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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> Sherburne County,Minnesota <br /> RESOLUTION# <br /> AUTHORIZING THE WRITE OFF OF AN UNCOLLECTIBLE DEBT IN THE <br /> AMOUNT OF$66,729.66,RELATING TO A MICRO LOAN WITH ETHANOL <br /> TECHNOLOGY OF MINNESOTA,LLC <br /> WHEREAS, the Elk River Economic Development Authority entered into a <br /> Participation Agreement with the First National Bank of EIk River("Bank")on August 8, 2008, <br /> for the administration of an EDA funded Micro Loan for Ethanol Technology of Minnesota , <br /> LLC ("Borrower") in the amount of$74,000.00 ("Loan") of which$66,729.66 remains unpaid <br /> ("Balance"); and <br /> WHEREAS, the Bank has determined that the Balance of the loan is uncollectible and <br /> has determined to write off the debt under the terms of the"Participation Agreement"; and <br /> WHEREAS, the EDA agrees with the Banks finding in this matter and desires to write <br /> off the Balance of the loan; <br /> NOW,THEREFORE, be it resolved by the Elk River Economic Development <br /> Authority that the efforts to collect the Balance of Borrower's debt relating to the Loan have <br /> been unsuccessful by the Bank, the Bank has determined that the appropriate action is to write <br /> 173175v2 <br />