HomeMy WebLinkAboutResolution #3289
RESOLUTION N0. 3289
A RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON
AND DANIEL 6. FULLER, OMNER OF FULLER'S JEWELRY, INC.
WHEREAS, the Canton City Council has approved the concept
and guidelines to loan funds to businesses from the Tax Increment
Financing (TIF) districts for building improvements in the
respective districts; and,
WHEREAS, the Community and Industrial Development Committee
has determined that it is necessary and in the best interest of
the City of Canton to enter into a loan agreement with Fuller's
Jewelry, Inc., evidenced by a NOTE hereto attached and herein
incorporated as Exhibit "A"; and,
WHEREAS, the Canton City Council has made a similar
determination.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Daniel G. Fuller is hereby
approved.
2. That the loan funds are to be used for building
improvements in the TIF district.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 15th day of August,
1995, upon a roll call vote as follows:
AYES: Aldermen Molleck, Hartford, Sarff, Phillips, Meade,
Shores, May.
NAYS: None.
ABSENT: Alderman Bohler.
APPROVED:
~~~
Donald E. Edwards, Mayor
ATTEST:
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Nan y Whi s, City Clerk
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NOTE
Daniel G. Fuller, owner of Fuller's Jewelry, Inc., promises
to pay to the order of the CITY OF CANTON, an Illinois municipal
corporation, the sum of Eighteen Hundred and 00/100 Dollars
($1,800.00), together with interest, thereon at the rate of Five
Percent (5%) per annum from the date hereof to and including April
1999.
PAYMENT SCHEDULE:
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 18th day of
September 1995, and continuing every month thereafter until the
principal is paid in full.
(b) INTEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5%) per annum with
the first payment due on September 18, 1995, and then continuing
every month thereafter until said interest and principal is fully
paid.
Unpaid interest shall be added to principal and bear interest
at the same rate as noted above for the principal. Interest shall
be considered unpaid if not received by the City of Canton within
7 calendar days following the due date. Daniel Fuller shall have
the right to prepay any and all interest and principal at any time
without penalty or additional interest.
To secure the payment of this Note, Daniel G. Fuller hereby
irrevocably empowers any attorney at any time hereafter to appear
for us in any court in term time or vacation, and confess judgment
against us, each or any of us, including any guarantor(s) hereof,
without process of this Note in favor of any legal holder, for all
sums owing hereon, interest, costs, and reasonable attorney's
fees, and to waive all right of appeal, release all errors and
consent to immediate execution.
DATED: This 18th day of August, 1995.
Daniel G. Fuller, Owner
Fuller's Jewelry, Inc.