Loans, and Mortgages. 1. The Board may authorize the borrowing of funds or enter into short- or long-term agreements or mortgages, and acquire or improve real property to support collaborative operations, subject to the following procedures:
a. all borrowing, loans, and mortgages shall be discussed at a public meeting of the Board;
b. the Board shall investigate options related to borrowing, loans, and mortgages in order to determine that the terms related to any borrowing, loans and mortgages are the most favorable available at the time of the application;
c. the Board shall determine, at a public meeting, through a majority vote, that the terms related to borrowing, loans, and mortgages are cost-effective and are the most favorable available at the time of the application; and
d. the Board shall determine, at a public meeting, through a majority vote, that the borrowing, loans, and mortgages are necessary to carry out the purposes for which the Collaborative is established.
2. In the event that such borrowing, loan or mortgage is for the acquisition or improvement of real property:
a. the Board shall discuss its intent to apply for a real estate mortgage at a public meeting of the Board prior to the meeting of the Collaborative Board at which the final vote is taken;
b. the Board shall provide notice to each member district within thirty (30) calendar days of applying for real estate mortgages; and
c. the Board shall approve such action by a majority vote.
Borrowing, Loans, and Mortgages. The Board may borrow money, enter into long-term or short-term loan agreements or mortgages and apply for state, federal or corporate grants or contracts to obtain funds necessary to carry out the purpose for which the Collaborative is established, provided, however, that the Board has determined that any borrowing, loan or mortgage is consistent with the written terms of the Collaborative and subject to the following procedures:
Borrowing, Loans, and Mortgages a. all borrowing, loans, and mortgages shall be discussed at a public meeting of the Board;
b. the Board shall discuss options related to borrowing, loans, and mortgages in order to determine that the terms related to any borrowing, loans and mortgages are the most favorable available at the time of the application;
c. the Board shall determine, at a public meeting, through a majority vote, that the terms related to borrowing, loans, and mortgages are cost-effective and are the most favorable available at the time of application; and
d. the Board shall determine, at a public meeting, through a majority vote, that the borrowing, loans, and mortgages are necessary to carry out the purposes for which the Collaborative is established.
Borrowing, Loans, and Mortgages. The Board may authorize the borrowing of funds or enter into short or long-term agreements or mortgages, and acquire or improve real property to support Collaborative operations. All borrowing, loans, and mortgages shall be discussed at a public meeting of the Board. The Board shall investigate options related to borrowing, loans, and mortgages in order to determine that the terms related to any borrowing, loans and mortgages are the most favorable available at the time of the application. The Board shall determine, at a public meeting, through a majority vote, that the terms related to borrowing, loans, and mortgages are (a) cost-effective;
Borrowing, Loans, and Mortgages. 1. The Board may authorize the xxxx owing of funds or enter into short or l ong-term agreements or m ortgages, acquiring fixed assets including real property to support Collaborative operations, subject to the following procedures:
a. all discussions of borrowing, loans and mortgages will be held within a public meeting of the Board;
b. the Board shall investigate various options with respect to any proposed or anticipated borrowing, l oans, and m ortgages to insure that the terms thereof are the most favorable to the C ollaborative f or such purposes at the time of application; and
c. the Board shall determine, through a maj ority vote, at a public meeting, that the terms related to such borrowing, loans and m ortgages are cost-effective and the m ost favorable available to the C ollaborative for such purposes at the time of application; and
d. the Board shall determine, at a public meeting, through a majority vote that the borrowing, loans and mortgages are necessary to carry out the purposes f or which the Collaborative is established.
2. In the event t hat any such borrowing l oan or mortgage is for the acquisition or improvement of real pr operty:
a. the Board shall discuss its intent to apply f or a real estate m ortgage at a public meeting of the B oard prior to the meeting of the C ollaborative Board in which the final vote to approve such mortgage is taken;
b. the B oard shall provide n otice to each member district within t hirty (30) days of applying for any real estate m ortgages; and
c. t he B oard shall approve such action by a majority vote.
Borrowing, Loans, and Mortgages. The Board may authorize the borrowing of funds or enter into short-term or long-term agreements or mortgages, and acquire or improve real property to support Collaborative operations, subject to the following procedures:
Borrowing, Loans, and Mortgages.
1. The Board may authorize the borrowing of funds or enter into short- or long-term agreements or mortgages and acquire or improve real property to support Collaborative operations subject to the following procedures:
a) All borrowing, loans, and mortgages shall be discussed at a public meeting of the Board;
b) The Board shall investigate options related to borrowing, loans, and mortgages in order to determine that the terms related to any borrowing, loans, and mortgages are the most favorable available at the time of the application;
c) The Board shall determine, at a public meeting through a majority vote, that the terms related to borrowing, loans, and mortgages are cost-effective; and
d) The borrowing, loan, or mortgage is necessary to carry out the purposes for which the Collaborative has been established, is in the best interests of the Collaborative and its member districts, and is consistent with the terms of this Agreement.
2. In the event that such borrowing, loan, or mortgage is for the acquisition or improvement of real property:
a) The Board shall discuss its intent to apply for a real estate mortgage at a public meeting of the Board prior to the meeting of the Board at which the final vote is taken;
b) The Board shall provide notice to each member district within thirty (30) calendar days of applying for real estate mortgages; and
c) The Board shall approve such action by a majority vote.
Borrowing, Loans, and Mortgages