HomeMy WebLinkAbout11-13-2018 Revolving Loan Committee minutes Revolving Loan Committee of the City of Canton
Minutes
Tuesday,November 13, 2018 7:45 p.m.
Second Floor Conference Room, upper level of City Hall
2 N. Main Street, Canton, IL 61520
Present: Mayor Kent McDowell, City Attorney Curtis Lane, Alderman Ryan Mayhew, Jeff
Strode, Kevin Rhoades, City Treasurer Crystal Wilkinson
The purpose of the meeting was to present, discuss, and vote on proposal for loan to Morgan
Enowbitang, owner of Kencor Ethnic Foods.
The meeting was opened at 7:48 p.m. by Attorney Lane. The committee discussed Morgan's
credit report and UCC, and also reviewed the Revolving Loan application provided by Kencor.
A Motion was made by Atty. Lane, seconded by Mayhew, to approve the request in the
committee and send it on to council. All Ayes, Motion Carried. Attorney Lane will draw up
the agreement, major points, 10 yr. loan for$40K- 5% fixed interest, 6 month interest only
payments, personal guarantee, 2nd mortgage, etc.
The commission also discussed the second matter on the agenda, which was to review and
amend the current loan application and include personal guarantee, UCC reviews and credit
report authorization.
A Motion was made by Mayor McDowell, seconded by Mayhew,to adjourn the meeting. All
Ayes, Motion Carried. The meeting was adjourned at 8:30 p.m.
Minutes provided by Kent McDowell, prepared by Carol Kohler.