HomeMy WebLinkAboutResolution #3097
I4E90LUTIQV N0. 3097
A RE90LUT 1 aV APPFmV I NG A LOAN BETWEEN Ti-E C 1 TY OF CAI~f TqV
ADD JERRY JARNIGAN.
1M1iF~AS, 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,
SAS, the Canton City Council has determined that it is
necessary and in the best interest of the City of Canton to enter
into a loan agreement with Jerry Jarnigan evidenced by a NOTE
hereto attached and herein incorporated as Exhibit "A".
Nalil, ll-~q~ , BE I T RE90LVED BY TI-E C I TY OOINC I L OF TI-E
CITY OF G4NTQV, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Jerry Jarnigan 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 4th day of February
1992, upon a roll call vote as follows:
AYES: Aldermen Coay, Sarff, Steck, Bohler, Meade, Barnett, May.
NAYS: None.
~~~ Alderman 1`fiolleck.
AP
,.
Donald E. Edwards, Mayor
ATTEST:
G ~i~' I~~..i9
Nan y VVh i to , City CI erk
t•JDTE
Jerry Jarnigan promises to pay to the order of the CITY OF
G~^`fT~OiJ, an I I I inois municipal corporation, the sum of Two Thousand
Five Hundred and 00/100 Dollars (52,500.00), together with
interest, thereon at the rate of Five Percent (5~0) per annum from
the date hereof to and including February 4, 1997.
PAYItrE]Yf SCJ-Q]IJ~E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of X41.67 each commencinc on the 4th day of
March 1992, and continuing every month thereafter until the
principal is paid in full.
(u) I~JT=rte ST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5~b) per annum with
the first payment Cue on ,,larch 4, 1992 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 sane 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. Jerry Jarnigan shall have
the right to prepay any and all interest and principal at any time
without penalty or additional interest.
io secure the payment ofi this ;vote, Jerry Jarnigan hereby
irrevocably empo:vers 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 hJote in favor of any legal holder, for all
sums o~^~ing hereon, interest, costs, and reasonable attorney's
fees, and to Naive all right of appeal, release all errors and
consent to immediate execution.
DATED: This 3rd day of February, 1992.
Jerry Jarnigan