DIY Legal Forms

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Authorize Borrowing On Line Of Credit

WHEREAS, this Company desires to borrow money, be it

RESOLVED, that the proper officers of this Company are hereby authorized to borrow from the [Name] Bank, for and in behalf of this Company, a sum not to exceed $------, on its promissory note maturing (--) days from the date hereof, to be signed by the proper officers of this Company, and to bear interest not to exceed the rate of (--%) per annum, and with the additional privilege of renewing the balance of said loan at its maturity, for another period of (--) days, and the proper officers of this Company are hereby authorized and directed to sign any new or renewal note or notes required by said [Name] Bank to carry out the provisions of this resolution, which new note or notes shall bear such rate of interest as shall be agreed upon between this Company and the [Name] Bank at the time of such renewal or renewals.

The undersigned hereby certifies that [Name] is the duly elected and qualified Secretary and the custodian of the books and records and seal of [Name], a corporation duly formed pursuant to the laws of the State of [State], and that the foregoing is a true record of a resolution duly adopted at a meeting of the Board of Directors, and that said meeting was held in accordance with state law and the Bylaws of the above named Corporation on [Date], and that said resolution is now in full force and effect without modification or rescission.

IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the above named Corporation on [Date].

A True Record.