- Category: Administration/Budget
- Topic: Loan Agreements
- Board meeting date: 26 July 1999
- Resolution number: 99.64, 99.65, 99.66, 99.67, 99.68, 99.69
- URL for Board minutes/resolution: http://www.icann.org/en/minutes/minutes-26july99.htm
- Status: Completed
Summary
Board authorizes the CEO Authorized CEO to enter into loan agreements.
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- Negotiate, execute and deliver loan agreements, for and on behalf of the Corporation .
- Responsible entity: ICANN Staff
- Due date: None provided
- Completion date: 1999(replace this text with Date action was implemented)
Other Related Resolutions
- TBD
Additional Information
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- No additional funding provided.
- (Introduction to resolution) The Board then discussed the need to secure short-term funding to allow the Corporation to meet its immediate responsibilities. Mr. Roberts reported on the status of voluntary contributions and noted that they were not sufficient to fund the Corporation's ongoing activities, so that the Corporation has had to rely in large part on the willingness of its trade creditors to defer requiring payment. Because this situation is not sustainable, a search has been undertaken for more formal, long-term debt arrangements. As a result, a number of commercial entities have indicated a willingness to loan the Corporation funds for a one-year term at interest of 7% or below. Mr. Roberts indicated that approximately $2 million in such loans would be desirable to meet the Corporation's operating expenses until a long-term cost recovery mechanism can be put into place. Upon motion duly made by Mr. Crew and seconded by Ms. Dyson, the Board unanimously adopted the following resolutions:
Explanatory text does not modify or override Resolutions.
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