News ??!!! Whats your take?NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF
THE RHODE ISLAND RESOURCE RECOVERY CORPORATION, AS
FOLLOWS: SECTION 1. THE CORPORATION IS HEREBY
AUTHORIZED TO ENTER INTO, EXECUTE AND DELIVER A GROUND
LEASE BY AND BETWEEN RHODE ISLAND RESOURCE RECOVERY
CORPORATION AS “LANDLORD” AND CONVERTED ORGANICS, INC.
AS “TENANT” (THE “GROUND LEASE”) IN SUBSTANTIALLY THE
FORM PRESENTED TO THIS MEETING, WITH SUCH MODIFICATIONS
AS MAY BE HEREINAFTER AUTHORIZED SUBJECT TO
SATISFACTORILY REVIEW BY LEGAL COUNSEL OF THE
CORPORATION. SECTION 2. THE CHAIRMAN, VICE-CHAIRMAN OR
EXECUTIVE DIRECTOR, ACTING SINGLY, IS AUTHORIZED ON
BEHALF OF THE CORPORATION TO EXECUTE AND DELIVER THE
GROUND LEASE BY AND BETWEEN RHODE ISLAND RESOURCE
RECOVERY CORPORATION AS “LANDLORD” AND CONVERTED
ORGANICS, INC. AS “TENANT” (THE “GROUND LEASE”) IN
SUBSTANTIALLY THE FORM PRESENTED TO THIS MEETING,
SUBJECT TO SUCH CHANGES AS MAY BE DETERMINED BY THE
CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING
SINGLY, TO BE IN THE BEST INTEREST OF THE CORPORATION,
AND THE SECRETARY OR ASSISTANT SECRETARY OF THE
CORPORATION IS HEREBY AUTHORIZED TO AFFIX THE OFFICIAL
SEAL OF THE CORPORATION TO SAID DOCUMENT AND TO ATTEST
THE SAME. THE CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE
DIRECTOR, ACTING SINGLY, IS ALSO AUTHORIZED ON BEHALF OT
THE CORPORATION TO PROPOSE ONE OR MORE ALTERNATE
PARCELS FROM TIME TO TIME AS PROVIDED IN THE GROUND
LEASE AND TO EXECUTE AND DELIVER, AN AMENDMENT TO THE
GROUND LEASE TO REFLECT THE SUBSTITUTION OF AN
ALTERNATE PARCEL FOR THE PREMISES OTHERWISE IDENTIFIED
THEREIN. SECTION 3 THE CHAIRMAN, VICE-CHAIRMAN OR
EXECUTIVE DIRECTOR, ACTING SINGLY, IS HEREBY ALSO
AUTHORIZED AND EMPOWERED ON BEHALF OF THE
CORPORATION TO EXECUTE AND DELIVER SUCH ADDITIONAL
INSTRUMENTS, PAPERS, CERTIFICATES OR OTHER DOCUMENTS
AS HE OR SHE SHALL DEEM NECESSARY OR APPROPRIATE TO
CARRY OUT AND EFFECTUATE THE PURPOSES OF THIS
RESOLUTION; AND PROVIDED FURTHER THAT THE EXECUTION BY
ANY OF THE FOREGOING CHAIRMAN, VICE-CHAIRMAN OR
EXECUTIVE DIRECTOR, ACTING SINGLY, SHALL BE DEEMED
CONCLUSIVE EVIDENCE OF HIS OR HER AUTHORITY AND
EMPOWERMENT TO ACT HEREUNDER. SECTION 4. THIS
RESOLUTION SHALL TAKE EFFECT IMMEDIATELY UPON IT
EXECUTION BY THE CHAIRMAN.
Michael Salvadore seconded the motion which passed unanimously.