HomeMy WebLinkAboutResolution #3085.~
RESOLUTION ND. 3085
A RESOLUT 1 ON APPR{7V I NG AN AGREEluETff BETVIEEN TF-E CITY OF CAPf~ON AND
TI-E U . S . DEPARTMENT aF At~21 ~.TURE , FARMERS HIE ADM I N I STRAT I aV,
DIRECTING TF-E MAYOR TO E~CUTE AND DELIVER SA I D ACREF]VENT ON
Btl-IAI_F aF TI-E CITY OF ClaNTON, I LL I NO1 S .
V1~hEl~AS, the City Counc i l of the City of Canton has
determined that it is necessary and in the best interest of the
City of Canton to enter into an agreement with the U.S. Department
of Agriculture, Farmers Home Administration, hereto attached and
herein incorporated as Exhibit "A".
NaN, BE 1 T RESOLVED BY TI-E CITY OOUVC 1 L OF TI-E
CITY OF GWVTgV, Fulton County, Illinois as follows:
1. That the Agreement hereto attached as Exhibit "A" between
the City of Canton and the U.S. Department of Agriculture, Farmers
Home Administration is hereby approved.
2. That the PJlayor is hereby authorized and directed to
execute and deliver said agreement on behalf of the City of
Canton, Illinois.
3. That this Resolution shall be in full force and effect
irrrnediately 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 day of November,
1991, upon a roll call vote as follows:
AYES: Aldermen May, Barnett, Meade, Steck, Sarff, Coay, Molleck.
NAYS : None .
ABSENT: Alderman Bohlen.
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onald E. Edwards, P~tayor
ATTEST:
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Nancy Whites ity Clerk
AGREEMENT
Agreement made between the City of Canton, Illinois,
hereinafter referred to as "Borrower", and U. S. Department of
Agriculture, Farmers Home Administration, a Federal agency,
hereinafter referred to as "FmHA".
RECITALS:
WHEREAS, the above parties entered into a dal D~velop~ent
Loan Fund Agreement dated December 30, 1983, and contey^porane-
ously Borrower executed a 6,000,000 promissory note dated
December 30, 1993 pursuant to the teres of the Loan Agreement;
and ,
WHEREAS, the parties desire to modify certain terms and
conditions of the Loan Agreement and promissory note.
IT IS THEREFORE AGREED:
1_ Interest Rate. It is agreed that the interest rate due
and payable under paragraph 1 of the Loan Agreement, and
paragraph 1 of the promissory Note, shall be one percent (1%) per
annum on the unpaid principal balance or indebtedness starting
January i, 1992 until maturity.
2. Payments. It is agreed that semi-annual payment of
principal due under paragraph 2.1 of the Loan Agreement and
paragraph 1 of the promissory Note shall remain unchanged.
3. Conditions. The terms of this Agreement are
conditioned upon Borrower making its regular interest payment to
FmHA for the period through and including December 31, 1991.
4. Non-Modified. It is agreed that all terms and
conditions of the Loan Agreement and promissory Note not modified
herein shall remain in full force and effect.
City of Canton, BORROWER
Date:
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Date: ~0-~3 cj~
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By= -----------------------------
Donald E. Edwards, Mayor
U. S. DEPARTMENT OF AGRICULTURE
FARMERS HOME ADMINISTRATION
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ey ______ _________________ _
Edward L. Turner, Acting State
Director
Authorized Representative