HomeMy WebLinkAboutResolution #1178RESOLUTION NO. 117$
A RESOLUTION APPROVING A $10,000.00 LOAN TO INTERNATIONAL PLASTICS
RECYCLING, INC., AN ILLINOIS CORPORATION; APPROVING THE FORM OF
SECURITY; ESTABLISHING CONDITIONS FOR DISBURSEMENT; AND, AUTHORIZING
AND DIRECTING THE MAYOR, CITY CLERK, AND CITY TREASURER TO EFFECTUATE
THE SAME
WHEREAS, the Loan Committee has met and recommended that the City
of Canton make a $10,000.00 loan to International Plastics Recycling,
Inc., an Illinois corporation, from DCCA rollover funds; and,
WHEREAS, the Canton City Council has determined that it is necessary
and in the best interest of the City of Canton to make such loan upon
terms and conditions hereinafter set forth.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CANTON, Fulton County, Illinois as follows:
1. That the City of Canton make a $10,000,00 loan from DCCA roll-
over funds to International Plastics Recycling, Inc. to mature within
3 months from the date of disbursement of funds and to bear in-
terest at the rate of 10 ~ per annum.
2. That International Plastics Recycling, Inc., prior to the
actual disbursement of funds, deliver to the City of Canton the
following:
a. A promissory note in the principal amount of $10,000..00
for a term and bearing interest as above. set forth.
b. Assignments of patents and assignments of pending patent
applications for the following.: Pending patent application numbers
771,817; 889,637; 776,256; 802,791; 843,280; 692,643; 869,346; 817,926;
and, 689,322; together with patent number 4,590,261.
c. At least two (2) originally executed "Collateral Agreements"
providing for the reconveyance of the said patent/patent applications
to the City's assignor upon full payment of all principal and interest.
3. That the Mayor, City Clerk, and City Treasurer are hereby
authorized and directed to do all things reasonably necessary to
effectuate the contemplated loan to include disbursement of funds as
aforesaid and execution and delivery of the contemplated Collateral
Agreement(s).
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 at a special meeting of the Canton City Council this 8th
day of September, 1986 upon a roll call vote as follows:
AYES: Aldermen Chapman, May, Kohler, Workman, Sarff, Steck,
Zilly, Kovachevich.
NAYS: None.
ABSENT: None.
ATTEST:
i t C l e r ~ ____.
APPROV
/' ~ ~ ,~~ ,
Do a E. dwards, Mayor.