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HomeMy WebLinkAboutResolution #2053 RESOLUTION NO. 253 A RESOLUTION APPROVING A NOTE WITH THE NATIONAL BANK OF CANTON (LENDER) AND THE CITY OF CANTON (BORROWER) WHEREAS, the Lake, Buildings and Grounds Committee has determined that it is necessary and in the best interest of the City of Canton to borrow up to $300,000.00 for the drilling of a well at Canton Lake and for certain other improvements to be made at Canton Lake; and, WHEREAS, the Canton City Council has made a similar determination; and, WHEREAS, the borrowing and expenditure of sums for such purpose is authorized by Ch. 24, Sec. 11-126-1, et sequi., Ill. Rev. Stat. (1987). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That the Canton City Council hereby finds the foregoing recitals to be fact. 2. That the note attached, Exhibit "A" to this Resolution, providing that the City of Canton borrow up to $300,000.00 from the National Bank of Canton upon terms and conditions set forth in said note is hereby approved. 3. That the Mayor, City Clerk and City Treasurer are hereby authorized and directed to execute and deliver said note on behalf of the City of Canton and to take such further acts in the premises as may be reasonably necessary to effectuate and conclude the contemplated transaction. 4. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 5th day of April , 1989 upon a roll call vote as follows: AYES: Aldermen Chapman, May, Bohler, Meade, Sarff, Steck, Zilly. NAYS: None. ABSENT: Alderman Kovachevich APPROVELl: J Donald E. Edwards, Mayor. ATTEST: i ` tiZ ~t ~ a y Whi es, City Clerk. CERTIFICATE STATE fF II.LII~AIS, ) SS. OaA~iY ~ F~,T~1. ) I, Nancy Whites, City Clerk of tha City of Canton, in the Cotiszty, of Plslbon arbd State of Illinois, do hereby oertif~- that as the City Clerk of the City of Canton, I am the keeper of records, mdnutes, o~rd3nstticaa and other books, records and papers of said City, and that the lb~re~oing is a true and oo~cect Dopy of RESOLUTION NO. 2053 A RESOLUTION APPROVING A NOTE WITH THE NATIONAL BANK OF CANTON (LENDER) AND THE CITY OF CANTON (BORROWER) adopted by the City Council of said City and approved by the Mayor thereof ~ ~ 5th day of Ar~ri 1 ~ 19 ~_• WI1I~5S flay hand and the Carpvrate Seal of the City of Canton, Illinois this 6th day of Apri 1 ~ 19 89 /~- l / ~ i ~ / l t ty (SEAL) RESOLDTION ~i0. 2 05 3 A RESOLUTION APPROVING A NOTE WITH THE NATIONAL BANK OF CANTON (LENDER) AND THE CITY OF CANTON (BORROWER) WHEREAS, the Lake, Buildings and Grounds Committee has determined that it is necessary and in the best interest of the City of Canton to borrow up to $300,000.00 for the drilling of a well at Canton Lake and for certain other improvements to be made at Canton Lake; and, WHEREAS, the Canton City Council has made a similar determination; and, WHEREAS, the borrowing and expenditure of sums for such purpose is authorized by Ch. 24, Sec. 11-126-1, et sequi., I11. Rev. Stat. (1987). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That the Canton City Council hereby finds the foregoing recitals to be fact. 2. That the note attached, Exhibit "A" to this Resolution, providing that the City of Canton borrow up to $300,000.00 from the National Bank of Canton upon terms and conditions set forth in said note is hereby approved. 3. That the Mayor, City Clerk and City Treasurer are hereby authorized and directed to execute and deliver said note on behalf of the City of Canton and to take such further acts in the premises as may be reasonably necessary to effectuate and conclude the contemplated transaction. 4. That this Resolution shall be in full force and effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 5th day of April , 1989 upon a roll call vote as follows: AYES: Aldermen Chapman, May, Bohler, Meade, Sarff, Steck, Zilly. NAYS: None. ~ ABSENT: Alderman Kovachevich APPROVED: ~~~~ < , Donald E. Edwards, Mayor. ATTEST: tit ~ ~ a y Whi es, City Clerk. UNITED STATES OF AMERICA STATE OF ILLINOIS, COUNTY OF FULTON CITY OF CANTON WATER REVENUE NOTE The City of Canton, County of Fulton, State of Illinois (herein called "city"), a body politic and corporate of the State of Illinois, for value received hereby promises to pay to the order of THE NATIONAL BANK OF CANTON, CANTON STATE BANK and COMMUNITY BANK AND TRUST COMPANY, on April , 1990, the principal sum of Three Hundred Thousand dollars ($300,000.00), together with interest thereon from the date of issue to date of payment, at the rate of nine percent (9$) per annum, payable at maturity, unless earlier redeemed by the city, at its option, without penalty, premium or notice, at which time the city will pay the principal sum hereof together with interest thereon from the date of issue to date of redemption, such interest to be computed on the basis of 365 days a year or, where appropriate, 366 days in a year. Both principal and interest on this note will be paid in lawful money of the United States of America at the office of the city treasurer of the City of Canton. This note is payable solely from revenues derived from water rate charges and other water revenues received (or, to be received) by the City of Canton Water Department. The City of Canton by execution and delivery of this note represents that it will charge a water rate schedule sufficient to pay principal and interest on this note as the same becomes due. This note shall not constitute a direct and general obligation of the city and a debt of the city, Y and the full faith and credit of the city are not hereby pledged for the punctual payment of the principal of and interest on this note according to its terms. No official, officer, agent or employee of the city shall be liable personally on this note by reason of the issuance hereof. It is hereby certified, that all conditions, acts and things required by the constitution of the State of Illinois, the statutes of the State of Illinois and the Canton Municipal Code above referred to, to exist, to have happened and to have been performed precedent to issuance of this note, do exist, have happened and have been performed in due time, form and manner as required by law, and that the issuance of this note does not violate any constitutional or statutory limitation or any limitation imposed by any existing resolution or ordinance heretofore adopted by the city council of the city of Canton. In witness whereof, the City of Canton, in the County of Fulton, in the State of Illinois, by its city council, has caused this note to be signed by its mayor, to be attested by the City Clerk, to be counter-signed by its treasurer, and the corporate seal of said city to be affixed hereto, all as of the day of April , 19 89 APPROVED: ~~~~~ Donald E. ATTEST: Na cy W 'tes, City Clerk. CQ.L3AIT~S I GNED ~C/ GLi~~ Patricia A. Wright, C ~~ s, Mayor. Treasurer. -2- and the full faith and credit of the city are not hereby pledged for the punctual payment of the principal of and interest on this note according to its terms. No official, officer, agent or employee of the city shall be liable personally on this note by reason of the issuance hereof. It is hereby certified, that all conditions, acts and things required by the constitution of the State of Illinois, the statutes of the State of Illinois and the Canton Municipal Code above referred to, to exist, to have happened and to have been performed precedent to issuance of this note, do exist, have happened and have been performed in due time, form and manner as required by law, and that the issuance of this note does not violate any constitutional or statutory limitation or any limitation imposed by any existing resolution or ordinance heretofore adopted by the city council of the city of Canton. In witness whereof, the City of Canton, in the County of Fulton, in the State of Illinois, by its city council, has caused this note to be signed by its mayor, to be attested by the City Clerk, to be counter-signed by its treasurer, and the corporate seal of said city to be affixed hereto, all as of the day of April , 19 89 APPROVED: Dona .--, E. Edwards, Mayor. ATTEST: Nancy Whites, City Clerk. UNITED STATES OF AMERICA STATE OF ILLINOIS, COUNTY OF FULTON CITY OF CANTON WATER REVENUE NOTE The City of Canton, County of Fulton, State of Illinois (herein called "city"), a body politic and corporate of the State of Illinois, for value received hereby promises to pay to the order of The NaTIONAL Bank of Canton, on April , 19 90 , the principal sum of Three Hundred Thousand dollars ($300,000.00), together with interest thereon from the date of issue to date of payment, at the rate of nine percent per annum, payable at maturity, unless earlier redeemed by the city, at its option, without penalty, premium or notice, at which time the city will pay the principal sum hereof together with interest thereon from the date of issue to date of redemption, such interest to be computed on the basis of 365 days a year or, where appropriate, 366 days in a year. Both principal and interest on this note will be paid in lawful money of the United States of America at the office of the city treasurer of the City of Canton. This note is payable solely from revenues derived from water rate charges and other water revenues received (or, to be received) by the City of Canton Water Department. The City of Canton by execution and delivery of this note represents that it will charge a water rate schedule sufficient to pay principal and interest on this note as the same becomes due. This note shall not constitute a direct and general obligation of the city and a debt of the city, r, UNITED STATES OF AMERICA STATE OF ILLINOIS, COUNTY OF FULTON CITY OF CANTON WATER REVENUE NOTE The City of Canton, County of Fulton, State of Illinois (herein called "city"), a body politic and corporate of the State of Illinois, for value received hereby promises to pay to the order of THE NATIONAL BANK OF CANTON, CANTON STATE BANR and COMMUNITY BANK AND TRUST COMPANY, on April , 1990, the principal sum of Three Hundred Thousand dollars ($300,000.00), together with interest thereon from the date of issue to date of payment, at the rate of nine percent (9$) per annum, payable at maturity, unless earlier redeemed by the city, at its option, without penalty, premium or notice, at which time the city will pay the principal sum hereof together with interest thereon from the date of issue to date of redemption, such interest to be computed on the basis of 365 days a year or, where appropriate, 366 days in a year. Both principal and interest on this note will be paid in lawful money of the United States of America at the office of the city treasurer of the City of Canton. This note is payable solely from revenues derived from water rate charges and other water revenues received (or, to be received) by the City of Canton Water Department. The City of Canton by execution and delivery of this note represents that it will charge a water rate schedule sufficient to pay principal and interest on this note as the same becomes dui. This note shall not constitute a direct and general obligation of the city and a debt of the city, J and the full faith and credit of the city are not hereby pledged for the punctual payment of the principal of and interest on this note according to its terms. No official, officer, agent or employee of the city shall be liable personally on this note by reason of the issuance hereof. It is hereby certified, that all conditions, acts and things required by the constitution of the State of Illinois, the statutes of the State of Illinois and the Canton Municipal Code above referred to, to exist, to have happened and to have been performed precedent to issuance of this note, do exist, have happened and have been performed in due time, form and manner as required by law, and that the issuance of this note does not violate any constitutional or statutory limitation or any limitation imposed b? any existing resolution or ordinance heretofore adopted by the a '~, council of the city of Canton. In witness whereof, the City of Canton, in th• Couaty, Fulton, in the State of Illinois, by its cite cautQll; ~ `` ~~ this note to be signed by its mayor, to be i Clerk, to be counter-signed by its tress seal of said city to be affixed here_;''~' R of April' 9 89. "'~.. /I'! ~' ~'