Resolution No. 2009- 04

Re:  $135,000.00 Loan to the Unified Lower Eagle River Chain of Lakes Commission Authorization to Borrow Funds
and Guarantee of Repayment.

        WHEREAS, the Towns of Cloverland, Lincoln, Washington and the City of Eagle River have created the Unified Lower Eagle River Chain of Lakes Commission pursuant to Wis. Stats §66.0301; and

        WHEREAS, the purpose of the Unified Lower Eagle River Chain of Lakes Commission is to coordinate aquatic invasive species (AIS) control and eradication measures on the Lower Eagle River Chain of Lakes, in partnership with participating Lake Associations and the State of Wisconsin ; and

        WHEREAS, the Unified Lower Eagle River Chain of Lakes Commission annually requires a short term loan to fund treatment efforts prior to receiving funding reimbursements from the Wisconsin Department of Natural Resources ; and

        WHEREAS, The First National Bank of Eagle River, Wisconsin, in recognition of the efforts put forth by the Unified Lower Eagle River Chain of Lakes Commission and its Lake Association partners, has offered to provide the Unified Lower Eagle River Chain of Lakes Commission with a short term loan, payable within one year of its inception, in the amount of $135,000.00, at 0% (zero percent) interest; and

        WHEREAS, the Unified Lower Eagle River Chain of Lakes Commission has no authority to borrow funds, making it is necessary that the municipalities that make up the Unified Lower Eagle River Chain of Lakes Commission jointly approve of this loan and the repayment terms as set forth by the First National Bank, and agree to jointly guarantee and indemnify the First National Bank for any losses resulting from non-repayment of the $135,000.00 loan.

        NOW, THEREFORE, BE IT RESOLVED by the Town Board of the Town of Cloverland, in session this 3rd day of June, 2009 that the Town of Cloverland approve the borrowing of $135,000.00 from the First National Bank of Eagle River, Wisconsin,

            LET IT FURTHER BE RESOLVED that the Town of Cloverland also agrees to guarantee the amount of $33,750.00 as repayment to the First National Bank of Eagle River, in the event of default by the Unified Lower Eagle River Chain of Lakes Commission.

                                                               5    in favor        0    opposed

By: __/s/_ Scott Maciosek ___________________Scott Maciosek, Chairman

Attest By: ___/s/_ Millie Ritzer ______________ Millie Ritzer, Clerk