Establish a revolving line of credit in the amount of $10,000,000 with the Corporation for Regional Excellence, a non-profit corporation organized under Section 501(c)(3) of the Internal Revenue Code (the “Borrower”), with an option to adjust based on need, financial strength, and consent from the Borrower’s governing Board. The purpose of the line of credit is to sustain H-GAC programs by loaning money to H-GAC to pay salaries of H-GAC staff in the event of a federal government shutdown or other suspension of funding from the federal or state government. H-GAC shall enter into an agreement with the Borrower to pay back the amounts borrowed from the Borrower on a schedule to be determined by the Borrower and the financial institution. Offer a competitive interest rate, either fixed or variable with clearly defined terms. Structure a flexible repayment plan that aligns with H-GAC’s cash flow cycles.
