Resolution
LANC Board of Directors
Resolution Regarding Refinancing Existing Mortgages
and
Financing Technology Implementation
July 26, 2002
BE IT RESOLVED that the Board of Directors of Legal Aid of North Carolina,
Inc. authorizes the Legal Aid Administrative Office to arrange refinancing of
existing mortgages of $705,000 for properties in Raleigh, Sylva, Ahoskie, and
Morganton subject to necessary approval from LSC. It is also authorized by the Board that the Administrative Office
obtain a new loan of $400,000 to fund implementation and related support costs
of the Case Management System. It is further authorized that the savings from
the refinancing of above named mortgages be used to pay the technology loan. The program funds currently paying these existing mortgages will
continue to contribute the same amount as under the existing mortgages to a
building fund in the Central Office, which in return will pay the new mortgages.
The Executive Director and Officers are authorized to execute such
documents as required by lenders to carry out this resolution.
This the 26th day of July, 2002.
____________________________
Pender R. McElroy, Chair
____________________________
Leo Allison, Secretary
Legal Aid of North Carolina, Inc.
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Legal Aid of North Carolina is a statewide, nonprofit law firm that
provides free legal services in civil matters to low-income people in
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