HomeMy WebLinkAboutResolution #3065
RE9OUJT 1 CN IND. 3065
A RE9OLUT 1 QV APPF~1/ I PG A LG1AN BE7IMEE]N TI-E CITY OF CAP(fgV AInD DICK
McCL06l~Y, JQ-N EYNAAN, ADD LAYTOV MALE.
W-EREAS, 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,
HiE-EfiE~4S, the Loan Committee and
Development Committee has determined
the best interest of the City of C.
agreement with Dick McCloskey, John
evidenced by a NOTE hereto attached
Exhibit "A"; and,
the Community and Industrial
that it is necessary and in
Anton to enter into a loan
Eyman, and Layton PAalone,
and herein incorporated as
WFfRE~S, the Canton City Council has made a similar
determination.
1~7dV, "1'I, BE I T RE9OLVEU BY TFE CITY QOINC 1 L OF Ti-E
CITY OF CANT~V, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Dick McCloskey, John Eyman, and
Layton Malone 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 20th day of August,
1991, upon a roll call vote as follows:
AYES: ~~ May, Barnett, Meade, Steck, Sar~~, Coay, Molleck.
~~ ~ None .
~~~ Alderma~i Bohlen,
APPTmVED:
oval E. Ed rds, Mayor
ATTEST:
Nan y Whi es, ity Clerk
Dick McCloskey, John Eyman, and Layton Malone, individually
and collectively, promises to pay to the order of the CITY OF
CAM'CN, an Illinois municipal corporation, the sum of Two Thousand
Five Hundred and 00/100 Dollars ($2,500.00), together with
interest, thereon at the rate of Five Percent (5°0) per annum from
the date hereof to and including September 10, 1996.
PAYMENT 9Q-EUIJt.E
(a) PRII~IPAL: Principal shall be paid in sixty (60) equal
monthly instattments_of $41.67 each commencing on the fOth day of
October, 1991, and continuing every month thereafter until the
principal is paid in full.
(b) II~lTEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5°'0) per annum with
the first payment due on October 10, 1991 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. Dick McCloskey, John
Eyman and Layton Malone 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, Dick McCloskey, John
Eyman and Layton Malone 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 ail right of
appeal, release all errors and consent to irm~ediate execution.
QATED: Th i s ~ day of ~ , "1991 .
- ~
Dick McClo key John Eym
Layt Malone
Dick McCloskey, John Eyman, and Layton Malone, individually
and collectively, promises to pay to the order of the CITY OF
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CAf~lT'CN r an Illinois municipal corporation, the sum of Two Thousand
Five Hundred and 00/100 Dollars ($2,500.00), together with
interest, thereon at the rate of Five Percent (5%) per annum from
the date hereof to and including September 10, 1996.
PAYIuENt' 9CJ-F>a,LE:
(a) PR1(~CIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 10th day of
October, 1991, 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;'0) per annum with
the first payment due on October 10, 1991 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. Dick McCloskey, John
Eyman and Layton tilalone shall have the right to prepay any and all
interest and principal at any time without penalty or additional
interest.
r
To secure the payment of this Note, Dick McCloskey, John
Eyman and Layton Malone 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.
QATED:" This ~ day of / 1991.
r
G~,
~_
Dick McC oskey ohn Eyman
C
~~ ~~ . _
/ Layto Malone