Motion to apply for a line of credit

Discussion

In light of the Department of Energy’s policy that non-labor related expenses be reimbursed based on receipts rather than via invoice, it is necessary that 39 Alpha Research secure a line of credit to execute on our $1,657,734.00 cooperative agreement with ARPA-E.

Tucker Ely put forth the motion that we apply for a $50,000 line of credit with an amenable financial institution. It will be his responsibility to choose the financial institution, with a preference toward 39 Alpha Research’s primary account provider, OneAZ Credit Union.

Douglas G. Moore seconded the motion, and the motion was approved by unanimous vote of the board.